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Islamic Finance Briefing 25.Jan 2011

Posted on 25 January 2011 by Laxman |  Email|Print

Although operating on a lower risk profile due to restrictions on hedge funds, short-selling and high yield products, Islamic banks still faced challenges last year in manufacturing, distribution and IT governance. However, recent developments have helped boost optimism that the Islamic finance boom in the last decade was not a one-off.
Although the Islamic finance industry amounted to $1tr globally in 2010, it has too often been measured in relation to volumes of Islamic bonds outstanding, the number of standalone banks worldwide, or the size of the Islamic funds industry. Indeed, one of the many fallouts of the global financial crisis is that investors have grown more cautious when analyzing the performance of this fast-growing industry……………………………………….Full Press Release: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Bloomberg: Emaar Properties PJSC plans to sell as much as $2 billion of Islamic bonds, its first in more than six years, as the developer of the world’s tallest tower in Dubai taps appetite for higher-yielding assets.
The government-controlled company said Jan. 18 it will meet fixed-income investors in Europe, Asia and the Gulf for its bond program. The yield on Dubai’s 6.396 percent Islamic note due November 2014 rose 1 basis point to 6.33 percent today, down 373 basis points from a record high of 10.06 percent on Feb. 15, according to Bloomberg data……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Arabnews.com: Yemen is the latest country to announce that it may raise much-needed financing from the financial markets through a debut sovereign sukuk issuance sometime in the first half of 2011.
Yemeni officials including Finance Minister Nouman Al-Suhaibi and Governor of the Central Bank of Yemen Mohammed Awad bin Hammam have over the last few weeks confirmed that the government is actively considering issuing a debut sukuk of up to $500 million during 2011 but only at the right pricing and timing……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Thestar.com.my: Lion Industries Corp Bhd has proposed a RM300mil Islamic securities programme by way of sukuk by Antara Steel Mills Sdn Bhd to enable the latter to tap into the domestic capital market at competitive interest rates. Antara is a wholly-owned subsidiary of Amsteel Mills Sdn Bhd, which is in turn a 99%-owned subsidiary of Lion Industries.
Through the Islamic securities programme, Lion Industries said in a filing with Bursa Malaysia that Antara would have cash inflow of RM300mil, of which RM130mil would be utilised to refinance the outstanding existing Islamic securities which were issued by Antara in 2005……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Arabtimesonline.com: The international capital markets have changed beyond recognition, and the Islamic Sukuks need real revision, says Gatehouse Bank’s CEO, Richard Thomas. The expert on Islamic financial services was in Kuwait Sunday as part of a GCC tour aimed at investigating new opportunities in the GCC market.
The trip, he said, started with a presentation at the UAE Central Bank Friday. Richard Thomas further said that the Kuwait leg of trip aims to provide an interface between Kuwait and the international market, “as that Gatehouse’s principle shareholders are Kuwaitis.”………………………………………Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Ukzambians.co.uk: Government says it will proceed with plans to sell a US$500 million euro bond to foreign investors once it receives a sovereign credit rating before the end of the year. Other countries in the region considering issuing euro bonds are Tanzania and Angola while Sudan is likely to sell US$300 million of Islamic bonds next year.
Minister of Finance and National Planning Situmbeko Musokotwane said discussions are currently underway with the advisers on the issuance of a euro bond for the country……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Bernama: Malaysian Rating Corporation Bhd (MARC) has removed its “A”is rating on Matang Highway Sdn Bhd’s RM70.0 million Sukuk Musharakah from MARCWatch Negative.
The MARCWatch Negative had been placed on Dec 13, 2010 to highlight a potential shortfall and departure from the scheduled build up of sinking fund……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Bloomberg: The U.K.’s National Employment Savings Trust said it is seeking a fund manager to run a global equity fund that complies with Shariah-law.
The trust, known as NEST, will select the winning fund by March, it said in an e-mailed statement today. The fund will be offered to members when NEST is launched later this year……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Cpifinancial.net: The UK National Employment Savings Trust Corporation (NEST) has put out a tender for investment management services for a Shari’ah-compliant global equity fund as part of its retirement savings programme
The tender notice said, “NEST is seeking to include a passive or actively managed Shari’ah-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 25 January 2011 by Laxman |  Email|Print

From Arabnews.com: Malaysian trustee company Amanah Raya Berhad is joining forces with Fattah Finance, a local Kazakh brokerage company, and the state-owned Development Bank of Kazakhstan to conduct a feasibility study to establish the second Islamic bank in the CIS country.
The aim is to submit an application for an Islamic-banking license later this year under new legislation introduced by Kazakhstan in 2009 to facilitate the establishment of Islamic banks and the introduction of Islamic financial products in the country……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Thejakartapost.com: Bank Indonesia (BI) is seeking the House of Representatives’ approval for $5 million in capitalization funds for the International Islamic Liquidity Management (IILM) to develop sharia financing in Indonesia, home to the world’s largest Muslim population.
BI Governor Darmin Nasution on Monday said IILM members comprised 12 countries and multinational institutions, including Iran, Malaysia, Kuwait, Luxemburg, Qatar and the United Arab Emirates, the Islamic Development Bank (IDB), the Islamic Corporation for the Development of the Private Sector (ICD) and the Islamic Financial Services Board (IGFB)……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Cpifinancial.net: Kuwait Finance House says the performance of its subsidiary banks overseas highlights the success of its expansion strategy. KFH: Our strategy allowed for geographic expansion, led to 220 branches, subsidiary banks locally, overseas. Performance of subsidiary banks overseas highlights successful expansion strategy
Kuwait Finance House (KFH) local and global geographic expansion plans that it has been following during the past years have succeeded, which is evident by its network of branches and subsidiary banks that reached 220 branches and banks that are found in prime local locations, in addition to existing in prime economic and financial centers; thus allowing it to have a competitive edge in the local banking sector……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Dailytimes.com.pk: Pak-Qatar Family Takaful Ltd (PQFTL) and HBL Islamic Banking inked an accord to provide family (Life) Takaful coverage to HBL-Islamic Banking Al-Ziarat Account (Hajj and Umrah Savings Plan) holders.
The contribution for Life Takaful coverage will be made by HBL. P Ahmed CEO PQFTL and Muhammad Aslam head of Islamic Banking HBL said HBL Al-Ziarat Account is a scheme where the plan holders could save for Hajj and Umrah to undertake the journey at the time of their choice. As an incentive HBL Al-Ziarat Account will have higher weightage than PLS account in addition to free life cover……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Insurance-business-review.com: Allianz Takaful, a Bahrain-based fully owned subsidiary of Allianz Group and HSBC Amanah have entered into Bancassurance partnership to promote Islamic insurance products in the State of Qatar.
HSBC said the bank will promote and sell Family Takaful products comprising plans for protection, savings, investment and children’s education through qualified financial planning managers located in a network of branches across the Qatar……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Gulf-daily-news.com: Bahrain-based Islamic insurance company, Takaful International, is looking to expand its operations into Qatar. The firm announced that it was hoping to open a branch in Qatar as soon as it received a licence from the regulatory authorities, at a Press conference where it launched its new e-takaful website.
The company will be the first insurance operation in Bahrain to offer individual and corporate clients the ability to check rates and buy insurance over the Internet……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Thenational.ae: Tamweel is aggressively pushing back into the mortgage market after being frozen for two years by the financial crisis and restructuring plans by the Dubai Government. The Islamic home finance company yesterday revealed a new programme to offer loans with a 4.99 per cent interest rate on some properties, making it the lowest in the UAE.
The offerings will also be available in the capital, putting Tamweel in direct competition with Abu Dhabi Finance (ADF), a mortgage company part-owned by several developers and Mubadala Development, a strategic investment company owned by the Abu Dhabi Government……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From Tradearabia.com: Abraaj Capital, a leading private equity firm in the region, has announced plans to initiate a SR2 billion ($533.3 million) investment platform dedicated exclusively to investing in Saudi Arabia.
Abraaj and Saudi Arabian General Investment Authority (Sagia), which serves as the gateway to investment in Saudi Arabia, jointly announced this landmark initiative on the sidelines of the 5th Global Competitiveness Forum (GCF) being convened by Sagia……………………………………….Full Article: Source

Posted on 25 January 2011 by Laxman |  Email|Print

From KUNA: Islamic Financial Services Board (IFSB) which is based in the Malaysian capital, Kuala Lumpur, is to hold its 8th Summit from 10-13 May in Luxembourg. The Central Bank of Luxembourg is hosting the conference which is themed “Enhancing Global Financial Stability, Challenges and Opportunities for Islamic Finance.”
According to a statement by the financial agency Luxembourg for Finance’, the conference aims to bring together an experienced international group of speakers, with a projected audience of over 200 delegates from all sectors of the financial services industry across the globe……………………………………….Full Article: Source

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