Islamic fund assets grew 7.6% last year
| Strong uptake of Islamic banking services in Oman Conventional institutions making changes Staff Reporter Published: 00:00 August 28, 2011 |
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Muscat: Oman's authorities are predicting a robust
demand for Islamic banking services, judging by the
energetic efforts of local banks to add Sharia-compliant
banking products to their portfolio of services. According to a senior official of the Central Bank of Oman (CBO), conventional banks are moving frenetically in a bid to be among the first to hit the market with Islamic banking services. It follows the announcement by Oman's government in May this year opening the banking sector to Sharia-compliant financial services for the first time. Read More... |
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| Protecting confidentiality in Islamic
financial contracts and structures
By MUSHTAK PARKER | ARAB NEWS Published: Aug 28, 2011 19:18 |
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City-based international law firm Norton Rose LLP published a paper on “Protections against unauthorized use of Shariah-compliant financial methods and structures” in July 2011 which raises several issues relating to copyright and intellectual property especially with regards to the Shariah structures.
These issues are nascent in the context
of the contemporary Islamic finance
movement, which only started in the
mid-1970s. But they have raised some searching questions which some critics maintain, may have blurred the lines between the required transparency of a Fatwa (legal opinion) and that of confidentially of a financial structure and contract. There have been some celebrated cases where asset management companies and Islamic banks have launched particular Shariah-compliant products which have been trumpeted as “pioneering” and “first-of-its-kind” but whose underlying Shariah structures have never been revealed because of so-called intellectual property considerations and the Shariah advisory boards sworn to secrecy under confidentiality clauses. Read More... |
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| DIFC Investments in
merger talks Discussions on to spin off non-core businesses By Bloomberg Published: 00:00 July 26, 2011 |
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Dubai: DIFC Investments, a unit
of the Dubai International
Financial Centre business park,
is in talks with Investment Corp
of Dubai on the possibility of
merging its assets into the
state-owned holding company. "There is a dialogue between ICD and DIFC Investments on the possibility of swapping or merging some of the portfolio companies of DIFC Investments with ICD," DIFC Chief Executive Officer Abdullah Mohammad Al Awar told reporters in Dubai yesterday. "We continue to manage the portfolio of DIFC Investments. However, there is focus on managing the various costs and setting up a proper divestment plan for non-core investments." Read More... |
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| Global takaful
premiums to touch $25b by 2015 Indian Subcontinent is fastest growing market By Babu Das Augustine, Deputy Business Editor Published: 00:00 July 21, 2011 |
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Dubai: Global takaful (Islamic insurance) contributions are expected to reach $12 billion (Dh44.04 billion) by the end of this year and reach $25 billion by 2015, according to Ernst & Young's World Takaful Report 2011 released yesterday. Total takaful premiums amounted to $9.15 billion last year. "The takaful industry and its core markets have experienced another challenging year, where positive signs of economic recovery and improved business sentiment were shaken by the socio-political uncertainty witnessed across the Middle East and North Africa (Mena) region in the first quarter of 2011," said Ashar Nazim, Executive Director & Islamic Financial Services Leader, Ernst & Young. Read More... |
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Market performance and
inflows spur growth
Published:
00:00 September 27, 2011
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Dubai: Islamic fund assets under management (AuM)
grew by 7.6 per cent to $58 billion (Dh213 billion)
in 2010, up from $53.9 billion in 2009, according to
the fifth annual Ernst & Young Islamic Funds and
Investments Report (IFIR 2011) released yesterday.
The growth was largely due to market performance and partially on account of new money inflows. Assets under management are largely dominated by equities — about 39 per cent. Read More... |
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| Can Islamic finance
play key role in growth and prosperity? By MUSHTAK PARKER | ARAB NEWS Published: Jul 24, 2011 22:28 |
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In perhaps one of her more potentially
important speeches in recent times, Zeti Akhtar Aziz, governor of Bank
Negara Malaysia, the central bank, stressed that the increasing
internationalization of Islamic finance and the burgeoning trade and
economic linkages between the emerging countries present an important
opportunity for the industry to make a meaningful and enhanced
contribution toward economic growth and prosperity of these countries. "The transition of Islamic finance into the mainstream of the global financial system is an opportunity for the Nusantara financial intermediaries, in particular in Indonesia and Malaysia, to open new frontiers and to participate in this trend and thereby strengthen further our economic and financial linkages. With our own respective comparative advantages, we can leverage on the complementarities between our respective economies that will bring forth synergistic effects which will in turn contribute toward expanding the markets, widen the spectrum of products and services, and enhance financial markets activities," she added. Read More... |
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| Noor Islamic Bank,
partners establish first Islamic bank in the Maldives
Noor Islamic Bank PJSC announced on Tuesday that it has entered into a joint venture to establish the first Islamic bank in the Republic of the Maldives. By Staff Report Published: 13:19 July 22, 2008 |
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Dubai/Maldives:Noor Islamic Bank PJSC announced on Tuesday that it has
entered into a joint venture to establish the first Islamic bank in the
Republic of the Maldives.
The new entity, to be named Noor Maldives Islamic Bank, will be a joint
venture between Noor Islamic Bank, the Ministry of Finance and Treasury of
the Republic of Maldives and the Investment Corporation for Development of
the Private Sector, an affiliate of the Islamic Development Bank.
Read More... |
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