IslamicFinance.de mission is to support the Islamic finance, banking and takaful industry with news abstracts, opinions, a free encyclopedia, a Twitter page and networking.

Dubai’s Nakheel receives bail-out cash

Dubai’s Nakheel receives bail-out cash, but the amount is not disclosed, reported Simeon Kerr in the Financial Times; it is also said that Nakheel was restructuring some payment plans with suppliers.

Contractors say developers such as Nakheel have started to honour some – but not all – payments, after months of delay.

Noor Islamic Bank keeps Rep Office in Tunis open

Noor Islamic Bank PJSC issued a statement saying that their Tunisian representative office is operational and that they continue to explore market opportunities in North Africa, while assessing regional market trends and having to readjust plans to reflect the reality of the slowdown.

The statement followed news announcing the closure of the rep office by some media.

Faith in Capitalism - 16th June 2009, 09:30 – 12:30, London

"SAVE THE DATE"
16th June 2009, 09:30 – 12:30
Islamic Cultural Centre - London Central Mosque, Regents
Park, London

Faith in Capitalism
A ground-breaking conference for financial representatives
of faith institutions and thoughtful investment management
professionals

Increasing awareness of the social impact of investment is
driving many thoughtful investors, especially private
clients, family offices, endowment funds and those having
strong faith values, towards a new philosophy of “Making
money and stewarding it responsibly”.

The morning’s presentations will include a Keynote Address
on “Faith in Capitalism” and panel discussions debating
“What does faith tell us about responsible investing?” and
“How can investors do good while making money?”

Do not miss this exceptional opportunity to gain a fresh,
inspirational perspective from renowned experts on
faith-based and sustainable investing. The conference will
be open to questions and comments from the audience, and
promises to be a uniquely informative event with
unprecedented opportunities for networking. There is no
charge to attend, thanks to the following sponsors:

Standard & Poor’s Publishes Islamic Finance Outlook 2009

The new yearbook includes Standard & Poor’s latest analysis and rating methodologies on almost 40 rated Islamic debt issues and issuers, and an overview of its suite of global benchmark and investable Sharia indices.

While total global sukuk issuance more than halved to $14.9 billion in 2008 from $34 billion in the previous year, Standard & Poor’s believes the outlook for Islamic finance remains strong. Sharia-compliant assets now total about $700 billion after growth exceeding 10% annually during the past decade.

Full 70+ pages report for free download at:

http://www.gcc.standardandpoors.com/islamic_finance/Islamic%20Finance%20Outlook%202009%20(12).pdf

OIC Member States' Stock Exchanges Forum in Teheran took place

Beginning of May the OIC Member States' Stock Exchanges Forum took place in Teheran, which was themed: enhancing cooperation among the Islamic countries' Exchanges.

RHB Bank opens Islamic unit in Singapore

RHB Banking Group is extending its Islamic banking services to Singapore reported Gabriel Chen on asiaone business.

First Islamic bank in France already in June?

Gilles Saint-Marc, a Paris based lawyer is cited that the first Islamic bank in France may start already in June 2009.

Malaysia to Seek Large Islamic Banks for International Reach

Malaysian Governor Zeti Akhtar Aziz said to Bloomberg, that an international Islamic financial institution of a large size that can take international business, whether business in Europe, or South Korea or any part of the world is wanted to be seen, reported Shanthy Nambiar and Haslinda Amin on Bloomberg.

Amlak Finance will halve its s take in a property investment

Amlak Finance will halve its investment in Sky Gardens, a tower located near the Dubai International Financial Centre (DIFC). Amlak had purchased properties in various parts of Dubai to sell them to potential purchasers. As buyers have become fewer, the company decided to scale back its investment.

Mawarid and Al Arabiya launching portal for Islamic economics

Mawarid Finance announced in cooperation with Al Aswaq Al Arabiya of Al Arabiya News Channel the launch of an e-portal dedicated to Islamic economics. The new e-portal features a database of Islamic financial companies and institutions in addition to fatwas related to Islamic financial transactions, products, updates on Islamic financing.

A link was provided in the Press Release.

Stress testing Islamic finance

Ayah el Said and Rachel Ziemba discussed risk management considerations comparing stress testing in conventional finance and the Islamic finance industry on RGEMonitor.

For Islamic financial institutions, a plausible scenario means factoring in possible contractions in several of the economies that have been the centers for Islamic finance as well as significant asset market corrections which would weaken the balance sheets of Islamic financial institutions. A stress scenario should factor in at least another 40% drop in property prices in Dubai and considerable drops in other markets. The increased risks of investment losses on the one hand, and rising non-performing loans on the other, adds to the vulnerability of Islamic banks.

Lead Manager Bahrain Sukuk

Bahrain’s central bank confirmed that it has appointed Deutsche Bank, HSBC Bank and Calyon as lead managers for its upcoming sale of the sovereign USD 500 mn 5-year Sukuk.

It will also issue 3-year debt in local currency to raise a further 250 mn Bahraini dinars.

Dubai Islamic Bank offers to buy back Sukuk up to USD 200 mn

Dubai Islamic Bank offered to buy back up to USD 200 mn of sukuk. Pricing shall be at least 86 % of face value, but not more than 90 % determined by an auction.

Dubai Islamic has USD 750 mn of sukuk due 2012.

Noor Islamic Bank closes Rep Office in Tunisia

Noor Islamic Bank closes its representative office in Tunis. The decision shall be taken as expansion plans have been revisited towards focussing on the Gulf region.

Addendum: Noor Islamic Bank denied the closure of the rep office in a press release.

New Islamic brokerage firm in Kazakhstan

Fattah Finance was launched in March, immediately after Kazakhstan's law on Islamic finance came into force.
A subsidiary of Almaty-based financial services provider Almaty Financial Centre, Fattah currently offers only brokerage services, but plans to expand its range of activities later this year as it grows its team. It offers its clients shares that are listed both in Kazakhstan and in other markets. "It doesn't matter where the shares are listed, only whether they are Sharia compliant or not," says Ussenzhan Turdiev, head of Fattah's information and analysis department.

The full interview by Clare Nuttal can be read via the link below.

New consultancy founded "Quantis"

Quantis was founded recently to provide expertise in responsible Islamic finance combined with quantitative methods by Marwan Muhammad and others.

http://www.quantislam.com

Fitch has affirmed Al-Rajhi A+

Fitch Ratings affirmed Al-Rajhi's long-term issuer default rating (IDR) at "A+" with a stable outlook. Its short-term IDR at "F1", individual rating at "B/C" and support rating at '1'. The bank continues to dominate the Islamic market segment and retail banking, which has been historically its main focus. The bank's long-term IDR is unlikely to change unless the sovereign rating changes.

ABC International Bank plc ("ABCIB") has appointed Faisal Alshowaikh as Head of Islamic Financial Services

ABC International Bank plc ("ABCIB") has appointed Faisal Alshowaikh as Head of Islamic Financial Services, based in London, to grow and develop its Islamic finance business, which was first established in late 1999, and includes Real Estate, Leasing and Islamic home finance through its alburaq retail finance business

Gatehouse and SAM launching Water Fund

Gatehouse Bank launches with Sustainable Assets Management (SAM) an Islamic compliant mutual fund focussing on sustainability-oriented companies that offer technologies, products and services throughout the entire value chain of the water industry.

Monetary Authority of Singapore issues guidelines for Islamic banking

At the 6th Islamic Financial Services Board (IFSB) Summit on 7 May, MAS announced that it has issued a set of Guidelines on the Application of Banking Regulations to Islamic Banking. The Guidelines consolidate the various regulations and clarifications which MAS has issued, and offers specific information on the regulatory treatment of various Islamic structures. This set of Guidelines will provide greater clarity and certainty for financial institutions offering Islamic banking products in Singapore.

MAS has also issued two regulations clarifying that, with immediate effect, Singapore-based banks may enter into Diminishing Musharaka financing and Spot Murabaha transactions. In addition, MAS has ensured equal tax, regulatory and liquidity treatment of the Singapore dollar sukuk with Singapore Government Securities, effective immediately. Taken together, these various changes will allow banks to conduct a wide range of Islamic financing activities, and to have greater flexibility in structuring instruments to meet their risk management needs.

Please view the Guidelines here:

Syndicate content