Latest in Tag: Sukuk Highlight
Latest in Tag: Sukuk
Dubai says agreement in principle on UAE bourse merger; no final word on bond issue
Reuters – A top Dubai economic policymaker said on Monday that an agreement to merge the two main stock markets in the United Arab Emirates, the Dubai Financial Market and the Abu Dhabi Securities Exchange, had been reached in principle but nothing had been finalised. âIt is going to be very positive. The agreement has …
Dubai to challenge London with Islamic financing platform
Reuters – Dubai will compete with London for a share of Islamic banksâ liquidity management business by offering a new platform for murabaha trading. Many Islamic banks around the world manage their short-term funds with murabaha, in which one bank acquires merchandise and another agrees to buy it at a mark-up. Traditionally, banks from the …
Saudi retailer Alhokair eyes US, UK buys; plans debut sukuk
Reuters – Fawaz Abdulaziz Alhokair Co., the Saudi retailer which franchises brands such as Zara and Marks and Spencer in the kingdom, is studying three to five acquisition targets in the United States and United Kingdom, a company official said on Monday. The firm, the largest listed retailer on the Saudi stock market, also aims …
Bahraini Islamic Bank Al Baraka Q4 net income climbs 23%
Al Baraka says it plans to add 81 branches to its network in 2014, in countries including Turkey, Pakistan, Jordan and Egypt
Luxembourg bill for debut sukuk to take 2-5 months to pass
Reuters â Luxembourgâs parliament could pass a bill as soon as two months from now to facilitate its first issue of sovereign sukuk, though an upcoming budget vote may delay approval for five months, a legislative official told Reuters. Last month, the Luxembourg government presented a bill to parliament to allow the securitisation of assets …
Kuwait budget surplus drops as spending rises 18%
Kuwaitâs fiscal year runs from 1 April to 31 March.
Bahrain aims for new business with Takaful, sukuk rules
Reuters â Bahrain’s central bank will release a new regulatory framework for Islamic insurance (takaful) this quarter, in an overhaul of standards which the regulator hopes will attract new business in a sector it helped to pioneer. The kingdom has been a major hub for Islamic finance in the Gulf but in the last few …
Islamic finance industry will grow in 2014: AlHuda Centre for Islamic Banking and Economics
Former chairman of Misr Iran Development bank expects growth in the Islamic finance industry to match traditional sectorâs growth
Egyptian financial regulator to retry sukuk rules in early 2014
The renewed push to allow sukuk in the country comes after previous attempts have been thwarted by nearly three years of political turmoil since the ouster of President Hosni Mubarak in February 2011.
Dubai says will soon publish new Sukuk standards
New global issuance of sukuk has grown rapidly for most of the past several years and is projected to hit $237 billion in 2018, up from an estimated $100 billion this year
Global Sukuk supply/demand gap to peak in 2014: Study
Potential demand for sukuk among cash-rich Islamic investors in the Gulf and Southeast Asia has exceeded supply for at least several years, analysts estimate.
Sukuk.. A financial tool falls victim to political conflict
Islamic bonds forced widespread criticism
IDB to launch $10bn Islamic bond program in Dubai
It would be the Jeddah-based IDB’s third sukuk program – it already issues Islamic bonds in London and Kuala Lumpur – and its first in a Middle Eastern country.
Finance ministry discharges Brotherhood advisers
Minister dismisses 15 advisors for having connection with Muslim Brotherhood
The fate of Islamic bonds remains vague after the ouster of the Muslim Brotherhood
Abdullah Al-Adali, chairman of the taxes division at Price Waterhouse Coopers, stated that he supported keeping the countryâs Islamic bonds law as it was despite the removal of Morsi.
Finance Ministry official: Bylaws for new sukuk law to be released soon
Ministry to collaborate with public and private institutions to draft law; will also provide training courses on its application
New sukuk projects awaiting bids
Finance Ministry advisor: Sukuk not affected by Egyptâs recent credit downgrading
Sukuk law approved, government to hold two bidding rounds for projects
Now that the law has been approved, the government is set to hold two bidding rounds for sukuk projects, the first to be held in US dollars and the second in Egyptian pounds
New finance minister: budget and tax reforms are priority
Fayyad Abdel Moneim is a former economics professor at Al-Azhar University
Al-Azhar scholars submit sukuk law objections to Shura Council
Scholars objected to articles 1, 2, 3 4, 9, 11, 20, 22 and 30
Ain Shams train project established through sukuk
Project worth EGP 4.5bn in investments
Shura Council Economic Committee set to accept $50m from Islamic Development Bank
Economic Committee: We are reviewing our losses as a result of Egyptâs dollar crisis
After Arab Spring, Islamists test religion in economics
By Farah Halime With the rise of political Islam across North Africa in the wake of the Arab Spring uprisings of 2011, Islamic finance is being touted as the solution to decades of unemployment and economic inequality. âWeâve tried socialism, weâve tried capitalism, now weâre trying Islam,â cried supporters of Mohamed Morsi, when he was …
Free Egyptians Party launches campaign to reject new sukuk law
Party accuses government of being ready to sell Egyptâs assets to stay in power even at expense of future generations
Seventeen PPP projects to be financed using sukuk: Panel
Panelists at the 2nd Annual PPP Investment Summit called the new sukuk law âquantum leapâ towards introducing Sharia-compliant products to the Egyptian market
Energy subsidies to be lifted in three years: Hatem Saleh
Claims the State is seeking to restructure subsidies
Al-Beltagi: Real risk to Egyptâs economy is exodus of investors
Sukuk to be used as source of funding for development projects, he said
Shura council approves sukuk law
New law will be sent to the Council of Senior Scholars at Al-Azhar for review as outlined in the recently adopted Constitution
Shura council approves sukuk draft law
Upper house modifies 13 articles
EFSA warns of use of sukuk for money laundering
The president of EFSA called for the current sukuk law to be amended, as it does not adequately punish those who would launder money using sukuk