My Article And News: February 2013

Thursday, 28 February 2013

Sukuk Lure Eyes of Westerners

Proving more stable during financial crises, Islamic bonds (sukuk) are increasingly luring the interest of investors in the West as an alternative vehicle for investment. “European problems helped fuel demand for alternative products like sukuk in emerging markets, which is why we’re seeing a strong wave of interest coming in from Western investors lately,” Mohammed Dawood, managing director of debt capital markets for HSBC’s Islamic banking division, told The New York Times on Thursday, February 28.

Sukuk Lure Eyes of Westerners

Cabinet Approves Sukuk Draft Law

The Cabinet approved on Wednesday 27/2/2013 a draft law on using Sukuk (Islamic bonds) and referred the legislation to the Shura Council. Sukuk are essentially Islamic bonds in which the creditors buy shares in an investment or a project, meaning that the holder of a Sukuk bond is technically a partner in the enterprise and not a creditor.

Cabinet Approves Sukuk Draft Law

Mohammed’s initiative to spark sukuk boom

A landmark announcement by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, to turn the emirate into a global centre for sukuk (Islamic bonds) is expected to trigger a boom in sukuk issue in the region’s commercial and investment hub.

Mohammed’s initiative to spark sukuk boom

Dewa launches $1bn 5-year sukuk

Dubai Electricity and Water Authority (Dewa) launched a $1 billion Islamic bond, or sukuk, at a profit rate of 3 percent on Thursday, arranging banks said in a statement.The launch price was at the lower end of guidance released earlier in the day, indicating strong investor appetite for the deal.

Dewa launches $1bn 5-year sukuk

Islamic finance to land UAE among top economies in the world

ubai’s Sheikh Mohammed bin Rashid al-Maktoum aims to position the UAE in the world’s top economies by promoting the country as a hub for Islamic finance, reported local newspaper Khaleej Times on Wednesday.Sheikh Mohammed spoke about the initiative to encourage sukuks, entitled ‘Transforming Dubai into a Global Centre for Islamic Bonds,’ at the Dubai Financial Market on Wednesday.

Islamic finance to land UAE among top economies in the world

Wednesday, 27 February 2013

Mohammed launches ‘Transforming Dubai into global centre for Sukuk’ initiative

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, stressed that the Islamic economic sector in the UAE is founded on strong bases of laws and legislations that support this sector. These legislations have contributed to the existence of several financial establishments and institutions operating in accordance with this economy.

Mohammed launches ‘Transforming Dubai into global centre for Sukuk’ initiative

Dubai's DEWA to print sukuk this week, sets price talk

Dubai Electricity and Water Authority plans to issue an Islamic bond, or sukuk, of at least $500 million this week, after releasing early price guidance for the deal on Tuesday. The emirate’s sole utility, rated BBB, is aiming to sell the dollar-denominated sukuk at a profit rate in the low 3 percent area, arranging banks said. DEWA Chief Executive Saeed Mohammed al-Tayer indicated last week the sukuk would be $1 billion and that proceeds would be used to repay debt.

Dubai's DEWA to print sukuk this week, sets price talk

Barwa Bank Wins Islamic Finance News "Qatar Deal of the Year" and "Turkey Deal of the year" Awards

Barwa BankGroup, Qatar’s fastest growing Shari’ah compliant banking service provider, today announced that it has won the Islamic Finance News “Qatar Deal of the Year” for the State of Qatar US$4 billion Dual Tranche Sukuk as Joint Lead Manager and “Turkey Deal of the Year” for the Republic of Turkey US$1.5 billion Debut Sukuk as Co-Lead Manager.

Barwa Bank Wins Islamic Finance News "Qatar Deal of the Year" and "Turkey Deal of the year" Awards

DEWA to issue $ 500 million sukuk this week

Dubai Electricity and Water Authority plans to issue an Islamic bond, or sukuk, of at least $ 500 million this week, after releasing early price guidance for the deal on Tuesday. The emirate’s sole utility, rated BBB, is aiming to sell the dollar-denominated sukuk at a profit rate in the low 3 percent area, arranging banks said. DEWA Chief Executive Saeed Mohammed Al-Tayer indicated last week the sukuk would be $ 1 billion and that proceeds would be used to repay debt.

DEWA to issue $ 500 million sukuk this week

Egypt approves law allowing sukuk issues

The Egyptian government approved a draft law Wednesday that will allow the state to issue Islamic bonds, or sukuk, a move that could help narrow a gaping budget deficit and boost foreign currency reserves that have fallen to critically low levels. Finance Minister Al-Mursi Al-Sayed Hegazy said Egypt could raise around $10 billion a year from the sukuk market – much more than some analysts expect – but added that it would take at least three months to push through the necessary regulations.

Egypt approves law allowing sukuk issues

Dubai launches sukuk initiative

On Wednesday, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, rang the opening bell kicking off the next phase of Dubai’s Islamic economy initiative.Eissa Kazim, chief executive of Dubai Financial Market and secretary-general of the committee governing Dubai’s Islamic economy initiative, said the goal of the initiative is to promote sharia-compliant activities, with one of those activities being sukuks.

Dubai launches sukuk initiative

Abu Dhabi Islamic Bank Wins Award

It had been reported that Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, today announced that it was the only bank in the Middle East that has been awarded with the “Best Islamic Bond Award for the year 2012″, presented by the International Financing Review (IFR), Thomson Reuters’ official flagship title. ADIB received the award for successfully issuing a $1bn Perpetual Shari’a-compliant Sukuk, which was priced at an expected profit rate of 6.375% – one of the lowest rates achieved for any perpetual instrument by a global bank.

Abu Dhabi Islamic Bank Wins Award

Indonesian Government Raises $1.5 Billion From Sukuk Sale

The Finance Ministry raised Rp 14.9 trillion ($1.5 billion) from the sale of rupiah-denominated Islamic bonds to Indonesian citizens on Monday as part of the country’s effort to raise funds to plug its ballooning budget deficit. The sale of the Shariah-compliant sukuk notes is also intended to spur growth in the Islamic finance sector in the country that is home to the world’s largest Muslim population.
The sukuk, called Sukuk Retail Indonesia (Sukri), will be the first rupiah-denominated Islamic bonds aimed at retail investors in Indonesia this year.

Indonesian Government Raises $1.5 Billion From Sukuk Sale

Covered Sukuk To Offer Investors Greater Security

It had been reported by leading news agency, Reuters that A new type of sukuk, introduced by a British unit of a Kuwaiti firm, could make inroads in the market by offering greater security to investors through a structure similar to conventional covered bonds. Providing recourse to a pool of assets if the originator becomes insolvent, covered bonds found a new lease of life in Europe and the United States during the global financial crisis as investors sought liquid and safe investments.

Covered Sukuk To Offer Investors Greater Security

Egypt Seeks Up to $1 Billion From Debut Sukuk

Egypt plans to raise as much as $1 billion by June from the sale of its first Islamic bonds as the government anticipates a return to political stability will soften the blow of five credit rating cuts. The cabinet has completed a draft law to allow sukuk sales, incorporating revisions by the ruling Freedom and Justice Party and Shariah scholar Hussein Hamed Hassan, said Ahmed El-Naggar, adviser to Finance Minister El-Morsi El-Sayyed Hegazi. Officials have compiled a list of about 25 projects that could be used as assets to back future sales, El-Naggar said in a phone interview on Feb. 21 from Cairo.

Egypt Seeks Up to $1 Billion From Debut Sukuk

More African countries considering sukuk

An increasing number of African countries are considering issuing sukuk, or Islamic bonds, in a push to fund their huge infrastructure needs and to diversify their investor base, Standard and Poor’s has said in a report. South Africa, Nigeria, Senegal, and Mauritania have all announced in recent years their intention to issue sukuk bonds.

More African countries considering sukuk

ADIB named Best Islamic Bank in UAE for 3rd consecutive year

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution group, has been named the ‘Best Overall Islamic Bank in the World’ by Islamic Finance News (IFN). The bank also won the ‘Best Islamic Bank in the UAE’ for the third consecutive year, and ‘Best Global Islamic Retail Bank’.In addition, it was awarded the ‘Mudarabah Deal of the Year’ and ‘UAE‘s Deal of the Year’ after the issuance of the world’s first perpetual Tier-1 Sukuk, ‘Corporate Finance Deal’ for its role as a lead manager and bookrunner on the Majid Al Futtaim $400m Sukuk Transaction.

ADIB named Best Islamic Bank in UAE for 3rd consecutive year

Sukuk issuances market expected to see new boost

Sukuk, the Islamic equivalent for bonds, has become an option for many when they need stable long-term financing. The instrument that performed extremely well in the last fiscal year (2012) is expected to continue the trend this year. In fact, this year the issuance of sukuk may even pick up after a little slackening trend in the last quarter of 2012, according to CIMB Islamic Bank Bhd executive director and CEO Badlisyah Abdul Ghani.

Sukuk issuances market expected to see new boost

ADIB shines at the Islamic Finance News Awards Ceremony in Dubai

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution group, has been named the “Best Overall Islamic Bank in the World” by Islamic Finance News (IFN). The bank also won the “Best Islamic Bank in the UAE” for the third consecutive year, and “Best Global Islamic Retail Bank”. In addition, it was awarded the ‘Mudarabah Deal of the Year’ and ‘UAE’s Deal of the Year’ after the issuance of the world’s first perpetual Tier-1 Sukuk, “Corporate Finance Deal” for its role as a lead manager and bookrunner on the Majid Al Futtaim $400 million Sukuk Transaction. ADIB also won “Syndicated Deal of the Year” for its role as a joint lead manager for the Jebel Ali Free Zone AED4.4 billion Wakalah Sukuk.

ADIB shines at the Islamic Finance News Awards Ceremony in Dubai

Egypt: time for a sukuk

Egypt’s continued political turmoil has made its life hard in international debt markets, but its government is hoping to secure new funds by less conventional means through the issue of the country’s first sovereign Islamic bonds. According to a Bloomberg report, the government plans to raise up to $1bn by June through sukuk sales, with one for domestic investors and one for foreign investors.

Egypt: time for a sukuk

Friday, 22 February 2013

Sukuk law to support takaful growth, Minister says

The government plans to issue its first sukuk in 2013 to fund energy and mega projects in Egypt, said Dr El-Morsy Hegazy, Minister of Finance at the 7th International Takaful Summit (ITS) in Cairo on Monday. The minister also announced that the sukuk law is in its final stages of being issued as the draft law will be proposed to the Prime Minister within this week before being submitted to the Parliament for approval.

Sukuk law to support takaful growth, Minister says

Malaysia at forefront of global Islamic finance

The robust growth seen in Malaysia’s Islamic banking sector has elevated it to the upper echelon of the global Islamic finance realm, according to Standard Chartered Saadiq Bhd (Saadiq) chief executive officer (CEO) Wasim Saifi. “If you look at the progress of Islamic banking in Malaysia, Islamic banking here is much better positioned in every sense.

Malaysia at forefront of global Islamic finance

Islamic Finance is a Supply-Driven Market

Despite the claims by proponents of Islamic finance that there is a “pent-up demand” for Islamic financial products, in reality there seems to be a growing disinterest in such products. Regardless, the proponents continue to argue for adjusting the conventional secular financial system to sharia, regardless the market’s dwindling interest.

Islamic Finance is a Supply-Driven Market

Thursday, 21 February 2013

Covered sukuk may meet demand for asset-backed structures

A new type of sukuk, introduced by a British unit of a Kuwaiti firm, could make inroads in the market by offering greater security to investors through a structure similar to conventional covered bonds. Providing recourse to a pool of assets if the originator becomes insolvent, covered bonds found a new lease of life in Europe and the United States during the global financial crisis as investors sought liquid and safe investments.

Covered sukuk may meet demand for asset-backed structures

Deutsche Bank wins three prestigious awards for serving Islamic Finance

Services of Deutsche Bank for Islamic Finance are getting recognized at all levels as the bank has gained a prominent place in the Islamic Finance world. Recently, Deutsche Bank has bagged three top awards in recognition of its services to the Islamic Finance industry and the most prestigious award has been the Best Islamic Trustee/Custodian 2012 Award by the Islamic Finance news.

Deutsche Bank wins three prestigious awards for serving Islamic Finance

Sukuk Auction Fails in Indonesia on Inflation Risks

Indonesia failed to reach its sukuk auction target for the first time since October as buyers sought higher yields to compensate for accelerating inflation.The finance ministry sold Rp 1.05 trillion ($108 million) of five- and 24-year Islamic bonds on Feb. 19, short of its Rp 1.5 trillion goal, it said in a statement. Investors asked for rates as high as 6 percent on the five-year notes that are yielding 5.16 percent in the secondary market. Borrowing costs on Indonesia’s 10.25 percent sukuk due 2030 have risen 14 basis points to 6.38 percent in 2013.

Sukuk Auction Fails in Indonesia on Inflation Risks

Malaysia tops Persian Gulf on Sukuk

Malaysia is leading the Persian Gulf in the global sukuk market this year with 78 per cent of total issuance amid a surge in government-backed debt as Prime Minister Datuk Seri Najib Razak seeks re-election. Malaysia’s Education Fund will price RM1.5 billion of state-guaranteed Islamic bonds today, which will take sales in 2013 to US$4.3 billion, compared with US$1.2 billion in the Gulf Cooperation Council (GCC). The government has backed US$10.7 billion of the securities since the start of 2012, double the previous year.

Malaysia tops Persian Gulf on Sukuk

Wednesday, 20 February 2013

Lease Certificate Issuance on 20 February 2013

In order to diversify the borrowing instruments, broaden the investor base and increase the domestic savings it was announced that TRY denominated Lease Certificates will be issued on February 20, 2013. Total demand to the Lease Certificate issuance has been TRY 1,719,500,000.

Lease Certificate Issuance on 20 February 2013

Cross-Border Tax On Islamic Finance Prohibitively High

A new study into the cross border tax burden on Islamic finance transactions in the Middle East and North Africa region, relative to the tax burden placed on conventional finance, underscores the importance of regional tax legislative changes to equalize the tax treatment of shariah-compliant financial options. The study reviewed the tax treatment of four common Islamic finance structures, commodity murabaha, sukuk, salaam and istisna in eight MENA region countries: Egypt, Jordan, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Turkey and also in the Qatar Financial Centre.

Cross-Border Tax On Islamic Finance Prohibitively High

Dubai could learn from London to build Islamic finance hub

Alderman Roger Gifford holds the title these days and as such plays the role of ambassador for the United Kingdom’s financial-services sector. In that role he spends much time travelling to the UAE with regular meetings in Dubai and in the capital. This week he was in both emirates with high-level meetings at the Abu Dhabi Investment Authority, the Central Bank, the DIFC and Cass Business School among others.

Dubai could learn from London to build Islamic finance hub

Sohar Islami, the independent Shariah Compliant Islamic Bank within Bank Sohar holds its first Shariah Supervisory Board Meeting

The SSB of Sohar Islamic comprises of leading Islamic scholars from Islamic finance and academic sectors from across the world: Dr Hussain Hamed Hassan, Dr Ajeel Jasem Saud Al Nishmi, Dr Mudassar Siddiqui and Sheikh Azzan bin Nasir Farfoor Al Amri. The meeting was hosted by Dr Mohammad Abdulaziz Kalmoor, CEO of Bank Sohar and was also attended by Sharia consultant, Dar Al Sharia.

Sohar Islami, the independent Shariah Compliant Islamic Bank within Bank Sohar holds its first Shariah Supervisory Board Meeting

Deutsche Bank wins three prestigious awards for serving Islamic Finance

Dubai: Services of Deutsche Bank for Islamic Finance are getting recognized at all levels as the bank has gained a prominent place in the Islamic Finance world. Recently, Deutsche Bank has bagged three top awards in recognition of its services to the Islamic Finance industry and the most prestigious award has been the Best Islamic Trustee/Custodian 2012 Award by the Islamic Finance news.

Deutsche Bank wins three prestigious awards for serving Islamic Finance

Tuesday, 19 February 2013

Dubai’s Dewa Plans to Raise $1 Billion Sukuk, CEO Al Tayer Says

Dubai Electricity & Water Authority plans to raise as much as $1 billion from the sale of Islamic bonds this month to refinance debt maturing in June, Chief Executive Officer Saeed Al Tayer said. The state-owned utility, known as Dewa, mandated Royal Bank of Scotland Group Plc, Citigroup Inc., Standard Chartered Plc, Abu Dhabi Islamic Bank PJSC, Emirates NBD Capital Ltd. and Dubai Islamic Bank PJSC, to help manage the sale, Al Tayer said. Meetings with potential investors will be held in London and Asia next week, he said.

Dubai’s Dewa Plans to Raise $1 Billion Sukuk, CEO Al Tayer Says

DI planning Dh1b sukuk

Dubai Investments, a diversified holding company with stakes in more than 30 companies, plans to launch an Islamic bond worth up to Dh1 billion ($272 million), its chief executive said on Monday. The bond sale proceeds will be used to finance expansion and pay liabilities, CEO Khalid bin Kalban said. Dubai Investments, which has interests in real estate, manufacturing and financial services, said it plans to exit investments valued at as much as Dh530 million this year and is considering investments in Tunisia and Libya.

DI planning Dh1b sukuk

Construction works to power M'sian sukuk sector

Malaysia’s biggest sukuk arrangers say sales by local companies will surpass 2012′s record this year as US$35 billion of construction projects come on stream. Issuance has reached RM10.4 billion (S$4.16 billion) in 2013, compared with RM33.6 billion in the same period a year earlier and the all-time high of RM95.8 billion, data compiled by Bloomberg show. Growth in the building market will strengthen this year following an 18 per cent increase in 2012, according to Construction Industry Development Board Malaysia.

Construction works to power M'sian sukuk sector

Rp 1.05 trillion raised from sukuk, below govt target

The government raised about Rp 1.05 trillion (US$108 million) from the sales of Islamic bonds (sukuk) on Tuesday, lower than its initial target of Rp 1.5 trillion, as investors held back from entering the sharia bonds market on fears that the recent depreciation of rupiah may spark inflation. Total incoming bids for the sukuk topped Rp 2.26 trillion, far lower than the Rp 4.1 trillion that the Finance Ministry’s debt management office received during the last sukuk auction on Feb. 5.

Rp 1.05 trillion raised from sukuk, below govt target

Dana shareholders to vote on sukuk restructuring plan Mar 14

Shareholders of Dana Gas , the Abu Dhabi-listed energy firm, will vote on March 14 to approve a restructuring plan for its $920 million sukuk after failing to meet maturity of the Islamic bond last year. Dana became the first company in UAE to miss repayment of a maturing bond on October 31 but agreed new terms with a creditor committee representing bondholders, which included investment firms Ashmore Group and BlackRock, a week later.

Dana shareholders to vote on sukuk restructuring plan Mar 14

Columbia Asia to use sukuk to finance capex

Columbia Asia Sdn Bhdwill be utilising the proceeds from its unrated Islamic Medium Term Notes Programme (sukuk) of RM300mil to partly finance its future capital expenditures, working capital requirements and for the redemption of its existing syndicated financing facility. It said in a statement yesterday it was first time it was tapping the Sukuk market for its funding requirements. “The sukuk programme was issued in two tranches with maturities ranging from five to 10 years to the identified places on a private placement basis,” Columbia Asia said.

Columbia Asia to use sukuk to finance capex

AAOIFI and Ernst and Young to cooperate on Islamic core banking system certification

The certification program will see AAOIFI and Ernst & Young working together in benchmarking financial software products or core banking systems against AAOIFI’s Shari’a and Accounting standards. Under the certification program, banking and financial information technology providers will have the opportunity to properly incorporate AAOIFI standards in their products and systems.

AAOIFI and Ernst and Young to cooperate on Islamic core banking system certification

Dubai Investments eyes $272m sukuk, acquisitions

Dubai Investments, the largest investment company listed on the Dubai Financial Market, is planning an AED1bn (US$272m) Islamic bond offering as it seeks to pay off debt and finance expansion, which could include as many as six acquisitions, its CEO said. The firm has 32 companies with interests in real estate, manufacturing and finance.

Dubai Investments eyes $272m sukuk, acquisitions

ahlibank plans Oman’s first Mena Islamic fund

Muscat: ahlibank is planning to launch the Sultanate’s first Islamic fund for the Middle East and North Africa (Mena) region. The bank is waiting for regulatory approvals from both Central Bank of Oman and Capital Market Authority.
“We are planning to raise the fund from Oman and other Gulf Cooperation Council (GCC) countries, using the facilities of our group institutions,” Abdulaziz al Balushi, chief executive officer of ahlibank, told Times of Oman. The corpus money raised by the fund will be invested predominantly in Oman, and a portion in the Gulf region.

ahlibank plans Oman’s first Mena Islamic fund

Monday, 18 February 2013

KFH predicts Sukuk growth by 30 pct this year

The Sukuk market is expected to grow by around 30 percent this year, buoyed by sovereign Sukuk that will continue to dominate, supported by emerging of new countries that issue Sukuk, according to a recent report by Kuwait Finance House (KFH). Sukuk issuance will grow this year by 20-30 percent after the momentum witnessed by the issuance process last year that was worth USD 131 billion, the report, compiled by the KFH-Research, showed.

KFH predicts Sukuk growth by 30 pct this year

Australian solar consortium plans offshore sukuk

SGI-Mitabu, a venture between The Solar Guys International and Mitabu Australia, is developing a 250 megawatt (MW) solar power project under an agreement with Indonesia’s Ministry of Energy. The first 50 MW of the project will be financed through the issuance of a seven-year A$100 million ($104 million) sukuk, said Rusydi Mitabu, director of Mitabu Australia. The entire project would require up to A$550 million in financing, with all funding to be structured using Islamic principles, which follow religious principles such as a ban on interest and gambling.

Australian solar consortium plans offshore sukuk

Sukuk market growth expected to reach 30% this year

KFH-Research issued a report stating that Sukuk issuance will grow this year by 20-30% after the momentum witnessed by the issuance process last year that was worth USD 131 billion. The momentum of sovereign issuance is expected to be maintained as several other countries seek to enter the Sukuk issuance field, in order to receive required funding. The report mentioned that the share of the Middle East of issuance in 2012 increased; especially in Saudi Arabia and UAE. It noted that the returns on Sukuk increased during the same year, compared to returns in 2011.

Sukuk market growth expected to reach 30% this year

Sukuk market to grow 30% in 2013

The sukuk (Islamic bond) market is expected to grow by around 30 percent this year, buoyed by sovereign sukuk that will continue to dominate, supported by emerging of new countries that issue sukuk, Kuwait Finance House (KFH) said in a recent report. Sukuk issuance will grow this year by 20-30 percent after the momentum witnessed by the issuance process last year that was worth $131 billion, the report, compiled by the KFH-Research, showed.

Sukuk market to grow 30% in 2013

RAM reaffirms Binariang GSM’s sukuk ratings

Malaysia’s RAM Ratings has reaffirmed the respective AA3/P1 and A2 ratings of Binariang GSM Sdn Bhd’s (“BGSM” or “the Group”) Senior Sukuk and Junior Sukuk. We have maintained the negative outlook on both long-term ratings. The Senior Sukuk consists of BGSM’s RM19 billion Islamic Medium-Term Notes Programme and RM2 billion Islamic Commercial Papers Programme. The Junior Sukuk refers to the Group’s US$900 million (RM2.78 billion) Cumulative Non-Convertible Islamic Junior Sukuk.

RAM reaffirms Binariang GSM’s sukuk ratings

Euromoney names best Islamic finance adviser

Euromoney has named KPMG as the ‘Best Islamic Assurance and Advisory Services Provider’ in the 2012 Euromoney Islamic finance awards. Now in their eleventh year, the awards are widely regarded as the benchmark awards for the global Islamic finance industry. Euromoney again highlighted KPMG’s active role in promoting and supporting the development of the Islamic finance industry around the world especially in new markets.

Euromoney names best Islamic finance adviser

Dubai Investments plans launch of Dh1bn sukuk issue

The company, which owns stakes in more than 40 other companies, will begin appointing financial advisers in the next three weeks, said Khalid bin Kalban, the chief executive at Dubai Investments. The Islamic bond, which will be in the name of Dubai Investments Park, will roadshow during the next three months amid hopes to close subscriptions by the end of April.

Dubai Investments plans launch of Dh1bn sukuk issue

RBI has a positive approach towards Islamic banking: Minister

The Reserve Bank of India has taken a positive approach to the suggestion of an alternative banking system for Muslims, subject to certain laws being amended first, K. Rahman Khan, Minister for Minority Affairs, said here recently. “I have written to the RBI Governor, invoking Section 25 of the Constitution, saying that it was the duty of the State to facilitate every citizen to practice and follow his/her religion,” he said, adding that Muslims being given no option but interest-based banking amounted to obstruction in practice of religion.

RBI has a positive approach towards Islamic banking: Minister

Thomson Reuters to host forum on Oman as preferred destination for Sukuk

According to a recent Thomson Reuters Sukuk Perceptions and Forecast Study, Oman ranked first in the largest survey of its kind of both Shari’a compliant investors and capital arrangers, ahead of Egypt, Kazakhstan, Tunisia and Libya, all of which are establishing regulations for Shari’a compliant finance. With support from the General Council for Islamic Banks and Financial Institutions (CIBAFI) and Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank group, Thomson Reuters will be holding a forum in Oman investigating what needs to be done to facilitate the country’s entry to global Islamic financial markets.

Thomson Reuters to host forum on Oman as preferred destination for Sukuk

Pakistan helps Uzbeks institute Islamic banking

Muhammad Zubair Mughal, CEO of the Lahore-based AlHuda Centre of Islamic Banking and Economics (AlHuda CIBE), recently conferred with Ikram Ibragimov, board chairman of the Tashkent-based Hamkor Bank.”We are happy to announce that AlHuda CIBE Pakistan will be our advisor for Islamic banking,” Ibragimov said, according to CPI Financial. AlHuda CIBE will consult, advise on Sharia law and help develop personnel, he said.

Pakistan helps Uzbeks institute Islamic banking

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Thursday, 28 February 2013

Wednesday, 27 February 2013

Friday, 22 February 2013

Thursday, 21 February 2013

Wednesday, 20 February 2013

Tuesday, 19 February 2013

Monday, 18 February 2013