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Islamic Finance Briefing 24.Jan 2011

Posted on 24 January 2011 by Laxman |  Email|Print

From Thejakartaglobe.com: Global sales of Islamic bonds are forecast to rise nearly 60 percent this year to more than $22 billion as economic recoveries and high crude oil prices revive the market, a Reuters quarterly poll demonstrated.
An upswing in corporate spending, an increase in issuers seeking to diversify their sources of funding and improving investor sentiment in the Gulf are also expected to fuel fund-raising activities, according to the 15 respondents……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Bloomberg: The month-long rally in Malaysia’s sovereign Islamic bonds is paving the way for a revival in issuance of Shariah-compliant notes.
The yield on the government’s 3.928 percent dollar sukuk due in June 2015 fell to 2.87 percent, down 37 basis points from a five month-high of 3.24 percent on Dec. 15, Royal Bank of Scotland Group prices show……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Opalesque: In Shariah, sukuk have to represent the ownership of assets or services that belong to sukuk holders, and therefore sukuk have to be traded against the value of its underlying assets or services. However, that is not happening in actual practises of sukuk trading as there is a grey area for what constitutes sukuk to be tradable in the market.
Therefore, in this opportunity, the sukuk trading is examined in light of Shari’a and the regulatory framework. Interviews with scholars (Prof. Tariqullah Khan and Bilal Khan), and advisers in leading Islamic banks (Abdulkhaliq Elshayyal and Nayyar Azam Saifi) are conducted in order to incorporate their insights regarding issues of sukuk trading practises, and also suggestions for the future of sukuk……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Thestar.com.my: Malaysia has all the ingredients to be a success story in Islamic finance but it will not come by itself, according to Prof Volker Nienhaus. He advised the country to prepare itself for the second phase of competition with the new entrant of Islamic finance markets such as South Korea and Thailand.
“One has to identify and take it as a challenge and not to compete with the first phase of South Korean or Thai initiative but prepare for the second phase. Let them prepare the market but be prepared for the second phase,” Nienhaus said……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Reuters: Dubai Islamic Bank (DIB), the Gulf Arab emirate’s third-largest bank by market value, named Ahmed Fathy Al-Gebali, as chief financial officer on Sunday, in the bank’s latest top-management appointment.
Al-Gebali was previously chief financial officer at Kuwait’s Boubyan Bank (BOUK.KW) and has held senior positions at Global Investment House, Gulf Investment House and Kuwait Financial Center, a statement from Dubai Islamic said……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Zawya.com: Sharjah Islamic Bank announced its 2010 results yesterday with a net profit of Dh266.4 million, compared to Dh260.1 million in 2009, an increase of 2.4 per cent.
It proposed a cash dividend of seven per cent of the paid-up capital, totalling Dh169.8 million. The total balance sheet footing reached Dh16.7 billion, up by Dh692 million or 4.3 per cent, mainly due to increases in customer deposits by Dh518 million, or 5.3 per cent, to Dh10.4 billion……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Dailymirror.lk: Amana Bank Limited, which obtained the provisional approval license from the Central Bank last year to become a bank have been granted the go-ahead of the Minister of Finance to operate as a commercial bank in the country.
According to the senior officials of Amana, the new bank will start operations in the near future as Sri Lanka’s first commercial Islamic Bank following the Shari code of ethics. Amana Bank last year raised 3,159 million rupees by selling 631.9 million 5.00 rupee shares in a private placement deal……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Arabianbusiness.com: Fourth-quarter net profit at National Bank of Oman, the sultanate’s second-largest lender by assets, dropped sixteen percent, Reuters calculations showed on Sunday.
The bank made a quarterly net profit of OMR5.5m ($14.3m), Reuters calculated, compared with OMR6.54m ($16.98m) in the same period in 2009……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Tradearabia.com: National Bank of Abu Dhabi (NBAD), the leading bank in the UAE, has increased the number of its UAE national employees to 39 per cent at the end of 2010. NBAD recruited 393 UAE nationals during 2010, thus increasing Emiratisation to 39 per cent from 36 per cent a year earlier.
The Government of the UAE has mandated that financial services companies to make UAE nationals comprise 40 per cent of the workforce. With NBAD starting 2011 at 39 per cent Emiratisation the bank is in position to achieve the g overnment’s mandate this year……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Arabianbusiness.com: Commercial Bank of Qatar’s (CBQ) fourth quarter net profit soared 66 percent, the bank said on Sunday, but the results fell short of analysts’ expectations.
Qatar’s second largest bank by market value posted a net profit of QR309m ($84.93m), compared with $51m a year earlier……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Thenews.com.pk: Islamic Microfinance Network (IMFN) has been set up to assemble the international Islamic Microfinance organisations on one platform. The IMFN head office is in Lahore and its regional offices will be in Ghana, Mauritius and Middle East.
According to IMFN official the board members of IMFN are Farida Tariq, Chairperson, Amjad Saqib, Vice Chairman, and Muhammad Zubair Mughal, Chief Executive Officer……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Emirates247.com: Dubai-based Oman Insurance Company (OIC), the largest insurer in the UAE, may float an Islamic insurance (takaful ) firm in the country. The company, also known as Tameen, has appointed an advisory company which is carrying out the due diligence for it to foray in to takaful segment.
OIC chief executive officer Abdul Muttalib Al Jaidi said: “OIC cannot have a takaful window and to go for a company, a due diligence is underway. I can’t say yes or no as it depends on the results of due diligence. ………………………………………Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Arabnews.com: Bahrain-based Takaful International, the pioneering takaful company in the region, on Sunday embarked on a new journey by introducing first of its kind service in Bahrain called e-takaful.
Being the first takaful company to offer on-line services at its portal www.etakaful.bh will immediately benefit both individual and corporate clients……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Ahlul Bayt News Agency: The first fully sharia-compliant insurance company has been licensed and is due to open on Tuesday , a move expected to deepen penetration of such financial institutions in the East Africa region.
Takaful Insurance of Africa will be launched in Nairobi on Tuesday, joining a market currently served by more than 45 conventional insurance companies……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Xinhua: The deputy head of Iran’s oil minister said that Iran and Syria have signed an agreement to build an Islamic gas pipeline to transfer Iran’s natural gas to Europe, the semi-official Mehr news agency reported.
Javad Oji told Mehr that a tripartite meeting between Iran, Iraq and Syria will be held within the next month on the implementation of the agreement……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

From Tradearabia.com: The value of private equity deals in Mena region rose to $993 million in 2010, compared to $680 million the previous year with the UAE topping the list in terms of the number and value of deals brokered, said a report.
The most popular sector for private equity investment was Information Technology, with seven deals, while the media and consumer-related sectors also saw the completion of four deals each followed by health sector with three, said Al Masah Capital in its report……………………………………….Full Article: Source

Posted on 24 January 2011 by Laxman |  Email|Print

Dow Jones Indexes, a leading global index provider, today announced it was named “Best Islamic Index Provider” at the fifth annual Islamic Business & Finance Awards. Nearly 300 distinguished regional and global industry professionals attended the monthly magazine’s ceremony in Dubai, one of the Gulf region’s most prominent financial industry events.

“We are thrilled to receive this prestigious award for the second time,” said Michael A. Petronella, president, Dow Jones Indexes. “I believe this honor reflects Dow Jones Islamic Market Indexes’ commitment to providing the strict standards, objectivity and reliability that market participants value. As Islamic finance grows and evolves worldwide, Dow Jones Indexes will continue to be a leader in Shari’ah-compliant indexing by providing innovative and meaningful Islamic indexes.”

The Dow Jones Islamic Market Indexes were introduced in 1999 as the first indexes intended to measure the global universe of investable equities that pass screens for Shari’ah compliance. With thousands of indexes, the series is the most comprehensive family of Islamic market measures and includes regional, country, and industry indexes - all of which are subsets of the Dow Jones Islamic Market Index. An independent Shari’ah Supervisory Board counsels Dow Jones Indexes on matters related to the compliance of index-eligible companies.

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