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Islamic Finance Briefing 26.Jan 2011

Posted on 26 January 2011 by Laxman |  Email|Print

From Zawya.com: While the conventional financial system is recovering from the fallout of the international financial crisis Islamic finance on the other hand is growing rapidly. Statistics show that global Islamic banking assets have grown approximately 10% per annum from the mid 1990s when they were about US$150 billion.
Today, global Islamic financial assets stand at approximately US800 billion. Industry experts claim that over the next decade the sector may reach US$4 trillion. The growth of Islamic Financial Services has been driven by a growing Islamic population that is enjoying a rapid rise in purchasing power, due to better education and employment opportunities. This has been supported by financial engineering and innovation in the provision of Islamic financial products and services……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Legalweek.com: Norton Rose’s global Islamic finance chief Neil Miller is set to leave the firm to head up KPMG’s new global Islamic financial advisory business. Miller will leave the firm as of 2 April to join KPMG in Dubai, with his role as Islamic finance head at Norton Rose subsequently split between three partners.
Bahrain partner Mohammed Paracha will head up the practice for the Middle East and Africa, while Farmida Bi will be responsible for the group in London and Europe and Davide Barzilai will look after the practice for the Asia-Pacific region……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Thestar.com.my: Antara Steel Mills, a subsidiary of Lion Group in Malaysia, wants to raise 300 million ringgit ($98.3 million) by issuing sukuk — bonds which are compliant with Islamic law — to fund working capital.
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 26 January 2011 by Laxman |  Email|Print

From Btimes.com.my: Global sales of Islamic bonds may match the 2007 record as issuers rush to benefit from low borrowing costs before economic growth pushes yields higher, Maybank Investment Bank Bhd and CIMB Islamic Bank Bhd say.
Islamic debt sales increased 62 percent to US$10.6 billion in the second half of 2010 compared with the first six months, according to data compiled by Bloomberg. The yield on global sukuk was 4.67 percent yesterday, climbing 18 basis points from a five-year low of 4.49 percent on Nov. 8, the HSBC/NASDAQ Dubai US Dollar Sukuk Index shows……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Btimes.com.my: Pengurusan Aset Air Bhd (PAAB), the state-owned company in charge of Malaysia’s water services industry, is marketing RM2.5bil of Islamic bonds, according to a person with direct knowledge of the matter.
The company told investors it plans to price RM1bil of three-year sukuk and a similar amount of five-year notes to yield between 35 basis points and 38 basis points more than Malaysian government debt, said the person, who asked not to be identified because the information is private……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Thenationonlineng.net: The move by the Central Bank of Nigeria (CBN) to introduce Sharia banking is generating divergent views. Former Executive Director of Bank PHB, Richard Obire, said it made sense for the CBN to increase the scope of banking choice.
According to him, the platform creates multiple consumers of financial services as it will make banking available to more target markets. He said it can also benefit the economy as sizeable portions of the population are Muslims. “I think the Sharia banking plan will take banking to more people, especially, the Muslim population,” he said……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Dailymailnews.com: President & Chief Executive Officer Dawood Islamic Bank Limited, Pervez Said has served as a member of Sharia Board of the State Bank of Pakistan as well as its secretary. This is the central Sharia Board for Pakistan and performing with excellence he has served for the enhanced interest-free Islamic banking in the country.
Being considered to be an authority on Islamic Banking Mr. Pervez Said has the international recognition and is considered to be an important advocate for Islamic Banking which has a much important and critical role in coming years……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Tradearabia.com: Abu Dhabi Commercial Bank (ADCB) on Tuesday said it swung to a fourth quarter and yearly profit helped by higher net interest income, beating analysts forecasts.
The lender, one of the region’s most exposed banks to indebted conglomerate Dubai World, booked Dh1.06 billion ($287.3 million) in provisions against its exposure……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

Gumhoura bank which is one of the biggest banks in Libya has selected ITS to help drive the transformation of seven branches to Islamic windows. To support its rapid growth & expansion, Gumhoura bank required a stable and scalable solution to provide long term operational support to be fully Islamic bank.
After conducting a rigorous selection process in which a number of leading suppliers were considered. Gumhoura bank selected ETHIX core banking, ETHIX financial solution and ETHIX branch automation to support and automate its Islamic business transformation……………………………………….Full Press Release: Source

Posted on 26 January 2011 by Laxman |  Email|Print

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has become the main sponsor of Tawdheef 2011, the recruitment fair at Abu Dhabi, with a view to increase its already high Emiratisation level which stands at 44.5% today.
Though it is an Emiratisation leader in the UAE banking sector, ADIB’s commitment to growth with Emirati talent will see it organizing walk-in interviews and on-the-spot recruitment during the career fair on 25-27 January 2011……………………………………….Full Press Release: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Kbc.co.ke: A new Sharia compliant insurance company which will offer group mutual guarantee insurance services for individuals against losses or damages has been launched.
Takaful Insurance of Africa (TIA) will provide a platform for Kenyans to insure themselves under mutual guarantee whereby every participant will contribute a sum of money to a common fund……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Gulf-times.com: HSBC and Allianz Takaful, a major player in the Takaful insurance, have jointly announced a Bancassurance partnership to promote Islamic insurance products in Qatar.
Javed Akhtar, HSBC senior area sales manager said: “We developed this strategic partnership with a leading and established Takaful product provider in recognition of our customers’ need to have access to quality Takaful products. We are very confident that this tie-up will enable us to better serve the needs of our customers.”………………………………………Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Dailymirror.lk: The Board of Directors of Amana Takaful PLC have opted to go for a Rs.750 million rights issue offering 500,000,360 new shares, subject to shareholder and regulator approval. The proportion in which shares are issued will be one share for every one existing share.
The proceeds from the rights issue is to be utilized for increased capital requirements by the regulator under its proposed capital plan and for future expansion strategies……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Pakobserver.net: The Pak-Qatar Family Takaful Limited (PQFTL) has signed an agreement with HBL-Islamic Banking to provide Family (life) Takaful coverage to HBL-Islamic Banking Al-Ziarat Account (Hajj and Umrah Savings Plan) holders. An announcement here on Monday said that the contribution for Life Takaful coverage will be made by HBL.
It said that the agreement was signed by P. Ahmed, Chief Executive Officer of PQFTL, and Muhammad Aslam, Head of Islamic Banking HBL at HBL Head office……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Reuters: Dubai Group, part of a conglomerate owned by the ruler of Dubai, said it wants to speed up restructuring talks on $6 billion of debt and has set up two creditor committees.
The gulf emirate is climbing out from under a massive debt burden, with other state-linked firms also restructuring……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Hurriyetdailynews.com: Turkey’s first investment fund to comply with Islamic rules will start this year following the creation of a Sharia-compliant share index on the country’s main stock exchange. Bizim Securities, an Istanbul-based brokerage whose parent company Boydak Holding owns shares in companies including an Islamic bank, will seek to raise an initial 100 million Turkish Liras ($64 million) to start investing in the second half of this year, said Deputy Chief Executive Avşar Sungurlu.
The fund will track the Participation Index, which opened on Jan. 6 at the Istanbul Stock Exchange, Sungurlu said in an interview……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

From Thejakartaglobe.com: Record car sales in Indonesia helped fuel 50 percent growth in Shariah-compliant banking assets last year and Islamic lenders are setting up booths at automobile shows to further develop the market.
Bank Muamalat Indonesia, the country’s oldest Shariah-compliant lender, said consumer loans jumped 40 percent in 2010 after taking part in exhibitions last year……………………………………….Full Article: Source

Posted on 26 January 2011 by Laxman |  Email|Print

Standard & Poor’s Ratings Services is requesting comments on its proposal to revise its criteria for rating banks and, among them, Islamic banks. On Jan. 6, 2011, we published a request for comment on proposed changes to our criteria for rating banks and institutional brokers.
The proposed criteria aims to provide additional insight into the way we rate banks, including Islamic banks, as well as enhance ratings comparability across sectors and geography. Our objective is to create an integrated, globally consistent framework that builds on what we know and have learned about the industry since the credit crunch began in 2007……………………………………….Full Press Release: Source

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