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IFN
brings you the latest in up-to-the minute, exclusive access to the global
Islamic finance landscape with IFN-TV,
a dedicated video channel offering a wide range of detailed and unique
content giving you insight into the very heart of the industry. Featuring
IFN Forum clips, exclusive interviews with senior industry movers and
shakers, in-depth roundtable discussions, seminars and much more, IFN-TV is
at the cutting edge of Islamic finance analysis. IFN-TV: your primary
source for exclusive, comprehensive and conclusive industry insight.
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Daily Cover
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PAKISTAN: Pakistan may
soon welcome a unified single stock exchange as the Republic’s three
bourses have agreed in principle to integrate their operations as the
frontier market gears itself to attract more capital, including those from
abroad, and bolster its competitiveness in the face of stiff international
competition.
The proposed consolidation exercise of the Karachi Stock Exchange, Lahore
Stock Exchange and Islamabad Stock Exchange has long been discussed in the
Muslim country culminating in the formation of an expert committee on
demutualization and integration in 2004. The Securities and Exchange
Commission of Pakistan (SECP) confirmed that a formal memorandum with
regards to the formation of a Pakistan Stock Exchange would be signed
tomorrow.
This move by the South Asian nation is part of a broader strategy to
develop its capital markets and wider economy. Earlier this month, the SECP
implemented a nationwide initiative to establish capital market hubs in
non-Tier 1 cities as a means to broaden the investor base by easing access
to capital markets and non-bank financial services with the end goal of
bolstering its capital markets, both Islamic and conventional (See IFN
Report Vol 12 Issue 32: ‘SECP moves beyond main financial centers;
targeting smaller cities to bolster capital markets’).
The development of Pakistan’s capital market is commendable as the country
wrapped up the year 2014 as the best-performing frontier market according
to MSCI measures, and the index provider is likely to elevate Pakistan’s
status to emerging market in 2016, a testament to its solid growth and
robust potential.
Demutualizing and integrating the local bourses into a single platform is
the next step for Pakistan in line with the government’s goal of creating a
fair, efficient and transparent market in compliance with international
best practices and standards. Streamlining the markets would enable
investors access to geographical neutral trading, custody and settlement
services and is anticipated to increase its competitive advantage in
securing a larger share of global economic capital.
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Canada:
An IFN Correspondent Report
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Case Study
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Al Meezan’s new fund: Access to Pakistan’s equity
markets
Al Meezan Investment Management (Al Meezan) earlier this month launched a
new fund, the Meezan Asset Allocation Plan-I (MAAP-I). An asset allocation
plan for investors seeking to benefit from the equity market, the fund is
an actively managed investment portfolio with diversification and an
initial term of two years. Exclusively speaking to Mohammad Shoaib, CEO of
Al Meezan, NABILAH ANNUAR gets acquainted with the fund.
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Today's
IFN Alerts
INDONESIA: Indonesia sovereign Sukuk
auction receives higher-than-expected bids
MALAYSIA: Ramly Food Industries secures
syndicated financing worth RM274 million (US$64.77 milllion) with Agrobank
and Bank Pembangunan Malaysia
SAUDI ARABIA: Saudi Automotive Services
Company signs Shariah compliant facility agreement with National Commercial
Bank
GLOBAL: Dr Ken Baldwin joins IFN team
as new columnist
MALAYSIA: International Islamic College
and Islamic Banking and Finance Institute sign MoU on academic
collaboration
PAKISTAN: Jubilee Insurance launches
Takaful business for Pakistani market
OMAN: Bank Muscat registers 4% growth
in net profit to OMR89.82 million (US$232.34 million) for the half-year
period ending June 2015
SRI LANKA: Richard Pieris Finance’s
Islamic portfolio reaches LKR1.2 billion (US$8.78 million) after first year
of operation
UK: Bank of London and The Middle East records
after-tax profit of GBP400,000 (US$629,976) as at the 30th June
2015
MALAYSIA: MARC affirms ‘AA-IS’ rating on
Kimanis Power’s Sukuk program
GLOBAL: Markus Blenntoft joins K&L
Gates as banking and asset finance partner in Singapore office
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