Monday 26 November 2012

{Kantakji Group}. Add '11477' Sukuk become tool in Basel III capital-raising


MARKET ALERT from ISLAMIC FINANCE ARABIA.com

Sukuk become tool in Basel III capital-raising


More banks in the United Arab Emirates are likely to issue Basel III-compliant bonds after the launch of the world's first hybrid Tier 1 sukuk from Abu Dhabi Islamic Bank, Fitch Ratings says.
We expect increasing Tier 1 issuance in 2013 by UAE and other GCC banks - both conventional and sharia compliant - to support further growth. In our view, relatively high levels of capital are necessary for GCC banks due to the difficult operating environment and the concentration of single names and sectors, particularly of real estate and government-related entities, in the loan portfolios; the rating agency believes. Any pick-up in loan growth by the banks would need to be supported by additional capital; a press statement by Fitch ratings added.

We also believe that more banks in the GCC will issue hybrid Tier 1 instruments as these are a cost-effective means of accessing a wider investor base (essentially Asia, Middle East and Europe) than common shareholders. Diversification of funding sources is important for a sector where deposit and investor concentrations are common. The broadening of the investor base, without diluting shareholders, helps preserve ownership structures where governments, government-related entities and members of ruling families often hold substantial stakes.

A Usd1 billion sukuk issue by Abu Dhabi Islamic Bank this month may start a trend that was probably not contemplated by the founders of modern Islamic finance: Islamic bonds may become a key tool for banks to meet tightening capital rules. In terms of the liquidity requirements, Islamic banks face a number of obstacles, the main one being that  there are not enough liquid assets for them to invest in. Conventionally, banks invest in government bonds, but these are not considered to be Shariah compliant. Islamic government bonds Sukuk are considered Shariah compliant but are extremely illiquid. Thus, there are a number of issues that have to be addressed after which Shariah compliant liquid investments have to be made available  in the market which banks can then invest in and use in liquidity calculations.

The trend could add further momentum to a global boom in sukuk issuance. It could also ease pressure on banks which find it hard to raise capital from equity issues as global financial instability depresses stock markets. The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD18m issue, which carries a maturity of 91 days, has been oversubscribed by 278%. The expected return on the issue, which begins on 28 November 2012 and matures on 27 February 2013, is 1.00%.The securities are issued by the CBB on behalf of the Government of the Kingdom of Bahrain. This is issue No.139 of Sukuk Al-Salam securities.

Sales of sukuk in the GCC have tripled this year to reach Usd20 billion.

Oman is about to issue its first-ever sukuk after formally introducing Islamic finance.  Al Madina Real Estate will issue the bond through sister firm Tilal Development Co. in order to finance the expansion of Muscat Grand Mall.  The expansion will make it the largest commercial-residential complex in downtown Muscat. The details of the sukuk are being arranged by the real estate company's financial arm, Al Madina Financial & Investment Services.  It will be a five-year, 53 million-riyal (Usd130 million) bond. The sukuk will be the first-ever issued in Oman, the last of the Gulf states to develop the regulatory structure needed for Islamic finance, which allows Muslim investors to avoid profiting from interest.  Oman issued two licenses in 2011 to allow Islamic banks to operate in the country, and is preparing legislation to allow non-Islamic banks to also provide Shariah-compliant products.
 
ADIB attracted a spectacular order book of over Usd15 billion for this month's Usd1 billion perpetual sukuk, which has no maturity date; ADIB can choose to repay the bond on certain dates from 2018 if it wishes.

The hybrid sukuk was the first to be publicly issued by a bank to meet the Tier 1 capital requirement in Basel III global banking standards that will be phased in around the world over the next several years - although ADIB privately placed a Usd2 billion Tier 1 note in 2009.

Features such as the subordination of sukuk holders and the conditionality of payments - ADIB can halt periodic distributions to investors if it wishes - mean sukuk behave more like equity than debt, which is favoured by the new Basel standards, said Alex Roussos, counsel at Norton Rose in Dubai.

"We are likely to see more of it in this market in the near future," he said. Even before ADIB's issue, sukuk issuance was rising sharply; globally, Usd109 billion worth of sukuk were issued in the first nine months of 2012, up 69 percent from a year ago, according to research by Zawya, a Thomson Reuters

--

Maan Barazy

Certified Shari'a Adviser and Auditor (CSAA- AAOIFI Certified) - MA Islamic Comparative Jurisprudence  - BS International Economics 

Managing Partner And CEO of Data and Investment Consult-Lebanon – The Centre For Islamic Finance - Consultant Researcher and Lecturer


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سياسة النشر في المجموعة:
ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة.
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{Kantakji Group}. Add '11476' With New Sukuk Restructuring; Who is to blame on defaults?

MARKET UPDATE FROM ISLAMIC FINANCEARABIA.com
With New Sukuk Restructuring; Who is to blame on defaults?
   
    

Following recent events in Dubai, there has been a flurry of articles on sukuk defaults, with some commentators suggesting Islamic finance will wane. While many seem sure that defaults will occur, others have suggested sukuk holders' rights and the resolution options available to them are no different from conventional bondholders'. 

First defaults of sukuk are set to expose the vulnerabilities of Islamic finance, with most investors expected to have no better legal redress than conventional bondholders as underlying assets have not been truly transferred to them. The current financial and economic crisis is a first for the $1 trillion Islamic finance industry, which over the past few years has been spoilt by cheap oil money, and legal provisions and protection clauses in sukuk worth billions of dollars are being tested for the first time.

Islamic bonds, or sukuk, are structured as profit-sharing or rental agreements and their returns are derived from underlying assets. Islamic finance caters to investors who would like to avoid paying or earning interest, prohibited by Islamic law.

 

11/11/12   With New Sukuk Restructuring; Who is to blame -- Part Two of Two (Islamic Funds and Sukuk)
11/11/12   With New Sukuk Restructuring; Who is to blame -- Part One of Two (Islamic Funds and Sukuk)
11/11/12   Saudi Shipper Seeks $833-Million Islamic Debt For Fleet Merger(Islamic Funds and Sukuk)
11/11/12   Tilal seeks CMA approval for Oman's first Sukuk (Islamic Funds and Sukuk)
11/11/12   Adib to sell $1b in debut Tier 1 sukuk (Islamic Funds and Sukuk)
11/11/12   Dana Gas restructures $920 mln sukuk REUTERS (Islamic Funds and Sukuk)
11/05/12   The changing trend in sukuk issuance types (Islamic Funds and Sukuk)


read our archive news - click here >>


--

Maan Barazy

Certified Shari'a Adviser and Auditor (CSAA- AAOIFI Certified) - MA Islamic Comparative Jurisprudence  - BS International Economics 

Managing Partner And CEO of Data and Investment Consult-Lebanon – The Centre For Islamic Finance - Consultant Researcher and Lecturer


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سياسة النشر في المجموعة:
ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة.
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Re: {Kantakji Group}. Add '11475' معادلات ايجاد اجمالى العمليات


السلام عليكم ورحمة الله وبركاته

مافصد بمعادلة اجمالى العمليات  مرفق  لكم مثال

والله الموفق

اوهاج

--- On Sun, 11/25/12, ohaj 70 <ohaj70@yahoo.com> wrote:

From: ohaj 70 <ohaj70@yahoo.com>
Subject: {Kantakji Group}. Add '11467' معادلات ايجاد اجمالى العمليات
To: kantakjigroup@googlegroups.com
Date: Sunday, November 25, 2012, 9:29 AM

السلام عليكم ورحمة الله وبركاته

نرجو رايكم

والله الموفق

اوهاج

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سياسة النشر في المجموعة:
ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة.
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سياسة النشر في المجموعة:
ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة.
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Re: [PF:171278] KAAAAAAAAAAASH *

good

On Sun, Nov 25, 2012 at 9:29 AM, Tasleem Ali Sabri <tasleemalisabri82@gmail.com> wrote:
Bhai Rehman Malik ko nikal do tu Mulk kiya sara jehan theek ho jai ga......................


On Fri, Nov 23, 2012 at 10:34 AM, Rehan <rehansheik@gmail.com> wrote:
اپنا ملک سنبھال لو بہت بڑی بات ہے۔


On Fri, Nov 23, 2012 at 12:26 PM, Hayat Khan <khanhayat454@gmail.com> wrote:
mere bhai hamen khud ko dekhna he doosre mulkon ki taqleed nhi karni.

On 22 November 2012 17:14, Rehan <rehansheik@gmail.com> wrote:
Boxbe This message is eligible for Automatic Cleanup! (rehansheik@gmail.com) Add cleanup rule | More info

باقی اسلامی ممالک کے بارے میں کیا خیال ہے؟؟؟
کیا وہ دنیا میں صرف یہودیوں اور امریکہ کی غلامی اور دولت جمع کرنے کے لیے وجود میں آءے ہیں؟؟؟
جتنا احتجاج پاکستان کی طرف سے ہوتا ہے شاید ہی کسی دوسرے مسلم ممالک کی طرف سے ہوتا ہو۔


On Thu, Nov 22, 2012 at 4:40 PM, Hayat Khan <khanhayat454@gmail.com> wrote:

kaash esi khabar sun'ne ko milti.














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Re: [PF:171278] MUJHE KOI LIKE NAHIN KALTA

good

On Mon, Nov 26, 2012 at 1:37 PM, واجد نعیم <wajid77@gmail.com> wrote:
اللہ کیسی بات کرتے ہو آپ کو تو سب لاک کرتے ہیں جی


On Mon, Nov 26, 2012 at 10:22 AM, Hayat Khan <khanhayat454@gmail.com> wrote:


 
 
 
 
 
 Kiran
 
 
 
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--

Waji


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Re: [PF:171279] THAT'S TIGHT: CORINTH CANAL

good

On Mon, Nov 26, 2012 at 9:50 PM, Rehan <rehansheik@gmail.com> wrote:
wow. amazing


On Mon, Nov 26, 2012 at 9:40 PM, Khamosh Raat <khamoshraat@hotmail.com> wrote:
 
 
















 

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All members are expected to follow these Simple Rules:
-~----------~----~----~----~------~----~------~--~---
Be Careful in Islamic Discussions;
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Abuse of any kind (to the Group, or it's Members) shall not be tolerated.
SPAM, Advertisement, and Adult messages are NOT allowed.
This is not Dating / Love Group, avoid sending personnel messages to group members.
Do not post anything linked to (or in favor of) facebook.
Thanks
 
 
 

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From:
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===========================================================
¸,.-~*'¨¯¨'*·~-.¸¸,.-~*'[PäK¤.¸.¤F®ï£ñD§]'*·~-.¸¸,.-~*'¨¯¨'*·~-.¸
===========================================================
All members are expected to follow these Simple Rules:
-~----------~----~----~----~------~----~------~--~---
Be Careful in Islamic Discussions;
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Abuse of any kind (to the Group, or it's Members) shall not be tolerated.
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[PF:171282] Re: 171277] THAT'S TIGHT: CORINTH CANAL

Yes, it is amazing. It is somewhere in Greece.
 
From: Rehan
Sent: Monday, November 26, 2012 8:50 PM
To: pf
Subject: Re: [PF:171277] THAT'S TIGHT: CORINTH CANAL
 
wow. amazing


On Mon, Nov 26, 2012 at 9:40 PM, Khamosh Raat <khamoshraat@hotmail.com> wrote:
 
 
















 
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From:
[Pak-Friends] Group Member
Visit Group: http://groups.google.com/group/Karachi-786
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===========================================================
¸,.-~*'¨¯¨'*·~-.¸¸,.-~*'[PäK¤.¸.¤F®ï£ñD§]'*·~-.¸¸,.-~*'¨¯¨'*·~-.¸
===========================================================
All members are expected to follow these Simple Rules:
-~----------~----~----~----~------~----~------~--~---
Be Careful in Islamic Discussions;
Bad language and insolence against Prophets (and / or their companions, Islamic Scholars, and saints) is an Instant ban.
Abuse of any kind (to the Group, or it's Members) shall not be tolerated.
SPAM, Advertisement, and Adult messages are NOT allowed.
This is not Dating / Love Group, avoid sending personnel messages to group members.
Do not post anything linked to (or in favor of) facebook.
Thanks
 
 
 



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http://rehansheik.blogspot.com
If you forward this email, please delete the forward history, including my email address. Remember, erasing the history helps to prevent SPAMMERS from  mining addresses and viruses from being propagated.

 
--
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From:
[Pak-Friends] Group Member
Visit Group: http://groups.google.com/group/Karachi-786
Subscription: http://groups.google.com/group/karachi-786/subscribe
===========================================================
¸,.-~*'¨¯¨'*·~-.¸¸,.-~*'[PäK¤.¸.¤F®ï£ñD§]'*·~-.¸¸,.-~*'¨¯¨'*·~-.¸
===========================================================
All members are expected to follow these Simple Rules:
-~----------~----~----~----~------~----~------~--~---
Be Careful in Islamic Discussions;
Bad language and insolence against Prophets (and / or their companions, Islamic Scholars, and saints) is an Instant ban.
Abuse of any kind (to the Group, or it's Members) shall not be tolerated.
SPAM, Advertisement, and Adult messages are NOT allowed.
This is not Dating / Love Group, avoid sending personnel messages to group members.
Do not post anything linked to (or in favor of) facebook.
Thanks
 
 
 

Re: [PF:171277] THAT'S TIGHT: CORINTH CANAL

wow. amazing


On Mon, Nov 26, 2012 at 9:40 PM, Khamosh Raat <khamoshraat@hotmail.com> wrote:
 
 
















 

--
--
From:
[Pak-Friends] Group Member
Visit Group: http://groups.google.com/group/Karachi-786
Subscription: http://groups.google.com/group/karachi-786/subscribe
===========================================================
¸,.-~*'¨¯¨'*·~-.¸¸,.-~*'[PäK¤.¸.¤F®ï£ñD§]'*·~-.¸¸,.-~*'¨¯¨'*·~-.¸
===========================================================
All members are expected to follow these Simple Rules:
-~----------~----~----~----~------~----~------~--~---
Be Careful in Islamic Discussions;
Bad language and insolence against Prophets (and / or their companions, Islamic Scholars, and saints) is an Instant ban.
Abuse of any kind (to the Group, or it's Members) shall not be tolerated.
SPAM, Advertisement, and Adult messages are NOT allowed.
This is not Dating / Love Group, avoid sending personnel messages to group members.
Do not post anything linked to (or in favor of) facebook.
Thanks
 
 
 



--
http://www.mylivesignature.com/signatures/85860/rehansheik/172ed0a3c8d5a1e8d8dbb56306ac0be0.png
Good programming is 99% sweat and 1% coffee.
http://rehansheik.blogspot.com
If you forward this email, please delete the forward history, including my email address. Remember, erasing the history helps to prevent SPAMMERS from  mining addresses and viruses from being propagated.


--
--
From:
[Pak-Friends] Group Member
Visit Group: http://groups.google.com/group/Karachi-786
Subscription: http://groups.google.com/group/karachi-786/subscribe
===========================================================
¸,.-~*'¨¯¨'*·~-.¸¸,.-~*'[PäK¤.¸.¤F®ï£ñD§]'*·~-.¸¸,.-~*'¨¯¨'*·~-.¸
===========================================================
All members are expected to follow these Simple Rules:
-~----------~----~----~----~------~----~------~--~---
Be Careful in Islamic Discussions;
Bad language and insolence against Prophets (and / or their companions, Islamic Scholars, and saints) is an Instant ban.
Abuse of any kind (to the Group, or it's Members) shall not be tolerated.
SPAM, Advertisement, and Adult messages are NOT allowed.
This is not Dating / Love Group, avoid sending personnel messages to group members.
Do not post anything linked to (or in favor of) facebook.
Thanks