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Sunday, 15 September 2013

KFH major trader with USD 490 mln in IILM sukuk program

KUWAIT, Sept 14 (KUNA) -- Kuwait Finance House (KFH) has participated, as a major trader, with USD 490 million in the first issuance of a short-term sukuk program released by the International Islamic Liquidity Management Corporation (IILM), Baitik's Treasury General Manager Abdulwahab Al-Roshood said Saturday.

In a press release, Al-Roshood noted that program is sharia compliant, tradable and able to provide sources to finance corporations and governments through new mechanisms.

He continued as saying that IILM has recently issued the first issuance for 3 months with the participation of 8 gulf and foreign banks, including KFH. He added that sukuk issued by IILM enjoys the privilege of being short term, rated as the short-term highest credit rating A-1 by the international Standard and Poor's. It contributes in enhancing asset quality for participants and it is considered a source of good income due to its rewarding returns compared to its short term periods.

Al-Roshood explained that the IILM is a new corporation based in Malaysia. The goal behind establishing such corporation lies on the deployment of short-term Sovereign sukuk ranging from one month to one year with USD 2 billion program volume.

IILM aims to enhance cross-border investment flows, international linkages and financial stability. It was established on 25 October 2010, the current shareholders are from the central banks and monetary agency of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey, the United Arab Emirates and the Islamic Development Bank. 

(Kuwait News Agency / 14 Sept 2013)

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AAOIFI: Testing Islamic finance skills

MANAMA: Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) held the examinations for its certified Sharia adviser and auditor (CSAA) and certified Islamic professional accountant (CIPA) professional development programmes on September 11 in several locations across the globe.
AAOIFI secretary-general and chief executive Dr Khaled Al Fakih said through the CSAA and CIPA programmes, Islamic finance professionals can gain technical understanding of AAOIFI international Islamic finance standards and be guided on practical application of those standards.
"The programmes go a long way towards promoting adoption of AAOIFI standards in major Islamic finance markets.
"We are thankful for the support that we have received from the international Islamic finance industry," he said.
"We are especially grateful for assistance given by central banks, Islamic banks and higher learning institutions across the world in hosting the examinations for us," Dr Al Fakih added.
The examinations were held in major Islamic finance markets including Bahrain, Egypt, Jordan, Kuwait, Lebanon, Libya, Malaysia, Oman, Pakistan, Qatar, Saudi Arabia, South Africa, the UAE and the UK. AAOIFI will also be holding the next round of training courses for CSAA and CIPA professional development programmes from November 20 to 23 in Manama.
The training courses will follow the conclusion of AAOIFI-World Bank Annual Conference on Islamic Banking and Finance on November 18 and 19 in the kingdom.
(Gulf Daily News / 15 Sept 2013)

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