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, which are also compatible with the country's financial rules. He expressively welcomed "the first interested party that wants to start offering these products".
“BUILDING A BETTER WORLD”
New Horizons - Sound Strategies
The Ritz Carlton – Doha, Qatar
March 21-22, 2010
CALL FOR SUBMISSIONS
Deadline: November 30, 2009
The annual conference of World Conference of Muslim Philanthropists, now recognized as the most prestigious forum on Muslim philanthropy worldwide, invites papers as well as proposals for sessions and workshops showcasing innovative, cutting-edge and experimental work.
THEME AND TOPICS
The conference will focus on how the integrated efforts of philanthropic, public and private sectors can effectively respond to the worsening global issues of hunger, poverty, disease, climate change and conflict. The forum will also host interactive roundtable discussions on Aid-effectiveness and Impediments to Building Capacity for Transformational Change. To further elucidate the theme “Building A Better World: New Horizons-Sound Strategies,” the conference will feature a special session on emerging markets philanthropy and global trends in giving.
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, Islamic banks’ capital adequacy ratio (CAR) in the GCC is higher than that for
conventional banks (except in the United Arab Emirates). The risk-sharing aspect of Shariah-compliant
contracts adds to this buffer as banks are able to pass on losses to investors."
page 10, 11
Full Text for free download.
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.
PRESS RELEASE
Washington, DC, October 16, 2009
The 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 poverty.
The Fund will secure $100 million from philanthropists, foundations, and corporations in the next five years to fund long-term hunger eradication and poverty alleviation in 20 countries facing the ongoing food crisis. Funded projects will address not just the aggregate quantity of food that must be produced and distributed, but also how food is produced and by whom.
Hasanah Fund will complement the exemplary work of the Kingdom of Saudi Arabia, the Organization of Islamic Conference and the Islamic Development Bank towards hunger, which is affecting over one billion people worldwide. “This initiative clearly demonstrates the enduring commitment of Muslim philanthropists to the social and economic upliftment of the poorest people,” says Dr. Tariq Cheema, CEO of WCMP.
Press Release
DUBAI, 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), and what factors may affect this in the future (see "What Factors May Affect S&P's View Of The Likelihood Of Extraordinary Government Support For Dubai-Based GREs?").
Specifically, the report answers the following questions:
-- What are Standard & Poor's current expectations regarding the likelihood of extraordinary support from the Government of Dubai for its GREs?
-- What track record does the Government of Dubai have in supporting its GREs?
-- To what extent are the ratings affected by Dubai's challenging debt burden?
-- How might the GRE issuer credit ratings be affected by a restructuring of debt in an unrated GRE?
-- How might the Nakheel repayment affect the GRE issuer credit ratings?
-- Does Standard & Poor's believe the Government of Dubai has the resources to support its GREs?
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 Treasury is requested:
"We would welcome any further comments on the revised statutory instrument (including the consequential amendments). As we have already conducted a full three month consultation, we will allow for a further period of approximately one month for any additional comments to be sent. Please provide any comments by 6 November 2009."
The consultation document can be downloaded at the link below.
Press Release
Karachi, 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, and FWU AG, a global facilitator of bancatakaful.
This agreement will lay the foundation for Standard Chartered to launch Pakistan’s first Shariah compliant Bancassurance (BancaTakaful) products across its branch network. These products will provide Standard Chartered’s customers with Long term Savings plans specifically catered to fulfill their future financial needs. In addition, the Takaful cover, will offer financial protection to families for the fulfillment of the above obligations in case the breadwinner is unable to do so due to untimely death. All this without having to compromise on their beliefs.
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, the rating on Tourism Development and Investment Company.
LONDON, October 1, 2009--Standard & Poor's Ratings Services today said it had assigned its 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, the rating on Tourism Development and Investment Company (TDIC; AA/Stable/A-1+). The preliminary rating is based on information as of Oct. 1, 2009. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
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 America has developed along two quite separate paths:
Read the full report for free at the link below.
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 estate, asset management, fund manageement, liquidity management, treasury, trade finance and capital markets in an Islamic context.
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 relevant points include:
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 can be fed, provided the recommended actions are taken, requiring innovation, and a change in the system of production and distribution along with sustained productivity growth in an environmental and socially sustainable manner.
The report can be downloaded for free.
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 Editor
Michael Saleh Gassner
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 Authority (KIA).
KuveytTürk, the Turkish Islamic bank, has received according to Turkish media a license to operate as a financial service branch.
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.
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 $33 million.
Kuwait's central bank appointed a temporary supervisor to monitor debt restructuring and compilation of financial results at Islamic firm Investment Dar.
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 senior NBAD official said. It will be licensed by a leading global index provider and will track some of the Gulf’s 50 biggest stocks, said Giyas Gokkent, NBAD’s co-head of asset management and chief economist.