Tunisia Eyes Sukuk Share

Tunisia Eyes Sukuk Share
TUNIS – Seeking to finance its budget deficit following last year’s uprising, Tunisia’s Islamist government is planning to issue the country’s first Islamic bonds (sukuk) this year. “The Tunisian government is planning to issue an Islamic sovereign bond before the end of this year,” Adnan Ahmed Yousif, chief executive of Bahrain-based Al Baraka Banking Group, ...

Islamic Finance: Islamic Sukuk By Goldman Sachs Causes Debate

Islamic Finance: Islamic Sukuk By Goldman Sachs Causes Debate
A controversial plan by Goldman Sachs to issue an Islamic bond has ignited a wider debate on whether conventional banks in the West should be allowed to engage in Islamic finance. At a major conference of Islamic scholars and bankers in London this week, much of the public and private discussion was devoted to whether ...

Sukuk issuance surpasses pre-crisis levels

Sukuk issuance surpasses pre-crisis levels
Islamic bond issuance last year surpassed pre-crisis levels for the first time – after more than doubling in volume – while one bookrunner predicted momentum will continue with a further 50% rise in 2012. The volume of sukuks, or bonds that are Shariah-compliant, issued during the year rose to $32.6bn, from $14.9bn in 2010, with ...

South Africa all set to introduce Islamic Bonds

South Africa all set to introduce Islamic Bonds
Johannesburg: Plans by South Africa’s National Treasury to introduce Islamic bonds are gaining a strong support in the African country, amid expectations the move would help boost the state’s economy. “I am sure this was at the request of those Middle Eastern countries because SA has a small Muslim population,” Kokkie Kooyman, head of Sanlam ...

Qatar Central Bank to Hold Lenders’ Islamic Assets to Maturity

Qatar Central Bank to Hold Lenders’ Islamic Assets to Maturity
Dec. 15 (Bloomberg) — Qatari commercial banks will be required to transfer accounts from their Islamic divisions into a portfolio to be held by the central bank until they mature, under a rule separating the two kinds of finance. “These will be carried in a portfolio, outside the activity of their business,” Central Bank Governor ...

Key global support for Islamic finance forum

Key global support for Islamic finance forum
MANAMA: Financial organisations from Bermuda and Luxembourg will be making their first appearance at this year’s World Islamic Banking Conference. And there will be a return of representation from Singapore as well as a strong turnout from Malaysia. “This year’s event will be at least as strong as last year’s with forums being hosted by ...

Islamic lenders have strong prospects

 Islamic lenders have strong prospects
DUBAI – Recent regulatory changes in Kuwait and Qatar, retail client preferences for Shariah-compliant banking products, and stronger balance sheets and funding positions, offer better growth prospects for Islamic banks compared with conventional peers. HSBC said as it initiated coverage on four Islamic banks.The brokerage initiated Saudi Arabia’s Alinma Bank and Qatar Islamic Bank with ...

Islamic banks got good prospects HSBC

Islamic banks got good prospects HSBC
Recent regulatory changes in Kuwait and Qatar, retail client preferences for Shariah-compliant banking products, and stronger balance sheets and funding positions, offer better growth prospects for Islamic banks compared with conventional peers, HSBC said as it initiated coverage on four Islamic banks. The brokerage initiated Saudi Arabia’s Alinma Bank and Qatar Islamic Bank with “overweight”. ...

HSBC signs MoU with IDB affiliate

HSBC signs MoU with IDB affiliate
DUBAI: HSBC Holdings signed a memorandum of understanding with an affiliate of the Islamic Development Bank (IDB) to facilitate Shariah-compliant trade financing activities on behalf of the affiliate’s customers, the lender said in a statement. The affiliate, International Islamic Trade Financing Corp., (ITFC)is expected to disburse over $2 billion of trade financing to companies in ...

HSBC Islamic arm eyes 125 new branches by 2012

 HSBC Islamic arm eyes 125 new branches by 2012
DUBAI  (November 08, 2010) : HSBC Amanah, the Islamic arm of bank HSBC, plans to open 125 branches throughout the Middle East and Asia by the end of 2012 eyeing rapid growth in the $1 trillion Islamic finance industry, a top executive said. — HSBC Amanah plans largest branch increase in Malaysia — Wakala Master Agreement ...