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Archive for November 6th, 2008

Islamic lender wins licence for Saudi operation

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Points of Essence:

  • Kuwait Finance House is now expanding to Saudi Arabia. Currently, the Kuwait based Shariah financial institution has already set up operation bases in Bahrain, Malaysia and Singapore.
Kuwait Finance House has won a licence to operate in Saudi Arabia. (Getty Images - for illustrative purposes only)

RIYAL DEAL: Kuwait Finance House has won a licence to operate in Saudi Arabia. (Getty Images - for illustrative purposes only)

by:Inal Ersan

Islamic lender Kuwait Finance House said on Thursday its fully-owned Saudi unit has won an investment licence to operate in Saudi Arabia.

The 500 million Saudi riyal ($133.3 million) firm would be allowed underwrite, manage and offer consultancy services for securities in the Saudi market, the lender said in a statement. (Reuters)

Source: http://www.arabianbusiness.com

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Written by Suapi Shaffaii

November 6, 2008 at 4:24 pm

Expert Warns Obama To Avoid Islamic Finance

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Points of Essence:

  • Riding on the slogan “Change We Need” which won him the US presidency, Mr. Obama needs to give priority to change the Islamfobia mindset among his people. The absurdly perceived association of Islamic finance with terrorists and subversive elements will have to be taken over by a constructive approach to study the alternative finance. Ironically, it was the same experts who put the US financial system under seize whilst they may have had the opportunity of saving it with Islamic finance. But too bad, they led themselves being clouded unjustifiably by anti Islam feelings. The article below epitomizes this.

Wednesday, November 5, 2008 1:44 PM

By: Dave Eberhart

Frank Gaffney of the Center for Security Policy warns that the president-elect should avoid financing his great society with tainted Islamic-correct petro dollars, saying their strings might be attached inextricably to the nation’s worst extremist enemies.

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Written by Suapi Shaffaii

November 6, 2008 at 12:36 pm

Structured derivative products to cushion impact of credit crisis

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Points of Essence:

  • Options market is being developed in Kuwait to bring stability to the GCC equity markets in this period of uncertainty as it will address investors’ liquidity concerns and provide investors with the ability to maneuver the markets.
  • Believed to be the cause for the current financial turmoil, structured derivatives products have since put under an intense scrutiny. However, products with solid credit origination and valuation standards like the Shariah-compliant financial instruments and structured products, will gain more credibility. This is in addition to stricter controls from regulators. Put options and ‘Arboun’ Contract were being developed to encompass all these features.

By Querubin J. Minas Saudi Gazette JEDDAH – Structured derivative products are currently in spotlight for their role in elevating the present global credit crisis, said Hussein Zeineddin, assistant vice president of the Equity Derivatives and Structured Products Department in Kuwait Financial Centre S.A.K. (Markaz), one of the leading investment banking and asset management companies in the Middle East, recently.

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Written by Suapi Shaffaii

November 6, 2008 at 11:52 am