News

Iran Pioneer in Introducing Sukuk

18 Dec 2011 15:31

It seems that The Islamic Republic of Iran was the first country to introduce Sukuk to the financial market.
Mohammad Sajjad Siahkarzadeh noted that Iran arranged the operational mechanisms for issuing Sukuks in 1994 and introduced the m...

GIB successfully closes $300m Sukuk

18 Dec 2011 15:39

Bahrain’s Gulf International Bank (GIB) has finished the pricing and closing of its three-year $300m Sukuk through a private placement.
The Sukuk certificates will have a profit rate of six-month US dollar Libor plus 130bps and paid out o...

Fitch affirms Al Rajhi at 'A+'; Outlook Stable

18 Dec 2011 15:49

Fitch Ratings has put Al Rajhi Bank's Long-term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook and its Viability Rating at 'a'.
The affirmation of the Viability Rating shows Al Rajhi's strong profitability, stable asset quality...

A long road for Singapore

18 Dec 2011 15:46

Singaporean Muslims don't have the possibility to apply for Shari’ah compliant home financing in Singapore despite the Shari’ah structures being in place. The Monetary Authority of Singapore has established a range of Shari’ah-compliant Islami...

Interest by Gulf lenders in Turkey’s Islamic banking market is on the rise

18 Dec 2011 15:59

Adnan Ahmed Yusuf Abdulmalek, head of Union of Arab Banks, noted that interest by Gulf lenders in Turkey’s Islamic banking market is on the rise. Leading Arab banks are currently inspecting opportunities to penetrate Turkey’s growing finance m...

Oman First Islamic Finance & Banking Conference, 23 - 24 Jan 2012, Muscat - Oman

18 Dec 2011 18:23

The Oman First Islamic Finance & Banking Conference will bring together more 400 high level participants including governors of central banks, other industry regulators, Islamic and commercial banking leaders, fund managers, Sharia and lega...

GCC corporate banking on recovery track, says The Boston Consulting Group

18 Dec 2011 23:30

The latest report by the Boston Consulting Group (BCG) shows that GCC corporate banking profitability is on its way to recovering from the turmoil of the financial crisis.
Altough, as Loan Loss Provisions (LLPs) culminated in 2009 and co...

Sharia reverse repo offered to absorb liquidity

15 Dec 2011 12:01

Bank Indonesia (BI) stated that it is offering reverse repo for sharia banks and business units to decrease bank liquidity in the financial system.
Reverse repo transactions ask banks to buy at least Rp 1 billion (US$110,000) of governmen...

Nakheel pays Dh7.3 billion to its trade creditors

15 Dec 2011 12:16

Nakheel made payments to the tune of ?Dh7.3 billion ($2 billion) to its trade creditors.
Nakheel will launch another Dh1 billion of sukuk before the end of this year as part of its Dh59 billion restructuring deal with trade creditors.

Global sukuk cheaper and more plentiful in 2011

15 Dec 2011 12:09

November 2011 showed a record number of sukuk issues totaling USD 8.86 billion globally, according to data compiled by Zawya Sukuk Monitor. Major launches contain a global seven-year USD 1 billion sukuk sold by Indonesia in the international m...

BlueOrchard Private Equity Fund Acquires 20% Stake in Microfinance Holding Company CHF Development Finance International

15 Dec 2011 12:21

The BlueOrchard Private Equity Fund (BOPE Fund) recently obtained a 20% stake in US-based CHF Development Finance International, a holding company established by development organization CHF International to own and manage CHF’s commercially-o...

Gulf International Bank closes Sukuk-al-Murabaha private placement

15 Dec 2011 12:24

Gulf International Bank (GIB) communicates the successful pricing and closing of a three-year $300 million Sukuk-al-Murabaha private placement with a profit rate of 6-month USD LIBOR + 130 bps on a semi-annual basis.
The Sukuk will mature...

Controversy dogs GS Sukuk

15 Dec 2011 13:15

The most anticipated launch for some time is the slated $2bn Goldman Sachs (GS) Sukuk that will close at the end of this month.
Mohammed Khnifer, external Islamic finance specialist for Edcomm Group Banker’s Academy in New York, stated t...

Tanzania’s first Islamic bank takes off

15 Dec 2011 13:00

Tanzania launched its first Islamic bank, Amana Bank, in the capital, Dar es Salaam. Amana Bank’s chairman, Haroon Pirmohamed, stated that the bank was launched to service the request for an ethical and interest-free alternative to conventiona...

Shari’ah compliant funds of funds sector analysis

15 Dec 2011 13:20

Despite the fact that Zawya only covers Middle East-based funds, the sector is popular especially in Saudi Arabia, where 22 of the 24 funds listed are domiciled. The other two funds are from Kuwait and Bahrain.
There are two types of mul...

Great Eastern looks east

15 Dec 2011 13:23

Great Eastern Takaful will spread its presence across the Indonesian border in 2012.
GE Takaful hopes that by moving into the developing Islamic insurance market in the world’s most populous Muslim state, it will rapidly assume a top thre...

Takaful in Azerbaijan

15 Dec 2011 13:28

Islamic Development Bank affiliate the Islamic Corporation for the Development of the Private Sector is helping to conduct a much needed Takaful offering to Azerbaijan through the development of a new Takaful company.
In order to manage t...

Saadiq eyes newly-opened Islamic banking markets

15 Dec 2011 13:37

Dubai Standard Chartered Saadiq is researching opportunities to expand into newly-opened Islamic banking markets such as Oman and Nigeria and is closely evaluating the opportunities in the Middle East and North Africa (Mena) region.
With...

CMA to prepare rules for takaful insurance

15 Dec 2011 13:42

Capital Market Authority (CMA) is developing a separate set of regulations for Sharia-compliant takaful insurance and Sukuk debt instruments.
Abdulla bin Salem Al Salmi, Acting Executive President of CMA, stated that the new regulations w...

Islamic banking shines

15 Dec 2011 13:47

According to Standard Chartered Saadiq, Islamic banking assets in the UAE are forseen to grow to 20 % of the total banking sector in 2012 from an estimated 18 % this year.
The bank anticipates Islamic assets to comprise 38 per cent of to...

Kosher money: Islamic micro finance fails to take centre stage

15 Dec 2011 14:33

Inspite of the extraordinary potential of the country, financial institutions in Pakistan are still not taking Islamic micro financing seriously.
According to Al Baraka Bank Chief Operating Officer Ahmed Shuja Kidwai, Islamic micro finan...

Saudi Arabia reaping fruits of economic reforms

15 Dec 2011 14:46

Saudi Arabia, the biggest economy in the Middle East, is among the very few countries that have proved to be quite strong and robust.
According to Khaled Al-Aboodi, the chief executive officer of Islamic Corporation for the Development of...

Barwa Bank offers shares subscription to raise capital

14 Dec 2011 10:47

Barwa Bank has oficially announced that subscription applications have been mailed to all share holders. Subscription will start on December 6 and close on December 29, 2011.
The bank is presenting six shares for every ten shares held. T...

Oman: Islamic bank rules by month-end: CBO

14 Dec 2011 11:06

A new set of rules and regulations for Islamic banks will be ready until the end of this month.
Ernst & Young was appointed in September to advise the apex bank on formulating a separate set of rules for Islamic banking in the countr...

CBN role in Islamic Liquidity Management Corporation under scrutiny

14 Dec 2011 11:10

The contribution of a membership fee of N875 million to the International Islamic Liquidity Management Corporation (IILM) by the Central Bank of Nigeria (CBN) as a founding member, is raising suspicions about the apex bank’s resolve on account...

KL to host conference on Islamic wealth management

14 Dec 2011 11:15

Industry experts will share their wide spectrum of expertise at the upcoming Kuala Lumpur Conference on Islamic Wealth Management 2011.
The two-day conference will start on December 20 and will be arranged by Kuala Lumpur-based Alfalah C...

Islamic mortgage lender in Canada fails

14 Dec 2011 11:20

Although UM Financial Inc went into receivership back in October, the consequences of the bankruptcy are beginning to be noticed only now.
Besides the fact that the case risk is giving a bad name to sharia-compliant finance in North Amer...

Tawuniya selects Thomson Reuters investment operations platform

14 Dec 2011 11:23

Thomson Reuters PORTIA was chosen by Tawuniya.
PORTIA will offer Tawuniya a global solution to manage, analyze and report on their broad, multi-currency investment portfolio, mitigating risk and improving investment operations.
Thom...

IDB chief urges EU not to repeat mistakes of the past

14 Dec 2011 12:19

Ahmad Mohamed Ali, the president of the Islamic Development Bank (IDB), has given notice that the euro zone sovereign debt crisis is adversely affecting the Bank's member countries and urged European leaders to find the right solutions and not...

Real Economy Partners launch French Islamic Finance Review

14 Dec 2011 12:24

Real Economy Partners (REP) is going to launch the world’s first Francophone Islamic finance resource by the name of the French Islamic Finance Review. The new service has the purpose to circulate academic research on Islamic finance in partne...

Duke to integrate Islamic finance into degree

14 Dec 2011 12:33

A Master’s of Management Finance degree program will be opened this coming spring at Duke University’s Fuqua School of Business from Dubai.
The program will mainly focus on conventional finance.

Yemen’s Islamic banks reopen

14 Dec 2011 12:41

It seems that things will have a positive outlook for Yemen’s Islamic banks.
When pitched battles between pro- and anti-Saleh forces erupted in downtown Sana’a, the banking sector froze.
Tadhamon International Islamic Bank and the...

Bank Islam Eyes Expansion In Indonesia, Bangladesh

14 Dec 2011 12:45

Bank Islam Malaysia Bhd is noticing opportunities for expansion in Indonesia and Bangladesh, which have sizeable Muslim populations and adequate Islamic banking regulatory policy and supporting infrastructure in place to speed up Shariah-based...

SA's forex reserves lower

14 Dec 2011 13:00

South Africa’s international liquidity position declined more than expected in November as gross reserves decreased on a stronger dollar against major currencies, causing a descent in foreign currency reserves.
The SA Reserve Bank (Sarb)...

SA's forex reserves lower

14 Dec 2011 13:00

BSN sees wealth mgmt contributing 12-15% to revenue by end-2012

12 Dec 2011 11:09

Bank Simpanan National (BSN) has the purpose to aggressively grow its newly launched wealth management division by embracing the underserved takaful market.
Winston E. Jeyaprakas is the deputy chief executive of credit management and bus...

Farz Foundation, WCMP to work together on Islamic Finance

12 Dec 2011 11:04

The World Congress of Muslim Philanthropists (WCMP) and Pakistan’s Islamic microfinance institution Farz Foundation have singed a Memorandum of Understanding to further empower their partnership.
The two will work together in developing...

Tamweel hire banks for likely bond sales

12 Dec 2011 11:13

Tamweel hired banks for a possible bond sale as it looking for financing to repay liabilities and increase lending. The shares presented a jumprecord in a month.
Citigroup, Standard Chartered and Dubai Islamic Bank will make appointments...

Syrian currency declines 30% and is expected to fall further

12 Dec 2011 11:43

The Syrian currency presents itself weakest level since the beginning of political unrest, descending 30% against the US dollar.
The Syrian pound fell almost 20% against the dollar immediately after economic sanctions were constrained on...

Investment conference: ‘flydubai shows impressive growth since launch’

12 Dec 2011 11:27

The growth of low-cost carrier flydubai is almost double compared to its launch in October 2010 in Pakistan despite heavy competition and slump in the industry.
The aviation industry has an important role in strengthening ties between UA...

Islamic Bank of Britain launches Sharia compliant B2L mortgage alternative

12 Dec 2011 11:46

The launch of Sharia compliant buy-to-let purchase plan has entered Islamic Bank of Britain into the buy-to-let mortgage market.
The IBB’s buy-to-let purchase plan can be accessed by landlords of any faith searching for ethical and Shari...

Indonesian government to offer retail sukuk bonds next March

12 Dec 2011 11:50

The Indonesian government will start proposing retail Islamic debt papers (sukuk) to individual investors in March, after previous issuances drew strong interest, despite the shaky global financial market.
Sales agents would be nominated...

International Investment Group search for CEO continues

12 Dec 2011 11:53

Following the resignation of Bara'a Al Qenaei, CEO of International Investment Group (IIG), the board of directors of IIG gathered on 7 September 2011 to discuss the resignation. The Kuwaiti firm’s board accepted the resignation and agreed ter...

Bye bye Beyoo, say hello to Dima Capital

12 Dec 2011 11:55

Kuwait’s Beyoo Investment and Finance Co is switching its attention from financing to asset and wealth management as the investment arm of Al Imtiaz Investment Company.
Arabic language daily Al Anba announced that Beyoo's shareholders app...

Three likely flaws in Goldman Sach's milestone sukuk

12 Dec 2011 12:03

In this column, Mohammed Khnifer reveals, after examining the offer circular thoroughly, three possible flaws in the overall structure.
1- Strong indication from the proposed structure and the prospectus as well that the sukuk is not, as...

UK-based fund to treat sukuk as investment, not debt

12 Dec 2011 12:08

Solum Asset Management will launch the first “investment sukuk” in the first quarter of next year, considering Islamic bonds as investment vehicles rather than debt instruments.
The 200 million sterling ($310 million) Student Accommodatio...

Former Dragon ready to fire-up Emirates

12 Dec 2011 12:14

Mr James Caan talks about expanding his investment advisory firm into the UAE and why he left the TV show.
He states that as a result of the credit crisis, the general appetite for Sharia-compliant investments is a growing market. They w...

Deutsche Bank names officials

12 Dec 2011 12:16

Salah Jaidah was appointed chairman of Islamic finance at Deutsche Bank. Also, the new head of Islamic finance structuring is Ibrahim Qasim.

Islamic banks pave way for future: Al Khayyat

12 Dec 2011 14:02

It seems that Islamic banking has numerous advantages and capabilities that gives it permission to play an important role in solving many economic problems in the GCC. The statement cam from Kuwait Finance House-Bahrain Chief Executive Officer...

Sambacapital launches Al Nafees Global dollar-denominated open-ended Fund

12 Dec 2011 14:06

A new Shari'ah-compliant fund from Sambacapital will aim long-term capital growth through investment in global Shari’ah-compliant equities that assume their primary revenues from the production and distribution of basic commodities.
Al N...

« Previous Next » 1 2 3 4 5 6 7 8 9 10 11 12 13 ...58