Kazakhstan’s state-controlled bank, BTA, has been implicated in a transfer allegedly made by the bank to the benefit of an unnamed terrorist group. Security watchers have started to recognise the diversification and long-distance integration of terrorist networks – in particular away from the Middle East. “For years, individuals and charities based in Saudi Arabia were the most […]
A $75 million Islamic bond issue by the Development Bank of Kazakhstan, the first sukuk issued in the former Soviet Union, is likely to spur more issues in Central Asia’s largest economy, banking officials said on Thursday. The 240 million five-year Malaysian ringgit ($75.5 million) issue on July 18, which generates an annual payment of […]
Of course “Islamic finance” isn’t just for Muslims as the article below mentions. That is a given, seeing as Shariah is the only form of religious law meant to apply to people of other faiths. Shariah finance is being pushed out to non-Muslims in Kazakhstan and Reuters is celebrating it as if it is a […]
Kazakhstan may issue $500 million sukuk
Kazakhstan will revive plans this year for a $500 million debut sukuk issue that could create a benchmark for corporate lenders aiming to develop an Islamic finance sector in Central Asia’s top economy. Kazakhstan also plans to attract up to $10 billion in Islamic finance over the next five to seven years, Arken Arystanov, chairman […]
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
Shariah Finance to debut in former Soviet republic
Abu Dhabi’s government-owned Al Hilal Bank plans to open Kazakhstan’s first Islamic bank in December, starting with two branches, and wants to expand to other former Soviet Union states. Note that leaders from Islamic nations have referred to Shariah finance as “missionary work” in the past. In this case, a government-owned entity is pushing Shariah […]
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