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Islamic Finance Briefing 19.Jan 2011

Posted on 19 January 2011 by Laxman |  Email|Print

From Reuters: A U.S. court decision to dismiss a case alleging that AIG’s sharia-compliant businesses promoted religious doctrine looks likely to boost confidence in the industry and lift sales of Islamic products in the longer term.
A Michigan district court rejected on Friday a claim filed by U.S. Marine veteran Kevin Murray in 2009 that the U.S. government violated the constitution by allowing funds from insurer American International Group’s $40 billion bailout to be used to fund its Islamic insurance businesses……………………………………….Full Article: Source

Posted on 19 January 2011 by Laxman |  Email|Print

From Kippreport.com: Bahrain-based Islamic investment bank Elaf Bank plans to arrange Islamic bonds in South East Asia and sees the stagnant Gulf market shifting towards smaller issuers, its chief executive said on Tuesday.
Islamic bond, or sukuk, issuance in the Gulf Arab region fell about 40 percent year-on-year in 2010, according to Thomson Reuters data, with only a handful of mostly government-related issuers coming to the market……………………………………….Full Article: Source

Posted on 19 January 2011 by Laxman |  Email|Print

From Arabianbusiness.com: Emaar Properties, the developer of the world’s tallest tower in Dubai, had its $2bn Islamic bond assigned a “B1” rating at Moody’s Investors Service. The outlook is negative.
“The negative outlook reflects refinancing risks that Emaar is facing over the coming 18 months,” the rating agency said in an emailed statement on Tuesday……………………………………….Full Article: Source

Posted on 19 January 2011 by Laxman |  Email|Print

From Bloomberg: Islamic bonds of National Central Cooling Co., known as Tabreed, rose on speculation the provider of air conditioning services to the Dubai Metro may follow Aldar Properties PJSC in getting financial support from Abu Dhabi.
Tabreed’s floating-rate $200 million sukuk maturing in July rose 13 cents on the dollar in the past month to 88 cents yesterday, according to Exotix Ltd., an investment bank specializing in illiquid bonds. Shares of Tabreed, part-owned by Mubadala Development Co., fell to an eight-year low on Jan. 17 on concern government aid may dilute the stock……………………………………….Full Article: Source

Posted on 19 January 2011 by Laxman |  Email|Print

From Tradearabia.com: The sukuk market may well be set to bounce back after suffering badly in the global financial downturn. The value of sukuk has jumped 61 per cent in the past year, according to a research by Trowers & Hamlins, the international law firm.
A total of $7 billion of sukuk were issued in the year to June 2010 compared to $4.3 billion the previous year……………………………………….Full Article: Source

Posted on 19 January 2011 by Laxman |  Email|Print

From Tradearabia.com: Bank Muscat, Oman’s largest lender by market value, said it plans to establish an $800 million bond programme, allowing the company to tap the international bond markets as the need arises.
A Bank Muscat official said the Euro Medium Term Notes programme was subject to shareholder approval and would be discussed at a February 6 extraordinary general meeting. (EGM)………………………………………Full Article: Source

Posted on 19 January 2011 by Laxman |  Email|Print

From Reuters: Standard Chartered Bank has appointed Wasim Akhtar Saifi as its global head of Islamic banking for consumer business.
Saifi, who previously headed Dubai Islamic Bank’s retail business, would be based in Singapore, Stanchart said in a statement……………………………………….Full Article: Source

Posted on 19 January 2011 by Laxman |  Email|Print

From Thestar.com.my: Malaysia Debt Ventures Bhd (MDV), which funds tech start-ups, will offer Islamic loans convertible into equity in March to boost its earnings and pave the way for it to undertake musharaka and mudaraba partnership financing.
The scheme would give the government agency an option to convert part of the loan into equity upon the occurrence of stipulated events such as mergers, acquisitions or initial public offerings, its chief executive Zubir Ansori Yahaya said……………………………………….Full Article: Source

Posted on 19 January 2011 by Laxman |  Email|Print

From Nigerianbulletin.com: The Central Bank of Nigeria (CBN) placed restrictions on banks opting to offer Sharia and non-interest banking services. The restrictions were contained in a circular titled: “Framework for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria,” issued to all banks by CBN’s Financial Policy and Regulation Department and posted on its website.
The apex bank stated in the circular which encouraged conventional banks and other financial institutions operating in Nigeria to offer or sell Shariah-compliant products and services through subsidiaries, windows or branches only……………………………………….Full Article: Source

Posted on 19 January 2011 by Laxman |  Email|Print

ICS Financial Systems Ltd. (ICSFS), a leading provider of banking software, with the cooperation of its sister company, Computer and Communications System - CCS, one of the leading companies in the automation and computerization of banking systems in Jordan, announced today that Yemen Kuwait Bank for Trade and Investment, the first bank to be established by the private sector in Yemen, and Islamic Yemen Kuwait Bank, have signed a new agreement for the implementation of the universal banking solution ICS Banks and the comprehensive Shari’a compliant software, ICS Banks Islamic.
Yemen Kuwait Bank for Trade & Investment is planning to expand its branch network across Yemen. And to perform their growth plan, the bank realized that they need to replace their existing banking software that has been running in the bank for more than 5 years with ICS Banks, a universal banking system with a wide range of functionality……………………………………….Full Press Release: Source

Posted on 19 January 2011 by Laxman |  Email|Print

In line with its commitment to serving communities across the UAE, Ajman Bank, the first Islamic bank established in the Emirate of Ajman, announced today the opening of the first ATM facility in Manamah, a rural township of just 6,000 residents in the Northern Emirates.
Until the opening of this Ajman Bank ATM, residents of Manamah, located between Al Dhaid and Masafi, were forced to travel some 15 kilometres to meet their daily banking needs……………………………………….Full Press Release: Source

Posted on 19 January 2011 by Laxman |  Email|Print

Dubai Islamic Insurance and Reinsurance Company (Aman), has announced a 32 per cent increase in profits in Q4 2010 compared to Q3 of the same year. The company has also recorded a net profit of AED21.18 million in 2010, a rise of 3 per cent compared to the AED 20.57 million reached in 2009.
The company’s net operating profit has grown by 65 per cent in 2010, reaching AED 22 million, compared to AED 13.4 million in 2009. By the end of 2010 the company’s income has grown by 23 per cent, to reach AED 611.1 million, compared with AED 495.8 million during the same period in 2009……………………………………….Full Press Release: Source

Posted on 19 January 2011 by Laxman |  Email|Print

From Tradearabia.com: Islamic fund manager KFH Asset Management will launch a $300 million fund to invest in consumer, healthcare and education businesses by end 2012, its private equity head has said.
KFH Asset Management, a subsidiary of the Malaysian unit of Kuwait Finance House, would raise money from Gulf investors for the fund which would also invest in waste management and light manufacturing companies, Lew Oon Yew said……………………………………….Full Article: Source

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