Opalesque Islamic Finance Briefing 13. Aug 2010

– Islamic finance continues to thrive in Asia
– Islamic currency for Kelantan
– DIFC Investments’ Sukuk rally ‘gone too far’
– RAM reaffirms AAA ratings of PLUS’ Sukuk Musharakah
– Standard Chartered plans Sharia contracts
– Islamic banking on the path of celebrity
– Emirates Islamic Bank launches Ramadan Promotion
– ABC Islamic Bank announces US$1.4 mln half-year profit
– First Energy Bank posts $6mln H1 profit
– Al Baraka Banking Group profit up 3pc to $95mln
– Al Baraka continues global expansion
– Amana Funds co-manager talks about faith-based investing
– Islamic Innovation award from Malaysian Government for Bursa Suq Al-Sila’
– ITFC supports intra OIC trade with more than $1.25 bln in H1
– Moody’s places Dar Al-Arkan on review
– India:  Equity Intelligence launches ‘Shariah PMS’
– Islamic courses to start at University of Bedfordshire
– Shrinking the Middle East

To view an online version of this newsletter, please click: http://www.opalesque.com/IFB8826/Newsletter_08132010.html

Featured Services

– 7th Annual Nordic Investors Forum 2010, 7 – 8 September 2010, Hilton Slussen, Stockholm
– The Alpha Hedge 16th Annual  Institutional Investment Conference, September 26-28, 2010, San Francisco
– JetFin AGRO 2010 Conference, September 30, ZURICH. Receive a 10% Discount as Opalesque user
– Peregrine Securities 3rd Annual Hedge Funds Investor Open Day, 1 November 2010, Mount Nelson Hotel, Cape Town
– Administrative Options / Contact
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Islamic finance continues to thrive in Asia

From  Channelnewsasia.com:  The global Islamic bonds or sukuk issuance
market for the first half of 2010 has doubled on-year to US$20 billion.
Sukuk volume in 2007 was about US$24 billion in the first half, a record
year. (more…)

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Islamic currency for Kelantan

From  Straitstimes.com:  A Malaysian state on Thursday launched the Islamic
dinar and dirham as an alternative currency, allowing the golden and silver
coins to be used as legal tender alongside conventional banknotes.
(more…)

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DIFC Investments’ Sukuk rally ‘gone too far’

From Bloomberg: The two-month rally in DIFC Investments LLC’s Islamic bonds
is ending on concern the Dubai state-controlled developer will struggle to
meet payments on more than $3 billion of debt. (more…)

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RAM reaffirms AAA ratings of PLUS’ Sukuk Musharakah

From Bernama: RAM Rating Services Bhd has reaffirmed the AAA ratings of
Projek Lebuhraya Utara-Selatan Bhd’s (PLUS) RM3.55 billion senior sukuk,
RM2.26 bilion Sukuk Musharakah Series 1, RM2.41 billion Sukuk Musharakah
Series 2 and RM4.5 billion Sukuk Musharakah Medium-Term Notes Programme.
(more…)

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Standard Chartered plans Sharia contracts

From  Gulfnews.com:  Standard Chartered Plc, the UK bank that earns most of
its profit from emerging markets, plans to introduce Sharia-compliant
contracts in Asia to hedge against changes in commodity prices. (more…)

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Islamic banking on the path of celebrity

From  Aawsat.com:  Ever since the Islamic Banking system survived the
global financial crisis it has become the focus of the financial world with
regards to university and research studies to traditional media coverage.
(more…)

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Emirates Islamic Bank launches Ramadan Promotion

From  Albawaba.com:  Emirates Islamic Bank get into the spirit of Ramadan
by launching INTALEQ (Vehicle Finance) Promotion. This new Sharia-compliant
vehicle finance promotion will run until the end of September 2010, giving
its customers an easier way to gift themselves a car during this auspicious
time of the year. (more…)

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ABC Islamic Bank announces US$1.4 mln half-year profit

ABC Islamic Bank announced a net profit of $1.4 million for the first
half-year of 2010. Net loss for the second quarter was $0.4 million
compared to profit of $1.8 million in the first quarter, primarily due to
impairment provisions. (more…)

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First Energy Bank posts $6mln H1 profit

From  Tradearabia.com:  Bahrain-based First Energy Bank (FEB), a leading
Islamic investment bank,  has posted a net profit of $6 million for the
first half of the year, an increase over the $5.6 million achieved during
the same period last year. (more…)

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Al Baraka Banking Group profit up 3pc to $95mln

From  Tradearabia.com:  Bahrain-based Al Baraka Banking Group (ABG) has
witnessed moderate growth during the first half of this year with the group
net income increasing 3pc to reach $95 million. (more…)

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Al Baraka continues global expansion

From  Gulfnews.com:  Bahrain-based Al Baraka Banking Group (ABG) has
lenders in Malaysia and Indonesia in its sights as it seeks to continue
global expansion, president and chief executive Adnan Yousuf said.
(more…)

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Amana Funds co-manager talks about faith-based investing

From  Mysanantonio.com:  The biggest industry that we avoid, based on
Islamic rules, is the banking and insurance sector, from Islam’s
prohibition of interest. But the market’s slowly grown over the past decade
or so from being primarily for the Muslim community. (more…)

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Islamic Innovation award from Malaysian Government for Bursa Suq Al-Sila’

From  Cpifinancial.net:  The Malaysian Ministry of Science, Technology and
Innovation (MOSTI) conferred the inaugural ‘Islamic Innovation Award’ to
Bursa Suq Al-Sila’ for being the first Shari’ah compliant trading platform
to facilitate Islamic financing worldwide.  (more…)

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ITFC supports intra OIC trade with more than $1.25 bln in H1 

The International Islamic Trade Finance Corporation, ITFC, a member of the
Islamic Development Bank Group, announced that it carried out 36 trade
finance operations with a total value of $1.253 billion in favour of 16
countries during the first half of 1431 (2010). (more…)

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Moody’s places Dar Al-Arkan on review

Moody’s Investors Service has placed on review for potential downgrade the
Ba2 ratings for Dar Al-Arkan Real Estate Development Company, Saudi Joint
Stock Company (DAAR), Dar Al-Arkan International Sukuk Company II (DAAR ISC
II) and the $450m certificates (sukuk). (more…)

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India:  Equity Intelligence launches ‘Shariah PMS’

From  Business-standard.com:  Leading Sebi registered Portfolio Manager in
India, Equity Intelligence, today launched portfolio management services
‘Shariah PMS’ for Islamic investors, targeting 500 customers in the first
year. (more…)

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Islamic courses to start at University of Bedfordshire

From  BBC:  Two new courses are set to begin at the University of
Bedfordshire. The courses will recognise the increase in demand for Islamic
financial products and services. They will guide students through the
principles of Islamic finance and the theory of Islamic commercial practice
which is based on Shari’ah Law (more…)

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Shrinking the Middle East

From Time:  Since no policy open to it can make the Middle East safe for
the U.S. and the world, the Obama Administration should act to make the
world safe from the pathologies of the Middle East. It can do that by
making the region less important.  (more…)

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