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Islamic Finance Briefing 31.Jan 2011

Posted on 31 January 2011 by Laxman |  Email|Print

Madhu KannanFrom Arabnews.com: The Bombay Stock Exchange (BSE) is currently working with a number of firms who are interested in structuring Shariah-compliant equity fund products off its recently-launched BSE Tasis Shariah 50 Index within the next 12 months.

Madhu Kannan, managing director and CEO of the BSE, confirmed in an interview that he was “very pleased by what has been a very warm response to this product by market participants.”……………………………………Full Article: Source

Posted on 31 January 2011 by Laxman |  Email|Print

Salmaan JafferyFrom Arabianbusiness.com: Sharia compliant banks will need to significantly improve customer service if they are to compete with mainstream banks, a survey by Ernst & Young has said. The poll of 4,000 Gulf residents by Ernst & Young found that, despite strong interest in Islamic finance, customers found banks lacking in transaction speed and service quality.
While customers want Islamic options, this must be backed by the service and standards prized in the mainstream banking market, said Salmaan Jaffery, head of retail banking, Ernst & Young Middle East…………………………………….Full Article: Source

Posted on 31 January 2011 by Laxman |  Email|Print

From HNS: The Maldives Islamic Bank (MIB) has said that they will open the bank for business on March 7, the day Maldives embraced Islam. Rf 150 million share worth MIB was developed with an 85 percent share from the Islamic corporation for the Development of Private Sector of Islamic Development Bank (IDB) and a 15 percent share from the government.

During the first press conference held in the bank on H. Coconutvilla, Ameeru Ahmed Magu, Managing Director and CEO Haris Haroon revealed that all the work required to open the bank has now been completed…………………………………….Full Article: Source

Posted on 31 January 2011 by Laxman |  Email|Print

From Arabnews.com: The Islamic Development Bank (IDB) has signed an agreement to extend its long-term lease finance (Ijara) facility of up to $90 million for the development of the Uch-II combined cycle independent power plant project in the Baluchistan province of Pakistan.

International Power PLC of the UK is sponsoring the project, which will add a net generation capacity of 375 MW to the national grid under a 25-year contract with the National Transmission and Distribution Company of Pakistan and thereby make a significant contribution to improving the power supply situation of the company…………………………………….Full Article: Source

Posted on 31 January 2011 by Laxman |  Email|Print

From Arabnews.com: The banking sector in Nigeria, Africa’s most populous country, has hardly had time to digest the “Guidelines on Shariah Governance for Non-interest Financial Institutions in Nigeria” and the “Framework for the Regulation and Supervision of Institutions Offering Non-interest Financial Services in Nigeria” published by the Central Bank of Nigeria (CBN) on Dec. 31, 2010 and Jan. 12 2011.

The regulator has already been forced to defend its action of introducing Islamic banking into the country. The objective of the framework, according to the Nigerian banking regulator, is to provide minimum standards for the operation of institutions offering non-interest banking and financial services in Nigeria…………………………………….Full Article: Source

Posted on 31 January 2011 by Laxman |  Email|Print

From Gulf-times.com: QNB, the country’s largest lender by assets, is increasing the capital by 25% through a rights issue to part fund its expansion and meet the proposed Basel III norms.

The rights issue, which will be on tap during the second quarter (April-June) of this year, has been priced at QR100 a share (including the QR90 premium), QNB chairman and Finance Minister HE Yousef Hussein Kamal said after the bank’s annual ordinary and extra-ordinary general assembly meeting which approved the 50% cash dividend and 30% bonus shares…………………………………….Full Article: Source

Posted on 31 January 2011 by Laxman |  Email|Print

From Gulf-times.com: Registering growth in all portfolios of its operations, International Islamic (QIIB) posted a net profit of QR559mn in 2010, up 9.3% on 2009.

The bank’s total revenue jumped 16% to QR1.12bn in 2010, International Islamic chairman & managing director Sheikh Dr Khalid bin Thani al-Thani said after a meeting of the bank’s board of directors in Doha…………………………………….Full Article: Source

Posted on 31 January 2011 by Laxman |  Email|Print

From Tradearabia.com: National Bank of Ras Al-Khaimah (Rakbank) said its net profit for 2010 jumped 38 per cent to Dh1.02 billion ($277.7 million) compared to Dh726.2 million the previous year.

Rakbank said it has successfully surpassed the billion dirham profit mark in 2010 as it continued to focus on good opportunities in its chosen lending segments of personal, auto, and small and medium enterprise (SME) loans, in addition to credit cards and mortgages…………………………………….Full Article: Source

Posted on 31 January 2011 by Laxman |  Email|Print

Abu Dhabi Islamic Financial Services, one of the UAE’s largest brokerage firms celebrating its 6th anniversary, announced today that it has re-branded to Abu Dhabi Islamic Bank ‘ADIB’ Securities. This new identity ties in well with the firm’s lineage as a wholly-owned subsidiary of ADIB, a top-tier Islamic financial services group.
Founded with a simple but important principle - to lead by example as a Shari’a compliant brokerage platform - ADIB Securities aims to best serve and meet investors’ financial needs and objectives with high service quality, advanced technology and transparency…………………………………….Full Press Release: Source

Posted on 31 January 2011 by Laxman |  Email|Print

Abu Dhabi Commercial Bank (ADCB) one of the UAE’s leading banks, partners with Abu Dhabi National Insurance Company (ADNIC), one of the prominent insurance companies in the Region to provide new technological, internet banking and cash management solutions, which will further enhance ADNIC services to its customers.
In addition, ADNIC as a “Reliable Insurer” will offer its innovative banc assurance products to all ADCB’s Commercial customers with affordable insurance solutions…………………………………….Full Press Release: Source

Posted on 31 January 2011 by Laxman |  Email|Print

The Gulf Bond and Sukuk Association (GBSA), the trade association representing the Arabian Gulf fixed income market, is pleased to announce that it has filled a series of key committee positions for 2011. GBSA works through its topical sub-committees to promote a deep and transparent market for securities issued from the region.
Andrew Dell, HSBC Bank Middle East, has been named Chair of the Steering Committee for the second year running…………………………………….Full Press Release: Source

Posted on 31 January 2011 by Laxman |  Email|Print

From Arabianbusiness.com: 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 and CIMB Islamic Bank say.

Islamic debt sales increased 62 percent to $10.6bn in the second half of 2010 compared with the first six months, according to data compiled by Bloomberg. The yield on global sukuk was 4.6 percent on Thursday, climbing 18 basis points from a five-year low of 4.4 percent on Nov 8, the HSBC/NASDAQ Dubai US Dollar Sukuk Index shows…………………………………….Full Article: Source

Posted on 31 January 2011 by Laxman |  Email|Print

From Gulfnews.com: Financial editors and news bureau chiefs of major conventional and western media organisations have to look at not only the importance of a news story, but also its time sensitivity. Islamic finance stories must compete against numerous “conventional” news stories like central bank news on interest policies and inflation, earnings announcements from Fortune 500 companies, buyouts by major private equity firms, trade and unemployment numbers, and so on.

Today in Islamic finance we do not have an Islamic finance central bank, either at the country or global level…………………………………….Full Article: Source

Posted on 31 January 2011 by Laxman |  Email|Print

From Gulfnews.com: Dubai’s financial services industry is fast emerging as a leading catalyst in the development of Islamic finance products and services to Europe, according to officials from Dubai Exports, an agency within Dubai Department of Economic Development.

“The expertise of Dubai in the area of Islamic financial services is something that we hope to capitalise through our export facilitation services” said Engineer Saeed Al Awadi, the CEO of Dubai Exports…………………………………….Full Article: Source

Posted on 31 January 2011 by Laxman |  Email|Print

From Thestar.com.my: Malaysia and the Gulf Cooperation Council (GCC) signed a landmark framework agreement to boost economic, commercial, investment and technical cooperation between them. It will now set the pace for both sides to negotiate for a Free Trade Agreement next month.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed, the United Arab Emirates’ Economy Minister Sultan Saeed Al-Mansoori and GCC secretary-general Abdul Rahman Hamad Al-Attiyah signed the agreement in Abu Dhabi yesterday…………………………………….Full Article: Source

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