Hedge Funds

Arrested #Saudi tycoon faces fraud claim in English courts

Saudi billionaire Maan Al-Sanea is accused in the English courts of a $650m (£495m) fraud that has triggered a battle between hedge funds and the French bank BNP Paribas. He was arrested by Saudi authorities in October on charges of evading justice and owing large sums of money to creditors. Maan’s Saad Group collapsed in 2009, triggering a long battle to recover billions he had shipped offshore to the Cayman Islands. The High Court trial concerns the arrangement of a $650m sukuk, which was paid to Mr Maan personally to lease land he owned. Judgment in a separate claim brought by the hedge funds against him is due on Thursday. Subsequent arrests of prominent Saudi businessmen sparked debate over whether the moves represent consolidation of power or a genuine crackdown on corruption.

#Zurich: #Responsible #Finance & Investment Summit 3-4 May 2017

Summit will explore intersection of #fintech, #ESG and #Islamicfinance. #RFISummit17

January 24, 2017, Zurich, Switzerland –

Bringing together a diversity of perspectives is critical for continuing the growth occurring within responsible finance. On this premise, the Responsible Finance & Investment Summit 2017 will convene in Zurich, Switzerland from 3-4 May 2017 around the theme “Building Bridges, Expanding Impact”.

Recent estimates from industry stakeholders show continued growth in responsible finance assets in many geographies and sectors. Responsible investment in Europe grew by 42% during the past 2 years, while in the U.S., assets grew by 33%. In Islamic finance, which has a global presence with a significant presence in Europe, the Middle East and Asia, growth in the last 2 years has been 21%. Identifying actionable areas for collaboration will support continued growth towards a more sustainable financial system.

Robin Hood Coop, an Activist Hedge Fund

Now here is an improbable idea:an activist hedge fund.Out of Tampere, Finland, comes the Robin Hood Asset Management Coop, which legally speaking, is an investment cooperative. It is designed to skim the cream off of frothy investments in the stock market to help support commoners. As the website for the coop describe it:
We use financial technologies to democratize finance, expand financial inclusion and generate new economic space.Robin Hood’s proposition is no different than it was 600 years ago in Sherwood: arbitrage the routes of wealth and distribute the loot as shared resources. Today we just use different methods to achieve the same:we analyze big data, write algorithms, deploy web-based technologies and engineer financial instruments to create and distribute surplus profits for all. Why? Simply, we believe a more equitable world is a better one.

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Relaunch IslamicFinance.de Newsletter - Free Download

Dear Reader,

On the occasion of the 10th anniversary of IslamicFinance.de please find at the hyperlink below the relaunch of the newsletter.

http://www.islamicfinance.de/files/20140529%20IslamicFinance%20dot%20de%...

Any new issues will be announced to our registered users of IslamicFinance.de and to the members of the related LinkedIn Group of IslamicFinance.de.

If you wish to register please go to http://www.islamicfinance.de/?q=newsletter/subscriptions or become member of the LinkedIn Group: http://www.linkedin.com/groups?mostRecent=&gid=147616&trk=my_groups-tile...

Enjoy reading! And if you do, please consider sharing the free newsletter with your friends & colleagues by forwarding or subscribing an internal email address to forward it your entire firm.

NB: I appreciate feedback to improve the content and better understand what readers are looking for. Please allow time for reply, which I may not be able to give to all enquiries after sending out the newsletter.

All the best,

Michael Saleh Gassner

Bi-annual Bulletin on the Malaysian Islamic Capital Market by the Securities Commission Malaysia

Contents
Revised Shariah Screening Methodology: 1
Expands ICM’s Global Reach
SHARIAH
New Shariah Advisory Council Resolutions 3
DEVELOPMENT
Region’s First Structured Covered Sukuk 7
Royal Award for Islamic Finance Calls for Global 9
Nominations
SC and Autoriti Monetari Brunei to Strengthen 9
Efforts in Greater Cross-border Activities
SC Leads Islamic Finance Taskforce to Publish a 10
Report on Enhancing Infrastructure for ICM
REGULATORY
IFSB-IOSCO-SC Collaborate on Disclosure 11
Requirements for ICM Products
SC Revises Equity Guidelines for SPACS 12
Technical Note on the Application of SC’s 13
Guidelines In Relation to Non-Tradable and
Non-Transferable PDS and Sukuk
FEATURES
2013: Another Resilient Year for the Global 14
Islamic Finance Industry
Global Islamic Funds Industry: Achieving 18
Growth Under Challenging Times
Harmonisation of Shariah Rulings 22
in Islamic Finance
News Round-up 29
STATISTICAL UPDATES
Malaysian ICM – Facts and Figures 32
Free download below at source:

Yale Grad Trusts in Bank of Baghdad to Help Deliver Returns

According to Grant Felgenhauer, a portfolio manager at Euphrates Iraq Fund, the opportunities offered by Iraqi equities overshadow anything else in the world today. Felgenhauer returned 28 percent last year with bets on Iraqi shares such as Bank of Baghdad, compared with a 9.5 percent decline for Iraq’s ISX General Index. That helped make New York-based Euphrates the fourth-best performing emerging-market fund managing more than $50 million in 2013. Iraq is drawing investors from specialized hedge funds to global banks including Citigroup and Standard Chartered as the oil-rich nation rebuilds 11 years after the U.S.-led invasion. The economy will expand 6.3 percent this year and crude production is estimated to rise to 9 million barrels a day by 2020.

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How to achieve a soft landing of a deleveraging, while growing economy?

For many years we see in the media experts believing in inflation and even hyper inflation. However, in the same time we face proponents warning against deflation. So far we all noticed.

Only a about a week ago I read an article by Myret Zaki clarifying that unfortunately inflation and deflation co-exists.

Myret Zaki's thesis is that we face inflation on financial markets, and deflation in the real economy (in French):

http://www.bilan.ch/myret-zaki/redaction-bilan/inflation-et-deflation-co...

In my view there is a general major shift in the price matrix and I still try to figure the magnitude and implications thereof. It is a bit irritating as at University we learned about neutrality of money:

http://en.wikipedia.org/wiki/Neutrality_of_money

This means any extra supply will increase prices equally, 5 % more money, all prices going up 5 %. Pretty plausible at first hand. However, it seems it does not work in reality any more (or never did).

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Outlook & Review 2012/2013

Dear Reader,

Islamic finance had another great year. Many of its market segments progressed, like for example the Sukuk market gaining more maturity. Despite the ongoing debt crisis a good sign of hope and happiness.

Nevertheless we are - as an industry - still not satisfied with the achievements. Islamic finance shall grow stronger in terms of social impact and in terms of substance:

Hence, please allow me to re-iterate my call for participating in international initiatives beyond just our own industry to learn and spread knowledge and experience:

Calling Islamic financial institutions to become member of the United Nations Finance Initiative
http://www.islamicfinance.de/?q=node/811

Inshallah we see more Islamic financial institutions taking a lead in SRI, Social Impact Investing and other approaches while contributing with Islamic finance knowdledge to the conventional industry. The time is now; and there are signs that Malaysia aims for a lead:
http://www.islamicfinance.de/?q=node/4151

Gassner's picture

Islamic finance title from German translated to Chinese

Dear Reader,

The German language book on Islamic finance by the Editor of IslamicFinance.de and Dr Wackerbeck from Booz Consultants is now translated to Chinese.

Please find the biographical information below:

Authors: Michael Gassner / Philipp Wackerbeck
Title: Islamic Finance – Islam-gerechte Finanzanlagen und
Finanzierungen
ISBN number: 978-7-5139-0217-5
PUBLISHER: Beijing - Democracy and Construction Press
Pre-Publication Date: 2012.7

Full biographical details: http://db.lib.bua.edu.cn/asord/asorditem.php?asord_marc_no=0001344540

Orders: http://www.amazon.cn/%E4%BC%8A%E6%96%AF%E5%85%B0%E9%87%91%E8%9E%8D-%E7%B...

Book review about the German language original: http://www.rpi-virtuell.net/workspace/24686AD5-936C-476D-9EA0-65E2968590...

Best regards,

Michael Gassner

Islamic finance job openings October 2012

IslamicFinance.de offers an overview about new job openings of October 2012 herewith - firms aiming to be included please send a job profile/hyperlink to newsdesk@islamicfinance.de - the full details of the advert has to be accessed by the hyperlink below the brief description:

Product Manager, Islamic Banking

Standard Chartered Bank - United Arab Emirates-SCB (United Arab Emirates)
Job Description
?Development of Islamic wealth products across CBMS, insurance and investment streams to create customer value proposition.
?Ensure successful implementation of the Islamic banking strategy across high value segment.
?Concentrated responsibility to work with the Priority/Wealth/Private/SME product/frontline teams and support functions to build on the current Islamic banking capabilities and to create seamless customer experience
?Act as a product specialist for RMs on client meetings to introduce and explain the Saadiq solutions to meet their needs
?Financial budgeting and business forecast. Evaluation of financial performance.

New hedge fund offers crossover appeal to both green and Islamic investors

An announcement by Sustainable Options Ltd sias that a new hedge fund - Sustainable Resources Fund - will be launched. As an open ended hedge fund, it will appeal to both green and Islamic investors. Its goal is to raise $100m for investment in a series of sectors like agro-forestry, land and sustainable agriculture. The fund has appointed an investment manager - Alpha Wealth Management - and a fund administrator - Apex Fund Services.

US Islamic assets manager set to delist

After a seven-year string of losses, the US-based Shariah Capital will delist from London's Alternative Investment Market (Aim). According to the hedge fund manager, a cancellation of the shares will be sought. The company expressed its opinion that cost of maintaining the listing, which is US$300,000 per year, is better spent elsewhere.

Indonesia to Allow Currency Hedging for Banks: Islamic Finance

Indonesia plans to let Shariah-compliant banks hedge against exchange-rate movements. This way, the growth in Islamic financial assets will be stimulated and the gap with Malaysia’s industry will be narrowed. The instruments, available in Malaysia since 2006, have been approved by the Bank Indonesia, the National Shariah Board and the Indonesia Institute of Accountants. As a result of hedging, Bank Muamalat Indonesia will be able to hold more global bonds and issue more dollar loans.

Arcapita Bank Wins Permission to Manage Cash, Pay Wages

Arcapita Bank BSC was given permission to use cash within a budget and pay employees in bankruptcy.
U.S. Bankruptcy Judge Sean Lane in Manhattan certified Arcapita’s requests on an interim basis to escape “irreparable harm” being done to the company.
Arcapita was forced to search bankruptcy after hedge funds, including Euroville, derailed restructuring talks on its $1.1 billion loan due in March.

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IslamicFinance.de aims to raise USD 2'500 for quarterly running costs

Dear Reader,

IslamicFinance.de is privately funded for many years. Now, for the first time, you have the possibility to make a contribution, from one Dollar upwards!

The technical details, and the money transfer via paypal is organised by Kapipal a new online fundraising tool:

http://www.kapipal.com/islamicfinance

On the blog I gave some more thoughts about Islamic finance media for those interested: http://www.islamicfinance.de/?q=node/3454

Please also note: The fundraising action has a deadline, so act today, not tomorrow and tell your friends about it!

All donors who will leave a message will be listed in the article, which follows after closure of the fundraising period.

I am happy to meet you in person either on 19th March in Milano (http://www.islamicfinance.de/?q=node/3396) or on 10th May in Frankfurt (http://www.islamicfinance.de/?q=BAFINII) at the respective Islamic finance conference.

Wa at Taufiq min Allah, all the best,

Michael Saleh Gassner

Gassner's picture

Islamic finance media - a challenge, and what one could do

Dear Readers,

Islamic finance media are a tricky service. This is true for various reasons: The Internet eats up the revenues, because everything ought to be free. Islamic banks are still a niche phenomena, and international banks like UBS or Deutsche are almost as large as the entire global Islamic finance industry. Consequently the marketing budgets are much lower, too.

Last not least, who should advertise? The banks among themselves or to the clients? Advertising from bank to bank, does usually not make much sense, but real client oriented formats are hard to find, too. May be this is a niche. Others, who could finance Islamic finance media are basically the service providers to the banks, but due to the limited number of Islamic financial insitutions, direct marketing, e.g. face to face meetings will be preferred.

This in short is the background why Islamic finance media are not so well established in terms of journalism and research, but mostly reflecting the press release as criticised by the makers of the Islamic Globe. See: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

Ajman Bank finds all good things come to an end

Stocks in Ajman Bank fell 1.19 per cent to 83 fils a share. The bank's stocks have, however, gone up 4.2 per cent since the start of the year.
The bank's profits are also revealing the first solid growth for some time.
The bank has also showed a desire to concentrate on women's banking and spread out its network with up to four new branches.

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