Islamic finance eyes new regions
MANAMA: Muslim countries in Central Asia and Indonesia are seen as the next growth areas for the Islamic finance industry after hopes of expansion into Western markets faded and Gulf Arab markets remain fragmented.
Customers are driving force of Islamic banking
JEDDAH: A leading economist has urged Muslims living in non-Muslim countries to open interest-free accounts in their banks in order to encourage the regulators and policy makers to license Islamic banks.
Luxembourg tax measures - a Shariah perspective
LONDON: Following the recent circular from the Luxembourg tax authorities describing the major principles and contracts of Islamic finance and their respective tax treatment, most financial market players have welcomed the measures.
Real estate market is bouncing back in UK
LONDON: Another sign that the real estate market in the UK is bouncing back as investors are increasingly targeting bespoke and added value opportunities in traditional asset classes including real estate, albeit with selective niche opportunities, is the launching last week of the Peterborough Garden Park shopping complex development, following a 6.8 million pounds mezzanine financing by the Bank of London and The Middle East plc (BLME), the wholesale Shariah-compliant bank authorized by the Financial Services Authority (FSA) in the UK.
New Irish finance bill to facilitate sukuk transactions
Following the introduction of tax neutrality laws to facilitate the issuance of sukuk by the UK, France and Luxembourg in recent weeks, Ireland is the latest European Union (EU) country to join the club. Under the Finance Bill 2010, which came into effect in January 2010, the Irish Ministry of Finance has introduced significant amendments to facilitate Islamic finance transactions in Ireland, especially the origination and issuance of sukuk.
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Asya Bank makes mark in cards
LONDON: Following the restructuring of the Turkish Banking Act in 2007, which brought the licensing and regulation of Turkey's so-called interest-free (Islamic banks) under the comprehensive new banking law, on a par with their conventional counterparts, there have been signs that these banks are now becoming more ambitious especially in their activities abroad.
Pension funds diversify portfolios
LONDON: Pension funds, social security funds and their like which have massive investment portfolios are major institutional investors in developed financial markets, owning huge chunks of financial institutions, corporates, manufacturing and other asset classes. They are passive investors but can exercise huge influence as shareholders when they are required to do so to protect their investments.
Saudi mortgage law to usher in new financing boom
JEDDAH: The Saudi mortgage law, which has been in planning stages for almost a decade, is likely to be passed in a few months from now. The implementation of the mortgage law is expected to drive Saudi housing demand and prices as more people access the market.
IFIB chief calls for interest-free banking in India
JEDDAH: The global banking and finance sector needs major structural changes in order to play a leading role in poverty alleviation and to encourage popular participation in nation building efforts, said Omar Abubacker, president of the Indian Forum for Interest-Free Banking (IFIB) in Jeddah.
Small Saudi businesses among world’s most confident: HSBC
JEDDAH: The Kingdom’s small businesses are among the most confident in the world, according to a new survey by HSBC, the global banking associate of SABB.
