Goldman's sukuk induces ownership and liquidity risks

Obviously, Goldman Sachs did not choose the most consensual structure. In the meantime, a lively debate has been sparked especially concerning the possible risks of non-Shari'ah compliance. These risks are not induced by the initial structure as it has been confirmed by Shari'ah Scholars, but by what this structure can potentially become.... Read More

Dow Jones Islamic Market Indexes Commentary: November 2011

Many of the world’s central banks were quite active in the financial markets during the month of November. But while worldwide markets cheered November 30’s move by a group of central banks to cut the rate it charges the European Central Bank (ECB) for short-term dollar loans, the reaction to Middle Eastern intervention was not as well received.... Read More

Saxo Bank Enables Online Islamic Trading

Saxo Bank A/S, the online trading and investment specialist, has today enabled its clients to identify and trade Islamic compliant stocks and ETFs on more than 25 exchanges worldwide. The Bank selected IdealRatings Inc., a leading global Islamic compliant fund management service provider, as the most reliable source for identifying Islamic compliant instruments globally.... Read More

Goldman Sachs : genuine or Ribawi Sukuk in the making?

The Base Prospectus stipulates repeatedly: " whereby the Trustee will, at the request of GSI, use the proceeds of the issuance of the Series to purchase certain commodities from a third party Seller on immediate delivery and immediate payment terms and will immediately sell such commodities to the GSI on immediate delivery terms but with payment on a deferred basis."... Read More

Islamic Banking in the GCC: The Surge is on

Islamic banking is one of the major contributing sectors to U.A.E.s finance industry, factoring for around a fifth of all banking assets. According to a report released by Standard & Poors (S&P), the period of 2003 to 2008 saw a surge in GCC IFI assets, reaching $288.2 billion in 2008 (S&P 2010).... Read More

IFAAS launches first independent study of Oman's nascent Islamic finance sector

The Islamic Finance Advisory & Assurance Services, IFAAS, the international Islamic finance consultancy, announced the launch of its report, 'Islamic Finance in Oman - Sizing the retail market', analyzing the retail market for Islamic finance in Oman. The report is the first of its kind and addresses the key factors related to launching Islamic finance products for Omani consumers.... Read More

A storm is coming

But perhaps these classical phrases sum up the sentiments of the Islamic finance industry as it anxiously awaits the most anticipated issuance of the 2011 year. Hope in the planned issuance of the $2 billion Goldman Sachs Sukuk could take the industry to new grounds and pave the way for conventional players to tap the industry, while others have expressed some skepticism.... Read More

Global Sukuk cheaper and more plentiful in 2011

November 2011 witnessed a record number of Sukuk issues totaling $8.86 billion globally, according to data compiled by Zawya Sukuk Monitor. Major issues include a global seven-year $1 billion Sukuk sold by Indonesia in the international markets followed by a similar seven-year $750million international Sukuk by the Central Bank of Bahrain.... Read More

Thomson Reuters launches first Islamic Interchange Benchmark

A consortium of Islamic banks and financial industry associations launched the industrys first international Islamic interbank rate on Tuesday, offering a Shari'ah-compliant alternative to traditional interest-based benchmarks.... Read More

Fiqh or Fiction

The primacy of a fatwa when accrediting an Islamic finance training program, and why Islamic finance scholars, not academic and professional bodies, should certify training programs for authenticity... Read More

in-'sl-və_n(t)-sē_[noun]: Part of an Exit Strategy

A staple in any business plan is an exit strategy. Some businesses have the foresight and operate in a manner which allows them to exit the market before bankruptcy_ for others exit is prompted by insolvency, personal bankruptcy among the largest shareholders and a general inability to continue operations financially.... Read More

Indonesia Islamic Banking Market Assessment Q2-2011 (Case Study: Islamic Commercial Bank and Islamic Business Unit)

The global economic recovery was getting stronger at the end of 2009, it has shown the optimism condition for the economic development of Indonesia in 2010. Although Greece faced an economic crisis in second quarter of 2010, Indonesia, with inflation rate reached 6.96 in 2010, the GDP Growth has returned to 6.10, from 4.58 in 2009.... Read More

Sukuk gain where bonds lose in a month of firsts: Global Sukuk review

Almost a year after we saw the first corporate Sukuk out of Turkey, and in line with our expectations in "Sukuk set record in first 9 months" that Turkey might surprise the market with a series of Sukuk issues in 4Q 2011, the market welcomed the second issuance by Kuwait Finance House's Turkish subsidiary.... Read More

Dubai as the Dispute Resolution Center for the Islamic Finance Industry

There is no doubt that the Islamic Finance Industry is booming worldwide. However, to the industrys detriment, there does not exist a sufficient regulatory framework through which to solve disputes in Islamic Finance transactions. If this situation persists, the Islamic Finance Industry will not survive.... Read More

DOW JONES ISLAMIC MARKET TITANS 100 INDEX CLOSED DOWN 0.83% IN 2011

Despite posting a gain in the final month of the year, the Dow Jones Islamic Market Titans 100 Index finished 2011 down 0.83%, according to data compiled by Dow Jones Indexes. The index, which rose 0.53% in December and 5.79% in 2010, measures the performance of 100 of the worlds leading Shari'ah-compliant stocks.... Read More

AMAN facilitates strategic discussion on Takaful

Her Excellency (HE) Fatima Mohammed Ishaq Al Awadi, Deputy Director General, UAE Insurance Authority, led the inaugural ceremony for the Takaful training course entitled Takaful: Fundamentals and Practices, which opened Monday, January 9, 2012. ... Read More

Another kind of consolidation

SIZE matters. One of the most over-used words in Islamic finance is the need for Islamic banks and takaful companies to consolidate to reach size and achieve scale. ... Read More

Maintaining a database of operations: Tread cautiously through Islamic investments

Below we give more rationale for fully liquid, globally allocated portfolios that meet or beat just about any kind of investment strategy offered from conventional managers... Read More

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