By Christopher W. Holton Yet another sign that all is not well in the world of Shariah Finance. Shariah finance has all but evaporated in Singapore and Malaysia, which has been regarded as the Shariah finance center for Asia, has shown signs of decline. Indonesia is looking to try to benefit, but one wonders what […]
Shariah-Compliant Finance Stumbles in Singapore
Singapore’s objective of becoming a Shariah finance center has been dealt a serious setback by DBS Group Holdings Ltd.’s decision to close its Shariah banking division that had sought to promote Shariah finance throughout Asia. The Islamic Bank of Asia will be gradually wound down as it was “unable to achieve economies of scale,” DBS said in a Sept. 14 statement to the stock exchange. Southeast Asia’s largest […]
Sabana Shariah-Compliant Industrial REIT is the sole entity in Singapore to have sold sukuk this year in a setback to the republic’s ambitions to become a Shariah finance hub. While the city introduced rules allowing for Shariah-compliant bond sales in 2006, offerings have been limited. And the best news: “Based on current circumstances, there does not […]
Singapore investors flock to Abu Dhabi Bank Sukuk Offer
Here we have more confirmation that sukuk (Shariah-compliant bonds) are the weapon of choice in spreading Shariah finance around the world. Investors in Singapore are not known for their appetite for Shariah-compliant investments, but they seem to have warmed up to a sukuk issued by a major bank in the UAE… http://www.asiaone.com/A1Business/General%2BNews/Story/Mega%2Bsukuk%2Bissue%2Bcreates%2Bripples%2Bhere.html
Malaysia is doubtless a center of Shariah Compliant Finance, certainly the leader in Asia and the Pacific Rim. One of Malaysia’s largest Shariah banks is Maybank Islamic. Maybank Islamic is making moves to become a global force for Shariah. They are setting up shop in neighboring Singapore and Indonesia, but also have their sights set […]
Typical Propaganda on Islamic Bonds from Saudi State-Controlled Media
The article linked below has to be taken with a large grain of salt since it comes from the Saudi Gazette. There is nothing even resembling a free, independent press in Saudi Arabia and the Saudi royals have a huge vested interest in promoting Shariah-Compliant Finance both in the kingdom and globally. Not surprisingly, this […]
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
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 […]
Singapore has been chosen as the host of the first Asian edition of the World Islamic Banking Conference (WIBC)… http://www.businesstimes.com.sg/sub/news/story/0,4574,362818,00.html?
With the Help of HSBC and Citibank, Shariah-Compliant Finance is Spreading in the Orient
Banking giants HSBC and Citibank, already infamous for contributing to the spread of Shariah in the West, are now fast at work aiding the spread of Shariah in Malaysia and other key markets in Asia and the Pacific Rim. Keep this in mind when you select banks to do business with. HSBC and Citibank are […]
The central purpose of Shariah-Compliant Finance is to promote Islam and Shariah. It is in fact considered “missionary” work. That is one reason why Shariah-Compliant financial institutions will go to great lengths to mask Shariah and push Shariah-compliant products out to non-Muslim customers. The goal is to set non-Muslims at ease with Shariah to set […]
Mon Oct 13, 2008 8:14am EDT Reporter’s Notebook * More offices in Middle East possible SINGAPORE (Reuters) – Societe Generale Group’s (SOGN.PA: Quote, Profile, Research, Stock Buzz) private banking arm may open more offices in the Middle East, in addition to its present operations in Dubai, to meet rising demand for sharia assets […]
SINGAPORE, Aug 21, 2008 (AFP) – Singapore property developer City Developments Thursday inked a deal with Malaysian financial group CIMB in a bid to raise one billion Singapore dollars (704 million US) through the issuing of Islamic bonds. City Developments hopes to have the first tranche of the issue on the market by the end […]
Kuwait’s KFH expands to Australia, Singapore-CNBC “This expansion is through (our) Malaysian (unit) … It set up a representative office in Australia and Singapore for wealth management,” Mohammad al-Omar told CNBC Arabiya. The bank, which is expanding in the Gulf, Middle East and Asia, expects profits from its overseas operations to contribute continuously […]
Arcapita acquires $1.3 billion Singapore real estate portfolio By: Staff Writer Portfolio is made up of industrial properties, including 39 blocks of flatted factories, 12 amenity centers and three multi-tenanted business park buildings. portfolio is made up of industrial properties, including 39 blocks of flatted factories, 12 amenity centers, three multi-tenanted business park buildings. Bahrain-based […]
Thu Jul 10, 2008 4:36am EDT One of the sources said the bank’s sharia board was due to meet in Kuwait over the weekend and would probably give the go-ahead for the trust to announce it is sharia compliant. New investors have been lined up to buy stakes in the trust […]
Saudi’s Al Rajhi starts $300 mln Islamic property fund
SINGAPORE, June 27 (Reuters) – Saudi Arabia’s Al Rajhi Group, a petrochemical-to-property conglomerate, is starting a shariah compliant $300-million Singapore-based fund that will invest in Asian property. The fund, a joint venture with a Singaporean investor Yusof Wahid, will start with an initial investment of $100 million, the family-owned Al Rajhi Group said in […]
http://www.mondovisione.com/index.cfm?section=news&action=detail&id=74697 MAS Announces Initiative To Develop Singapore Dollar Sovereign-Rated Sukuks 23/05/08 The Monetary Authority of Singapore (MAS) has announced that it will develop a facility to make available sovereign-rated sukuks to promote the further growth of Islamic finance and to meet the needs of financial institutions conducting Shariah-compliant activities in Singapore. 2. Speaking at […]
Monetary Authority of Singapore (MAS) said it will develop a facility to issue Singapore dollar-denominated, sovereign-rated ‘sukuks’, or Islamic bonds, to aid financial institutions conducting Shariah-compliant activities in Singapore. Sukuks will be issued according to the needs of financial institutions in Singapore with Islamic finance operations, and will be priced against Singapore government securities, Heng […]
tip-Margo I. Report: Singaporean couple charged with sedition over allegedly anti-Muslim publication April 16, 2008 The Associated Press http://www.iht.com/articles/ap/2008/04/16/asia/AS-GEN-Singapore-Sedition.php SINGAPORE: A Singaporean couple has been charged with sedition after allegedly distributing evangelistic material deemed offensive to Muslims, a newspaper said Wednesday. Ong Kian Cheong and his wife Dorothy Chan Hien Leng are […]
http://www.earthtimes.org/articles/show/196364,islamic-finance-summit-to-be-held-in-singapore.html Business News | Home Singapore – Singapore will host the sixth annual summit of the Islamic Financial Services Board (IFSB) in May next year, the first time the annual event will be held in Asia, organizers said on Thursday. The Monetary Authority of Singapore said the summit will bring to the city-state the single […]
http://www.humanevents.com/article.php?print=yes&id=25790 HUMAN EVENTS America for Sale Dr. Rachel Ehrenfeld and Alyssa A. Lappen Posted 04/01/2008 ET Updated 04/01/2008 ET As the U.S. and Western markets plummet and the U.S. dollar continues its free fall, sovereign wealth funds (SWF) gobble up prime financial institutions, industries and real estate in the U.S. and the West. Given concerns […]
Singapore icreases efforts to position itself as Islamic banking hub Posted by lushhomeonline on February 26, 2008 Singapore is stepping up efforts to position itself as a hub for Islamic banking.In the recent Budget, a 5 percent concessionary tax rate was announced for income derived from qualifying Shariah-compliant products. Industry watchers said this would help to […]
http://ap.google. com/article/ ALeqM5gn9- fiHSxXgmAvBXohKw Gz70MlMAD8UTKP88 3New Criticism for Saudi Religious PoliceBy DONNA ABU-NASR – 1 hour ago BEIRUT, Lebanon (AP) – Saudi Arabia’s religious police are under attack again over what critics consider heavy-handed enforcement of the country’s gender segregation policies and other strict social rules. This time the case involves an American businesswoman who […]
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