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Thursday, 23 April 2015

Malaysia: Bank Islam issues first sukuk tranche totalling RM300mil

KUALA LUMPUR: Bank Islam Malaysia Bhd has issued the first tranche amounting to RM300mil under its subordinated sukuk murabahah programme of up to RM1bil in nominal value.

BIMB Holdings Bhd (BHB) told Bursa Malaysia that the tranche, issued on Wednesday, would have a 10-year tenure and could only be redeemed after five years.

RAM Rating Services has given the sukuk an A1/stable rating.

BHB had in October announced that its unit Bank Islam had obtained approvals from Bank Negara and the Securities Commission to establish the subordinated sukuk murabahah programme.

Under the programme, Bank Islam is given the flexibility to issue subordinated sukuk murabahah during the availability period therein based on the capital requirements of Bank Islam.

The programme has a tenure of up to 30 years from the date of the first issuance of the subordinated sukuk murabahah.

Each tranche of the subordinated sukuk murabahah to be issued is required to have a tenure of not less than five years and up to 30 years from the issue date provided that the subordinated sukuk murabahah mature on or prior to the expiry of the tenure of the programme.

(The Star Online / 22 April 2015)
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Oman's Al Yusr Islamic Banking meeting focuses on new policy, products

Muscat: Al Yusr Islamic Banking from Oman Arab Bank (OAB), recently held its first Supervisory Board meeting of the year.

The meeting held at the Corporate Office of Al Yusr in Al Ghubra, was attended by Dr Essam AlEnezi; Chairman of the Al Yusr Shari'a Supervisory Board and Dr AbdulAziz AlQasaar; member of the Board and other senior managers of Al Yusr.

The Sharia Supervisory Board approved several Al Yusr retail and corporate banking products and policy which are carefully developed keeping in mind the unique individual and business needs of the customers in Oman.

One of the key product approved during the Shari'a Board meeting is the Al Yusr Ladies Saving Account, giving special privileges and benefits to the account holders.

Abdul Qader Shir Al Bulushi; General Manager Al Yusr Islamic Banking mentioned that the first Shari'a Supervisory Board's meeting for 2015 recently held, was successful and the approval of new products will play a pivotal role in introducing innovative and value added products and services to meet the unique needs of Al Yusr customers. 

In the meeting, Dr AlEnezi also welcomed AlYusr new Internal Sharia Reviewer, Dr Muhammad Iman Sastra Mihajat, a Sharia expert from Indonesia. Dr Muhammad Iman will ensure that the products and services offered by Al Yusr are in accordance to the Sharia principles. 

He will also focus on training Al Yusr staff to enhance the understanding of its staff about Islamic banking practices.

Al Yusr will continue to facilitate more in-depth trainings to ensure that each employee can grow within Al Yusr, is motivated to perform at his or her best for the benefit of the organisation and customers. These training sessions demonstrate commitment of Al Yusr to develop the human capital.

(Times Of Oman / 21 April 2015)
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SECP chief backs Islamic financing

Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi said on Wednesday the regulator is looking to enhance Shariah compliance in the capital markets by restructuring and reorganising the Islamic capital market.

Speaking at the fourth Islamic Finance Expo and Conference as chief guest, Hijazi discussed in detail the roadmap for the promotion of Islamic finance in Pakistan.
He added that the SECP is centralising the Shariah-related capital market activities besides improving the regulatory framework for Takaful, Modarabas, Islamic mutual funds, Islamic pension funds and Islamic real estate investment trusts (REITs).
Speaking on the occasion, trade and business representative Ateequr Rehman urged the government to directly borrow from the public instead of taking money from the banks. He also called for the development of mortgage financing segment besides highlighting the growth potential of Takaful, green financing and private-sector financing.
In his keynote address, State Bank of Pakistan Executive Director Syed Samar Hasnain called for a shift from debt-based system to an equity-based system. From the current 10% share of Islamic banking in the overall banking system, Hasnain said the central bank aims to increase it to 20% by 2020. The central bank has also made it easy for conventional banks to set up Islamic banking subsidiaries by reducing the paid-up capital requirement, he said.
Meanwhile, addressing the participants, Additional Inspector General of Police Ghulam Qadir Thebo said crime rate has reduced significantly in Karachi. He said each case of the 24 bank robberies in 2014 has now been resolved, and only one such case has surfaced in 2015 so far.
(The Express Tribune / 23 April 2015)
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