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Islamic Banking System Must Become Strong Financial Model, Says Don

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Points of Essence:

  • Islamic finance should find its own niche model by not emulating the conventional banking concept. This will gain the trust which has apparently been shattered by the conventional financial system meltdown. The time has come for the Islamic financial system to dictate  the international financial landscape. But it must  unleash its full potential to win the confidence of the financial community. Bernama has the report.

KUALA LUMPUR, April 10 (Bernama) — The Islamic banking system must emerge as a strong financial model that need not rely on conventional banking, says University of New Orleans director Prof Dr M. Kabir Hassan.

He said many of the Islamic banks in the world did not understand thoroughly the Islamic banking concept.

“To make it a financial system supported by all communities, the authorities or bank managements must find the sources and new alternatives.
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Written by Suapi Shaffaii

April 12, 2009 at 1:42 am

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Three-Tier Banking Needed To Strengthen Islamic Banking

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Points of Essence:

  • Islamic banking is urged to operate on a three tier system. First tier is to mirror the operation of conventional bank as a deposit taking institution. The second tier is to leverage on the Mudharabah mode company where banks will act as  fund providers. The third tier will be to act as a partner in Musyarakah type of transactions. The appropriate regulations will be modeled to accommodate the three tiers rather than one regulation fits all as of the conventional system. Bernama has the report.

KUALA LUMPUR, April 6 (Bernama) — A three-tier banking system is needed in Islamic banking to further strengthen the industry, an economist suggested.
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Written by Suapi Shaffaii

April 7, 2009 at 9:17 pm

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No frills airline AirAsia turn to Islamic finance for aircraft financing

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Points of Essence:

  • Unperturbed by the prevailing credit crunch, Air Asia, the largest Asia’s low cost airline continues with its expansion plans. It found support in the Islamic finance as it sought US$336mil (RM1.21bil) in the form of syariah-compliant French Single Investor Ijarah facility to fund the purchase of 8 new aircraft. The Ijarah facility features RHB Islamic Bank Bhd and Bank Rakyat as two of the arrangers. The French based BNP Paribas and Natixis Transport Finance are the lead arrangers. The first of its kind deal, the Islamic French-Malaysian transaction marks the venture of Malaysian financial institutions in the business of aircraft financing which may further stimulate the promotion of Malaysia as the hub of Islamic financing. The Star has the story.

By CECILIA KOK

JUST when it seems almost impossible for airlines to obtain financing to buy aircraft these days, given the prevailing credit crunch, AirAsia Bhd has once again defied market trend.

The budget airline has announced some major financing deals that it has secured for the 2009 and 2010 deliveries of its aircraft order since late last year. These include the US$336mil (RM1.21bil) syariah-compliant French Single Investor Ijarah facility, whose lead arrangers are BNP Paribas and Natixis Transport Finance, for the purchase of up to eight new aircraft; and a deal with Barclays Capital – the investment banking division of UK-based Barclays plc – to finance the purchase of 15 new planes worth US$700mil (RM2.5bil) for delivery up to early next year.

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Written by Suapi Shaffaii

April 4, 2009 at 1:22 pm

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Malaysia: Islamic Banking Should Be Most Important Agenda For Government

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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.
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Written by Suapi Shaffaii

March 28, 2009 at 6:43 pm

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Bahrain Islamic Bank is named best in region

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Points of Essence:

  • Bahrain Islamic Bank won an award for the best Islamic institutional finance bank in the Gulf region from World Finance magazine. The award is for the bank’s overall performance and excellent reputation among its peers. The Gulf Daily News has the report.

MANAMA: Bahrain Islamic Bank (BisB) has been named the “Best Islamic Institutional Finance Bank in the Gulf region”, by World Finance magazine.

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Written by Suapi Shaffaii

February 5, 2009 at 10:23 am

BNP Paribas aims for major Islamic business growth

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Points of Essence:

  • BNP Paribas plans to expand its Islamic financial business in two years’ time acommodate the growing demands from the Middle East.

by Cecilia Valente

BNP PARIBAS: Expectations remain high about growing Islamic business.

BNP Paribas Investment Partners, the French group’s fund management arm, plans to grow its Islamic business five-fold or more in the next two years, its Middle East head told Reuters on Monday.
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Written by Suapi Shaffaii

February 3, 2009 at 2:18 pm

CBB to host workshops on financial standards

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Points of Essence:

  • Bahrain will host workshop on Islamic finance related standards issued by the Islamic Financial Services Board. Aimed at facilitating better implementation of the standards, the workshops will cover the issues of supervisory review process, risk management and corporate governance.  Gulf Daily has the report.

MANAMA: The Central Bank of Bahrain is hosting the Islamic Financial Services Board – Facilitating the Implementation of Standards (IFSB-FIS) workshops.

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Written by Suapi Shaffaii

February 3, 2009 at 11:43 am