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Islamic Finance Briefing 20.Jan 2011

Posted on 20 January 2011 by Laxman |  Email|Print

From Zawya Dow Jones: Emaar Properties, the Dubai-based real-estate developer, plans to launch a $2 billion Islamic bond program, according to the program’s base prospectus. Emaar, builder of Burj Khalifa, the world’s tallest building, has appointed HSBC Bank Plc, The Royal Bank of Scotland Plc and Standard Chartered Bank as arrangers on the program.
The Islamic bond, or sukuk, program will be issued through Cayman Islands-incorporated Emaar Sukuk Ltd. Moody’s Investors Service Tuesday assigned a ‘B1′ rating to the program……………………………………….Full Article: Source

Posted on 20 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 20 January 2011 by Laxman |  Email|Print

From Bangkokpost.com: The country’s first Islamic bond and Islamic property fund will be launched in the second quarter, says the Islamic Bank of Thailand (IBank). President Dheerasak Suwannayos said the 5-billion-baht bond would be structured by Malaysia’s CIMB Bank, its financial adviser. It is now awaiting approval from the Securities and Exchange Commission.
IBank also plans to introduce an Islamic Property Fund worth 1.4 billion baht to raise funds for the purchase of its new head office. The fundraising plans are part of the bank’s mission to be competitive among Islamic banks in Asia ahead of the planned Asean economic integration……………………………………….Full Article: Source

Posted on 20 January 2011 by Laxman |  Email|Print

From Dow Jones: The state-owned Islamic Bank of Thailand plans to issue THB5 billion ($164 million) in long-awaited Islamic bonds, or Sukuk, within this year, bank president Theerasak Suwannayos said Wednesday. The bank is awaiting approval of relevant regulations involving tax and asset transfer fees, he told reporters.
Its plan to introduce the first Sukuk in Thailand has been postponed for several years due to repeated delays in approvals of regulatory framework……………………………………….Full Article: Source

Posted on 20 January 2011 by Laxman |  Email|Print

From Thestar.com.my: Matang Highway Sdn Bhd, a wholly-owned single-purpose funding vehicle of Zecon Bhd, has made the final payment of RM1.9mil into the sinking fund account (SFA) and finance service ratio account (FSRA) of its RM15mil sukuk.
Zecon said the final and full payment had been confirmed by KAF Trustee Bhd in the latter’s letter dated Jan 7……………………………………….Full Article: Source

Posted on 20 January 2011 by Laxman |  Email|Print

From Bloomberg: Qatar Islamic Bank SAQ, the Persian Gulf country’s biggest Shariah-compliant lender, reported profit was little changed from a year ago. Its board recommended paying a cash dividend of 5 riyals a share.
Net income in 2010 was 1.3 billion riyals ($357 million), or 6.20 riyals a share, compared with 1.32 billion riyals, or 6.44 riyals a share, the previous year, the bank said in a statement to the Qatari bourse today. That was in line with the median estimate of five analysts……………………………………….Full Article: Source

Posted on 20 January 2011 by Laxman |  Email|Print

From Allafrica.com: The Central Bank of Nigeria (CBN) has directed that all Non-Interest Financial Institutions (NIFIs) desiring to operate in the country to carry out an internal Shariah audit on a periodic basis, to examine and evaluate the extent of compliance with Shariah rules.
In a circular titled: “Framework for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria,” the CBN said all licensed NIFIs shall have an internal Shariah compliance review mechanism and a Shariah Advisory Committee (SAC) as part of their governance structure……………………………………….Full Article: Source

Posted on 20 January 2011 by Laxman |  Email|Print

From Bloomberg: Qatar Islamic Bank SAQ: The Persian Gulf country’s biggest Islamic lender reported a profit of 1.3 billion riyals ($357 million) last year, compared with 1.32 billion riyals in 2009. The board recommended paying a cash dividend of 5 riyals a share. The shares fell 2 percent to 83.5 riyals.
Qatar National Bank SAQ: The Persian Gulf country’s biggest lender expects its net interest margin to decline by 5 basis points to 10 basis points this year, Chief Financial Officer Ramzi Mari said. The bank has no plans to sell bonds “as of now,” he said. The shares dropped 0.5 percent to 201 riyals……………………………………….Full Article: Source

Posted on 20 January 2011 by Laxman |  Email|Print

From Tradearabia.com: Saudi-based Al-Rajhi Bank, the kingdom’s biggest Islamic lender, said on Wednesday it posted a 13.5 percent rise in fourth quarter net profit, broadly in line with analysts’ forecasts.
Al-Rajhi said net profit for the three months ended December 31 rose to 1.66 billion riyals ($442 million) from 1.47 billion riyals in the fourth quarter of 2009, following a string of upbeat earnings releases from banks in the world’s top oil exporting nation……………………………………….Full Article: Source

Posted on 20 January 2011 by Laxman |  Email|Print

From Reuters: Saudi banks have taken enough measures against bad loans and are poised for growth as lending in the world’s top oil exporter will accelerate this year, the Gulf Arab kingdom’s central bank governor said on Wednesday.
Most banks in the biggest Arab economy have posted upbeat fourth-quarter results, with several above analysts’ average forecasts, after booking provisions in the third quarter. However, credit growth in the kingdom remains in single digits……………………………………….Full Article: Source

Posted on 20 January 2011 by Laxman |  Email|Print

From Gulf-times.com: Commercialbank (Cb), Qatar Islamic Bank (QIB), International Islamic and Ahlibank have confirmed that they have received funds from the Qatar Investment Authority (QIA) in lieu of the latter’s 10% stake purchase.
“The proposed issue would involve a placement of 20.62mn additional ordinary shares at a price of QR 78.30 a share, being the price at which previous placements to the QIA have been made,” a Cb spokesman said in a communiqué to the Qatar Exchange……………………………………….Full Article: Source

Posted on 20 January 2011 by Laxman |  Email|Print

From Cpifinancial.net: Dubai Islamic Insurance and Reinsurance Company (Aman) also recorded a net profit of AED 21.18 million ($5.76 million) in 2010, a rise of three per cent compared to the AED 20.57 million ($5.6 million) reached in 2009.
The company’s net operating profit has grown by 65 per cent in 2010, reaching AED 22 million ($5.99 million). By the end of 2010 the company’s income has grown by 23 per cent, to reach AED 611.1 million ($166.3 million)……………………………………….Full Article: Source

Posted on 20 January 2011 by Laxman |  Email|Print

From Commodityonline.com: Islamic countries should continue to use paper currency instead of gold dinar as history has shown that the return to the coinage system could increase interest rates and inflation would be difficult to control.
Professor of Comparative Economic History at International Centre for Education in Islamic Finance (INCEIF), Dr Murat Cizakca, said money should serve as a medium of exchange, not as a commodity……………………………………….Full Article: Source

Posted on 20 January 2011 by Laxman |  Email|Print

From Abudhabicityguide.com: The Islamic Financial Services (IFS) sector in Abu Dhabi is showing a bullish resilience to the world economic crisis as it increases market share while expanding its reach with new products, according to Michelle Solomon, Country Director for Oxford Business Group (OBG) in the Emirate.
Solomon said the global publishing, research and consultancy firm’s analysis also indicated that the industry was primed to play a key role in the financing of Abu Dhabi’s large-scale infrastructure projects thanks to its sizeable liquidity……………………………………….Full Article: Source

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