IslamicFinance.de

The Cyprus Stock Exchange is currently intensifying its efforts for promoting new initiatives and plans in this direction in order to help our country overcome the present difficult and challenging economic situation,thus contributing to the rebuilding of Cyprus’ economy. Very recently, within this general direction, the Cyprus Stock Exchange has started examining, along with other interested authorities and market participants, the possible development of the Islamic Financial Instruments. Last but not least, it should be underlined and stressed that the CSE is ready to discuss listings of Islamic financial investment with interested parties.

The Cyprus Investment Funds Association is calling for the government to sell sukuk to lure investment from the Middle East. In addition, the Cyprus Stock Exchange wants to encourage the listing of Shariah-compliant bonds and sees potential for the nation of 1.2 million to become a “gateway to the European Union” for Islamic investors, Chief Executive Officer Nondas Metaxas said. The island, where Muslims make up 18 percent of the population and Turkey has kept troops since the 1974 conflict, is being asked by the European Union to tackle a bad-loan ratio of 45 percent after a joint bailout with the International Monetary Fund in March 2013. However, the government isn’t currently looking into developing an Islamic finance industry, Finance Minister Harris Georgiades.

The Cyprus Stock Exchange is currently intensifying its efforts for promoting new initiatives and plans in this direction in order to help our country overcome the present difficult and challenging economic situation,thus contributing to the rebuilding of Cyprus’ economy. Very recently, within this general direction, the Cyprus Stock Exchange has started examining, along with other interested authorities and market participants, the possible development of the Islamic Financial Instruments. It is believed that the development and promotion of CSE’s initiatives could bring significant benefits to the Cyprus economy, as well as to the Cyprus Stock Exchange. The CSE is ready to discuss listings of Islamic financial investment with interested parties.

Sharelink Financial Services Group (SFS) and Kuwait Finance House Asset Management Sdn Bhd (KFHAM) have launched a shipping venture that aims to raise 150 million dollars of investment for modern vessels.

Global Shariah Shipping Fund, jointly sponsored by Cyprus-listed SFS Group and Kuwait Finance House (Malaysia) and Global Shipping Investments Management Ltd (equally owned company by SFS and KFHAM), is being launched with the aim of raising $150 mln for the acquisition of offshore vessels and other types of ship.

Cyprus listed SFS Group and Kuwait Finance House (Malaysia) aim to launch a USD 150 mn fund. Fund's objective is to invest directly in shipping assets and primarily in vessels to be chartered out on a long-term basis to top league charterers. The fund will be established through a limited partnership in the Cayman Islands before the end of 2009.

Ab Jabar Ab Rahman is the deputy chief executive officer of Kuwait Finance House (Malaysia) Berhad.