Islamic Finance News Portal – Bringing you the latest updates in global Shariah finance

Watch out for news alert!

Archive for January 2009

BLME launches private banking business

leave a comment »

Points of Essence:

  • London based BLME has futher intensified its Islamic financial services business by setting up a fully Shariah compliant private banking business.  The new unit will serve  high net-worth individuals, entrepreneurs and their corporations in the UK, Europe and Middle East. Trade Arabia News Service has the report.

London: Tue, 27 Jan 2009

Bank of London and the Middle East (BLME), the UK Sharia’a compliant wholesale bank, has confirmed that it will be extending its wealth management division with the launch of a fully Sharia’a compliant private banking business.

Read the rest of this entry »

Advertisements

Written by Suapi Shaffaii

January 28, 2009 at 12:04 pm

Posted in General Issue

Tagged with , , ,

Islamic bond issues seen dropping further

leave a comment »

Points of Essence:

  • Sukuk issuance is  facing a tough year ahead as the worst is not yet over with the weakening global economy and shattered confidence in the Islamic bonds throughout last year are still looming in the background. The proposed issuances by Japan, Indonesia and Thailand have been put on hold amid these uncertainties thus further painted a bleak future for the Sukuk industry. It’s still uncertain whether the recently launched Singaporean Sukuk will survive the rough tides.  The Financial Times has the report.

By John Burton in Singapore

The issuance of Islamic, or sukuk, bonds is expected to drop for a second consecutive year in 2009 because of the global credit crisis, dashing the hopes of the Islamic finance industry that problems in the western banking systems might benefit its products.

Read the rest of this entry »

Written by Suapi Shaffaii

January 23, 2009 at 12:34 pm

Posted in Islamic Capital Market

Tagged with

Fast growing Malaysian firm grows a little more

leave a comment »

Points of Essence:

  • Malaysia based Azmi & Associates hires Idrus Ismail to expand its Islamic banking and finance practice. The former legal counsel will boost the firm’s profile amid intense competition from other legal firms in the region.

By Rashida Yosufzai

One of the region’s fastest growing law firms, Malaysia-based Azmi & Associates, has expanded its Islamic finance practice with a new appointment.

Idrus Ismail

The firm has recruited former in-house counsel as a senior lawyer for its Islamic Banking & Finance Practice Group as the booming practice area develops further in the region.

With over two decades of banking advisory experience, Ismail has held positions with various financial institutions including Malaysia’s second largest bank, CIMB Islamic Bank Bank Berhad.

The timely addition comes as competition for market share in the Islamic finance market heats up between Read the rest of this entry »

Written by Suapi Shaffaii

January 22, 2009 at 5:13 pm

KL seeks global standards on Islamic banking

with one comment

Points of Essence:

  • Malaysia advocates issuance of global standards for Islamic banking with a preliminary meeting to be held in Kuala Lumpur soon to discuss the initiative. The Star has the report.

DOHA (Qatar): Malaysia has proposed a meeting be held to set up global standards for Islamic banking and finance, Prime Minister Datuk Seri Abdullah Ahmad Badawi said.

Abdullah said he had discussed this with Qatar Prime Minister Sheikh Hamad Jassem Jabor Al-Thani during meetings yesterday and had proposed for the first meeting to be held in Kuala Lumpur.

Read the rest of this entry »

Written by Suapi Shaffaii

January 22, 2009 at 2:57 pm

Qatar Islamic Bank set for French move

leave a comment »

Points of Essence:

  • Qatar Islamic Bank will expand its wings to France with a licence in operating Islamic banking services is within sight. Together with another Gulf based lender, the banks will begin operation by end of 2009. Appropriate regulations are in tow to accomodate these new players in France. The Arabian Business has the report.

by: Stanley Carvalho

More Islamic banking services on the menu. (GETTY IMAGES)FRANCE: More Islamic banking services on the menu.

Qatar Islamic Bank and ‘another Gulf lender’ may be licensed to introduce Islamic banking services in France later this year, a member of a French banking delegation said on Wednesday.

“The regulations are ready and licences for at least these two banks are in an advanced stage. We expect the first Islamic bank to be set up before end of 2009,” said Gilles Saint Marc, a lawyer who was part of the delegation accompanying Christian Noyer, the head of the Bank of France, during a Gulf visit.
Read the rest of this entry »

Written by Suapi Shaffaii

January 22, 2009 at 11:41 am

Opportunities lurk in financial gloom

leave a comment »

Points of Essence:

  • Hong Kong sees every opportunity to come its way despite the worrying global financial meltdown. It sets to boost its financial hub status by going aggresively to woo Islamic finance players to the island city. Providing appropriate tax incentives to bolster growth of the newest industry, other institutional and regulatory framework will certainly guide Hong Kong to reach out to a larger Islamic financial community. The address of Hong Kong’s Chief Executive says it all.

Chief Executive Donald Tsang

Donald Tsang The Asian Financial Forum was launched in 2007, partly to celebrate the 10th anniversary of Hong Kong’s reunification with the Mainland of China, and partly to address the challenges of a rapidly changing economic environment in Asia. At that time the sub-prime lending problem in the US was beginning to take hold, but no one could have predicted how deeply rooted the problem was or how quickly things would unravel in what some people like to describe as a “flat” world.

Read the rest of this entry »

Written by Suapi Shaffaii

January 21, 2009 at 4:33 pm

Groups to assess the performance of Islamic financial system

leave a comment »

Points of Essence:

  • A Task Force has been set up in Kuala Lumpur to study the performance of the global Islamic financial system. The initiative moved by the Islamic Development Bank and driven by the Central Bank of Malaysia, the task force will deliver a report by September for proposals to enhance the resilience of the Islamic financial system. The Star has the report.

KUALA LUMPUR: The Task Force for Islamic Finance & Global Financial Stability has set up three working groups to assess the performance of the Islamic financial system amid the current financial crisis.

Read the rest of this entry »

Written by Suapi Shaffaii

January 21, 2009 at 2:35 pm

Posted in General Issue

Tagged with , , ,