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Islamic Finance Briefing 28.Jan 2011

Posted on 28 January 2011 by Laxman |  Email|Print

Rundheersing BheenickFrom Reuters: Mauritius’s first Islamic bank will be operational by the end of the first quarter of 2011, the central bank governor said on Thursday. The palm-fringed island’s growing offshore financial sector pitches itself as a financial platform bridging Africa, the Indian sub-continent and Asia.
Mauritius is seeking to tap into the $1 trillion Islamic finance industry, and the central bank also plans to offer sharia-compliant short-term liquidity tools……………………………………….Full Article: Source

Posted on 28 January 2011 by Laxman |  Email|Print

From Gulfnews.com: Emaar Properties, rated B1/BB, has priced its first international fixed-income offering, raising $500 million via trust certificates with a maturity of five and a half years at a yield of 8.5 per cent. The first public offering from the region this year was structured as a Sukuk Al Ijarah and issued by a Special Purpose Vehicle, Emaar Sukuk.
It received subscriptions totalling $1.7 billion, the company said, and constitutes the first drawdown under its $2 billion programme……………………………………….Full Article: Source

Posted on 28 January 2011 by Laxman |  Email|Print

From AFP: Dubai’s leading property develop, Emaar, said Thursday it has raised $500 million through an offering international bonds aimed mainly at refinancing debt, raising hopes for eased finance for Dubai firms.
The company behind the building of the world’s tallest tower, Burj Khalifa, said its first international fixed-income offering, in the form of sukuks, or Islamic bonds, was “very well received.”………………………………………Full Article: Source

Posted on 28 January 2011 by Laxman |  Email|Print

From Btimes.com.my: Plans by Saudi Arabia, Malaysia and Qatar to spend almost US$1 trillion on development projects over the next decade will overwhelm the amount banks can provide in loans, reviving sales of sukuk, according to HSBC Holdings Plc and BNP Paribas SA.
At least US$3.9 billion of Islamic bond sales announced this year will fund the building of oil refineries, steel mills and petrochemical plants, according to data compiled by Bloomberg……………………………………….Full Article: Source

Posted on 28 January 2011 by Laxman |  Email|Print

From Building.co.uk: Just before the new year, the company announced that it wasn’t going to issue the sukuks, a form of Islamic bond, in 2010. It had only secured the agreement of 91% of its creditors to its repayment plan, 4% short of its target.
For those who lined up in the awkward coffee break after O’Donnell’s speech to ask where their money was, this is just the latest chapter in Nakheel’s long-running saga. Now the signs are that some kind of sukuk issue might not come until at least March. Although some consultants are beginning to dip their toes in Nakheel’s waters once again, many have decided to burn their bridges……………………………………….Full Article: Source

Posted on 28 January 2011 by Laxman |  Email|Print

From Zawya Dow Jones: Demand for Islamic private equity in oil-rich Gulf Arab states is on the rise among investors who value its more prudent debt approach and its flexibility in structuring deals, even though the sector faces hurdles in the form of a shortage of qualified professionals and restrictions in its investments options.
The global Islamic finance industry–widely valued at $1 trillion–is booming and whetting the appetite of many financial institutions in the Arab Gulf region, which want to tap new revenue streams against a backdrop of slower growth and subdued lending……………………………………….Full Article: Source

Posted on 28 January 2011 by Laxman |  Email|Print

From Dailymailnews.com: With the highly encouraging response world-wide in Islamic Banking, Faysal Bank has the history to be one of distinguished institutions having Sharia compliant banking and it has received tremendous response from the investors, depositors and businessmen taking interest in the specially designed “window on Islamic Banking” of the bank.
In an interview with Naved A. Khan, President and Chief Executive Officer of Faysal Bank with The Daily Mail, he explained the strategic growth and development of Islamic banking with Faysal Bank Ltd in Pakistan. Now the Faysal Bank with acquisition of RBS (Royal Bank of Scotland) its operations and financial strength has further improved……………………………………….Full Article: Source

Posted on 28 January 2011 by Laxman |  Email|Print

From Arabianbusiness.com: National Bank of Fujairah, which is part owned by the governments of Fujairah and Dubai, saw its net profits surge 64 percent last year, the lender reported on Thursday.
The UAE lender reported that net profit for 2010 rose to AED170.9m ($46.53m), up 64 percent compared to AED104.3m ($28.39m) in 2009……………………………………….Full Article: Source

Posted on 28 January 2011 by Laxman |  Email|Print

From Zawya.com: The National Bank for Development (NBD), which specializes in Sharia-compliant products and had LE 2 billion in capital at the end of 2010, has been consolidating its market share in car financing.
Since the acquisition of 49 percent of the NBD’s stock by the Abu Dhabi Islamic Bank in 2007, the NBD has been transitioning to Sharia-compliant financial services……………………………………….Full Article: Source

Posted on 28 January 2011 by Laxman |  Email|Print

From Bloomberg: First Investment Co.’s creditors agreed to join a plan to restructure the company’s debts of about 90 million dinars ($321.8 million), Al-Qabas reported, citing unidentified people familiar with the matter.
The Kuwaiti Islamic finance company, known as Al-Ola, is to repay its liabilities over 5 years, the newspaper said. Al-Ola said in October that it had agreed with lenders on most of the terms to restructure a 90 million-dinar sukuk, according to a filing to the bourse……………………………………….Full Article: Source

Posted on 28 January 2011 by Laxman |  Email|Print

From Arabtimesonline.com: AGM for Investment Sector at Kuwait Finance House (KFH) Abdul Nasser Al-Subeih said that the international partnerships that KFH establishes in the field of real estate investment is one of the main sources for revenues for KFH clients, and noted that the success achieved by Swedish real estate portfolio known as TRESAB three years ago, which is evident by its net profit KD 43 million.
The deal was orchestrated by Leimdorfer Real Estate Company, under the supervision of KFH team that is specialized in international real estate……………………………………….Full Article: Source

Posted on 28 January 2011 by Laxman |  Email|Print

From Bernama: AMMB Holdings Bhd Thursday announced the incorporation of a new subsidiary, AmFamily Takaful Bhd,to undertake the family takaful business.
AmFamily is 70 per cent owned by AMAB Holdings Sdn Bhd, a unit of AMMB, while Friends Provident Limited, a wholly-owned subsidiary of FP Group, holds the remaining 30 per cent equity interest, it said in a fling to Bursa Malaysia Thursday……………………………………….Full Article: Source

Posted on 28 January 2011 by Laxman |  Email|Print

From BBC: On 10 January, before an audience of eminent Islamic scholars in Kuwait City, Turkish Prime Minister Recep Tayyip Erdogan was awarded the “Outstanding Personality in the Muslim World” prize. Drawing on his training as a Muslim cleric, Mr Erdogan elicited cries of “Allahu Akbar” (God is Great) as he launched into a passionate tirade against Israel and its treatment of the Palestinians in his acceptance speech.
The moment perfectly captured Turkey’s growing popularity in the Arab world under Mr Erdogan’s mildly Islamist Justice and Development (AK) party government that shot to power in 2002……………………………………….Full Article: Source

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