العودة   الموقع العالمي للاقتصاد الإسلامي .. نحو طرح أصيل .. لتميز دائـــم > منتدى الموقع العالمي للاقتصاد الإسلامي > The Islamic Economics Global Department- for English and French Reading > Section daily news agencies and local and international newspapers

نسيت كلمة السر
 

إضافة رد
 
أدوات الموضوع انواع عرض الموضوع
  #1  
قديم 08-02-2010, 09:09 PM
الصورة الرمزية بديعة العتيبي
بديعة العتيبي بديعة العتيبي غير متصل
مشرف قسم
 
تاريخ التسجيل: Aug 2008
الدولة: الرياض- المملكة العربية السعودية
المشاركات: 672
افتراضي Islamic Finance News from Arab News.com



Will IBB benefit from QIIB capital injection?

By MUSHTAK PARKER | ARAB NEWS
Published: Aug 1, 2010 22:35 Updated: Aug 1, 2010 22:35
The twenty million pound lifeline thrown by Qatar International Islamic Bank (QIIB) to the Islamic Bank of Britain (IBB) at the end of July through a private placement of 20,000,000 new ordinary shares at a price of 1 pence per share will give IBB some breathing space, but whether it addresses the bank's fundamental shortcomings must remain a moot point.

To what extent IBB benefits from this capital injection from one of its founding shareholders is also open to question. For after expenses of 1.8 million pounds, the net proceeds of the capital injection will only be 18.2 million pounds. The expenses presumably incurred to lawyers, the stock exchange and the regulator, the Financial Services Authority (FSA), is alarmingly high, and in the case of IBB's current position and the state of its balance sheet, arguably unjustified.
The new ordinary shares will also represent approximately 78.5 percent of the enlarged issued ordinary share capital immediately following completion of the placing.
For QIIB, the placement could not be more enticing. The issue price, for example, was priced at a hefty discount of 69.2 percent to the closing price of 3.25 pence per ordinary share on July 26 on the Alternative Investment Market (AIM) of the London Stock Exchange and of 67.5 percent to the net book value per ordinary share as at Dec. 31, 2009.
IBB has made an application for the new ordinary shares to be admitted to trading on AIM and it is expected that trading in the shares will commence on Aug. 18, the first business day following the proposed general meeting of the shareholders on Aug. 17.
Assuming the price holds at around 3.25 pence per share, then QIIB would have made a staggering 45 million pounds simply through the appreciation of the value in its shares due to the hefty discount. Perhaps the level of discount reflects the high risk of the investment, but either way QIIB seems to be a bigger beneficiary than the very bank it is trying to give a lifeline to.
The consolation is that QIIB has agreed to carry out a strategic review of IBB's business and operations after the final approval of the placement by the company's board. The aim is to assist IBB in moving toward profitability over the medium term. The strategic review, according to documents lodged with the London Stock Exchange, "will examine and consider the implementation of measures to enhance efficiencies, reduce costs and refocus the business of the company in a manner consistent with UK market demands together with the needs and expectations of the bank's target customers". It remains to be seen how a small Islamic bank in Qatar can effect a strategic review of an Islamic bank in the UK, where the market conditions, dynamics and demography could not be more different to the Qatari market. QIIB, which is listed on the Qatar exchange and regulated by the Qatar Central Bank, reported total assets in excess of 3 billion pounds and net profits of 95 million pounds for fiscal year ending Dec. 31, 2009.
Perhaps Gerry Deegan, managing director of IBB, can be excused for his new-found optimism when he stressed, "Qatar International Islamic Bank was instrumental in establishing the Islamic Bank of Britain as one of the first Islamic banks in the West and this capital injection demonstrates its continuing commitment. This is very good news for Islamic Bank of Britain's shareholders, staff and customers as well as for the Islamic banking sector in the UK." The net proceeds of the placing will be used to provide the IBB with sufficient regulatory capital to manage and grow its business.
The reality is that IBB, like almost all of the other four authorized Islamic banks in the UK, have had very difficult times in the last two years. The global financial crisis and the credit crunch merely exacerbated the market conditions. In March earlier this year, IBB, which started operations in September 2004, announced a pre and post-tax loss for the year ended Dec. 31, 2009 of 9.5 million pounds compared with a loss of 5.9 million pounds in 2008. The loss, according to IBB, resulted from a difficult and challenging market in which the impact of the UK recession on the housing market, unemployment, disposable incomes and market yields adversely affected the bank's revenues.
The bank reported customer deposits of over 186 million pounds, financing at 46 million pounds and nearly 50,000 customers in its 2009 financial statements.
QIIB is considered by the UK panel on takeovers and mergers to be acting in concert with Qatar Islamic Insurance Company (QIIC), Sheikh Thani Bin Abdulla Al-Thani and Mohsen Moustafa, the main shareholders of IBB. Following the placement, this group of shareholders known as the concert party will own 88.20 percent of the enlarged share capital of IBB, of which QIIB alone will own 80.95 percent. The placing is conditional upon the approval by the shareholders who are independent of the concert party.
Going forward, IBB's strategy is to enhance profitability by growing its secured financing, through its home purchase plan book, funded by longer term deposits and capital whilst increasing fee and commission income as a proportion of revenue.
An IBB statement stressed, "The board is conscious of its responsibilities to ensure that Islamic Bank of Britain has sufficient regulatory capital to manage and grow the business. The board closely monitors the Company's capital position to ensure compliance with the FSA's capital requirements through the Internal Capital Adequacy Assessment Process (ICAAP). New capital is required to support the future growth in customer assets, and ensure that an appropriate buffer is maintained over the minimum regulatory requirement. The new funding raised from the placing will significantly alleviate the current constraints on the IBB's capital and will allow renewed growth in the Company's asset base and assist it in moving toward profitability over the medium term."
Despite the continued market and trading conditions which make it difficult to forecast future revenues with any certainty, the directors of IBB believe that following the Placement, IBB "will be well placed to take advantage of its position as the sole full-service wholly Shariah-compliant retail bank operating in the UK with the strategic support of QIIB, an established Islamic bank and committed shareholder in the company."
While the levels of new business applications, in particular the home purchase plan, for the year ended 31 December 2009 has increased, this has not been reflected by a corresponding growth in the asset base due to the lack of capital and available funding. In addition, those customer deposits that have not been used to fund asset growth produced lower returns due to declining yields in the Islamic inter-bank markets further affecting the IBB's margin.
__________________
اللهم ارحم أخي جمال الأبعج و اغفر له و اسكنه فسيح جناتك
اقتصاد إسلامي

+

إيمان حقيقي و علم راسخ و تطبيق صحيح

=

رفاه اقتصادي و عدالة اجتماعية

||
V

سعادة البشرية و رضا رب البرية
رد مع اقتباس
  #2  
قديم 08-02-2010, 09:11 PM
الصورة الرمزية بديعة العتيبي
بديعة العتيبي بديعة العتيبي غير متصل
مشرف قسم
 
تاريخ التسجيل: Aug 2008
الدولة: الرياض- المملكة العربية السعودية
المشاركات: 672
افتراضي

Marafiq signs deals for SR2.5bn financing

By ARAB NEWS
Published: Aug 1, 2010 22:20 Updated: Aug 1, 2010 22:20
JUBAIL: Marafiq, the private power and water utility company for Jubail and Yanbu, has signed agreements for a SR2.5 billion, 15-year Murabaha-based financing facility with a group of select banks operating in Saudi Arabia.

The Murabaha facility is Marafiq's first commercial financing transaction. It saw strong interest from the bank sector to the extent that it was oversubscribed and received SR7.5 billion in total commitments. The facility has been structured as an amortizing one with an availability period of 36 months and a profit margin linked to Saudi Interbank Offered Rate (SIBOR).
Thamer Al-Sharhan, Marafiq president and CEO, said the proceeds of the Murabaha facility would be used to finance Marafiq's ongoing capital expenditure program and other operational requirements. "With Jubail and Yanbu industrial cities expanding at an unprecedented rate, Marafiq will have its work cut out to provide in the ever-increasing utility demand of the two cities. This facility is a significant milestone along our journey as a private company. It places us on a firm platform for meeting our customers' needs and supporting the development of the Kingdom's industrial base."
Marafiq is a multi-utility service provider operating in Jubail and Yanbu industrial cities. The company started commercial operations in January 2003 and plays a strategic role in the Kingdom's economic and industrial development program.
In financial circles Marafiq's inaugural financing deal has been described as one of the best so far in the market for its competitive structure and the overwhelming response it has received across all major banks in Saudi Arabia.
The mandated leader arrangers for the Murabaha Facility are Arab National Bank, Banque Saudi Fransi, National Commercial Bank, Samba Financial Group, Saudi British Bank (SABB) and Saudi Hollandi Bank. Samba Capital and Investment Management Company acted as Financial adviser to Marafiq, with Banque Saudi Fransi acting as the documentation bank. The National Commercial Bank has been appointed as the investment agent for the Murabaha facility.
__________________
اللهم ارحم أخي جمال الأبعج و اغفر له و اسكنه فسيح جناتك
اقتصاد إسلامي

+

إيمان حقيقي و علم راسخ و تطبيق صحيح

=

رفاه اقتصادي و عدالة اجتماعية

||
V

سعادة البشرية و رضا رب البرية
رد مع اقتباس
  #3  
قديم 08-02-2010, 09:14 PM
الصورة الرمزية بديعة العتيبي
بديعة العتيبي بديعة العتيبي غير متصل
مشرف قسم
 
تاريخ التسجيل: Aug 2008
الدولة: الرياض- المملكة العربية السعودية
المشاركات: 672
افتراضي

Malaysia royal award: A global benchmark in Islamic finance

By MUSHTAK PARKER | ARAB NEWS
Published: Aug 1, 2010 22:20 Updated: Aug 1, 2010 22:20
The Malaysian monarch, Al-Wathiqu Billah Tuanku Mizan Zainal Abidin who is officially known as Yang di-Pertuan Agong and who is also the Sultan of Terengganu, has bestowed royal patronage on the award initiative launched in June 2010 by the Malaysia International Islamic Financial Centre (MIFC) and the Securities Commission Malaysia (SC) which aims at honoring "outstanding contribution of an exceptional individual in Islamic finance".

The Malaysian monarch, Al-Wathiqu Billah Tuanku Mizan Zainal Abidin who is officially known as Yang di-Pertuan Agong and who is also the Sultan of Terengganu, has bestowed royal patronage on the award initiative launched in June 2010 by the Malaysia International Islamic Financial Centre (MIFC) and the Securities Commission Malaysia (SC) which aims at honoring "outstanding contribution of an exceptional individual in Islamic finance".
Upon the recommendation of the Malaysian government, the Malaysian monarch has given his consent for the award to be named "The Royal Award for Islamic Finance", which will provide prestige to the award.
Awards in the Islamic finance industry are unfortunately in a chaotic state, with even some of the so-called more established ones lacking in transparency in the nomination, selection and methodology process. There is no award currently serving the global Islamic financial industry which is truly independent and bereft of any commercial, advertorial and marketing influence. The "money-for-awards" culture is even more entrenched in Islamic finance, with scant regard to ethics. It is as if Islamic banks and bankers are screaming to be recognized, and they would go to some lengths to "buy" awards irrespective of the embarrassing situation sometimes of a mismatch between the award recipient and the category for the award.
Even the Islamic Development Bank (IDB) prize for Islamic economics and for Islamic banking, which are given alternatively, has its flaws with the selection process seriously lacking transparency and operating more like an "old-boy network".
As such, The Royal Award for Islamic Finance from Malaysia should be a refreshing new initiative. But whether it will live up to the expectations raised is still early to say. There seems to be an element of rushing into things, for why announce the award under one name in June 2010 only to be changed in the next month following the royal endorsement. The proper methodology would have been to have the royal endorsement first and then for the announcement to follow. Similarly, the time line for nominations was a mere month, which is far too short for serious deliberations and searches for the individuals of excellence. Nominations request for the IDB Prize, for instance, are announced a year in advance.
Nevertheless, this is the first time that a major recognized financial center has initiated an Award of Excellence in the Islamic finance space. This is unusual because there may be conflicts of interest issues despite the presence of an independent international jury. It may also further disqualify deserving potential recipients from the promoters or from the market of the domicile of the promoters.
Zeti Akhtar Aziz, governor of Bank Negara Malaysia and chairman of the MIFC executive committee stressed in Kuala Lumpur following the royal endorsement, "We are honored to be bestowed the royal recognition for the award on its inception. Islamic finance, inspired by universal ethical principles and driven by the real value propositions that it contributes to the economy that is appreciated by all, has become one of the fastest growing segments in international finance. It is timely for Malaysia to recognize individuals who have contributed toward shaping the global Islamic finance."
The Yang di-Pertuan Agong of Malaysia will present the Award to the winner at a gala dinner, to be held on Oct. 25 in Kuala Lumpur.
A special taskforce, headed by Zarinah Anwar, the chairman of SC, was established to spearhead the implementation of the award. "We hope in time this award will be regarded as a global benchmark in identifying the exceptional individuals who have inspired the development of Islamic finance worldwide," added Anwar.
In a statement, the MIFC explained that unlike the commercial award in the Islamic finance industry that are based on deals, this award is unique as it focuses on the individuals' record of achievement and outstanding contribution toward the development and advancement of Islamic finance globally.
An independent international jury, chaired by the former Malaysian Deputy Prime Minister and Chairman of the World Islamic Economic Forum Foundation Musa Hitam, will select the deserving individual. The 7-member jury comprises: Tun Musa Hitam; Tun Abdul Hamid Mohamad, former chief justice of the federal court of Malaysia and member of the Shariah Advisory Council (SAC) of BNM and SC; Professor Volker Nienhaus, former President of University of Marburg, Germany; Professor Abbas Mirakhor, former executive director of the IMF and Holder of the first INCEIF chair in Islamic finance (2010); Mohamed Ali Elgari, professor of Islamic Economics at King Abdul Aziz University, Saudi Arabia; A. Riawan Amin, chairman of the Indonesian Association of Islamic Banks; Yahia Abdul-Rahman, Founder, chairman and CEO of LARIBA Bank of Whittier, USA.
The MIFC initiative in July also unveiled the award's logo, which is in the shape of 5 diamonds. The diamonds, according to the MIFC, represent the five pillars of Islam as well as the principles of Islamic finance which are: good governance, transparency, fairness, faith and risk-sharing. Nominations for the award closed on July 15 and the winner will be announced on Oct. 25.
__________________
اللهم ارحم أخي جمال الأبعج و اغفر له و اسكنه فسيح جناتك
اقتصاد إسلامي

+

إيمان حقيقي و علم راسخ و تطبيق صحيح

=

رفاه اقتصادي و عدالة اجتماعية

||
V

سعادة البشرية و رضا رب البرية
رد مع اقتباس
إضافة رد

أدوات الموضوع
انواع عرض الموضوع

ضوابط المشاركة
لا تستطيع إضافة مواضيع جديدة
لا تستطيع الرد على المواضيع
لا يمكنك اضافة مرفقات
لا يمكنك تعديل مشاركاتك

BB code متاحة
كود [IMG] متاحة
كود HTML معطلة

الانتقال السريع


جميع الأوقات بتوقيت GMT +4. الساعة الآن 08:28 AM.


Powered by vBulletin Version 3.8.3
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.

جميع الآراء المطروحة بالمنتدى لاتعبر بالضرورة عن رأي أصحاب ومالكي الموقع