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THIS WEEK'S ISSUE 19th JUNE
Volume 10 Issue 24
Cover Story : The wheel turns: Islamic funds come back to equity
Editor's Note : The giant stirs
Rapids
Features
  Storm in a tea cup
  Cross-border regulation of financial markets
  Risk management for Takaful undertakings
Column : Daud speaks
IFN Reports
  Tunisia: Potential held back by politics
  Pakistan’s Islamic fund sector to overtake
     conventional products

  New caps for Qatar as regulator tightens control
  Malaysian Islamic stocks: Appeal rises while
     offerings drop following upcoming guideline revision

  GIH looks to divest non-core assets following
     major losses

  Revised Shariah screening requirements on
     Malaysian securities

  Largest Islamic fund in Indonesia forced to invest
     in non-Shariah compliant assets

  Saudi Arabia sees a bright future
Case Study : Sadara Chemical Company’s Sukuk oversubscribed
   Closing Bell     Takaful News     Deal Tracker     Funds Data  
   News     Moves     Events Diary     League Tables  
   Islamic Investor News     Ratings     REDmoney Indexes     Index  
Cover Story

The wheel turns: Islamic funds come back to equity
Islamic funds have seen a tough few years, with investors retreating to the safety of fixed income and cash as turbulent equity markets sent returns tumbling and fund managers fleeing. As recession-hit economies recuperate and returns stabilize, equity is finally rotating back into fashion and funds are tentatively taking on more risk... more…


Editor's Note

The giant stirs
Previously, the mention of Saudi Arabia would almost always elicit the response “sleeping giant”... more…


Features

Storm in a tea cup
Sri Lanka has experienced a troubled 2012, with both economic and political challenges that have placed obstacles in the way of the development of its Islamic finance sector... more…

Cross-border regulation of financial markets
Cross-border financing is one of the pillars of globalization, and can facilitate crucial growth across the Islamic finance industry... more…

Risk management for Takaful undertakings
In November 2012, the IFSB issued a new draft standard on risk management for Takaful undertakings, with comments on the draft due by the end of March 2013... more…


IFN Reports

Tunisia: Potential held back by politics

Pakistan’s Islamic fund sector to overtake conventional products

New caps for Qatar as regulator tightens control

Malaysian Islamic stocks: Appeal rises while offerings drop following upcoming guideline revision

GIH looks to divest non-core assets following major losses

Revised Shariah screening requirements on Malaysian securities

Largest Islamic fund in Indonesia forced to invest in non-Shariah compliant assets

Saudi Arabia sees a bright future


IFN Country Correspondent

Qatar: Positive integration in global markets

Indonesia: Establishing a major Indonesian state-owned Islamic bank

Singapore: WIBC Asia Summit 2013 and further developments


IFN Sector Correspondents

Real estate (Europe): Don’t mention the ‘F’ word…

Law: Political unrest affects Turkish investment but Islamic finance remains strong


Shariah Pronouncement

An Islamic bank has a charity fund which is comprised of Zakat (obligatory charity) from the bank’s shareholders (at 2.5% per year), expunged income (income earned by the bank in certain transactions
First of all, it is important to differentiate between the customers who have defaulted to the other conventional or Islamic banks owing to poor financial health, and the customers who are under debt to the bank holding the charity fund... more…




Case Study

Sadara Chemical Company’s Sukuk oversubscribed
As part of a US$19.3 billion fundraising package, Sadara Chemical Company, recently issued a SAR7.5 billion (US$2 billion) Sukuk Musharakah through its SPV, Sadara Basic Services Company... more…

 
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Tuesday,
18th June 2013

Sultanate’s IPO market expected to be vibrant this year

Egypt pushes for tripartite cooperation with the IDB and other African nations

Dubai Islamic Bank’s subsidiary signs MoU with Dubai Health Authority

Fitch assigns then withdraws ratings on HSBC Amanah Takaful

ING Group’s insurance operation is now known as AIA

Global Takaful business projected to be worth US$20 billion by 2017

1Malaysia Development plans IPO in first half of 2014

Perusahaan Listrik Negara plans to raise US$250.5 million from Sukuk

Capinnova Investment Bank donates proceeds from Zakat funds to four Bahraini institutions

The Dubai Financial Market and Abu Dhabi Securities Exchange merger back on the cards
Monday,
17th June 2013

Sadara Chemical Company financing package includes Sukuk

Qatar Central Bank tightens investment limits on banks

ASM Investments Services to make its funds Shariah compliant

Zitouna Bank increases capital base to US$61.46 million

The First Investor and Project Management & Development Company to invest in Saudi Arabian expatriate residential compounds

VCBank acquires prime boutique apartments in central London

The Central Bank of the UAE to create governance unit for Islamic banks

Al Madina Insurance Company floats IPO to become Takaful firm

Banking deposits in the Gulf totalled to US$930.42 billion in the first quarter

Iran calls for the Organization of Petroleum Exporting Countries to support the IDB

Qatar Exchange’s corporate earnings increases to US$2.8 billion in the first quarter

Global Investment House looks to divest non-core of assets as part of restructuring and debt repayment as it is hit by substantial losses
Friday,
14th June 2013

Tempers flare over potential securitization of area surrounding the Suez Canal for upcoming sovereign Sukuk issuance

MAA Takaful announces profit commission distribution to Takaful agents

Affiliate of government-owned Banque de l'Habitat to enter Takaful and re-Takaful market

Takaful Malaysia to pay out 15% rebate to customers

RAM assigns ‘AA2’ rating to Konsortium ProHawk’s Sukuk

Moody’s upgrades Jebel Ali Free Zone Sukuk to ‘Ba3’

Government of Bahrain’s issuer rating on Moody’s downgrade review

World Bank and the IDB in joint electricity project

Kuwait Finance House Research signs MoU with INCEIF in knowledge development tie-up

The IDB apportions US$1.2 billion in financing to Tunisia

Tamweel shareholders to discuss delisting of shares from the Dubai Financial Market at upcoming extraordinary general meeting

The National Bank of Abu Dhabi’s Sukuk Income Fund pays out 1.98% in semi-annual distributions

Dar Al Sharia collaborates with Malta Institute of Management for Islamic Finance

Antoine Issa, CEO of Allianz Saudi Fransi to resign in July

Dubai still not out of the woods yet, warns the IMF
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