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PT Matahari Putra Prima Tbk raised bonds and Sukuk

17 Apr 2009 21:21 Indonesian retailer PT Matahari Putra Prima Tbk raised a bigger-than-targeted 528 billion rupiah ($46.68 million) from a bonds issuance to help finance business expansion. Matahari appointed PT HSBC Securities Indonesia, PT Indo Premier Securities...

Yemen receives USD 120 mn from IDB for grain silos

17 Apr 2009 21:13 Yemen is to sign USD 120 mn agreement with the Islamic Development Bank (IDB) to finance a project of Grain Silos in Salif area of Hodeidah governorate.

New brand identity for KFH Bahrain leasing card

17 Apr 2009 21:09 Kuwait Finance House – Bahrain (KFH-Bahrain), has unveiled its new brand identity for ' Baytik Ijara Card', the first Islamic financing card that allows cardholders to acquire durable goods on a lease-to-own basis.KFH-Bahrain's first Ijara card wa...

Fitch Ratings had affirmed Kuwait International Bank "A-"

17 Apr 2009 20:37 Fitch Ratings had affirmed Kuwait International Bank (KIB)'s Long-term Issuer Default Rating (IDR) at "A-", Short-term IDR at "F2", Individual Rating at "C/D", Support Rating at "1" and Support Rating Floor...

Liquidity Management House combines 7 global banks in financing KFH-Turkey

17 Apr 2009 20:24 Liquidity Management House, which is a wholly owned subsidiary of Kuwait Finance has succeeded in making a combined global 1-year Murabaha finance deal about USD 115 million for KFH-Turkey, after attracting 7 global and regional banks: Halk Bank-T...

Mali and the Islamic Development Bank (IDB) have signed a grant agreement of 789 million CFA francs

17 Apr 2009 20:18 Mali and the Islamic Development Bank (IDB) have signed a grant agreement of 789 million CFA francs (about USD 1.578 million) aimed at supporting the revival of agriculture. The grant complements two funding agreements recently approved by IDB's B...

New license: Tunisia's first domestic Islamic finance bank

17 Apr 2009 20:13 Tunisian President Zine al-Abidine Ben Ali's son-in-law recently won a license to begin operating an Islamic bank, which would be Tunisia's first domestic Islamic finance bank.

USD 347 mn SYNDICATED Facility arranged FOR Al Ghurair Center LLC

17 Apr 2009 20:06 Badr Al-Islami, the Islamic Banking Division of Mashreq, and Standard Chartered Saadiq along with Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank, Emirates NBD, First Gulf Bank, Ajman Bank and Arab African International Bank have successfully arra...

S&P: Arcapita Bank Long-Term Rating Lowered To 'BB'; Remains On CreditWatch Negative; 'B' Short-Term Affirmed

06 Apr 2009 19:20 Press ReleasePARIS April 6, 2009--Standard & Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on Bahrain-based Arcapita Bank to 'BB' from 'BB+' and kept the rating on CreditWatch with negative implica...

Dubai raises USD 635 mn to refinance debt - Chinese and local banks involved

05 Apr 2009 16:01 Simeon Kerr reported in The Financial times on 5 April that the Dubai government raised aUSD 635 mn Islamic finance to help retire a USD 1 bn in civil aviation authority debt maturing later this month. The lease-based Islamic facilty syndication,...

Delay of annual reports - The Investment Dar

05 Apr 2009 15:53 The Investment Dar announces that the release of its financial results for the year ended 31 December 2008 has been delayed as a result of additional reporting requirements from the Company's subsidiaries and associates. The Company has been in di...

European Finance House USD 200 mn Sukuk fund

05 Apr 2009 15:45 Esteban Duarte and Neil Unmack reported on Bloomberg on 30 March that European Finance House Ltd. in London, a subsidiary of Qatar Islamic Bank seeks is planning the EFH Global Sukuk Plus Fund, managed by Aleksandar Devic, a former Lehman Brothers...

Global finance structures must be revamped, says UN expert panel

05 Apr 2009 15:28 International finance structures must be drastically overhauled in the face of the current global economic crisis, a panel of experts convened by the United Nations General Assembly chaired by Joseph Stiglitz, winner of the 2001 Nobel Prize for Ec...

KFH plans USD 133.3 mn Saudi investment branch

05 Apr 2009 15:22 The Kuwait Finance House (KFH) is set to open an investment bank in Saudi Arabia with a capital of SAR 500 mn (USD 133.3 mn). KFH is further looking into investment opportunities in the UAE, Oman and Qatar.

Fitch partially downgrades Kuwait Finance House

03 Apr 2009 15:41 Fitch Ratings affirmed Kuwait Finance House's (KFH) Long-term Issuer Default Rating (IDR) at 'A+' and Short-term IDR at 'F1'. KFH’s Individual Rating was downgraded to 'C/D' from 'C' and placed on Rating Watch Negative (RWN). KFH's Support '1' and...

Abu Dhabi's Hilal Bank sets up Kazakh unit

03 Apr 2009 15:25 Stanley Carvalho reported on 31 March on Reuters that Abu Dhabi's government-owned Al Hilal Bank will set up an Islamic bank in Kazakhstan. Al Hilal will headquarter the new bank in the central Asian state's capital Almaty, opening in the second h...

HSBC Gets Approval For Selling Sukuk In Hong Kong

03 Apr 2009 15:23 HSBC has received approval from the Hong Kong Monetary Authority to sell Sukuk (Islamic Bonds) in Hong Kong, the first local bank in the territory to do so. Bruno Lee is head of liabilities business and wealth management.

French management school offers Islamic finance course

03 Apr 2009 15:21 Grande Ecole Sup de Co Reims (Groupe Reims Management School) suggests a new course specialising on Islamic finance, which is coordinated by Ghassen Bouslama and offered in English.

Bahrain's Albaraka sees '09 profit growth at 7 %

03 Apr 2009 15:19 The chairman of Bahrain-based Islamic lender Al Baraka Banking Group BARKA.BH expects a 7 % rise in profit this year.

Waad is legally binding for compensation, says scholar

03 Apr 2009 15:04 Shariah scholar Abdulazeem Abozaid is cited in the Qatari newspaper The Peninsula to say that promises are binding in Islamic finance structuring to the degree of compensation for loss but not for entering into the contract.

Real Estate firms - good and bad news

03 Apr 2009 14:44 Emaar Economic City in Riyadh, as subsidiary of Emaar Properties Dubai, announced that it has so far earned SAR 2 bn from the sale of the first phase of residential units.http://archive.gulfnews.com/business/Real_Estate_Property/10300746.html Nakh...

Egon Zehnder executive search assigned to find new EON Bank head

03 Apr 2009 14:42 Yap Leng Kuen reported in the The Star that the International search firm Egon Zehnder International has been appointed to find a replacement for former EON Bank CEO Albert Lau Yiong.

Islamic Bank of Britain launches mortgage product in Scotland

03 Apr 2009 14:39 Jane Bradley reported in the Scotsman on 3 April that Islamic Bank of Britain is introducting its mortgage product to Scotland. It is understood the launch is just the beginning of a wider push into Scotland – which is likely to include the openin...

Brunei short term Sukuk

03 Apr 2009 14:37 The Ministry of Finance, Brunei Darussalam announced the successful pricing of its 24th, 25th, 26th and 27th issuance of short-term Sukuk Al-Ijarah securities. The accumulated total of these four Sukuk issuance was B$ 165 million; B$ 31 million fo...

Sustainability, Islamic Finance and Managing Risk While Seizing Opportunities

01 Apr 2009 09:11 I just published an article with the Dow Jones Islamic Market Indexes Newsletter, giving an overview about the lines of arguments regarding performance and ethical screens, be it Islamic or Sustainability and what empiricial findings have been pub...

Projections for Takaful - Views of Best RE CEO

31 Mar 2009 13:36 Nopporn Wong-Anan wrote in Arabianbusiness on 30 March that Saleh Malaikah, chairman of Islamic reinsurance operator BEST Re sees the takaful business growing by 17 % over the next 3 years. The growth prospects lying in the fact that insurance cov...

Allianz has seen robust performance in Muslim markets

31 Mar 2009 13:24 Allianz Indonesia grew by 8.5 % and is the fourth biggest life insurer in the country. In 2008 the MENA region has proven to be one of Allianz's growth powerhouses. Revenues from the region grew to 2.4 billion euros, an increase of 40 percent from...

Inovest offers water technology investment

31 Mar 2009 13:16 Inovest (previously Al Khaleej Development Company – Tameer), a Bahrain-based shariah compliant investment company, has launched a new water technology venture in partnership with a US company.The project size is USD 32 mn, from which USD 24 mn wi...

Two Islamic banks in Kenya founded, but first year of operations not yet profitable

31 Mar 2009 13:12 James Makau reported in Business Daily on 31 March that the Gulf African Bank and First Community Bank became the first fully fledged Islamic banks in Kenya but both had to record losses in their first year of operations as operating expenses and...

Sukuk sales may reach record on Gulf demand

31 Mar 2009 13:05 Sukuk sales may rebound and reach a record this year, with the Gulf accounting for about two-thirds of the debt issued as higher yields attract investors according to NCB Capital. There is an estimated ‘pipeline’ of about USD 39.3 bn of so-called...

CIMB Islamic has USD 2.5 bn Sukuk in pipeline / plans infrastructure fund

31 Mar 2009 12:57 B.K. SIDHU reported in The Star Malaysia on 30 Marcht that it has won 19 mandeates to raise nearly USD 2.5 bn from the Islamic capital markets and that it is planned to launch a USD 500 mn infrastructure fund. The issuers of the Sukuk are partiall...

Bursa Malaysia Readies Islamic Short-Selling System

31 Mar 2009 12:54 Bursa Malaysia’s regulated platform has not finalised the precise structure yet. But according to Bursa Malaysia CEO Yusli Mohamed Yusoff Short-selling is perceived as an essential ingredient for capital markets to perform efficiently.

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.    

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