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قديم 06-01-2010, 02:52 AM
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تاريخ التسجيل: Oct 2006
الدولة: Qatar
المشاركات: 202
افتراضي Challenges await islamic finance in 2010

Uncertainty surrounds the growth of the Islamic finance market in 2010, according to a new report, with the sukuk bond market in particular facing tests of its ability to deal with defaults. The report comes as the UK Government and the Gulf Cooperation Council launch separate initiatives to promote the market.

According to a report by the International Financial Services London, an independent organisation which promotes UK-based financial services, the Islamic financial sector “paused for breath in 2009.”

The report said: “Parts of Islamic Finance face particular challenges: some Islamic banks are exposed to the downturn due to the falling real estate market and to liquidity constraints. The sukuk market, despite a 30% recovery in issuance from a low of $15bn (€10.6bn) in 2008 to $20bn in 2009, is being tested by its ability to deal with several defaults.”

Last summer, Investment Dar, the Kuwaiti Islamic investment firm that owns nearly half of Aston Martin Lagonda, defaulted on a $100m sukuk. More recently, Dubai said in November it would restructure its largest corporate entity. Dubai World announced a six-month standstill on its debt, impacting on a $3.5bn sukuk bond issued by real-estate subsidiary Nakheel.

There was also less activity in London, which remains the main western hub for Islamic finance products. Two sukuk listings took place on the London Stock Exchange, following three in 2008 and 12 in 2007, while three funds launched in 2009 compared to 6 in the previous year.

The report follows moves by the GCC and the UK Treasury to support Islamic finance. On Monday, the Gulf Bond and Sukuk Association, or GBSA, was launched in Dubai in order to provide a forum for local bond market issuers in the future.

He said: “Deep, liquid and efficient markets – both conventional and Shariah-compliant - are essential if the Gulf is to fully realise its ambition of becoming a leading global financial centre.” The GBSA will be based in the United Arab Emirates, and will work across the Gulf region.

Last week, the UK Treasury launched the Financial Services and Markets Act 2000 Order 2010 to provide clarity on the regulatory treatment of corporate sukuk, and to reduce legal costs and remove unnecessary obstacles to their issuance.

Exchequer Secretary to the Treasury, Sarah McCarthy-Fry MP, said last week: “This measure is another important step in the development of the Islamic finance sector in the UK and will help to provide a level playing field for Islamic financial products in this country. It is good news for the UK economy and for our Islamic finance industry.”


source : http://nuparclearning.wordpress.com/islamic-finance/
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