International law firm Clifford Chance advised International Company for Water & Power Projects (ACWA Power) on two syndicated commodity murabaha-based transactions to add another SAR1.109 billion (US$295 million) to its revolving shari'a compliant working capital facilities. »
Raja Teh Maimunah, CEO of Hong Leong Islamic Bank, in an interview with Bloomberg stated that Malaysian Islamic banks need to merge to achieve economies of scale, and that the prospects of a possible merger are always on the table. She also explains the potential for growth in digital payments, especially in Vietnam and Indonesia as well as witnessing slower growth in Malaysia. »
Whilst the proposed Indonesian or Turkish banks will be hugely overshadowed by Gulf Islamic Banks in terms of assets and capital, they will have access to much bigger markets. Both Indonesia and Turkey being Muslim majority countries with combined populations of around 325 million offer greater growth prospects in engaging unbanked populations of their societies, as well as eating into the market ... »
Jeremy Awori, MD Barclays Kenya stated Sharia compliant products should be seen in the context of the merits of their structure as opposed to being seen from a faith based perspective. He added risk management is easier when dealing with Sharia compliant structures due to core assets being used within the financing framework. »
Islamic banking has landed in Germany. The first bank to open in the country managed by the Islamic Sharia law has established its first office in Frankfurt, home to the ECB. »
Gulf based banks dominate global Islamic Bank rankings with Al Rajhi Bank maintaining its top ranking based on assets of over $82 billion, followed by Kuwait Finance House on $56.8 billion, Dubai Islamic Bank on $33.73 billion and Abu Dhabi Islamic Bank with $30.49 billion in assets. »
HSBC’s Lack of Morals Despite having largely exited retail Islamic Banking by withdrawing its Ammanah offering, HSBC remains a major player in Islamic capital markets as a leading arranger of Sukuk having participated in landmark Islamic finance transactions in the Middle East, Asia and Europe. The latest revelations of alleged criminality against it deeply damage its Islamic finance standin... »
Turkey, geographically and culturally bridging East and West, is looking to profit from increasing global interest in Islamic Finance. »
William Engdahl during an interview with Sean Stone on LipTV, alleged the war in Libya was fuelled by motivation to overthrow Muammar Gaddafi as he planned along with Tunisia and Egypt to create an North African Supranational Islamic Development Bank "free of the dollar". »
Mr Mutallab called on the Central Bank of Nigeria to support the operation of the non interest banking segment of the banking sector through the provision of shariah complaint financial instruments. »
