Thursday, May 28, 2015

Indonesia’s roadmap to support bank consolidation and growth of the Islamic banking sector, says Moody’s


Islamic Finance news Alert

Wednesday, 27th May 2015

S&P 500 Shariah
Dow Jones Islamic World
FTSE Shariah All World
Russell - IdealRatings Islamic Global
1,845.42
2,983.11
2,102.89
1,940.53

HIGHLIGHTS: SC launches joint publication on Islamic capital markets with ISRA – Indonesia, Turkey and IDB plan Islamic infrastructure megabank – Topaz Energy and Marine secures mixed shipping financing facility - IDB plans Egypt office


Daily Cover



MALAYSIA: Continuing the strong momentum of the first day of IFN Asia Forum 2015, the IFN Asia Investors Day gathered an upward 550 delegates to an event-packed day at the Kuala Lumpur Convention Center yesterday, the 26th May. Adding to the wide range of topics covered on the first day, the second day of the forum explored various themes in the investment space including: asset management trends, Waqf, crowdfunding, Islamic treasury products, cross-border activities and human capital development among others.

The event commenced with a keynote address by Dr Nik Ramlah Mahmood, the deputy CEO of Securities Commission Malaysia (SC), who brought to attention the vital need to refocus the industry’s efforts towards creating risk-sharing structures to enhance the appeal of Shariah finance among investors. Dr Nik emphasized that while innovation is a persistent theme of the Islamic capital markets, however, the replication and adaptation of conventional instruments to fit the Shariah mould “may not be sustainable as market demand and expectation evolve.”

To that end, Dr Nik confirmed that the SC, which launched a joint publication on ‘Islamic Capital Markets: Principles and Practices’ in collaboration with International Shariah Research Academy for Islamic Finance during the forum, will be issuing further Shariah parameters to facilitate innovation and development in the industry.

Reasserting its lead and ambition as the world’s leading Islamic finance power outside of the Muslim world, the UK will be strengthening bilateral ties with Malaysia. Addressing the audience, Alan Yarrow, the Rt Hon the Lord Mayor of the City of London, said that London will explore further Shariah financial opportunities with the Southeast Asian Islamic finance powerhouse, including in the area of education and training.

Industry leaders are also optimistic that the Islamic wealth management sector is poised for further growth over the next five to ten years as the Asian region continues to be home to rising affluence on the back of increasing demand for Shariah wealth management solutions. “Given the current yield climate, this will spur interests in investment-linked product and unit trusts,” opined Syed Abdul Aziz Syed Kechik, CEO of OCBC Al-Amin Bank.

Another prevalent theme was the avenues Asian passporting funds could open for the Islamic funds industry. The ASEAN Collective Investment Scheme was a particular focus and while the infrastructure is most welcomed by the industry, however, market players noted that for the Islamic funds segment to truly capitalize on the ASEAN CIS, more countries particularly Indonesia, will need to come onboard. Gerald Ambrose, CEO of Aberdeen Islamic Asset Management, suggested the Asia Region Fund Passport (expected in 2016), which includes more jurisdictions including the Philippines, as another option for Islamic fund managers to reach a wider investor base.









Real Estate: An IFN Correspondent Report


Blue for go
I haven’t broached politics before, but here goes…I was absolutely delighted that the Conservatives managed to achieve a majority in the UK election two weeks ago, and so, I firmly believe, were many Islamic investors.






Today's IFN Alerts


INDONESIA: Indonesia to sell Islamic treasury bills on the 3rd June

EGYPT: IDB to launch representative office in Egypt in the third quarter

GLOBAL: Indonesia and Turkey commit to forming Islamic infrastructure megabank with the IDB

GLOBAL: University of Bolton signs MoU with Aafaq Islamic Finance to collaborate in Islamic finance research

UAE: Topaz Energy and Marine restructures debt with largest Islamic and conventional multi-tranche facility

MALAYSIA: Outlook for Malaysian banking system stable although operating environment deteriorating, says Moody’s

KENYA: National Bank implements Path Solutions’s iMAL Islamic core banking system

INDONESIA: Indonesia’s roadmap to support bank consolidation and growth of the Islamic banking sector, says Moody’s

MALAYSIA: BIMB Holdings registers higher pre-tax profit in the first quarter at US$220.3 million

MALAYSIA: Labuan International Business and Financial Center sees Islamic financing business grow 28%

MALAYSIA: Syarikat Takaful Malaysia makes US$46.27 million in the first three months

OMAN: S&P affirms Oman at ‘A-/A-2’ with a stable outlook

OMAN: Dr Fareed Mohammed Hadi resigns from position as chairman of Shariah Supervisory Board of Al Hilal Islamic Banking Services; board reconstituted

































REDmoney events


IFN Europe Forum 2015
10th June 2015 (Luxembourg)

IFN Issuers Forum 2015
13th September 2015 (Dubai)

13th September 2015 (Dubai)

IFN Kuwait Forum 2015
5th October 2015 (Kuwait City)

IFN Egypt Forum 2015
27th October 2015 (Cairo)

IFN Turkey Forum 2015
17th November 2015 (Istanbul)

IFN Saudi Arabia Forum 2015
30th November 2015 (Riyadh)


REDmoney training


Understanding & Applying Structured Products
3rd - 5th June 2015 (Kuala Lumpur)

Advanced Sukuk & Islamic Securitization
7th - 9th June 2015 (Riyadh)

Legal & Documentation Issues in Islamic Structured Finance
8th - 9th June 2015 (Dubai)

Asset Liability Management
9th - 11th June 2015 (Kuala Lumpur)

Sukuk Structuring & Legal Documentation
9th - 11th June 2015 (Kuala Lumpur)

International Best Practices & Regional Standards in Regulation, Corporate Governance, AML, Sanctions & Compliance
10th - 11th June 2015 (Dubai)

Managing Counterparty Credit Risk, Basel III & Recent Regulatory Issues
11th - 12th June 2015 (Kuala Lumpur)

Accounting & Reporting for Islamic Financial Products
14th - 15th June 2015 (Dubai)

Funds Transfer Pricing
6th - 8th July 2015 (Hong Kong)

Managing Counterparty Credit Risk, Basel III and Recent Regulatory Issues
9th - 10th July 2015 (Hong Kong)

Understanding Islamic Contracts: Structuring & Legal Issues
17th - 19th August 2015 (Dubai)

Islamic Financial Services Act (IFSA) 2013 & Islamic Banking Products
18th & 25th August 2015 (Istanbul)

Shariah Audit & Governance for Islamic Banking
20th - 21st August 2015 (Kuala Lumpur)

Islamic Finance Qualification
23rd - 25th August 2015 (Dubai)

Advanced Sukuk & Islamic Securitization
24th - 26th August 2015 (Istanbul)

Undertaking Effective Litigation & Recovery in Islamic Finance Facilities
7th - 8th September 2015 (Kuala Lumpur)

Sharia’a Compliance & Audit for Islamic Banks
10th - 11th September 2015 (Dubai)

Islamic Finance Qualification
5th - 7th October 2015 (Kuala Lumpur)

Funds Transfer Pricing
5th - 7th October 2015 (Kuala Lumpur)

Trading Book Market Risk Management for Financial Institutions
8th - 9th October 2015 (Kuala Lumpur)

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