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Standard & Poor’s Ratings Address The Growing Takaful Market

31 Mar 2009 08:53 Press ReleaseLONDON, March 30, 2009 -- In a report published today, Standard & Poor's Ratings Services explains the way that its rating approach has been adapted to meet the growth of takaful insurance. The article, "Standard & Poor's...

ADIB converts USD 599 mn to regulatory capital

29 Mar 2009 18:54 Stanley Carvalho reported in Arabianbusiness on 29 March that Abu Dhabi Islamic Bank became the fourth Abu Dhabi bank to announce it has secured financing from the Ministry of Finance. ADIB secured AED 2.2 bn of government deposits and converted i...

AGM Al Baraka Group

29 Mar 2009 18:47 Albaraka Banking Group B.S.C (ABG) held its Ordinary and Extra Ordinary General Meetings today in Manama, the capital of Bahrain. A cash dividend of USD 27.9 mn was decided, which represents 4 % of the issued capital further bonus shares were appr...

Saudi CMA aims to develop bond and Sukuk markets

29 Mar 2009 18:44 The Saudi Capital Market Authority aims to promote the bond and Sukuk markets said its chairman Chairman Abdulrahman Al Tuwaijri according to Arabiya.

First Islamic Bank in Sri Lanka

29 Mar 2009 18:27 The Amana Group was recently given a Letter of Provisional Approval by the Central Bank (CB) to establish a licensed commercial bank named Amana Bank Ltd., among the conditions is to raise a minimum capital requirement of Rs 2.5 bn.

Dubai Islamic Bank sets up JV in Jordan this year

29 Mar 2009 18:19 Dubai Islamic Bank is set to implement this year its joint-venture with Jordan Dubai Capital and Dubai International Capital to invest in Industrial Development Bank and convert it to the Jordan Dubai Islamic Bank.

President of IDB urges G-20 to assess Islamic finance and consider observer status

29 Mar 2009 11:37 "The opportunities offered by Islamic finance in promoting global financial stability and financial inclusion are worth assessment by the leadership of the G-20 countries," said Jeddah-based Islamic Development Bank President Ahmed Moham...

S&P: Nigerian Outlook Revised To Negative As Falling Oil Receipts Test Government's Institutional Capacity; Ratings Affirmed

28 Mar 2009 07:27 Press ReleaseLONDON (Standard & Poor's) March 27, 2009--Standard & Poor's Ratings Services today said it had revised its outlook on the Federal Republic of Nigeria to negative from stable. At the same time, the 'BB-' foreign currency and '...

Australia: The Muslim Community Co-operative (Australia) awarded license - demutualisation ahead

27 Mar 2009 14:09 The Muslim Community Co-operative (Australia) (MCCA) has recently received an Australian financial services licence from the Australian Securities and Investments Commission (ASIC). It is necessary for the MCCA to set up its Managed Investment Sch...

Kyrgyzstan introduces Islamic banking legislation

27 Mar 2009 14:07 The country’s parliament has approved legislation enabling all commercial banks in Kyrgyzstan to operate according to Shari’ah principles. National Bank of Kyrgyzstan will be responsible for issuing licences to Shari’ah-compliant financial institu...

AAOIFI to certify more IT vendors

27 Mar 2009 14:05 New Horizon reported that other IT vendors now think about certification by the Accounting and Auditing Organisation of Islamic Financial Institutions (AAOIFI) and following the example of Path Solutions.

Malaysian Rating Corp. plans to offer Sharia Ratings

27 Mar 2009 09:11 Malaysian Rating Corp. starts offering from July 2009 onwards services to rate the degree of Sharia compliance of Islamic financial institutions. The audit will review the risk management culture and frequence of Sharia meetings aside from managem...

Unicorn Malaysia aims to service demand among SMEs

27 Mar 2009 09:07 Unicorn International Islamic Bank Malaysia Bhd, aims to achieve transactions totalling USD 400 mn to USD 500 mn this year as the demand for medium-sized issuance, especially sukuk and cross-border transactions from small and medium enterprises, c...

No stand alone Islamic banks in Morocco to be licensed

27 Mar 2009 09:00 In spite of several applications Bank Al Maghrib, the central bank of Morocco, did not issue a stand alone Islamic banking license. The reasons: too much stress for the Moroccan market and the problem of taxation on certain Islamic products. Howev...

Unicorn Malaysia announces maiden net profit

26 Mar 2009 15:32 Unicorn International Islamic Bank Malaysia Berhad has reported a net profit of MYR 812,546 (USD 223,993) for 2008, its first full year of operation with an international Islamic bank license awarded under the Malaysia International Islamic Financ...

i-VCAP Receives Securities Commission approval to be a full-fledged Islamic Fund Management Company

26 Mar 2009 15:30 i-VCAP Management Sdn Bhd announced it has received approval from the Securities Commission to operate as an Islamic fund management company. The firm is doing Islamic fund management under the general licence for some time.Zainal Izlan Zainal Abi...

Amanie Business Solutions LLC. launches its Shariah compliant stocks screening service

26 Mar 2009 15:21 Amanie Business Solutions LLC. officially launched its web integrated Shariah stock screening service, the service will target new entrants into the Islamic fund management industry. The web delivery platform of Amanie Screening can be accessed th...

Islamic Banking in 2009, industry at a crossroads

12 Jan 2009 12:31 The drop in the issuance of Sukuk proved that Islamic banks could not escape from the financial crisis. The industry might therefore have to go back to its roots in 2009.    

Banking with zero per cent interest

22 Dec 2008 07:44 The US Federal Reserve and the Bank of Japan have lowered interest rates to almost zero per cent. What is quite rare in conventional banking, however, is the norm in Islamic banks. But the Islamic Finance industry currently also finds itself hosta...

Are Islamic banks the financial institutions of the future?

30 Nov 2008 12:42 With the search underway for a new monetary system for the post-financial crisis era, Islamic banking gains a new reputation for stability.    

Bank Sarasin aims to lead in Islamic Wealth Management

23 Nov 2008 13:51 Over the last decades, Sarasin has become known for sustainable investment and private banking. Now, the Basel-based bank with branches in Dubai, Doha and Manama aims to repeat its success in Islamic Finance.    

Saudi Arabia sees launch of Islamic real estate

26 Oct 2008 10:22 Saudi Arabia’s Sumou Holding and Geneva-based Encore Management have launched the first Islamic Real Estate Investment Trust (REIT) for the Kingdom of Saudi-Arabia. This Saudi-Swiss joint-venture may change the real estate landscape in the GCC. &...

Why short-selling is Haram

08 Oct 2008 09:03 Amid the financial crisis, the US stock market regulator SEC banned short selling on September 24, but it aims to lift this ban on Thursday, October 9. In Islamic Finance, however, 'to go short' will always be Haram.    

Islamic finance in society

16 Sep 2008 12:35 Collecting donations and spending for the most in need is not just a seasonal activity during Ramadan, but one of the five pillars of Islam. Charity or Zakat is also an integral part of Islamic finance principles.    

Pakistan: The causeway for Islamic Finance

26 Aug 2008 11:27 With General Pervez Musharraf having stepped down as president of Pakistan, analysts are waiting to see what effect this has on the country's economy. Pakistan could play a key role in the Islamic Finance sector.      ...

The secret of Takaful's success

10 Aug 2008 12:36 On August 4 DFM welcomed Takaful House, a provider of Islamic Insurances, as the sixty-third public joint stock company to be listed. AME info examines the drivers behind the fastest growing segment in Islamic Finance.     &nb...

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