IslamicFinance.de

La loi n° 103.12 relative aux établissements de crédit et organismes assimilés introduit les banques participatives dans le code bancaire à travers la mise en place de nouveaux fondements reposant sur les principes de partage des gains et des pertes, en faisant appel exclusivement au Conseil Supérieur des Oulémas pour donner ses avis de conformité. Le texte pose le cadre réglementaire pour la création, le fonctionnement et les activités de banques participatives et définit les points concernant le domaine d’application, les dépôts et les produits commercialisés par les banques participatives. La loi n° 103.12 s’applique aux établissements de crédit et organismes assimilés.

The Islamic banking industry in Saudi Arabia is set to achieve $683 billion of Shariah-compliant assets by 2019, according to EY’s World Islamic Banking Competitiveness report. A strong demand from customers, both retail and corporate, has led to significant growth in Islamic banking in Saudi Arabia resulting in 54 percent of all financing being Shariah-compliant in 2013. Overall, the size of Islamic banking assets in Saudi Arabia has nearly doubled from 2009-2013. One in three of the positive sentiments analyzed in the kingdom were about branch experience, indicating that customers were generally satisfied in this area of service. While online and mobile banking services has taken off well in Saudi Arabia, it’s sustainability remains a cause of concern.

The number of family offices in Asia and the Middle East will more than double to about 400 over the next eight years as the ranks of wealthy individuals swell, Michael Prahl of Insead business school said. Driven by the region's economic expansion, the number of wealthy individuals is expected to rise 40 percent by 2023. Family offices manage assets as well as provide tax, legal, accounting and philanthropy services to the wealthy. In the average Asian family office, just three investment professionals manage about US$400 million of assets, according to Insead. That compares with five to six professionals managing between US$300 million and US$1 billion in Europe or the US.

Dr Syed Zafar Mahmood, President, Zakat Foundation of India, presented a research paper at the University of Glasgow's International Conference on Islamic Perspective of Accounting, Finance, Economics and Management (7 -9 April 2015). The paper explores the effect of Zakat, Sadaqah and Qulil Afwa on society, and discusses why riba is forbidden in Islamic economies. In conclusion, the concomitant theme of all economic activity should be to ensure that the community's wealth keeps on changing hands and circulating across the entire social spectrum.

Countries that are intensely religious are typically less innovative than those that aren’t, according to a new paper published by the National Bureau of Economic Research. The study, titled “Forbidden Fruits: The Political Economy of Science, Religion, and Growth,” compares religious beliefs and belief in God with scientific innovation as measured by issuance of patents. The paper also delves into the types of political and scientific regimes that result from religious conviction, ranging from a Western European model with relatively unimpeded scientific progress and a declining role for the Church to a theocratic model with a political class closely allied to religious leaders who are resistant to scientific discoveries. Both feature high taxes, though spending is channeled toward different ends.

Warba Bank has announced the re-launching Qard Hasan (“Free Profit loan”) in Kuwait after increasing its amount to KD 5,000 with flexible repayment period up to 18 months to all Kuwaiti Nationals as per the credit terms and conditions for individuals. Two years ago, Warba was the first bank in Kuwait to launch Qard Hasan initiative, not bearing any profits in line with the rules of Islamic Sharia. This initiative aims at supporting national customers working in the government sector, any of its associated institutions or the private sector. The customer will have the choice of either opening a Warba Bank salary account or investment saving account at no charges.

The Thomson Reuters Global Sukuk Index is at 118.66237 points, up from 117.52672 at the end of last month and 115.79726 at the end of last year. The Thomson Reuters Investment Grade Sukuk Index is at 117.64818 against 116.23259 at end-March and 113.69014 at end-2014. Some of the sukuk in the pipeline are: Kuveyt Turk said in late April it would apply to the Capital Markets Board for permission to issue up to 1 billion lira ($370 million) of sukuk. The Islamic Corporation for the Development of the Private Sector said in late April it would lead manage a 300 billion CFA franc ($480 million) Islamic bond programme for Ivory Coast. Malaysia's Khazanah Nasional plans the first tranche of a 1 billion ringgit ($276 million) sukuk issue as early as May.

The Islamic Corporation for the Development of the Private Sector (ICD) will lead manage a 300 billion CFA franc ($480 million) Islamic bond programme for Ivory Coast. The programme will issue Ivory Coast's first sovereign sukuk in order to finance development projects. It will be conducted in two equal phases of 150 billion CFA francs and extend from 2015 to 2020, the ICD said in a statement. As lead manager, the ICD will structure the sukuk programme, appoint and coordinate other consultants, liaise with government officials and oversee the entire process of the offer, it said. Senegal and South Africa issued their first sukuk last year, while Niger's government plans to establish an Islamic bond programme and Nigeria has been considering an issue.

Russia is looking to Malaysia to assist and build its knowledge and human capital in Islamic Finance, as it looks to introduce the system for its Muslim citizens. A delegation from Malaysia, consisting of representatives of a subdivision of the Central Bank of Malaysia for development of Islamic finance and University Tun Adbul Razak, visited Russia in February to assess the market. Earlier this year, two major Islamic banking institutions, Al Baraka and Al Shamal, announced that they are actively looking for partners in the Russian market at a recent banking summit. Working with a local partner will allow them to operate legally in Russia.

Ivory Coast has signed an agreement for Islamic-finance bond as it seeks to raise money for infrastructure. The Islamic Corp. for the Development of the Private Sector (ICD) will oversee the 300 billion-CFA franc ($490 million) sukuk. The program will be implemented in two tranches, each worth 150 billion francs, between this year and 2020. The sukuk will be an “alternative financing means for developmental” projects, Ivorian Minister Delegate to Finance Niale Kaba said, without giving details on what the funds will be used for. Ivory Coast joins a growing number of sub-Saharan African nations tapping Islamic finance debt markets seeking cash for development projects.

Sharjah Islamic Bank achieved a net profit of Dh106.9 million for the first quarter 2015 compared to Dh110 million for the same period last year. While total assets reaching Dh27.4 billion, total assets grew by 5.3 per cent to reach Dh27.4 billion at the end of the first quarter 2015 compared to Dh26.0 billion at year end 2014. Liquid assets reached Dh5.7 billion comprising 20.7 per cent of total assets. Net customer receivables amounted to Dh16 billion growing by 10.5 per cent or Dh1.5 billion compared to year end 2014. Investment securities increased by 27.6 per cent to reach Dh2 billion compared to Dh1.6 billion at the end of 2014. Sharjah Islamic Bank was successful in attracting more deposits during the first-quarter of the year.

Lloyd's is in talks with market regulators in Malaysia to set up an office dedicated to takaful. The planned office will also enable Lloyd's to target Saudi Arabia and the United Arab Emirates, which together with Malaysia are the largest global markets for Islamic insurance, the marketplace's director of global markets, Vincent Vandendael, said. Lloyd's opened an office in the Dubai International Finance Centre (DIFC) earlier this year. Lloyd's has historically provided cross-border reinsurance in Malaysia as a foreign reinsurer, but also has a 'tier 2' licence allowing its syndicates to set up service companies in the Labuan International Business and Financial Centre (IBFC).

Equinix, the global interconnection and data center company, addressed the challenges and opportunities facing the Takaful industry in the region by taking part in the recently held World Takaful Conference, the world's largest gathering of Islamic insurance leaders, held in Dubai. James Maudslay, Global Head of Insurance, Equinix spoke about trends in the Takaful market with a key address on 'Sustainable market growth - Looking at opportunities for innovating the Takaful market offering'. Maudslay explained how technology can transform and grow the Takaful market by assisting with data recording, process control, reporting, regulatory inconsistencies, maximising data collection and storage.

The Capital Markets Authority (CMA) is planning to allow in foreign investors from June 15. Mohammad Al Jadaan, chairman of CMA, expects a lot of benefits from the entry of foreign players into its stock markets. It is expected that the level of studies, research and evaluation done on the market in general and on the listed companies in particular would be higher which would provide more accurate information and more fair assessments, he said. This would also help to raise the level of the research and studies on the Saudi capital market, he added. The CMA is expected to publish the rules for foreign institutions on May 4, while rules will be effective June 1, and the QFIs will be allowed to invest in listed shares starting from June 15.

The Skoll Foundation and the United Nations Foundation today announced the winners of a unique set of grants—totaling US$1 Million—that will enable partnerships between social entrepreneurs and United Nations agencies, funds, and programs designed to drive impactful social innovations. This first-time grants application process encouraged Skoll Awardees to partner with UN agencies. Three programs will receive grants that will enable the partners to scale up innovative programs to benefit people around the world: Bringing Books to People with Print Disabilities; Increasing Financial Inclusion and Social Protection for the Rural Poor; Greening Procurement of Health Care Products.

With the easing of economic sanctions against Iran, the country is expected to unleash its enormous potential of Islamic finance and enter the global stage with new Shariah-compliant products at a size that could threaten the dominance of Malaysia and Saudi Arabia in the sector. Iranian banks represent the world’s largest financial system based on Shariah law. However, due to the sanctions, the country has so far only marginally participated in the global Islamic finance sector and thus did not benefit from the rapid global growth of Islamic finance in the recent past. The entire banking system in Iran is Shariah-compliant, and there are no conventional banks to compete with.

Moody's Investors Service has assigned definitive A3 senior unsecured ratings to the US dollar trust certificates issued by Malaysia Sovereign Sukuk Bhd, a special purpose vehicle established by the government. Moody's said on Wednesday its definitive ratings for these debt obligations confirmed the provisional ratings assigned on April 6. The A3 rating assigned to the sukuk is at the same level as the long-term local-currency and foreign-currency issuer ratings of the Government of Malaysia. The proceeds of the sukuk will be used by the issuer to invest in the purchase of an asset pool consisting of Ijara assets, the right to participate in the provision of transportation services in Malaysia, and Shariah-compliant commodities.

Noor Bank has successfully priced its inaugural five-year $500 million Sukuk today. With the final pricing of 2.788 per cent for the issue, it becomes the lowest ever pricing paid by any Sukuk issuer in the UAE till date. The final pricing came at the back end of global roadshows undertaken across Asia, Middle East and Europe. This pricing of 130 bps over five-year mid-swaps is at the tight end of the final price guidance and compares to initial profit thoughts of 140 bps area. The senior unsecured issuance rated ‘A-’ (EXP) received an overwhelming investor interest from various geographies including the Middle East (54 per cent), Europe (29 per cent) and Asia (17 per cent) wherein more than 45 per cent of the issuance was allocated to European and Asian investors.

En Europe, le Takaful a rencontré une forte demande et a su trouver son marché là où il s’est allié aux assureurs mutualistes. A ce jour, sur le marché Français l’offre Takaful est en construction en assurance Vie. Si les compétences opérationnelles et les capacités d’encadrement existent et sont facilement mobilisables, la demande est aujourd’hui en attente. Des pans entiers de la cible se disent prêts à souscrire à une offre de qualité. Les associations communautaires, les particuliers, les entreprises, les déçus ou les réfractaires de la finance traditionnelle peuvent trouver dans la mise en place de ces offres une solution à leurs besoins.

Egypt's sukuk law is likely to be ready by the start of the new fiscal year in July, according to Finance Minister Hany Kadry Dimian, who told reporters in March the government will sell dollar-denominated Shariah-compliant notes once the rules are in place. Egypt also said in early March it’s preparing to issue its first conventional international bond since 2010. Egypt has hired banks including Morgan Stanley, BNP Paribas and Natixis for a $1.5 billion non-Shariah compliant bond sale, Dimian said in March. The cash raised will be partly used to pay dues to foreign oil companies. The sukuk sale will probably also be used to finance mega-projects that have been approved by the government during the investment conference.