Contracting GDP

Contracting GDP
The Egyptian economy contracted by 0.3% in the fourth quarter ending a politically-momentous but economically-forgettable year for the country. “Though private spending jumped 5.1%year-on-year in 3Q11 up from 3.5% a quarter earlier; the drastic fall in investments by 23%YoY kept GDP growth at a low level of 0.3% – below 2Q11 of 0.4%. Investments in ...

DRB-Hicom Bhd’s Islamic bonds rating changed to negative

DRB-Hicom Bhd’s Islamic bonds rating changed to negative
The outlook recognises the potential weakening of DRB-Hicom’s near-to-intermediate term financial profile, caused by its debt-funded acquisition of Proton Holdings Bhd. The rating agency said, “A key rating issue for DRB-Hicom in the context of the Proton acquisition is the more challenging debt maturity profile that would result from the acquisition-related interim financing decisions and ...

Nigeria: Islamic Development Bank to Invest U.S.$6 Billion in the Country – Executive Director

Nigeria: Islamic Development Bank to Invest U.S.$6 Billion in the Country - Executive Director
The Islamic Development Bank (IDB) was formed in October 1975 to foster economic development and social progress of member countries in accordance with Islamic principles. It currently has 56 member countries, Nigeria being the most recent (in 2005) country to become a member. Gambo Shuaibu is an Executive Director at the bank as Nigeria’s representative. ...

Banks drag Qatar to 3-mth low; UAE mkts end mixed

Banks drag Qatar to 3-mth low; UAE mkts end mixed
Financial stocks dragged down Qatar’s benchmark to its lowest close in nearly three months as investors sold-off on lower than expected cash dividends. Shares in Qatar Islamic Bank (QIB) dipped 3.1 percent to their lowest since Nov 23. The lender posted a 32.6 percent drop in fourth-quarter net profit on Wednesday that missed analysts’ forecasts.The ...

TAX SAVINGS SHARIAH WAY

TAX SAVINGS SHARIAH WAY

Treasury considers Islamic bonds

Treasury considers Islamic bonds
The National Treasury has asked banks for proposals about a government Islamic bond — known as Sukuk — in the local and international markets. “There is a great interest in the Sukuk market and this is the first step towards meeting the growing appetite for government-backed Shariah compliant investments,” Lungisa Fuzile, director-general of the National ...

Islamic finance resists equity shift – may stunt growth

By Liau Y-Sing KUALA LUMPUR (Reuters) – When Kuwait Finance House Malaysia helped develop a $1.3 billion real estate project in the country in 2005 as a partner in the deal, Islamic equity property ventures were a rarity. Five years on, the bank is embarking on its fourth building project using a similar equity concept ...

Is Islamic banking the boiled ice-cream?

By Dr. Shariq Nisar On January 5, 2010, in response to a PIL filed by Dr. Subramanium Swamy, the High Court of Kerala put a stay on the activities of the proposed Islamic Non-Banking Finance Company, Albarakah Financial Services Ltd. The Non-Banking Financial Company (NBFC) in question has been co-promoted by the state owned business ...

Bajaj Allianz’s Shariah pension fund pays rich dividends

Kolkata: Bajaj Allianz Life Insurance has quietly gave a 97% return on its lesser-known pure stock pension plan or Shariah fund in just eight months of its inception. The pure stock pension plan, which is a niche fund, saw a return of 97% as against a 72% return by the Nifty Index, as on December ...

India is fertile ground for Islamic investments 1

Now, it’s India Inc’s turn to play a religious card but mercifully, for all the right reasons. The nation has emerged as a key ground for Islamic investments, under which speciality funds pump in money only into those activities or firms that are compliant with the principles and ethics of Islam. With billions of dollars ...