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Islamic Finance Briefing 21.Jan 2011

Posted on 21 January 2011 by Laxman |  Email|Print

From Maltabusinessweekly.com.mt: A great deal has already been said and written on the subject of Islamic finance, both on a European and on an international level. Indeed, few market developments in the finance sector have received so much attention in recent times. Over the past few years, European markets and domiciles such as Luxembourg, Ireland and Malta tracked the activities and development of this sector.
Dedicated working groups and task forces were created, tax circulars and service guidelines were published and many conferences were held and specialist training was, and still is, being made available……………………………………….Full Article: Source

Posted on 21 January 2011 by Laxman |  Email|Print

From Bloomberg: Rafael Dalmau, head of Shariah- compliant portfolio management at BNP Paribas in Singapore, discusses product innovation in an e-mailed response to Bloomberg questions. On the drive for new products:
“The Islamic banking and financial sectors continue to evolve and part of that growth path involves the need to create new products. It is not always a lack of investment alternatives that motivate institutions to offer structured products……………………………………….Full Article: Source

Posted on 21 January 2011 by Laxman |  Email|Print

From Bloomberg: The leading Islamic finance standard-setting body is working on global rules for Shariah- compliant structured products to make them acceptable across borders as banks start selling more derivatives.
The International Islamic Financial Market, based in Manama, Bahrain, is developing a common template for hedging instruments such as currency swaps, Ijlal Ahmed Alvi, the agency’s chief executive officer, said……………………………………….Full Article: Source

Posted on 21 January 2011 by Laxman |  Email|Print

From Microfinancefocus.com: To assemble international Islamic Microfinance organizations under one platform, Islamic Microfinance Network (IMFN) has been established in Lahore – Pakistan. The initial member countries of Islamic Microfinance Network are Iraq, Jordan, Yemen, Ghana, Mauritius and Kazakhstan
The core objective of this network is to provide best methodologies of Islamic microfinance, Shariah guidelines, and lasting relations and manpower to the industry. Third working group meeting of IMFN held today at Lahore University of Management Sciences (LUMS), Lahore – Pakistan wherein national and international microfinance organizations participated……………………………………….Full Article: Source

Posted on 21 January 2011 by Laxman |  Email|Print

From Thestar.com.my: OCBC Bank (M) Bhd, which expects at least a 10% growth in earnings this year, is banking on two fronts consumer and Islamic to garner a larger market presence and beef up its revenue stream.
Director and CEO Jeffrey Chew said it was looking at enlarging its consumer banking business to ultimately account for 40% of the bank’s total revenue over the next three to four years from the current figure of 27%……………………………………….Full Article: Source

Posted on 21 January 2011 by Laxman |  Email|Print

Sharjah Islamic Bank announced its 2010 results yesterday with net profit of Dhs266.4m, compared to Dhs260.1m in 2009, an increase of 2.4%, and proposing a cash dividend of 7% of the paid up capital, amounting to Dhs169.8m.
The total balance sheet footing reached Dhs16.7bn, up by Dhs692m or 4.3%, which is mainly due to the increases of customer’s deposits by Dhs518m, or 5.3%, to reach Dhs10.4bn, while customer’s financing portfolio decreased by Dhs368m, or 3.7% to reach Dhs9.7bn……………………………………….Full Press Release: Source

Posted on 21 January 2011 by Laxman |  Email|Print

From Thepeninsulaqatar.com: Qatar Islamic Bank (QIB), the leader in Islamic banking solutions, has announced a recorded net profit of QR1.33bn for the year 2010. The QIB Board of Directors proposed a 50 percent cash profit distribution to shareholders, subject to the approval of Qatar Central Bank and to be discussed in the next meeting of QIB General Assembly.
The profit is mainly from operating revenues that reached QR2.353bn, while total assets were at QR51.8bn by end of 2010 compared to 39.3bn in 2009, showing 32 percent growth. In addition, ROAA was at 2.9 percent, to further consolidate the Bank’s Financial Utilization Adequacy……………………………………….Full Article: Source

Posted on 21 January 2011 by Laxman |  Email|Print

From Cpifinancial.net: The Chairman of Crescent Investments Australasia has announced that its wholly-owned subsidiary and fully licensed entity Crescent Funds Management (Aust) Limited has received registration of Australia’s first Shari’ah-compliant wholesale and retail property fund called The Crescent Shariah Compliant Diversified Property Fund.
“ASIC has provided The Crescent Shariah Compliant Diversified Property Fund with an Australian Registered Scheme Number of 148 080 952 authorised to hold direct real property and financial assets property” said Chaaban Omran, Chief Executive Officer. Omran added, “This new fund will not allow any conventional borrowing or debt of any kind. The fund will target solid assets which will generate steady returns and sustainable capital growth within Australia.”………………………………………Full Article: Source

Posted on 21 January 2011 by Laxman |  Email|Print

From Professionalpensions.com: NEST has confirmed it will offer investors access to a global equity Sharia-compliant fund. The mandate to run the brief - posted on the official European Union tender website today - said the successful bidder will have their products approved by a board of Sharia scholars. The fund will not include any asset classes forbidden under Sharia law - for example, conventional bonds.
The notice said: “NEST is seeking to include a passive or actively managed Sharia compliant global equity investment option as part of its optional suite of investment funds in order to fully provide for the needs of scheme members.”………………………………………Full Article: Source

Posted on 21 January 2011 by Laxman |  Email|Print

From Tradearabia.com: Middle East funds spooked by the prospect of political unrest in the region are reallocating money to richer and smaller countries like Qatar and the UAE because they are seen as more stable.
Investment inflows to the region have all but dried up over the past two years but a pool of at least $10 billion remains parked among various Middle East and North Africa funds……………………………………….Full Article: Source

Posted on 21 January 2011 by Laxman |  Email|Print

From Setimes.com: The Istanbul Stock Exchange (ISE) launched a participation index earlier this month to highlight and track 30 Sharia-compliant companies in an effort to further develop the Islamic finance sector. The Islamic index comes at a time when the world is realising the growth of the global Muslim population.
Since 2004, Turkey has scene a steady rise in Islamic banking. Last August, Istanbul-based Kuveyt Turk Katilim Bankasi sold the country’s first sukuk or Islamic bonds, raising $100 million. Some view the Islamic index with apprehension, others as an opportunity……………………………………….Full Article: Source

Posted on 21 January 2011 by Laxman |  Email|Print

From Steelorbis.com: The Islamic Development Bank is to provide a loan of €56 million for the Khamrood coal mine in Iran. The loan will fund the construction of a coal processing plant for the mine which is to be set up within four years and will be refunded within 12 years, Iranian sources said.
Khamrood coal mine will have a capacity of 750,000 mt per year of coal and 400,000 mt per year of coal concentrate when it comes on stream. Khamrood coal mine is located near Zarand city in the province of Kerman - an area rich in coal and iron ore resources……………………………………….Full Article: Source

Posted on 21 January 2011 by Laxman |  Email|Print

Edcomm Banker’s Academy has greatly contributed to the growth of the first online Islamic Finance encyclopedia, Islamic Finance Wiki. New York, NY, January 20, 2011 — Edcomm Banker’s Academy has greatly contributed to the growth of the first online Islamic Finance encyclopedia offering free content in both English and Arabic languages, Islamic Finance Wiki.
By using its 23+ years of experience in the global financial services industry to add and edit various technical terms associated with the concepts of Islamic Finance, Edcomm Banker’s Academy has helped to increase the knowledge and understanding of Islamic Finance around the world……………………………………….Full Press Release: Source

Posted on 21 January 2011 by Laxman |  Email|Print

Within its continuous efforts to provide highly skilled managerial professional programs which can fulfil the needs of the rapidly expanding Islamic financial Industry, Effat University has recently received approval from the Ministry of Higher Education on its first graduate program, the Executive Masters in Islamic Financial Management (XIFM), delivered at Effat University in collaboration with the Rotterdam School of Management (RSM) and the Ecole Supérieure des Affaires (ESA) in Beirut.
Dr. Haifa Jamalallail, President of Effat University, has expressed gratitude and appreciation to the Ministry of Higher Education in the Kingdom, and her special thankfulness to HE. Prof. Khalid Al Angari, Minister of Higher Education, for granting the ministry’s approval for the XIFM program, which is the first of its kind in the kingdom……………………………………….Full Press Release: Source

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