Reliance Capital Asset Management’s subsidiary is set to launch two Shariah-compliant funds in Malaysia by July 2010. http://assetmanagement.banking-business-review.com/news/reliance_capital_to_launch_two_islamic_funds_in_malaysia_100629/?
Malaysia’s central bank has ordered Shariah banks to give borrowers a rebate for early settlement under new rules designed to prevent legal disputes and restore confidence in troubled Shariah-Compliant financing contracts. http://www.reuters.com/article/idUSSGE65N0C520100625?rpc=401&feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&rpc=401
Sukuk “Alert”
Official and private entities in Jordan, Indonesia, Abu Dhabi, Malaysia, Saudi Arabia, Qatar, Dubai, Luxembourg, Sudan, Pakistan, Kazakhstan, Lebanon, Kuwait, Thailand, Islamic Development Bank and General Electric (GE) all are contemplating or planning Sukuk (Islamic bond) offerings in the near future… http://www.bloomberg.com/news/2010-06-22/jordan-indonesia-islamic-development-bank-plan-sales-islamic-bond-alert.html
Deutsche Bank (Malaysia) Bhd (DBMB) has launched an online zakat settlement solution in Malaysia. A subsidiary of Deutsche Bank AG, DBMB is the first foreign bank to provide an end-to-end Islamic tithe collection solution which is Shariah compliant. As regular readers of SFW no doubt know, zakat is used for a variety of purposes, but […]
Maybank Islamic, Asia-Pacific’s largest shariah bank, forecast strong financing and deposit growth on Monday but said the lack of business-savvy religious scholars was a challenge to expansion. This fits in with the growing movement to establish a centralized Shariah governing body, which would be outrageously powerful and probably also opaque… http://www.reuters.com/article/idUSSGE65D0C120100614
The efforts to push Shariah out to the rest of the world via the financial back door continues… http://www.businessweek.com/news/2010-06-03/khazanah-said-to-plan-biggest-singapore-dollar-sukuk-correct-.html
Bank Negara of Malaysia claims to be in the final stages of developing instruments that will facilitate cross- border transactions by financial institutions to improve liquidity in the Islamic banking system. After announcing this development, the bank declined to provide any details. This is a microcosm of Shariah-Compliant Finance: big on claims, small on disclosure […]
For those who ignore the issue of zakat in Shariah-Compliant Finance, the photograph below should be a revelation. It shows an executive with a Malaysian Islamic Bank handing over a zakat payment to a zakat official with the Malaysian government. At this point we don’t know if a portion of that money will end up […]
Back on 13 March, we posted a link to a story about a lawsuit between a customer of Bank Islam Malaysia and the bank: https://shariahfinancewatch.org/2010/03/13/bank-islam-malaysia-sued-by-customer-for-possible-violation/ The lawsuit involves the possible wrongful sale of the investor’s shares of the common stock of a company called Guthrie. The bank has so far refused to disclose any documentation […]
An Illiquid Sukuk Market? No Worries, Just Issue Some More
Malaysia may sell longer dated government sukuk to help alleviate a shortage of investments for takaful firms, an Islamic insurer said, which would help address a barrier to the industry’s growth. An illiquid sukuk market and a shortage of Islamic assets, especially long-term paper, have generated an over-reliance on regional equity and real estate markets, […]
SFW readers should note that the bank has refused to disclose documents relating to this case. One of the chief concerns surround Shariah-Compliant Finance is the lack of transparency and disclosure characteristic of it around the world… Abdul Khalid filed the suit against BIMB for alleged wrongful sales of his shares in Guthrie under an […]
As we have pointed out previously, Malaysia is fast becoming ground zero in Shariah Finance, at least in the Far East… http://www.theage.com.au/business/kuala-lumpur-a-world-financial-centre-through-growth-in-islamic-banking-20100308-pss0.html?
Islamic “megabank” to launch
The creation of a planned Islamic investment megabank is in ‘fairly advanced stages’ and it will likely be launched in the next six to 12 months, an executive at a firm advising on the project said on Thursday. A plan to form the world’s largest sharia-compliant lender – which is being promoted by the chairman […]
CIMB Islamic eyes Indonesia, Singapore for growth of Shariah-compliant financial products–including derivatives
CIMB Islamic bank of Malaysia, the world’s top sukuk arranger, will offer new sharia products this year to expand its business in Indonesia and Singapore, as the Islamic finance market struggles to recover from the financial crisis. The bank plans to launch products such as Islamic auto financing, structured instruments, derivatives and unit trusts to […]
Asia to Drive 24% Growth in 2010 Global Sukuk Sales, CIMB Says
Sales of Islamic bonds (sukuk) may increase 24 percent this year, led by Southeast Asia says CIMB Group Holdings Bhd., the leading arranger of such issuance. This forecast comes despite the rash of defaults which hit the sukuk market in 2009. http://www.businessweek.com/news/2010-02-03/asia-to-drive-24-growth-in-2010-global-sukuk-sales-cimb-says.html
A week ago, we reported on capital flight from Malaysia, something that has received very little attention from the financial media. https://shariahfinancewatch.org/2010/01/12/money-fleeing-malaysia/ In the middle of the growing problems in Malaysia, the country’s prime minister is continuing to promote his nation as a center for Shariah Finance. Could this be another Dubai Debacle in the […]
Long time readers of SFW are likely familiar with Sheikh Yusuf al-Qaradawi. Qaradawi chairs the Shariah advisory boards of some major international financial firms and is also chairman of the Union of Good, a group of Islamic charities which support Jihadist terrorist organizations. Qaradawi is also infamous for declaring in late 2008 that “Islamic” finance […]
Money Fleeing Malaysia
Here on Shariah Finance Watch we have documented that Malaysia is ground zero in the Pacific Rim for Shariah Finance: https://shariahfinancewatch.org/category/malaysia/ Almost all of the financial news out of the Malaysian capital of Kuala Lumpur over the past year has been centered around “Islamic” finance and banking. The country’s prime minister and other cabinet members […]
No nation in the world is more active in promoting and exporting Shariah Finance than the nation of Malaysia. Illustrating that is the fact that there are more entries for Malaysia on this blog than for any other country name, except for Iran and Saudi Arabia. https://shariahfinancewatch.org/category/malaysia/ Also, a Malaysian bank, CIMB Islamic, just received […]
Malaysia continues in its role as the epicenter of Shariah finance in Asia. As if Thailand doesn’t have enough to worry about from Al Qaeda-inspired and affiliated insurgents, now the financial jihadists have their sights set on the country… http://www.bernama.com/bernama/v5/newsgeneral.php?id=461776
A Shill for Shariah Finance In Power in Kuala Lumpur
Prime Minister Datuk Seri Najib Tun Razak of Malaysia continues to promote his country at the head of financial jihad in Asia. It was he who proclaimed back in the spring that Shariah finance was “missionary work,” meaning that the purpose of Shariah finance is to promote Shariah itself. Malaysia does seem to be the […]
Abu Dhabi Islamic Bank plans expansion throughout Asia
As if the United Arab Emirates had not done enough to the world financial system through the debacle of Dubai, now Abu Dhabi Islamic Bank has announced plans to expand its business throughout Asia. http://www.arabianbusiness.com/575493-adib-plans-expansion-throughout-asia
Malaysia and Hong Kong in Landmark Pact to Develop Islamic Capital Market
Malaysia is hell bent for leather to establish itself as the epicenter of Shariah Compliant Finance. It is, of course, no coincidence that Malaysia is also in the process of attacking free speech and imposing other aspects of Shariah on its populace… http://news.yahoo.com/s/prweb/20091124/bs_prweb/prweb3253974?
Malaysian Islamic reinsurer MNRB Retakaful forecasts that revenue from its overseas operations will exceed that of domestic operations in five years. It particularly has its sights set on Indonesia, Brunei, Sri Lanka and Pakistan. Spreading Shariah insurance to these countries is perhaps not as much of a concern since each is already predominantly Islamic, but one […]
I for one am glad I don’t own a “piece of the rock.” http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6509447/Prudential-starts-Sharia-compliant-fund-management-business.html?
The fast-growing Islamic financial sector needs strong regulation to ensure it never faces the damage suffered by the global system as a result of the financial crisis, Malaysia’s prime minister said yesterday. Najib Razak, whose government oversees one of the world’s largest and most comprehensive Islamic financial sectors, said it was “imperative for the industry […]
Shariah Finance industry holds award dinner
Though it is not the main theme of the article linked below, a major awards dinner was held in Kuala Lumpur, Malaysia on Tuesday night and we thought the listing of recipients was interesting in that it provides insight into the major players working to promote Shariah through its financial arm. It is always also […]
Turkey’s Asya Bank Seeks Malaysia’s Cooperation In Islamic Finance
One of Turkey’s biggest financial institutions, the Asya Bank, has indicated an interest in forging cooperation with Islamic banks in Malaysia, namely Maybank Bhd and CIMB Bank. The aim is to establish an Islamic Bank in Turkey. http://www.bernama.com/bernama/v5/newsbusiness.php?id=451642
The Fall of Hong Kong, 2009
Hong Kong will sign a memorandum of understanding with Malaysia at the end of the month to pave the way for Islamic financial business, said Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung. http://www.thestandard.com.hk/news_detail.asp?we_cat=2&art_id=89604&sid=25808987&con_type=1&d_str=20091023&fc=8
A week ago, we reported that a sovereign wealth fund controlled by the ruler of Dubai, Dubai Investment Group, was vacating its stake in Malaysian Islamic Bank. https://shariahfinancewatch.org/2009/10/01/a-developing-story-worth-watching-dubai-firm-rethinks-stake-in-malaysias-bank-islam/ Now, Malaysia’s sovereign wealth fund has stepped in to inject capital into the troubled bank… “Malaysia’s state-run pilgrim fund will double its stake in Bank Islam to […]
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