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

Watch out for news alert!

Archive for March 2009

New areas needed to boost portfolio

with one comment

Points of Essence:

  • The Islamic financial industry is urged to venture out for new areas of business to sustain growth in the current challenging economic climate . Islamic banks should try out foreign currency business deals via licensed ICBU vehicles as well as delve into the property development and car businesses. The Star Biz has the report.

By ELAINE ANG

KUALA LUMPUR: The Islamic finance industry must look for new areas of business to develop its current portfolio and help grow earnings in the current challenging economic environment, says the Association of Islamic Banking Institutions Malaysia (AIBIM).

Executive director Mohamed Rithuan Mohamed Shamsudin (pic) sees several areas of business that Islamic finance players can look at developing to grow their portfolio.

Read the rest of this entry »

Written by Suapi Shaffaii

March 31, 2009 at 9:30 pm

Posted in Articles

Tagged with ,

Malaysia: Islamic Banking Should Be Most Important Agenda For Government

leave a comment »

Points of Essence:

  • The Government is urged to tap Islamic banking as an energy capacity tool in future. With the current pool of the talents in the area, the agenda will be seamlessly carried out.  But it is cautioned against the advances of other countries in promoting Islamic finance which may overshadow the Government’s existing accomplishments. Bernama has the report.

KUALA LUMPUR, March 27 (Bernama) — The government is urged to make Islamic banking as one of the most important agendas in efforts to build energy capacity in future.

The representative from the Pahang Umno Liaison Body, Amiruddin Mohd Said, who made the proposal when tabling the motion on economy at the Umno general assembly 2008, here today, said Malaysia had the expertise needed to realise the agenda.
Read the rest of this entry »

Written by Suapi Shaffaii

March 28, 2009 at 6:43 pm

Posted in General Issue

Tagged with ,

UBS appoints Dr. Armen V. Papazian as Head of Islamic Finance

leave a comment »

Points of Essence:

  • UBS announced new head for its Islamic banking unit to confirm the firm commitment as the leading Islamic financial services provider. Dr. Armen V. Papazian was previously with Dubai based DIFX. Ame Info has the report.

UBS today announces that it has appointed Dr. Armen V. Papazian as Head of Islamic Finance based in the firm’s DIFC branch in the UAE.

Dr. Armen V. Papazian.

Dr. Armen V. Papazian.

This latest hire further reflects UBS’s long-term commitment to Islamic Finance and reiterates the bank’s ambitions to become one of the region’s leading financial services providers.

During his most recent position at the DIFX (Nasdaq Dubai), Dr. Papazian led the market development efforts of the exchange, as Senior Vice President for Innovation and Development, where he successfully launched the region’s first structured products platform with both Islamic and conventional product offerings.

Furthermore, he has overseen the listings of Sukuk and the continuous growth of Islamic initiatives at the exchange. He has made innovative contributions to the Islamic Finance field, and has a deep knowledge of regional markets and economies. Dr. Papazian earned his Ph.D. at the University of Cambridge, UK, specializing in Financial Economics.

Source: http://www.ameinfo.com

Written by Suapi Shaffaii

March 23, 2009 at 8:32 pm

Malaysian bourse to launch Islamic platform in June

leave a comment »

Points of Essence:

  • Malaysia’s stock exchange created the Commodity Murabaha House system to facilitate commodity murabaha transactions by Islamic institutions. With  a market worth more than $100b, the platform looks set to accommodate the structure of financing which reflects real economic activities. This is amid the reservations from scholarly institutions on its validity. The Financial24 has the report.

Posted by:mark

Malaysia’s stock exchange will launch in June a platform to allow banks to execute a popular but controversial Islamic contract with a market worth more than $100 billion.

Bursa Malaysia’s Commodity Murabaha House system will enable Islamic institutions to carry out commodity murabaha transactions which are commonly used to structure sharia bonds, financing and derivatives, said Norfadelizan Abdul Rahman, Bursas head of product development for Islamic capital market.

Read the rest of this entry »

Written by Suapi Shaffaii

March 10, 2009 at 1:27 pm

StanChart Saadiq ‘Best International Islamic Bank 2009’

leave a comment »

Points of Essence:

  • The Islamic financial outfit of Standard Chartered Bank, Saadiq has been named by Euromoney the best international Islamic Bank for 2009 for the significant Islamic financial deals  it concluded last year. Saadiq has won numerous awards for its deals since its inception in 2007. The Edge Daily has the report.

Written by Financial Daily

KUALA LUMPUR: Standard Chartered Saadiq has been named “Best International Islamic Bank” for 2009 by Euromoney after concluding a number of significant deals throughout last year, including the first Sovereign Deal for the Government of Pakistan and a Project Finance Deal for Al Ma’aden Phosphate Company.

“The bank delivers syariah-compliant financial products and solutions seamlessly across our geographic footprint.

Read the rest of this entry »

Written by Suapi Shaffaii

March 10, 2009 at 1:04 pm

Qatar to prop up its banking system

leave a comment »

Points of Essence:

  • Qatari Government is on the offensive to boost a stalling financial system in the country to avert impact from the global financial crisis. The investment fund bail-out from 7 local banks has been in the pipe line to spur liquidity in the banking system and ensure solvency of the lender institutions. The International Herald Tribune has the report.

DUBAI: Qatari shares soared Monday after the government said it would buy investment funds from banks to help shield the financial system from the global credit crisis.

“Such procedures reflect the due concern of the government in the banking sector,” the government said.

Prime Minister Hamad bin Jasim bin Jaber of Qatar announced Monday that the government would buy investment funds owned by seven local banks to protect lenders after the benchmark stock index dropped 31 percent this year, ranking it among the world’s 10 worst performers with Iceland, Ukraine and Romania.

Read the rest of this entry »

Written by Suapi Shaffaii

March 10, 2009 at 12:47 pm