Khazanah Nasional Bhd., Malaysia's state investment arm, sold $850 million of Islamic bonds that can be converted into shares of the country's biggest toll-road operator in the nation's biggest offer of convertible securities.
Standard & Poor's has launched a fully investable S&P Pan Asia Syariah Index, the latest addition to the S&P Global Syariah Index Series.
The new index, which draws stocks from nine Asian markets in the S&P Citigroup Global Equity Index, will enable Islamic investors to benchmark their investment on a regional basis, and give product providers the opportunity to develop structured products tailored to the Islamic market.
Maybank has launched Savings Account-i, the first Syari’ah-compliant passbook savings account in Singapore, which aims to meet the needs of about 250,000 consumers who may still prefer passbook accounts. These are mainly Malay customers in 2 major age groups – those between 45 to 69 years old, and those below 15, who may open the account jointly with their parent or legal guardian as a Trust Account.
A forum organized by the International Centre for Education in Islamic
Finance (INCEIF) and Tadhamon International Islamic Bank was held last
Thursday at the Mövenpick Hotel in Sana’a. The objective of the forum
was to highlight the developmental needs of the global Islamic
financial services industry, which is growing at an annual rate of
15-20 percent, according to the INCEIF. Participants in the forum
discussed the success of Malaysia in its multi-phase development of the
The award-winning Shariah consulting and product design team of Dar Al
Istithmar (a majority- held subsidiary of Deutsche Bank) announced
today that it has been absorbed by the BMB Group to create BMB Islamic,
a full service, Islamic-focused product design and placement
institution.
Investment bank HSBC is expecting to arrange the sale of up to $3 billion in Islamic bonds in the third quarter of this year, it has been reported.
Hissam Kamal Hassan, the bank's head of Islamic finance, said that the bonds, or sukuk, are to be sold in the Middle East for petroleum companies and utility firms.
He told Reuters: "We are expecting two to three transactions of international benchmark sizes. Issuers are both state-sponsored companies and private issuers."
Emirates Bank and Infosys Technologies (NASDAQ:INFY) today announced that they have entered into a strategic partnership to implement Finacle Universal Banking Solution as the new core-banking platform for the banking group.
Weekly wrap up of Islamic finance news from Dinar Standard.
Summary from Dinar Standard.
Global Banking Corporation (GBCORP), a new entity licensed by the Central Bank of Bahrain as a wholesale Islamic investment bank — with a paid-up capital of $250 million and authorized capital of $500 million — opened its doors for business yesterday with a pledge to tap the opportunities in the $500 billion global Islamic banking industry.
