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Archive for November 12th, 2008

Malaysia establishes International Syariah Research Academy (ISRA)

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Points of Essence:

  • To coincide with the proposed issuance of the Shariah parameters in the first quarter of 2009, the Malaysian central bank has launched the establishment of the International Syariah Research Academy (ISRA) in Malaysia. ISRA is poised to become an international Shariah and business research powerhouse to spearhead the development of the cutting edge Islamic financial products. It is also expected to forge a higher level of engagement between the Shariah experts and the stakeholders on the issues affecting the industry. The Edge Daily has the report which also highlighted the resilience of Malaysia’s financial  system post global credit crisis.

12-11-2008: Zeti: Overall financial system sound
by Surin Murugiah
Email us your feedback at fd@bizedge.com

KUALA LUMPUR: Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz has affirmed that while the financial market in Malaysia has been affected by the global financial crisis, the overall financial system remains sound and liquidity is ample.

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Written by Suapi Shaffaii

November 12, 2008 at 11:30 pm

Standard Chartered Targets To Grow Islamic Assets To 20 Pct Through Saadiq

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Points of Essence:

  • Standard Chartered Saadiq is set to grow its Islamic banking assets size to 20% by 2012. Currently the assets stood at 11.4% , worth about RM5.4 billion as of last year. The Islamic brand of Standard Chartered Bank, which has presence in major Muslim nations, is also keen to expand its operations in Malaysia and support Malaysia’s Islamic financial hub ambition. Bernama has the report.

KUALA LUMPUR, Nov 12 (Bernama) — Standard Chartered Bank (Malaysia) Bhd expects its Islamic finance assets to grow to 20 percent in the next three to four years from the current 11.4 percent with the opening of its Islamic subsidiary Standard Chartered Saadiq Bhd.

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Written by Suapi Shaffaii

November 12, 2008 at 10:00 pm

Malaysian PM: Financial crisis a chance for Islamic banking to shine

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Points of Essence:

  • The global financial crisis has sprung two faced effects. Whilst it was considered a misfortune to the conventional financial system fraternity, it has been smooth sailing for Islamic finance. The fact that it withstood the financial crisis is really an eye  opener. There’s something about Islamic finance that is worth checking out. Malaysia apparently shares this sentiment. The Star has the report.

KUALA LUMPUR: The global financial meltdown stemming from the US subprime woes actually poses an opportunity for the Islamic finance system to demonstrate its uniqueness, said Prime Minister Datuk Seri Abdullah Ahmad Badawi.

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Written by Suapi Shaffaii

November 12, 2008 at 9:22 pm

Sukuk to recover in 2009 – BNP Paribas

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Points of Essence:

  • Islamic Bonds issuance will gain momentum in the second quarter 2009 after a dismal showing in this year, said BNP Paribas. It will exceed $50 billion worth of issuance subject to the stability of the financial market. Reuters has the report.
BNP Paribas said the issuance of Islamic bonds could recover next year. (Getty Images)

SUKUK RECOVERY: BNP Paribas said the issuance of Islamic bonds could recover next year. (Getty Images)

by Reuters Tuesday, 11 November 2008

The issuance of sukuk, or Islamic bonds, is expected to pick up in 2009 and could exceed levels from 2007 after a dip this year, BNP Paribas’ head of Middle East debt capital markets said on Tuesday.

Sukuk issues, which have fallen to around $14 billion this year, could pick up in the second quarter of 2009 and exceed last year’s $50 billion figure as long as market conditions stabilise, Mark Waters told newswire Reuters.

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Written by Suapi Shaffaii

November 12, 2008 at 12:59 am

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Unicorn wins licence to set up Saudi operation

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Points of Essence:

  • Unicorn Investment Bank, of Bahrain, was granted a licence by Saudi Arabia’s Capital Market Authority to operate Islamic investment business in Saudi Arabia. The kingdom’s presence is part of its global expansion plan where currently it has subsidiaries in the US, Malaysia, UAE and Turkey.

By Andy Sambidge

Bahrain-based Unicorn Investment Bank announced on Tuesday that it has been awarded a licence by Saudi Arabia’s Capital Markets Authority (CMA) to establish operations in the kingdom.

Unicorn Capital Saudi Arabia will focus on providing the market with an integrated and comprehensive range of Islamic investment banking products and services.

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Written by Suapi Shaffaii

November 12, 2008 at 12:44 am

Malaysia central bank to rule on sharia standardisation

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Points of Essence:

  • Malaysia’s Central Bank will issue guidelines on standardized application of Islamic finance contracts. Planned to be launched in the first quarter of 2009, the guidelines will set the features of murabaha, istisna, mudharabah, musharaka and ijarah as a benchmark in designing new Islamic financial products or enhancing the existing products.

KUALA LUMPUR, Nov 11 (Reuters) – Malaysia’s central bank will issue guidelines to encourage a more standardised application of Islamic finance contracts, its head said on Tuesday, aiming to tackle one of the chief challenges plaguing the industry.

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Written by Suapi Shaffaii

November 12, 2008 at 12:27 am