The Kenya Reinsurance Corporation is planning to venture in sharia-compliant business and confirmed that it will start ReTakaful insurance in the country and the areas where it already has a presence in West Africa and the Middle East markets. According to the firm’s managing director, Mr Jadiah Mwarania, the development is part of Kenya Re’s 2013-2017 core strategic areas that touche on market expansion and development of products. The firm elected a sharia-based supervisory board last year to advise the firm on acceptable aspects of the ReTakaful.
Februar 26, 2013 | Posted in
Islamic Finance |
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The Pakistan Poverty Alleviation Fund (PPAF) has signed a memorandum of understanding (MoU) with Telenor Pakistan and Tameer Microfinance Bank (TMB) for extending financial services to poor and un-banked communities. Under the MoU, a pilot project is t…
Februar 26, 2013 | Posted in
ASIA,
Islamic Finance |
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The Finance Ministry raised Rp 14.9 trillion ($1.5 billion) from the sale of rupiah-denominated Islamic bonds to Indonesian citizens on Monday. The sale of the Shariah-compliant sukuk notes is intended to plug its budget deficit but also to spur growth…
Februar 26, 2013 | Posted in
ASIA,
Islamic Finance |
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The Arab Petroleum Investments Corporation (Apicorp) has set up a $150 million fund aimed at leveraging growth opportunities in the petroleum product tanker charter market. It is the first investment fund to be established by Apicorp and also the first…
Februar 26, 2013 | Posted in
Islamic Finance |
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Adib Alzamil has been elected as the new chairman of the board of directors of Jadwa Investment, suceeding Prince Faisal bin Salman. Alzamil is a senior member of the Zamil Group, where he is currently MD of finance and investments and serves on the bo…
Februar 26, 2013 | Posted in
Islamic Finance |
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The Investment Corporation of Dubai (ICD) is in talks with banks to launch its first Islamic bond, in order to diversify its funding sources. The deal will reportedly be completed this year. A source at ICD said the fund had no plans for a sukuk, but i…
Februar 26, 2013 | Posted in
Islamic Finance |
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Oman’s Capital Market Authority (CMA) is encouraging consolidation in the country’s crowded financial sector, aiming in the long term for local banks to build a regional presence in the Gulf region. There are now 18 banks in the sultanate, whereas Oman’s three largest lenders account for approximately two-thirds of banking assets. According to Abdullah Salem Al Salmi, CMA’s executive president, the crowded field could lead to cutthroat competition, which would be unhealthy for the market and cause new entrants to struggle. However, he did not specify any ways in which the CMA might encourage consolidation.
Februar 26, 2013 | Posted in
Islamic Finance |
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Bank Nizwa is going to request the Central Bank of Oman (CBO) for allowing the bank to get relaxation in deploying funds in overseas markets for a certain period, until Sharia-compliant products are available within the domestic market. Dr Jamil Jaroud…
Februar 26, 2013 | Posted in
Islamic Finance |
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The markets for Islamic banking, insurance and sukuk bonds have all seen solid growth in recent years, but the sharia-compliant fund industry remains tiny. According to Hasan Al Jabri, chief executive of Saudi Arabia’s Sedco Capital, the growth of sharia-compliant investment has been stunted by a reputation for a lack of diversity, poor performance and high fees. Since May 2012, Sedco Capital has been building what is believed to be the largest sharia-compliant fund platform in Luxembourg. Its five vehicles hold $900m of assets. Sedco is currently launching two more vehicles. Mr Al Jabri emphasized that their investments are responsible, help creating value for the economy and jobs.
Februar 25, 2013 | Posted in
Islamic Finance |
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The CMA Board has issued its resolution approving Bank Albilad’s request to increase its capital from SAR (3,000,000,000) to SAR (4,000,000,000) through issuance of bonus shares. One bonus share will be issued for every (3) existing shares owned by the shareholders who are registered in the shareholders registry at the close of trading on the day of the extraordinary general assembly. Such increase will be paid by transferring an amount of SAR (1,000,000,000) from retained earnings account to the Company’s capital. Consequently, increasing the Company’s outstanding shares from (300,000,000) shares to (400,000,000) shares, by an increase of (100,000,000) shares.
Source:
http://www.tadawul.com.sa/wps/portal/!ut/p/c1/04_SB8K8xLLM9MSSzPy8xBz9CP0os3g_A-ewIE8TIwP3gDBTA08Tn2Cj4AAvY_dQA30_j_zcVP3g1Dz9gmxHRQDAd8ca/dl2/d1/L2dJQSEvUUt3QS9ZQnB3LzZfTjBDVlJJNDIwT0hPODBJS0U2VU5BVDFHQzA!/?x=1&PRESS_REL_NO=3325
Februar 25, 2013 | Posted in
Islamic Finance |
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