Billionaire Jignesh Shah-promoted Financial Technologies said it will launch three new international exchanges, including Bahrain Financial Exchange and Singapore Mercantile Exchange, this year.
The SMX (Singapore Mercantile Exchange) will go live in A…
The National Bank of Commerce (NBC), a subsidiary of Absa, has placed itself ahead of competitors in the Banking Industry by launching Islamic Banking to the public. This move is in line with Absa’s strategy of expanding its offering in Africa.
NBC’s Managing Director Mr Christo De Vries said this new service is part of NBC’s business banking strategy, to provide innovative products to meet the needs of the market. The introduction of Islamic Banking in the Tanzanian market is aimed at ensuring that we offer products that appeal to all Tanzanians regardless of their faith or background.
Citicorp Trustee Co. Ltd., trustee for a $650 million Islamic bond sold by a unit of Saudi Arabia’s Saad Trading, Contracting and Financial Services Co., said investors agreed to dissolve the trust after the unit defaulted on the debt.
Citicorp said in August the trust will be closed if holders of the bonds who represent at least 25 percent of the aggregate value of debt outstanding voted for it. The dissolution may allow investors to claim assets used to back the Islamic securities sold in May 2007 by Saad Group’s Golden Belt 1 Sukuk Co. BSC.
Saad Group, the business owned by Saudi billionaire Maan al-Sanea, said in June it was restructuring debt after a “short-term liquidity squeeze.” It owes at least $6.5 billion of syndicated loans to almost 60 banks, according to documents provided by lenders.
The GCC conventional bond market recorded a poor performance in the first quarter of 2010 amid Dubai-linked and broader sovereign debt fears, NCB Capital, the largest investment bank in Saudi Arabia and a subsidiary of National Commercial Bank, reporte…
Aayan Saudi Leasing launched its business in Saudi Arabia with the opening of its headquarters on Madinah Road, Jeddah.
Engineer Emad Rajab asserted that the company’s operations in the Saudi market comes as a continuation of its long success which started 10 years ago in Kuwait. Aayan is one of the largest companies working in the field of operating lease and retail in Kuwait, noting that the company aspires to achieve a similar performance in the Saudi market and the GCC, as well.
The company also provides comprehensive insurance services, towing services, excellent warranty service, trading and selling of new and second hand cars.
World Bank and the International Finance Corp (IFC) are in discussion on the establishment of an Islamic financing facility for the green technology sector.
Discussions also includes with Bank Negara Malaysia and the Ministry of Energy, Green Technology and Water to develop a suitable model in the creation of a syariah-compliant US$200 million (RM636 million) fund.
It is the first Islamic fund of its kind in Asia, the financing facility would focus on the environmentally-friendly sector.
Principle Insurance Holdings, the parent company of Salaam Halal, the UK’s first Sharia-compliant insurance brand, has announced the conditional sale of Principle Insurance Company Limited and Principle Marketing Services Limited, to Kuwait-based Al Salam Group Holding.
The transaction could result in the relaunch of Salaam Halal, which began trading in July of 2008 with a motor insurance offering aimed at the 1.6 million Muslims living in Britain.
The Acting Chief Executive and Director of Operations, Rashed Al Baloushi, said that there is no current policy for the ADX to operate in compliance with Shariah, but this may happen in future.
He said no steps have been taken as yet to classify listed companies as Islamic and non-Islamic. But since the ADX has a strategy that focuses on the diversification of financial derivatives and services, the signing of the memo aims to benefit from the major expertise of Istanbul Exchange in the fields of exchange and Islamic derivative products, he said.
The ADX recently launched the country’s first exchange-traded fund, and Al Baloushi said: „We have received several listing requests, but we will not disclose them at the moment until the process is complete.“
Meanwhile, ISE Chairman and CEO Huseyin Erkan said the co-operation agreement signed with the ADX will strengthen relations between Abu Dhabi and Turkey. The memorandum comes within other agreements to be signed with other Arab exchanges, mainly Dubai, Egypt, Qatar and Oman.
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