Regions

Bursa Malaysia Adds Inter-Pacific to Islamic-Compliant List

Jun 21, 2017 By admin Leave a Comment

KUALA LUMPUR (June 20): Bursa Malaysia Bhd has added Inter-Pacific Securities Sdn Bhd to the bourse operator and regulator’s Islamic participating organisations list to further grow the Islamic capital market.

Bursa Malaysia said in a statement today that Islamic stockbroking services played an important role, under which clients’ funds were placed in Shariah-compliant accounts.

“With the latest addition, investors will have a wider choice of Islamic POs (participating organisations) to represent them, which is in line with the priority of Bursa Malaysia-i, to provide a conducive marketplace for the Shariah investing community and to spur the growth and vibrancy of the Islamic capital market domestically and regionally,” Bursa Malaysia chief executive officer Datuk Seri Tajuddin Atan said in the statement.

According to Bursa Malaysia’s statement, Inter-Pacific is the 12th stockbroking firm under Bursa Malaysia’s Islamic participating organisations list.

The list includes Affin Hwang Investment Bank Bhd, AmInvestment Bank Bhd, BIMB Securities Sdn Bhd, CIMB Investment Bank Bhd, Hong Leong Investment Bank, Jupiter Securities Sdn Bhd, Kenanga Investment Bank Bhd, Malacca Securities Sdn Bhd, Maybank Investment Bank Bhd, RHB Investment Bank Bhd and TA Securities Holdings Bhd.

Originally published on www.theedgemarkets.com

ICD signs three MoUs to Strengthen Collaboration

Jun 12, 2017 By admin Leave a Comment

JEDDAH — THE Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group signed three a Memorandum of Understanding in quick succession to strengthen collaboration.

The first one was with the City Bank, Bangladesh in order to boost cooperation for fostering private sector development in the country. ICD CEO Khaled Al Aboodi and Sheikh Mohammed Maroof, deputy managing director, and Mohammad Mahbubur Rahman, chief financial officer of City Bank, signed the MOU on behalf of their respective institutions.

The joint collaboration will encompass the areas of Term Finance, Public Private Partnership transactions, Lines of Finance and any other areas of mutual interest.

During the signing ceremony, Al Aboodi stated, “City Bank is one of our most valued partners and signing of this MOU will take our relationship to a new level which will benefit the people of Bangladesh the most.”

City Bank’s Maroof said, “City Bank has achieved significant growth over the years by leveraging strong relationships with partners and providing innovative solutions to meet growing financial needs. I’m sure this partnership with ICD will improve the bank’s performance capacities and better serve our customers’ banking needs.”

The signing ceremony was also attended by Farid Masmoudi, director of ICD, Mahbub Jamil, head of structured finance of City Bank and other high officials of both the institutions.

City Bank is one of the oldest private Commercial Banks operating in Bangladesh. It is a top bank among the oldest five Commercial Banks in the country, which started their operations in 1983. The Bank started its journey on March 27, 1983 through opening its first branch at B. B. Avenue Branch in the capital, Dhaka city.

City Bank is among the very few local banks which do not follow the traditional, decentralized, geographically managed, branch based business or profit model. The bank currently has total 120 branches which includes 99 online branches, 1 full-fledged Islamic Banking branch, 1 SME service center and 11 SME/Agri branches spread across the length & breadth of the country.

ICD and FINOKO cooperation pact

Then the ICD and FINOKO entered into a Joint Strategic Collaboration to establish an Islamic Microfinance Window. ICD CEO Al Aboodi and FINOKO CEO Turan Ismayilov signed the agreement during IDB 42nd annual meeting at hotel Hilton in Jeddah.

Al Aboodi said, “ICD has always been interested about financial inclusion and measurable development impacts. This program will help cater the most vulnerable and target the most vulnerable and entrepreneurial class of clients. With the help of our partner ICD can become a pioneer promoter of Islamic Microfinance”

Ismayilov said, “We are happy to be the first MFI to receive advisory services from ICD on establishing an Islamic microfinance window and we are looking forward to more co-projects with ICD to assist FINOKO reach its target clients and strengthen our capabilities and resources.”

ICD, Amana Bank PLC’s strategic alliance

The ICD being the lead sponsor and manager of IB Growth Fund (Labuan) LLP (IBGF) and Amana Bank PLC (ABL), the first and the only full-fledged Islamic Bank in Sri Lanka, have entered into a its strategic investment partnership by signing the Investment Term Sheet (ITS), reflecting the agreed key terms and conditions of the proposed investment. With this landmark transaction, ICD via IBGF is expected to infuse growth capital of maximum USD15 million through subscription in the capital of Amana Bank PLC.

ICD CEO Al Aboodi and the Chairman of the Board of Directors of Amana Bank PLC Osman Kassim signed the ITS.

Al Aboodi stated that this strategic initiative reflects ICD’s continuous effort to play a catalyst role in the promotion of Islamic finance, private sector development and regional cooperation in South Asia region. The proposed collaboration with Amana Bank exhibits ICD’s mandate and strategic vision to bring not only good corporate governance and international best management practice but also to secure the long-term stability of the Bank as well as boost the confidence of the market and different stakeholders in the growing Islamic finance industry in Sri Lanka.

Kassim said, “Amana Bank is truly honored to have the confidence of ICD, resulting in this strategic partnership. This collaboration would further strengthen bank’s journey towards much wider and extended network both at regional and international level.”

Kassim further stressed that Sri Lanka being a non-member country the IDB had earlier made an exception in investing in Amana Bank at its inception in 2011, and now ICD too is making this investment and this is sincerely appreciated and the Board and Management of the Bank that is committed to achieve mutual goals for the growth of Islamic finance industry and private sector development. —SG

Originally published on www.saudigazette.com.sa

Mintel: 13% of Asia-Pacific Product Launches Carry Halal Claim

Jun 12, 2017 By admin Leave a Comment

With food accounting for nearly two-thirds of business in the global halal economy, there has been a flurry of new product activity in Asia-Pacific.

According to market intelligence agency Mintel, 13% of all product launches in the region have carried the “halal” claim since 2012, with Indonesia, Malaysia and Thailand the top destinations in this arena.

Among the most prominent recent Islam-observant product launches tracked by Mintel has been Nissin’s Masuya-brand spicy seafood-flavoured Gekikara Ramen instant noodle, which has gone on sale in Indonesia. The extra-hot instant noodle is halal-certified and retails in a large portion 120g pack.

Also launched in Indonesia, the world’s biggest Muslim-majority country which seen a quarter of all Asia-Pacific new-product activity over the last five years, has been Family Rice’s Nasi Liwet fragrance rice. The halal certified product retails in a 500g pack that serves six portions.

In India, which is home to 172m Muslims according to the last census, Global Gourmet’s Bombay Bites jalapeño and cheese samosa was a notable halal launch. The vegetarian pastry triangles feature a green pepper and cheese filling, are halal certified, and retail in a 240g pack.

Thailand, where 15% of new product launches have been halal in the last five years, has seen the introduction of Kang Goong by Okusno, a Japanese curry-flavoured shrimp chins snack. This claims to be high in calcium and low in sodium and chitosan. The halal certified product retails in a 17g pack.

Also a notable arrival, Jin Lv Cheng Ai De Lai Si’s ice cream-flavoured yogurt’s arrival in China claims to be made using milk sourced from its own pasture, and is halal certified. This natural product retails in a 120g pack. Though only 1.6% of its population is Muslim, China now accounts for 9% of all Asia-Pacific halal launches, according to Mintel.

Originally published on www.foodnavigator-asia.com

Grand Jamia Mosque: A Fusion of Traditional Islamic Architecture and Pakistani Culture

Jun 12, 2017 By admin Leave a Comment

Web Desk) – Located in Bahria Town Lahore, the Grand Jamia Mosque is truly an architectural masterpiece. With a capacity to hold 70,000 visitors, the Grand Jamia Mosque is Pakistan s third largest and the world s seven largest mosque.

Possessing four minarets that are 165 feet high, one big dome 40 feet in height and 20 small domes, the breathtakingly huge structure of the mosque diminishes the surrounding buildings. The mosque is a blend of traditional Islamic architecture with Pakistani culture.

For an unaware person looking at the mosque for the first time, it does seem like it was built a few hundred years ago, considering its magnificent structure that only seems worthy of being commissioned by a Mughal emperor.

The Grand Jamia Mosque was constructed at a cost of Rs 4 billion and inaugurated in 2014. An awe-inspiring feature of the mosque is that the entire exterior of the mosque is lined with 4 million, 2.5 inch handmade tiles crafted from special Multani mitti and placed by hand. The placing of these tiles alone took four years.

The marble floor of the mosque is covered with elegantly crafted Turkish carpets. The roof is ordained with over 50 chandeliers imported from Iran.

The mosque also features an Islamic art gallery, a school, and a special section designated for female worshippers.

The architecture of the mosque is influenced by the Badshahi Mosque, Wazir Khan Mosque and the Sheikh Zayed Mosque. The huge minarets of the mosque are probably influenced by the Badshahi Mosque, the multiple domes by the Sheikh Zayed Mosque, while the courtyard with the fountain in the centre, an important Persian influence, is taken from the Wazir Khan Mosque.

Originally published on www.dunyanews.tv

Fitch: Islamic Banking a Modest Deposit Stimulus in Morocco

Jun 12, 2017 By admin Leave a Comment

Islamic banks, referred to as ‘participation banks’ in Morocco, are likely to provide a modest stimulus to deposit growth in the country, Fitch Ratings says. Morocco’s central bank granted its first licences to Islamic banks last week.

Our discussions with Fitch-rated banks indicate that the ability to offer Islamic banking products could expand their deposit bases by 5% to 10%. The ability to grow the deposit base is positive for Morocco’s economic development because deposits represent about 70% of banking sector funding.

We expect growth of participation banks will be high initially, as was the case following the introduction of Islamic banking in Turkey and Indonesia. The ability to access Islamic products will ensure that customers have access to a more comprehensive range of services. Customers who have avoided transacting with conventional banks for sharia-related reasons can now move into the formal banking sector.

However, banking penetration is already high in Morocco, with 70% of adults holding a bank account, suggesting that most Moroccans have not shied away from the banking sector on faith grounds. Participation banking is therefore unlikely to take a significant market share from the well-established conventional banks.

The growth of participation banks will be affected by several factors, including the spread of awareness of Islamic finance, the extent to which the government stimulates expansion, population growth rates and regulatory developments. Positively, the central bank has established a central sharia board of Islamic scholars to oversee the sector, which should help to provide a cohesive framework under which the banks can operate. Greater clarity on essential aspects, such as how participation banks will manage their liquidity in a sharia-compliant manner and how financing contracts will be drawn up, would help to stimulate the sector. However, delays in establishing a clear framework could hinder the development of participation banks, forcing up funding costs and resulting in insufficient depth in product offerings.

Growth rates in the Moroccan banking sector have been volatile in recent years, reflecting unsteady economic trends. Deposit growth (nearly 7% in 2016) has outstripped loan growth (3.9%) in recent years, but credit demand is set to accelerate in line with an improved economic outlook in 2017. This could force banks to compete more aggressively for deposits, putting pressure on margins at the conventional banks. The ability to offer participation banking services could broaden the pool of potential depositors in the country, mitigating the competitive pressure.

Only existing conventional banks have applied for participation banking licences and we are not aware of any independent Islamic banks making requests to operate in Morocco. Banks owned by domestic shareholders, such as Attijariwafa Bank, BMCE Bank, Groupe Banque Centrale Populaire and Credit Immobilier et Hotelier, have opted to establish separate participation banking subsidiaries, while subsidiaries controlled by French parents, such as Societe Generale Marocaine de Banques (controlled by Societe Generale), Banque Marocaine pour le Commerce et l’Industrie (BNP Paribas) and Credit du Maroc (Credit Agricole), have chosen to provide services through special Islamic banking ‘windows’.The material has been provided by InstaForex Company .

Originally published on www.forextv.com

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Bursa Malaysia Adds Inter-Pacific to Islamic-Compliant List

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Mintel: 13% of Asia-Pacific Product Launches Carry Halal Claim

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Grand Jamia Mosque: A Fusion of Traditional Islamic Architecture and Pakistani Culture

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