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Nakheel - Event of Default - Legal Issues?

04 Dec 2009 05:31 Dear Readers,An article in the Financial Times, has discussed the legal issues surrounding to an eventual Event of Default of the Nakheel Sukuk, which can be read here:http://www.ft.com/cms/s/0/215c0502-e038-11de-8494-00144feab49a.html Some commen...

Dubai World and Nakheel Sukuk - What did the prospectus say?

27 Nov 2009 05:26 Dear Readers,some background on the standstill: Sukuk prospectus of the related Nakheel entity:http://blogs.thenational.ae/economy_blog/Nakheel%20Development%201%20Pro... citation:"Risks Relating to the Co-Obligors and the Co-Obligor Group S...

S&P: Several Dubai Government-Related Entities Downgraded

26 Nov 2009 09:53 Press Release Several Dubai Government-Related Entities Downgraded And On Watch Negative FollowingDebt Restructuring Announcement DUBAI (Standard & Poor's) Nov. 25, 2009--Standard & Poor's Ratings Services said it had taken rating actions...

IslamicFinance.de upgrades Server

06 Nov 2009 12:12 IslamicFinance.de is moving to a new server with more capacity and speed. However, the transfer of the domain will take sometime. While you get better performance and more news thereafter, for the transition period no new accounts could be opened.

Presentation Islamic Mortgage models for the German market

31 Oct 2009 10:51 The Central Council of Muslims in Germany presented on the BAFIN Islamic Finance conference how mortgages for the Muslim community could look like, how large the market is and challenged the perception that there would be a need to change laws to...

German BAFIN welcomes application for Islamic banking license

29 Oct 2009 23:49 The German banking regulator, BAFIN, held today a conference about Islamic finance with strong international participation and about 200 guests. BAFIN president, Mr Sanio, says that Germany makes it easy to obtain a licence to sell the products, w...

3rd World Congress of Muslim Philanthropists: Call for Submissions

26 Oct 2009 05:50 “BUILDING A BETTER WORLD”New Horizons - Sound StrategiesThe Ritz Carlton – Doha, QatarMarch 21-22, 2010CALL FOR SUBMISSIONSDeadline: November 30, 2009The annual conference of World Conference of Muslim Philanthropists, now recognized as the most p...

Islamic and Conventional Banks in the GCC: How Did They Fare?

24 Oct 2009 10:28 Excerpt from the IMF report "Which group of banks is better-positioned to withstand adverse shocks? With larger capital and liquidity buffers, Islamic banks are better-positioned to withstand adverse market or credit shocks. On average, Isla...

IFC lists USD 100 mn Sukuk in Dubai and Bahrain

22 Oct 2009 09:38 The International Finance Corporation (IFC), the multilateral development bank, will list a USD 100 mn 5-year Sukuk in Dubai and Bahrain. The IFC plans to return to the market with new issuances every 12 months to 18 months.

WCMP Launches Multi-Donor Giving Circle to Combat Hunger and Poverty

16 Oct 2009 09:43 PRESS RELEASEWashington, DC, October 16, 2009The World Congress of Muslim Philanthropists (WCMP) is launching its first multi-donor giving circle—the “Hasanah Fund”—to develop and implement new, sustainable programs to combat world hunger and pove...

S&P Outlines Factors That Could Affect Its View Of The Likelihood Of Government Support For Dubai-Based GREs

15 Oct 2009 10:45 Press ReleaseDUBAI, October 15, 2009--A report published today by Standard & Poor's Ratings Services answers questions related to its view on the likelihood of extraordinary government support for Dubai-based government related entities (GREs)...

HM Treasury: Legislative framework for the regulation of alternative finance investment bonds (Sukuk)

14 Oct 2009 16:19 On 14 October 2009 HM Treasury published a feedback statement to the consultation regarding regulation of Sukuk.The document summarises the responses received to the above consultation, and provides feedback on these.Further feedback to HM Treasur...

SCBP, PQFTL and FWU AG sign agreement to provide Takaful products through their network!

07 Oct 2009 13:21 Press ReleaseKarachi, October 7: Standard Chartered Bank Pakistan (SCBP), the largest international Bank in Pakistan, has signed a strategic cooperation agreement with Pak-Qatar Family Takaful, Pakistan’s first and largest family Takaful operator,...

S&P: Abu Dhabi's TDIC Sukuk Ltd. Assigned prelimary rating 'AA'

01 Oct 2009 12:52 Press Release of S&P:We are assigning our preliminary 'AA' rating to TDIC Sukuk Ltd.'s certificates issuance program, under which it can issue up to $1.45 billion certificates (sukuk al-ijara).The rating is equal to, and is fully reliant on, t...

Islamic Finance in North America

29 Sep 2009 12:01 Yasaar media published a new report called Islamic Finance in North America 2009 for free download, which is co-published by Codexa Capital, UM Financial Group, King & Spalding, and Doha Islamic.According to the report Islamic finance in North...

Free Report: Islamic Investment Banking

29 Sep 2009 10:09 Yasaar Media published a report about Islamic Investment Banking for free download, with the co-publishers Unicorn Investment Bank, Doha Islamic covering data and principles regarding Private Equity, Venture Capital, syndicated lending, real estat...

Special Issue - Call for Papers on Financial Crisis

24 Sep 2009 13:32 The International Journal of Islamic & Middle Eastern Finance and Management has decided to publish a special issue of the journal, focusing on the latest financial crisis, and how this has related to Islamic financial institutions.Other relev...

Research Study: Food security in an environment of increasing scarcity

24 Sep 2009 12:13 The research think tank of Deutsche Bank published recently a research study with the title:"The global food equation"stating the challenge for future food security. DB Research believes that still believes that the growing population ca...

Eid Mubarak

21 Sep 2009 09:44 IslamicFinance.de wishes Eid Mubarak to all Muslims in the world. May our creator guide us in financial matters and structures and enlarge our knowledge.The EditorMichael Saleh Gassner

New Islamic bank: Warba Bank, Kuwait - shares distributed to Kuwaitis for free

16 Sep 2009 15:45 The Cabinet's approval of a draft decree establishing Warba Bank, with a capital of KD 100 million of which a 76 % stake will be held by citizens and subscribed to on their behalf by the government and 24 % of its stocks held by Kuwait Investment...

Islamic syndicated lending

16 Sep 2009 14:01 The concept of syndicated lending may have been born in the 1960s in the world of conventional finance but it was not until earlier this decade that it found its way into the Islamic finance lexicon. Syndicated loans are quite simply an integral p...

KuveytTürk receives branch license in Germany

09 Sep 2009 15:12 KuveytTürk, the Turkish Islamic bank, has received according to Turkish media a license to operate as a financial service branch.

BNP Paribas aims to raise USD 300 mn for Private Equity Fund

08 Sep 2009 21:12 French bank BNP Paribas may raise as much as USD 300 mn for a Gulf-based private equity fund, according to a Reuters report. The fund has been set up to tap into opportunities arising from the financial crisis.

Tharawat to raise USD 100 mn in 2009 for sukuk fund

08 Sep 2009 21:09 Bahrain-based Islamic investment house Tharawat said it plans to raise USD 100 million by year-end for a sukuk fund it recently launched to focus on bargains on the secondary market.Tharawat was established in July 2008 with a paid-up capital of $...

Kuwait central bank appoints monitor for Investment Dar

08 Sep 2009 21:07 Kuwait's central bank appointed a temporary supervisor to monitor debt restructuring and compilation of financial results at Islamic firm Investment Dar.

NBAD plans first ETF

08 Sep 2009 20:58 National Bank of Abu Dhabi (NBAD) plans to launch the Middle East’s first exchange-traded fund to try to attract more international investors. The fund, known as an ETF, will be listed on the Abu Dhabi Securities Exchange (ADX) in two months, a se...

NBK launched Leasing Fund

08 Sep 2009 20:49 National Bank of Kuwait announced the launch of its “Islamic KD Ijara Fund II”. This fund is the eighteenth edition of the Islamic Ijara funds and the second from the Kuwaiti Dinar series and is will offer Private Banking clients an investment pro...

Updated Report about Sharia Scholars in the GCC and now International - Funds at Work

03 Sep 2009 12:06 Funds at Work, a strategy consultant for the fund industry, updated its analysis on Shariah scholars' engagement in financial service organisations in the GCC countries and now internationally covering companies with 956 (498) Sharia Board positio...

S&P: Sukuk Market Has Continued To Progress In 2009, Despite Some Roadblocks

02 Sep 2009 12:14 Press ReleasePARIS, September 2, 2009--New issuance of sukuk (bonds compliant with Islamic law) topped $9.3 billion in the first seven months of 2009 compared with $11.1 billion during the same period in 2008, said Standard & Poor's Ratings Se...

India's first Islamic bank to start in Kerala by 2010

02 Sep 2009 08:36 The first Islamic bank in India with involvement of the Kerala government is likely to start operations in Kochi next year as the bank’s registration formalities are currently being fulfilled on a war footing, reported George Joseph in Business St...

Islamic venture capital’s guidelines and future

20 Aug 2009 15:28 Anyone serious about setting up an Islamic venture capital fund, or securing venture capital funding, in a Shariah-compliant manner should acquire a copy of the Securities Commission Malaysia document on Guidelines and Best Practices on Islamic Ve...

Islamic venture capital

20 Aug 2009 15:13 If the Islamic private equity industry has failed to live up to its expectations then Islamic venture capital has followed the same path with even less spectacular results. Indeed discussion of Islamic venture capital is largely theoretical becaus...

The origins of Islamic private equity in the Gulf

12 Aug 2009 10:14 The Islamic private equity industry is a very young one and traces its roots back less than a decade. In 2003 Kuwait’s Global Investment House appears to have been one of the first institutions to explore Islamic private equity through the launch...

Islamic private equity: An untapped opportunity

06 Aug 2009 07:58 As the economies of the oil producing countries of the Middle East and North Africa (Mena) region have boomed over recent years most areas of finance have witnessed spectacular growth rates. Islamic private equity, however, has not been a particul...

Islamic private equity: An untapped opportunity

06 Aug 2009 07:58 Covering Shariah compliant money, Islamic banking, Islamic project finance, sukuks, takaful    

Tariq Al Rifai new Director Islamic Indexes for Dow Jones Indexes

30 Jul 2009 12:24 Tariq Al Rifai joined Dow Jones Indexes as Director for Islamic Indexes. He previously worked for Unicorn, a Bahraini investment bank. The former global director, Rushdi Siddiqui, moved on to ThomsonReuters as previously reported, spearheading the...

Harvard Islamic Finance Program publishes short report on Risk Management Seminar

29 Jul 2009 15:35 The workshop was made up of a group of influential Islamic legal scholars, academicians, economists, and bankers, who were welcomed by the Directors of IFP and LSE, Dr. Nazim Ali and Sir Howard Davies, respectively. The inancial crisis, which was...

Professor Buiter: Islamic finance principles to restore policy effectiveness

29 Jul 2009 13:42 Lack of capitalisation of banks, households and the state is a key policy issue according to Professor Willem Buiter, who wrote a blog in the Financial Times online. Instead of defaults and bankruptcy with all its associated costs he suggests to t...

Islamic finance needs to diversify

26 Jul 2009 14:21 The Islamic finance industry is plagued by a lack of solid and reliable data. While the causes of this are the subject of much debate, the consequences are that the industry is largely ignorant of how big it is or how fast it is growing.  ...

Exposure Of Rated Gulf Banks To The Saad And Algosaibi Groups Is Significant But Manageable, S&P Survey Shows

22 Jul 2009 15:16 Press ReleaseDUBAI, July 22, 2009--Standard & Poor's Ratings Services found the exposure to the Saad and Algosaibi groups of 30 commercial banks it rates in Gulf Cooperation Council (GCC) countries to be significant but manageable, according t...

Summary Report "Shariah Scholars in the GCC"

22 Jul 2009 09:59 Funds at Work, a strategy consultant for the fund industry, analysed the Shariah scholars' engagement in financial service organisations in the GCC countries covering 131 companies with 498 Sharia Board positions and 121 scholars from 19 different...

Yasaar Human Capital launched in the DIFC

14 Jul 2009 09:23 Yasaar Human Capital, is launched in the Dubai International Financial Centre, as a specialist executive search and human resources firm working within the Islamic finance sphere. The team behind Yasaar Human Capital focuses on executive search, t...

The new power brokers: How oil, Asia, hedge funds, and private equity are faring in the financial crisis

09 Jul 2009 17:32 A new McKinsey Report is released reviewing the performance of the so-called "new power brokers" being sovereign wealth funds, private equity and hedge funds during the financial crisis.The power brokers' collective performance in the fi...

S&P: Negative Rating Actions Taken On Four Dubai-Based Banks On Expected Asset Quality Deterioration

08 Jul 2009 09:08 Press ReleaseNegative Rating Actions Taken On Four Dubai-Based Banks On Expected Asset Quality DeteriorationStandard & Poor's has concluded its review of Dubai-based banks, which has resulted in various negative rating actions. We are lowering...

German regulator BAFIN organises Islamic finance conference

01 Jul 2009 09:40 The German regulator BAFIN is organising an Islamic finance conference on 29 October 2009. The announcement is in German, but the conference is held in English. The conference shall show different aspects of Islamic finance, and to determine the s...

Bahrain-Based Arcapita Bank 'BB-/B' Ratings Affirmed And Withdrawn At Issuer Request

29 Jun 2009 14:26 S&P: -- We are affirming the ratings on Arcapita. -- The outlook remains negative.-- We are withdrawing the ratings at the issuer request.PARIS (Standard & Poor's) June 29, 2009--Standard & Poor's Ratings Services said today that it a...

VTB Will Sell 3 Sukuk

28 Jun 2009 22:15 VTB Capital said that it has mandates to manage the sale of at least three Sukuk for Russian companies, each of which could raise USD 200 million to USD 500 mn. The sale shall start soon according to Yury Solovyov, VTB Capital's president and chie...

Strong demand expected for SEC Sukuk

28 Jun 2009 22:04 Saudi Electricity Co, the state- controlled power producer, may raise as much as USD 1.87 bn, SAR 7 bn, in the largest sale of Sukuk.The 5-year Sukuk, which is expected to be rated AA- by Fitch rating service, may pay between 90 basis points to 10...

Harvard Islamic Program: Call for Papers

28 Jun 2009 21:56 The Ninth Harvard University Forum on Islamic Finance is scheduled to be held at Harvard Law School in Cambridge, Massachusetts on 27-28 March, 2010.The theme of the conference will be “Building Bridges across Financial Communities.” Papers are re...

Abolition of Commodity Murabaha and/or Tawarruq?

28 Jun 2009 21:41 Mushtak Parker covered the controversy regarding the decision to abolish Organised Tawarruq of the International Council of Fiqh Academy (ICFA) in Arab News. Badlishah Abdul Ghani, CEO of CIMB Islamic Bank seeks further clarification whether the d...

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