Latest in Tag: Sukuk Highlight
Latest in Tag: Sukuk
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. “It is going to be very positive. The agreement has …
Reuters – Dubai will compete with London for a share of Islamic banks’ 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 …
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 …
Al Baraka says it plans to add 81 branches to its network in 2014, in countries including Turkey, Pakistan, Jordan and Egypt
Reuters – Luxembourg’s 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’s fiscal year runs from 1 April to 31 March.
Reuters – 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 …
Former chairman of Misr Iran Development bank expects growth in the Islamic finance industry to match traditional sector’s growth
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.
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
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.
Islamic bonds forced widespread criticism
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.
Minister dismisses 15 advisors for having connection with Muslim Brotherhood
Abdullah Al-Adali, chairman of the taxes division at Price Waterhouse Coopers, stated that he supported keeping the country’s Islamic bonds law as it was despite the removal of Morsi.
Ministry to collaborate with public and private institutions to draft law; will also provide training courses on its application
Finance Ministry advisor: Sukuk not affected by Egypt’s recent credit downgrading
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
Fayyad Abdel Moneim is a former economics professor at Al-Azhar University
Scholars objected to articles 1, 2, 3 4, 9, 11, 20, 22 and 30
Project worth EGP 4.5bn in investments
Economic Committee: We are reviewing our losses as a result of Egypt’s dollar crisis
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. “We’ve tried socialism, we’ve tried capitalism, now we’re trying Islam,” cried supporters of Mohamed Morsi, when he was …
Party accuses government of being ready to sell Egypt’s assets to stay in power even at expense of future generations
Panelists at the 2nd Annual PPP Investment Summit called the new sukuk law ‘quantum leap’ towards introducing Sharia-compliant products to the Egyptian market
Claims the State is seeking to restructure subsidies
Sukuk to be used as source of funding for development projects, he said
New law will be sent to the Council of Senior Scholars at Al-Azhar for review as outlined in the recently adopted Constitution
Upper house modifies 13 articles
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