The Inland Revenue and Stamp Duty Legislation (Alternative Bond Schemes) (Amendment) Ordinance is a new piece of legislation, introduced in Hong Kong. This law, which puts the taxation of sukuk on a level footing with conventional bonds in Hong Kong, m…
Takaful Ikhlas will focus on group insurance schemes in efforts to educate more Malay clients on the importance of Islamic insurance policy and protection coverage. President and Chief Executive Officer Ab Latiff Abu Bakar said the Islamic insurance pe…
Almost half of the 150 million Singapore dollar ($118 million) sukuk issued by Swiber went to investors from Brunei, helping Swiber clinch pricing that was more competitive than conventional debt. Swiber's five-year deal priced last week to yield 6.5 p…
Wong & Partners is advising Malaysian investment company BIMB Holdings on its proposed $885 million takeover of Bank Islam. The deal is subject to shareholder and regulatory approvals, and will be financed by a $1.8 billion capital raise.
Kuala Lum…
After the Securities and Exchange Board of India (SEBI) cancelled Ahmedabad-based Parsoli Corporation's registration as a stock broker, the CEO of the firm, Zafar Sareshwala, claimed that his company had exited the stock-broking business voluntarily in…
Cash Waqf is a voluntary endowment of money, deposited to the banks perpetually. Profit paid on this deposit is spent in different people's welfare purposes according to instructions of the account holders. These include education, health, food, utilit…
Dubai Financial Group (DFG) has agreed to divest of its 30.5% stake in Bank Islam to BIMB Holdings in Malaysia, in a deal worth $550m. BIMB Holdings currently owns 49% stake of Bank Islam and the recent acquisition, which completed on 31 July 2013, wil…
Malaysia-based International Islamic Liquidity Management Corp (IILM) will issue its long-awaited sukuk programme worth $490 million (RM1.6 million) this month, offering tenors of three months. The dollar-denominated sukuk programme, rated "A-1" by S&a…
<p>In September last year, Noor issued an invitation to the world to help shape the future of banking, with the launch of its Bank of the Future initiative, aimed at creating innovative ways of banking. As part of the initiative, Noor created an online Shape Your Bank competition to solicit people’s expectations of banks in the future, with prize money of $20,000 for the best idea on enhancing the banking experience. Nurul Iksan from Malang, Indonesia, won the first prize in Noor’s online competition. With the $20,000 in cash, plus an iPad he can begin pursuing some of his business ideas. He will use part of the money to open a fashion shop in nearby Bali. Iksan’s suggestion was to introduce a family account that is held by the head of the family with supplementary cards and limited budgets assigned to all family members. Such a concept has not been implemented in the region yet.</p>
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<p><a href="http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/July/uaebusiness_July349.xml&section=uaebusiness" title="http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/July/uaebusiness_July349.xml&section=uaebusiness">http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/…</a></p>
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The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Bangladesh Bank (The Central Bank of Bangladesh) signed a Memorandum of Understanding (MOU). The objective of the MOU is to establish a basis for the exchange of …
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