tag:blogger.com,1999:blog-24761349439832555802023-11-16T03:45:05.350-08:00GlobalIslamNewsGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.comBlogger471125tag:blogger.com,1999:blog-2476134943983255580.post-26361722628435662142012-04-10T19:25:00.001-07:002015-04-26T19:59:29.915-07:00Global Islamic assets hit $1.3 tln in 2011Islamic funds reached $58 bln, a new high<br />
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* Islamic assets represent 1 pct of global market<br />
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By Anjuli Davies<br />
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LONDON, March 29 (Reuters) - Islamic financial assets around the world hit $1.3 trillion in 2011, a 150 percent increase over five years as the industry expands into new country's beyond core markets in the Middle East and Malaysia, a report on Thursday estimated. Learn more <a href="http://www.amazon.com/gp/product/0470825197/ref=as_li_tf_tl?ie=UTF8&tag=suyantconsul-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0470825197">The Stability of Islamic Finance: Creating a Resilient Financial Environment for a Secure Future (Wiley Finance)</a><img alt="" border="0" src="http://www.assoc-amazon.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=0470825197" height="1" style="border: none !important; margin: 0px !important;" width="1" />
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Developed markets in Malaysia, Iran and the Gulf remain fertile ground for future growth, but considerable potential also exists for expansion as more countries look to cultivate Islamic banking operations, including Australia, Azerbaijan, Nigeria and Russia, the report by lobby group TheCityUK's UK Islamic Finance Secretariat (UKIFS) said.<br />
Visit <a href="http://www.amazon.com/gp/product/111881441X/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=111881441X&linkCode=as2&tag=suyantconsul-20&linkId=XDDMRT7IGTF2PVRI">The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets (Wiley Finance)</a><img alt="" border="0" src="http://ir-na.amazon-adsystem.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=111881441X" height="1" style="border: none !important; margin: 0px !important;" width="1" />
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The figures were based on UKIFS growth estimates projected on end-2010 figures from a survey of the top 500 Islamic Financial Institutions conducted by The Banker publication.<br />
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"Considerable potential exists for expansion of the industry worldwide, although appropriate legal and regulatory structures are crucial for its development in individual countries," the report noted.<br />
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Morocco is also looking to launch its first fully-fledged Islamic bank in 2013, Reuters reported on Monday<br />
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A lack of global standardisation among Islamic institutions has been one of the main challenges for the Islamic finance industry. While regulatory bodies such as AAOIFI in Bahrain and IFSB in Malaysia have attempted to provide standards for sharia-compliant transactions, they are guidelines rather than enforceable rules.<br />
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The long-term impact of the Arab spring uprisings as new countries open up to Islamic finance remains to be seen and any further spread of political unrest could negatively affect prospects in some Middle Eastern countries, the report said.<br />
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Egypt, for instance, has raised the possibility of issuing a sovereign sukuk (Islamic bond), while Tunisia has set up a working group that will study how to develop Islamic finance in the country.Learn more <a href="http://www.amazon.com/gp/product/082137141X/ref=as_li_tf_tl?ie=UTF8&tag=suyantconsul-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=082137141X">Risk Analysis for Islamic Banks</a><img alt="" border="0" src="http://www.assoc-amazon.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=082137141X" height="1" style="border: none !important; margin: 0px !important;" width="1" />
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Sukuk issuance globally increased 62 percent to $84 billion in 2011, with Malaysia accounting for two thirds of that.<br />
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Islamic funds under management reached a high of $58 billion in 2010, with the available pool about 10 times larger at over $500 billion, the report found. Fierce competition, though, has driven down management fees worldwide from 1.5 percent in 2006 to 1 percent in 2011.<br />
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The new figures are higher than those predicted by Ernst and Young in a report in November, in which the consultancy estimated Islamic finance assets could climb 33 percent from 2010 levels to $1.1 trillion by the end of 2012.<br />
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Islamic assets represent only around 1 percent of the global financial market.<br />
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UKIFS is a wholly-owned subsidiary of TheCITYUK, a lobby group composed of members across the financial services sector, including lawyers, bankers and asset managers.<br />
<a href="http://www.amazon.com/gp/product/1451695195/ref=as_li_tf_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1451695195&linkCode=as2&tag=suyantconsul-20">Proof of Heaven: A Neurosurgeon's Journey into the Afterlife</a><img alt="" border="0" src="http://www.assoc-amazon.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=1451695195" height="1" style="border: none !important; margin: 0px !important;" width="1" />
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Source : Reuter.com<br />
<a href="http://astore.amazon.com/bisnisislam-20">Superstore </a>GlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com1tag:blogger.com,1999:blog-2476134943983255580.post-48437098457872878892012-04-10T17:34:00.000-07:002014-05-11T21:46:03.690-07:00Oil Minister: Iran facing no problem in selling its oilOil Minister Rostam Qasemi said despite the recent ban imposed by the European Union on Iran’s oil exports, Tehran faces no problems in selling its oil.<br />
1391/01/21 - 09:59<br />
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Speaking to reporters, Rostam Qasemi said the Iranian oil has high economic value and the international oil market would never neglect it.<br />
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About exports to Greece, Qasemi said Iran does not sell its oil to that country right now.<br />
<a href="http://www.amazon.com/gp/product/B00CDT41RY/ref=as_li_tf_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B00CDT41RY&linkCode=as2&tag=suyantconsul-20">Django Unchained</a><img src="http://www.assoc-amazon.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=B00CDT41RY" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" />
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He added there is no final agreement on the issue yet. <br />
Source : IRNA.com<br />
Lean more
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GlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com1tag:blogger.com,1999:blog-2476134943983255580.post-35656725732822266062012-04-09T19:27:00.001-07:002015-05-03T18:23:45.418-07:00Islamic banks see Iran opportunitiesSeveral foreign banks see huge untapped opportunities in Iran for Islamic finance, spurred on by hopes U.S. President Barack Obama's new approach toward the Islamic Republic will end years of sanctions hampering business.<br /><br />Home to some 70 million people, Iran might become one of the hottest markets for the industry due to expected privatizations, a need for infrastructure projects and a young population, executives told the Reuters Islamic Banking and Finance Summit.<br /><br />The U.N. Security Council has imposed three rounds of sanctions on Iran since late 2006 for refusing to halt sensitive nuclear enrichment activities, while the United States has added sanctions to curb business with the Islamic Republic.<br /><br />But in a sharp change of U.S. policy, Obama has offered a new start in relations.<br /><br />"I hope that the world leaders will embrace Iran because I think it's (got) great potential for our business," said Simon Eedle, managing director of Global Islamic Banking at France's Calyon.<br /><br />"We've been present in Iran for many years and we've done business in Iran for many years. We are only constrained by international sanction agreements."<br /><br />Islamic lenders in Bahrain, a regional center for Islamic finance located just across the Gulf from Iran, couldn't agree more.<br /><br />"The minute you see a green light from the U.S., everybody will jump in," said Nabeel Kazerooni, head of private equity business at Bahrain-based Gulf Finance House (GFH) GFHB.BH.<br /><br />MASSIVE MARKET<br /><br />Majid al-Sayed Bader al-Refai, chief executive of investment bank Unicorn, took a similar view. "I think Iran is a massive market, it's huge, if you don't see that you just don't know the market ... I think President Obama has done a fantastic job so far. If he keeps this up we're on the right track."<br /><br />Demand from the world's 1.3 billion Muslims for investments that comply with their beliefs has soared and assets that comply with Islamic law are estimated at between $700 billion and $1 trillion.<br /><br />Iran's banking system adheres to Islamic rules that prohibit earning or paying interest. Iran uses what are officially termed "provisional" interest rates, as rates paid to depositors or received from borrowers should reflect the profits or losses of a business.<br /><br />Granted, investing in Iran still presents problems. GFH's Kazerooni said legal and political uncertainties were an obstacle after past ownership deals or terms in privatizations were changed after being signed. "Iran doesn't have a good track record, people are a bit wary," he said.<br /><br />While the Gulf Arab region has attracted many international banks seeking to tap opportunities in the world's top oil-exporting region, many Western banks have halted or reduced Iran-related business as a result of U.N. and U.S. sanctions.<br /><br />Yet others still see ways in to a potentially major market.<br /><br />"With the whole notion of Islam being inclusive, it is almost against the logic to exclude a country and a market of opportunity," said Knut Storholm, a partner at Boston Consulting Group.<br /> Visit
<a href="http://www.amazon.com/gp/product/1607747308/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1607747308&linkCode=as2&tag=suyantconsul-20&linkId=H753RCVHY45F2FHQ">The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organizing</a><img src="http://ir-na.amazon-adsystem.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=1607747308" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" />
Source ; Reuter.comGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com1tag:blogger.com,1999:blog-2476134943983255580.post-58488488951093758042011-04-17T21:37:00.000-07:002011-06-12T17:56:28.303-07:00Indian manager hails Iran Oil ShowTehran, April 17, IRNA – The visiting sales manager of the Indian Val-tronics L.L.C company described Iran Oil Show 2011 as the best venue to become familiar with potentials of the Iranian and foreign participating companies.<br /><br /> <br />Talking to IRNA, Joyce Jose said this is the fourth time his company is participating in such an event in Iran.<br /><br />He said his company is highly active in the Middle East, Asia, Pacific and Africa, Islamic Republic of Iran in particular.<br /><br />Jose voiced his company's willingness to foster mutual ties with the Iranian side.<br /><br />The 16th Oil, Gas, Refining and Petrochemicals Exhibition is currently underway in Tehran with participation of 1,550 domestic and foreign companies from 40 world countries.<br /><br />Iran’s oil industry has always been subject to various sanctions but its huge oil and gas resources have prompted the acclaimed international oil companies to invest in Iranian projects in spite of international pressures. Learn more <a href="http://www.amazon.com/gp/product/0815626428/ref=as_li_tf_tl?ie=UTF8&tag=suyantconsul-20&linkCode=as2&camp=217153&creative=399701&creativeASIN=0815626428">Oil, Power, and Principle: Iran's Oil Nationalization and Its Aftermath</a><img src="http://www.assoc-amazon.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=0815626428&camp=217153&creative=399701" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" /><br /><br />Source : IRNAGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-39793308596233858772010-11-26T23:31:00.000-08:002011-06-12T19:52:00.503-07:00Islamic liquidity body to create key tools-bankers<span id="articleText"><span class="focusParagraph"><p>Lack of liquidity instruments challenge to industry</p> </span><span id="midArticle_0"></span><p> * Islamic finance industry still developing capital market</p><span id="midArticle_1"></span><p> * Central banks plan Islamic bond issues</p><span id="midArticle_2"></span><p> </p><span id="midArticle_3"></span><p> By Frederik Richter</p><span id="midArticle_4"></span><p> MANAMA, Nov 24 (Reuters) - A new Islamic liquidity management company backed by central banks will provide sound tools to the industry to manage cash, of which regulators will force banks to set aside more post-crisis, bankers said.</p><span id="midArticle_5"></span><p> The Islamic Financial Services Board (IFSB), an association of regulators in Muslim countries, said in October it would set up the International Islamic Liquidity Management Corporation (ILM) to issue short-term instruments compliant with Islamic law.</p><span id="midArticle_6"></span><p> The ILM may issue highly rated Islamic bonds, or sukuk, that will be backed by central bank assets as early as next year to help Islamic banks manage their liquidity and create a liquid cross-border market for Islamic instruments. [ID:nLDE6AM15Z]</p><span id="midArticle_7"></span><p> While the ILM is still hammering out the details, Islamic bankers say it greatly improves the industry's prospects that have been clouded by the lack of liquidity management tools.</p><span id="midArticle_8"></span><p> "(We need a) readily manageable liquidity platform in the capital markets space and with the Basel III liquidity regulations coming we have to pay even more attention to these issues," said Richard Thomas, chief executive of UK-based Gatehouse Bank.</p><span id="midArticle_9"></span><p> Bahrain and Malaysia have the only central banks that regularly issue sukuk and bankers said the ILM could be a vehicle for other central banks that have hesitated issuing sukuk on their own due to political reasons.</p><span id="midArticle_10"></span><p> "If you want to issue sukuk as a central bank and you have the political willingness of doing so you can do it, like Bahrain has been doing it for many years," said Lilian Le Falher, executive manager at Kuwait Finance House Bahrain.</p><span id="midArticle_11"></span><p> "Maybe having a proxy like the ILM will help (more central banks to follow)," he said.</p><span id="midArticle_12"></span><p> </p><span id="midArticle_13"></span><p> NO ALTERNATIVES</p><span id="midArticle_14"></span><p> Currently, Islamic banks are often forced to place the reserve liquidity they need to maintain under central bank requirements with international conventional banks through another Islamic money market tool, commodity murabaha, as there are not enough highly rated sukuk issues they could use instead.</p><p><span id="articleText"></span></p><p> But most Islamic scholars say commodity murabaha is a mere paper trail replicating conventional money market instruments and only grudgingly accept its use as there is no alternative.</p><span id="midArticle_0"></span><p> "There is a desire within the industry to rely less on commodity murabaha and to have different tools to be able to do liquidity management," said Simon Eedle, head of Islamic banking at Credit Agricole CIB (<span id="symbol_CAGR.PA_0"><a href="http://www.reuters.com/finance/stocks/overview?symbol=CAGR.PA">CAGR.PA</a></span>).</p><span id="midArticle_1"></span><p> Islamic bankers face the dilemma that scholars call for their instruments to be underpinned by real assets, but central banks often do not qualify these as being sufficiently risk-free to be used in short-term liquidity management instruments.</p><span id="midArticle_2"></span><p> The initiative by the ILM could be a way out, but bankers caution the costs of truly backing the sukuk issues with assets could make that more costly. "The main problem we have in Islamic liquidity management is that in a low short-term profit rate environment, it makes it very difficult to do any products based on real assets as the cost of doing so will make the product commercially not viable", said Le Falher. Learn more <a href="http://www.amazon.com/gp/product/1843741288/ref=as_li_tf_tl?ie=UTF8&tag=suyantconsul-20&linkCode=as2&camp=217153&creative=399353&creativeASIN=1843741288">Islamic Bonds: Your Guide to Structuring, Issuing and Investing in Sukuk</a><img src="http://www.assoc-amazon.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=1843741288&camp=217153&creative=399353" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" /><label id=showTextCategoryLinkPreview_l1> (See all </label><a href="http://www.amazon.com/General-Investing-Business-Books/b/ref=as_li_tf_tl?ie=UTF8&tag=suyantconsul-20&linkCode=as2&camp=217145&creative=399357&creativeASIN=1843741288&ie=UTF8&node=2669">Investing Books</a>)<img src="http://www.assoc-amazon.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=1843741288&camp=217145&creative=399357" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" /><br /><br /></p><p>Source : Reuters.com<br /></p></span><p></p>GlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-23070471842031238392010-07-31T00:29:00.000-07:002011-06-12T21:22:01.451-07:00German firms angry over Berlin's support for EU sanctions on Iran<div class="ffDefault fs14 clBlue bold soot" style="clear: both; line-height: 150%;"><div class="imageBorder" style="border: 1px solid black; width: 250px; height: 166px; text-align: left;"> <a href="http://www.irna.ir/NewsMedia/Photo/Larg_Pic/2010%5C7%5C29%5Cimg634160041198906250.jpg" target="_blank"> <img id="fullStoryImage" src="http://www.irna.ir/NewsMedia/Photo/Smal_Pic/2010%5C7%5C29%5Cimg634160041198906250.jpg" alt="" width="250" border="0" height="166" /></a><br /><br /><br /><a href="http://www.irna.ir/NewsMedia/Photo/Larg_Pic/2010%5C7%5C29%5Cimg634160041198906250.jpg" target="_blank"> </a> </div><br />Berlin, July 29, - German companies have reportedly vented their anger over Berlin's support for European Union sanctions on Iran, according to Thursday's edition of the business daily Handelsblatt. </div> Germany's business community is especially disappointed that the center-right government of Chancellor Angela Merkel had backed the EU's punitive measures against Iran which go beyond the UN sanctions.<br />Foreign Minister Guido Westerwelle who leads the pro-business Free Democratic Party (FDP), had informed the heads of German companies that Berlin would support the disputed EU sanctions.<br />Germany's controversial sanction policy against Tehran has repeatedly sparked tensions with German business leaders who are very eager to continue their lucrative trade with Iran.<br />Merkel's Iran sanction strategy has been met with fierce resistance by German companies, feeling abandoned by their government in their efforts not to succumb to US and Zionist political pressure.<br />German firms are outraged over the fact that even legal business deals with Iran which are not subject to UN sanctions, are being torpedoed by Merkel as well the US and the powerful pro-Israel lobby.<br />That notwithstanding, German companies remain unfazed by Merkel's policy of discouraging business relations with Iran. <br />German companies are especially affected by the tightening of the embargo since Iran was the most important export market for Germany in the Middle East and North Africa prior to lauching UN sanctions against Tehran.<br />Although German firms are determined to maintain their strong business ties with Iran, many Asian and European companies have already replaced them in the Iranian market.<br />More than 40,000 German jobs are indirectly affected by German-Iranian trade, according to business insiders. Learn more <a href="http://www.amazon.com/gp/product/0415447569/ref=as_li_tf_tl?ie=UTF8&tag=suyantconsul-20&linkCode=as2&camp=217153&creative=399701&creativeASIN=0415447569">Iran-Europe Relations: Challenges and Opportunities (Durham Modern Middle East and Islamic World Series)</a><img src="http://www.assoc-amazon.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=0415447569&camp=217153&creative=399701" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" /><br /><br />Source : IRNAGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-11988392416501032572010-07-31T00:20:00.000-07:002010-07-31T00:22:42.676-07:00Malaysia seeks reforms<span id="ctl00_ContentPlaceHolder1_lblStory" class="storyDetails"> <p> KUALA LUMPUR: Malaysian Sharia finance experts, backed by the central bank, are studying possible conflicts between civil and Islamic law amid a raft of high-profile legal disputes which have dampened the industry's appeal.</p> <p>Legal wrangles have taken centre stage in Islamic finance in the last year as difficult economic conditions triggered defaults and exposed gaps in legal systems, some of which struggled to deal with Sharia banking disputes for the first time.</p> <p>Where sukuk holders rank in priority of payment when default occurs and the competence of civil courts to adjudicate on Islamic banking disputes are some issues that have come to the fore in the $1 trillion industry.</p> <p>Lawyers, bankers and Sharia scholars in Malaysia, which has the world's largest sukuk market, are looking into civil law provisions which may conflict with the Sharia and impede the use of Islamic finance.</p> <p>"We are producing Islamic products in conventional surroundings. The other laws that are applicable - land law, contract law, all other laws - are conventional laws," Abdul Hamid Mohamad, a former Malaysian chief judge who is heading the expert body, said on the sidelines of a law conference.</p> <p>"So the question arises whether the implementation of Islamic banking is Islamic."</p> <p>Any conflicts could be addressed with an amendment of the legislation, he said adding that the group would seek the industry's views.</p> <p>Islamic banking matters in Malaysia are heard in civil law courts, with one judge dedicated to hearing these disputes.</p> <p>The $130 billion sukuk market has been a source of financing for issuers from Bahrain to Japan but its reputation has suffered in recent years.</p> <p>The near-default in December of the dollar-denominated sukuk from Dubai property developer Nakheel shattered perceptions that Islamic financing instruments were a safer alternative.<br /></p><p>Source : Gulf Daily News<br /></p> </span>GlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-83071916296258173942010-07-31T00:12:00.000-07:002010-07-31T00:18:19.331-07:00New reforms urged to support Saudi businesswomenby Neeraj Gangal<br /><br />A new study on women’s businesses in Saudi Arabia has presented eight recommendations to give Saudi women the same opportunities as women entrepreneurs in other Arab nations, according to a report.<br /><br /><div class="topmargin10 leftmargin5 bottommargin5 right" style="width: 232px; clear: right;"> <div id="imgThumbDiv1" class="bottommargin5" style="position: relative;" align="center"> <img src="http://www.arabianbusiness.com/images/magazines/arabianbusiness.com/web/arab-women_thumb.jpg" alt="SAUDI BUSINESSWOMEN: The report compares Saudi women entrepreneurs with their counterparts in five Arab countries. (Getty Images - for illustrative purposes only)" class="border" height="165" width="230" /><br /><div class="padding2" style="background: rgb(0, 0, 0) none repeat scroll 0% 50%; position: absolute; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; width: 50px; height: 14px; left: 178px; top: 149px; opacity: 0.6;" id="imgZoomDiv0"><a href="javascript:;" onclick="openPicWindow('http://www.arabianbusiness.com/pic.php?img=http://www.arabianbusiness.com/images/magazines/arabianbusiness.com/web/fullsize/arab-women_full.jpg&imgcaption=SAUDI+BUSINESSWOMEN%3A+The+report+compares+Saudi+women+entrepreneurs+with+their+counterparts+in+five+Arab+countries.+%28Getty+Images+-+for+illustrative+purposes+only%29',385,180, 'no')" class="white" style="font-size: 10px;"><img src="http://www.arabianbusiness.com/pictures/icons/icon_zoom.gif" alt="zoom" align="absmiddle" height="14" width="14" />zoom</a></div> <div class="txtleft topmargin5 dateline" id="imgCaptionDiv"><br /></div> </div> </div> <!-- Article Start --> <strong></strong><br />The Arab News daily said on Friday that the study ‘Businesswomen in Saudi Arabia: Characteristics, Challenges, and Aspirations in a Regional Context’, examines the business-enabling environment for women entrepreneurship in Saudi Arabia and highlights the personal characteristics and business profiles of women business owners.<br /><br />According to the Saudi-based daily, the report compares Saudi women entrepreneurs with their counterparts in five Arab countries: Jordan, Bahrain, the UAE, Lebanon and Tunisia.<br /><br />The report is intended to strengthen “the understanding of the business and regulatory environment for Saudi businesswomen, to contextualise the situation of Saudi women entrepreneurs through comparison between them and other female entrepreneurs in the region and to identify and address the business challenges these women face in order to create a more supportive environment,” Arab News said.<br /><br />The study made eight specific recommendations to Saudi policymakers to improve the situation of businesswomen:<br /><br />The report urged policymakers to establish a Ministry of Women’s Affairs to monitor the implementation of related royal decrees and to devise a national strategy for women’s transition into the economy.<br /><br />It suggested the appointment of female Shoura members to ensure that the interests of Saudi businesswomen and women in general are represented.<br /><br />It called on to eliminate the requirement for women to appoint a male manager in businesses that serve both sexes.<br /><br />The report also asked for ease in restrictions on mobility for women, in terms of public transportation, driving and international travel.<br /><br />It suggested the creation of registration categories for the types of businesses that are in demand by businesswomen, such as beauty salons and day-care centres, and identify the process for creating new registration categories in the future.<br /><br />The report called on to commission further research on how to increase the effectiveness of businesswomen’s access to government services by improving female sections as well as the main centres in government agencies rather than a direct channel for them to receive government services.<br /><br />It urged policymakers to launch a nationwide public campaign to promote women’s economic participation and support the implementation of existing Royal Decrees.<br /><br />The report also suggested that Saudi policymakers ease hiring practices for businesswomen in areas that require international female expertise or that are unable to be met by Saudi female labour. This includes studying the possibility of granting work permits to non-Saudi women residing in Saudi Arabia on non-work visas.<br /><br />The 68-page report was co-authored by Noura Alturki and Rebekah Braswell and published by the Monitor Group and Al-Sayedah Khadijah Bint Khuwailad Businesswomen’s Center of the Jeddah Chamber of Commerce and Industry.<br /><br />This was done with the support of the Centre of Arab Women for Training and Research (CAWTAR) and the International Finance Corporation (IFC), Arab News said.<br /><br />“This focus comes at a time when we are witnessing a rapid and increased investment in our country’s human resources and economic development,” said Princess Adelah Bint Abdullah, president, Al Sayedah Khadijah bint Khuwailad Businesswomen’s Center.<br /><br />“Fundamental to this investment has been the inclusion of regulations that encourage greater involvement of women in our work force. The impact of this support can be seen through the growth, productivity and innovation of Saudi Arabia’s women-owned businesses. My wish is that this report will highlight the progress and determination of these businesswomen and serve as a foundation for researchers interested in the socioeconomic development of our beloved country.”<br /><br />Source : Arabian BusinessGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-1650233617306787712010-06-20T15:27:00.000-07:002010-06-20T15:31:22.958-07:00Islamic Finance Moves Toward Common StandardsRegulation should help provide a basis for the industry's expansion.<br /><br />Islamic finance is one of the fastest growing segments of international financial markets. Currently, total sharia-compliant assets amount to an estimated $1.125 trillion to 1.275 trillion, with an annual growth rate of 15-20%. The global credit crunch has not left it unscathed, and recent capital market growth has been hampered by conflicting interpretations of the sharia compliance of specific wholesale product structures (sukuk). Nevertheless, the outlook for the sector is positive.<br /><br />AAOIFI. Efforts to standardize Islamic financial products should enhance the sector's prospects. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) plays an important role in this regard:<br /><br />--Originally subscribed by an alliance of domestic and international Islamic banks as well as the Islamic Development Bank, industry-sponsored AAOIFI has since extended its membership categories to include authorities that regulate and supervise Islamic financial institutions.<br /><br />--It also offers observer member status to conventional financial institutions that operate Islamic 'windows' (special facilities offered by conventional banks to provide services to Muslims who wish to engage in Islamic banking).<br /><br />Standards. AAOIFI’s Sharia Standards 2010 contains 41 standards, including 11 new stipulations pertaining to gharar (uncertainty) in financial transactions, arbitration, zakat (alms giving) and online financial transactions among others. Additionally, its Accounting, Auditing and Governance Standards 2010 contains 40 standards covering the areas of accounting, auditing, ethics and the governance of Islamic financial institutions.<br /><br />National adoption. These standards are primarily targeted at individual Islamic financial institutions, but they have also been adopted at a national level: <br />--The AAOIFI's standards have been made mandatory for Islamic financial institutions in Bahrain, Dubai International Financial Centre, Jordan, Sudan, Syria and Qatar.<br /><br />--Last month the State Bank of Pakistan announced that it had begun selectively to implement AAOIFI Sharia Standards and has advised Islamic banks to prepare for the phasing in of further standards in the near future.<br /><br />--In other countries, including Indonesia, Lebanon, Malaysia, Saudi Arabia and the United Arab Emirates, AAOIFI standards have been incorporated into national guidelines and are adhered to by AAOIFI member institutions. <br />Standardization issues. The lack of standardization of Islamic financial products has been a major barrier to the cross-border sale of Islamic financial products. The AAOIFI and its sister standard-setting organization, the Kuala Lumpur-based Islamic Financial Services Board (IFSB)--primarily tasked with developing capital adequacy rules for Islamic financial institutions--have become key players in the construction of the emerging international framework that governs Islamic finance. The AAOIFI has over 200 members from 45 countries while the IFSB has 193 members operating in 39 jurisdictions.<br /><br />More intrusive regulation. So far the compliance of member institutions with the standards can neither be enforced nor fully monitored, unless they are mandated at country level and then enforced by domestic regulators. Last month, the AAOIFI announced a timetable for taking a more intrusive approach to regulating Islamic financial products, including plans to create a watchdog committee--composed of sharia scholars and market practitioners--by the second half of 2010. However, increasingly different trajectories of Islamic banking and Islamic capital market development could in turn affect the further standardization of Islamic financial products. <br />Challenges. There are two major challenges to the further growth prospects and pace of development of the industry. Both could benefit from enhanced standardization and the AAOIFI's work more generally:<br /><br />--Interpretation of Islamic law. Given the absence of a highest religious authority in majority Sunni Islam, assessing the Sharia quality of Islamic financial products depends on a number of representatives from different legal schools with sometimes widely varying interpretations.<br /><br />--Scarcity of qualified sharia scholars. To address the shortage of scholars well versed in both sharia and finance, a number of programs have sprung up that offer degrees in Islamic finance.<br /><br />Outlook.Overall, the outlook for Islamic finance remains positive. Recent efforts to develop common standards for Islamic financial institutions should help to provide a sound basis for the expansion of the industry. <br /><br />Source: ForbesGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-64786540557979709242010-06-20T15:20:00.000-07:002010-06-20T15:22:36.076-07:00Ahmadinejad: Iran emerging as new global powerPresident Mahmoud Ahmadinejad said on Sunday that the Islamic Republic of Iran is now emerging as a new power which has left vital impacts on global developments.<br />President Ahmadinejad made the remarks in a meeting with the new Iranian Ambassador to Bolivia Alireza Ghezili.<br /><br />Iran attaches importance to expansion of ties and cooperation with Bolivia, he said and called for expansion of political, economic and cultural ties with the country.<br /><br />There are amicable ties between the two countries in various fields which are expected to be bolstered, he said.<br /><br />The new Iranian ambassador to Bolivia should try to help upgrade current level of cooperation between the two countries given Iran’s status among world countries, said the Iranian president.<br /><br />The status of Iranian ambassadors to other countries is outstanding as Iran has been recognized as a new power having crucial impacts on global developments, he said. <br /><br />Source : IRNAGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-73251505192909776742010-06-20T15:13:00.000-07:002010-06-20T15:18:27.667-07:00's SABIC gets $1bn credit from Alinma Bankby Souhail Karam<br /><br />Saudi based Alinma Bank said it would grant a $1 billion credit facility to Saudi Basic Industries Corp (SABIC), plugging a financing gap at the world's biggest petrochemicals group.<br /><br />In a statement confirming a report by Al Hayat online news service on Tuesday, Alinma said: "The facility will fund some of SABIC's petrochemical projects as part of its strategic plans to enhance financing performance, boost competitiveness and help it achieve (its) expansion and growth strategy."<br /><br />It did not disclose the terms of the facilities, saying only they complied with Islamic law.<br /><br />Alinma was set up by royal decree in 2006. Government owned pension funds are its biggest shareholders with a 30 percent stake while Saudi citizens hold the remaining 70 percent.<br /><br />SABIC Chief Executive Mohamed al Mady declined to comment while Chief Financial Officer Mutlaq al Morished could not immediately be reached for comment. Alinma said Morished signed the agreement on behalf of SABIC.<br /><br />SABIC's financial arm SABIC Capital delayed last month a benchmark dollar bond issue due to jitters that hit global credit markets over fiscal problems in some euro zone countries.<br /><br />It was not immediately clear if there was a link between the Alinma deal announced on Tuesday and the delay in SABIC Capital's delayed bond issue.<br /><br />Ratings agency Moody's assigned the planned bond an A+ rating and said it understood it would be used to refinance or repay debt at SABIC Innovative Plastics Holding, the renamed GE Plastics.<br /><br />SABIC Capital was established in 2008 to look after the financing and tax operations of SABIC's investments in Europe and the United States after the acquisition of DSM Petrochemicals and GE Plastics.<br /><br />Between July 2006 and May 2008, state controlled SABIC raised 16 billion riyals ($4.27 billion) from three Islamic bond issues. It raised $533.2 million in December 2009 from a private bond placement.<br /><br />A typical benchmark bond issue is for a minimum $500 million. SABIC said that it has to repay $1.47 billion in long term loans in 2010 and $3 billion in 2011. <br /><br />Source : ReutersGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com2tag:blogger.com,1999:blog-2476134943983255580.post-6503391756827505232010-05-21T19:05:00.000-07:002010-05-21T20:02:22.023-07:00Islamic Finance Moves Toward Common Standards<cite>By Oxford Analytica</cite>,<span class="date"></span> <h2 class="storyDek">Regulation should help provide a basis for the industry's expansion.</h2><br /><p>Islamic finance is one of the fastest growing segments of international financial markets. Currently, total sharia-compliant assets amount to an estimated $1.125 trillion to 1.275 trillion, with an annual growth rate of 15-20%. The global credit crunch has not left it unscathed, and recent capital market growth has been hampered by conflicting interpretations of the sharia compliance of specific wholesale product structures (sukuk). Nevertheless, the outlook for the sector is positive. </p><p> <strong>AAOIFI</strong>. Efforts to standardize Islamic financial products should enhance the sector's prospects. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) plays an important role in this regard:<br /></p><p>--Originally subscribed by an alliance of domestic and international Islamic banks as well as the Islamic Development Bank, industry-sponsored AAOIFI has since extended its membership categories to include authorities that regulate and supervise Islamic financial institutions. </p><p>--It also offers observer member status to conventional financial institutions that operate Islamic 'windows' (special facilities offered by conventional banks to provide services to Muslims who wish to engage in Islamic banking). </p><p> <strong>Standards</strong>. AAOIFI’s Sharia Standards 2010 contains 41 standards, including 11 new stipulations pertaining to gharar (uncertainty) in financial transactions, arbitration, zakat (alms giving) and online financial transactions among others. Additionally, its Accounting, Auditing and Governance Standards 2010 contains 40 standards covering the areas of accounting, auditing, ethics and the governance of Islamic financial institutions. </p><p> <strong>National adoption.</strong> These standards are primarily targeted at individual Islamic financial institutions, but they have also been adopted at a national level:<br /></p><p>--The AAOIFI's standards have been made mandatory for Islamic financial institutions in Bahrain, Dubai International Financial Centre, Jordan, Sudan, Syria and Qatar. </p><p>--Last month the State Bank of Pakistan announced that it had begun selectively to implement AAOIFI Sharia Standards and has advised Islamic banks to prepare for the phasing in of further standards in the near future. </p><p>--In other countries, including Indonesia, Lebanon, Malaysia, <a style="border-bottom: 1px dotted; color: rgb(0, 51, 153); text-decoration: none; cursor: pointer; display: inline; font-family: Arial,Helvetica,sans-serif; font-size: 14px; font-weight: 400; font-style: normal;" href="http://topics.forbes.com/Saudi%20Arabia" rel="nofollow">Saudi Arabia</a> and the United Arab Emirates, AAOIFI standards have been incorporated into national guidelines and are adhered to by AAOIFI member institutions.<br /></p><p> <strong>Standardization issues.</strong> The lack of standardization of Islamic financial products has been a major barrier to the cross-border sale of Islamic financial products. The AAOIFI and its sister standard-setting organization, the Kuala Lumpur-based Islamic Financial Services Board (IFSB)--primarily tasked with developing capital adequacy rules for Islamic financial institutions--have become key players in the construction of the emerging international framework that governs Islamic finance. The AAOIFI has over 200 members from 45 countries while the IFSB has 193 members operating in 39 jurisdictions.</p><p> <strong>More intrusive regulation.</strong> So far the compliance of member institutions with the standards can neither be enforced nor fully monitored, unless they are mandated at country level and then enforced by domestic regulators. Last month, the AAOIFI announced a timetable for taking a more intrusive approach to regulating Islamic financial products, including plans to create a watchdog committee--composed of sharia scholars and market practitioners--by the second half of 2010. However, increasingly different trajectories of Islamic banking and Islamic capital market development could in turn affect the further standardization of Islamic financial products.<br /></p><p> <strong>Challenges.</strong> There are two major challenges to the further growth prospects and pace of development of the industry. Both could benefit from enhanced standardization and the AAOIFI's work more generally:</p><p>--Interpretation of Islamic law. Given the absence of a highest religious authority in majority <a style="border-bottom: 1px dotted; color: rgb(0, 51, 153); text-decoration: none; cursor: pointer; display: inline; font-family: Arial,Helvetica,sans-serif; font-size: 14px; font-weight: 400; font-style: normal;" href="http://topics.forbes.com/Sunni%20Islam" rel="nofollow">Sunni Islam</a>, assessing the Sharia quality of Islamic financial products depends on a number of representatives from different legal schools with sometimes widely varying interpretations. </p><p>--Scarcity of qualified sharia scholars. To address the shortage of scholars well versed in both sharia and finance, a number of programs have sprung up that offer degrees in Islamic finance. </p><p> <b><u>Outlook.</u></b>Overall, the outlook for Islamic finance remains positive. Recent efforts to develop common standards for Islamic financial institutions should help to provide a sound basis for the expansion of the industry. Learn more <a href="http://www.amazon.com/gp/product/0470030690?ie=UTF8&tag=suyantconsul-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0470030690">Understanding Islamic Finance (The Wiley Finance Series)</a><img src="http://www.assoc-amazon.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=0470030690" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" /><br /><br /></p><p>Source : Forbes.com<br /></p><p><br /></p>GlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-63904759284822352832010-05-21T18:54:00.000-07:002010-05-21T20:07:14.518-07:00REDUCE VIOLENCE AGAINST WOMEN<span id="result_box" class="long_text"><span style="background-color: rgb(255, 255, 255);" title="Apakah ada atau tidak ada relevansinya dengan kasus kekerasan dan pelecehan seksual terhadap puluhan wanita di Purbalingga baru-baru ini, untuk mengisi acara tahun baru Hijrah maka Pimpinan Pusat 'Aisyiyah menyelenggarakan seminar dengan tema "Kekerasan terhadap Wanita serta Upaya Penanggulangannya"." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">Is there or no relevance to cases of violence and sexual abuse of dozens of women in Purbalingga recently, to fill the new Hijra year event then the Central Executive 'Aisyiyah hold seminars with the theme "Violence against Women and the efforts of Birds." </span><span style="background-color: rgb(255, 255, 255);" title="Seminar ini tidak saja diikuti oleh keluarga 'Aisyiyah, tetapi juga oleh perwakilan organisasi wanita dan beberapa peserta individu." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">This seminar not only attended by family 'Aisyiyah, but also by representatives of women's organizations and several individual participants.<br /><br /> </span><span style="background-color: rgb(255, 255, 255);" title="Seminar tersebut kiranya memang sangat bermanfaat bagi semua yang mengikuti dan mendengarnya secara langsung maupun tak lang-sung mengingat kasus kekerasan terhadap wanita di Indonesia semakin lama tidak semakin sedikit akan tetapi justru semakin banyak." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">The seminar would indeed very useful for all who attended and heard directly and did not immediately recall a case of violence against women in Indonesia, the longer it is not less but more precisely. </span><span style="background-color: rgb(255, 255, 255);" title="Bahkan akhir-akhir ini kasus kekerasan terhadap wanita sudah berkembang menjadi kompleks; bukan saja menyangkut banyaknya kasus akan te-tapi juga menyangkut variasi dari kasus itu sendiri." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">Even the recent cases of violence against women has developed into a complex, not only regarding the number of cases will but also concerning the variation of the case itself. </span><span style="background-color: rgb(255, 255, 255);" title="Contoh aktual dan konkretnya ialah kekerasan dan pelecehan seksual di Purbalingga yang melibatkan puluhan orang baik pelaku maupun korbannya." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">Is actual and concrete examples of violence and sexual harassment in Purbalingga involving dozens of people either perpetrators or victims.<br /><br /> </span><span style="background-color: rgb(255, 255, 255);" title="Kekerasan terhadap kaum wanita dengan pelaku tunggal dan kor-ban ganda sudah biasa terjadi, begitu pula dengan pelaku ganda dan korban tunggal." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">Violence against women with a single perpetrator and victim of a double is very common, so did the actors double and a single victim. </span><span style="background-color: rgb(255, 255, 255);" title="Akan tetapi, kalau kekerasan terhadap wanita dengan pelaku dan korban ganda memang relatif jarang terjadi." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">However, if violence against women with multiple perpetrators and victims are relatively rare. </span><span style="background-color: rgb(255, 255, 255);" title="Apalagi kalau baik pelaku maupun korbannya masing-masing berjumlah puluhan o-rang sekaligus." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">Especially if both perpetrator and victim each totaling tens o-war at a time. </span><span style="background-color: rgb(255, 255, 255);" title="Dan di negara kita hal itu benar-benar terjadi di dalam realitas, bukan sekedar intuitif." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">And in our country that really happen in reality, not just intuitive.<br /><br /> </span><span style="background-color: rgb(255, 255, 255);" title="Di Amerika Serikat (AS), Perancis, Italia, dan di negara-negara maju lainnya pun ternyata kasus kekerasan terhadap wanita juga masih selalu saja terjadi." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">In the United States (U.S.), French, Italian, and in other developed countries also found cases of violence against women is still always just happen. </span><span style="background-color: rgb(255, 255, 255);" title="Di AS bahkan terdapat seorang "maniac" yang tega memacari dan kemudian membunuh belasan wanita sekaligus." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">In the U.S. there is even a "maniac" who could kill dozens of dating and then the woman at the same time. </span><span style="background-color: rgb(255, 255, 255);" title="Bahkan di Perancis saat ini disinyalir terdapat banyak wanita yang menderita karena mendapat perlakuan kekerasan dari lawan jenisnya." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">Even in France today there are many women who allegedly suffered a violent treatment of the opposite sex. Learn more <a href="http://www.amazon.com/gp/product/0375756469?ie=UTF8&tag=suyantconsul-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0375756469">Women</a><img src="http://www.assoc-amazon.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=0375756469" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" /><br /><br />Source : Ki Supriyoko, jounal.amikom.ac.id<br /></span></span>GlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-28309242444667564302010-05-21T18:48:00.000-07:002010-05-21T20:12:33.289-07:00UAE money supply growth slows to 2.1% at April end<strong>Money supply in the UAE grew 2.1 percent year on year at the end of April, down from a 3.3 percent rise in the previous month, central bank data showed on Wednesday.</strong><br /><br />M3, the broadest measure of money circulating in the economy and an indicator of future inflation, grew only 1.4 percent in February in the slowest pace since at least 2001 as banks grappled with Dubai's debt restructuring.<br /><br />It rose to $256.2 billion at the end of April, from $254.5 billion at the end of March, the data showed.<br />Money circulating in the second largest Arab economy and the world's third largest oil producer had more than doubled in the two years to the end of 2008.<br /><br />Bank credit grew 2.4 percent year on year to $278.2 billion in April, but edged down marginally from $278.24 billion in March, the data showed.<br /><br />Provisioning levels for non performing loans rose 4.7 percent month on month to $9.8 billion to reach their highest level since at least December 2008, up from a 2.4 percent rise in March. Learn more <a href="http://www.amazon.com/gp/product/9041110054?ie=UTF8&tag=suyantconsul-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=9041110054">United Arab Emirates Court of Cassation Judgements (Arab and Islamic Laws Series, 17)</a><img src="http://www.assoc-amazon.com/e/ir?t=suyantconsul-20&l=as2&o=1&a=9041110054" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" /><br /><br /><br />Source : ReutersGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-62106833283853496152010-02-07T14:04:00.000-08:002010-02-07T14:08:12.097-08:0023rd Int’l Kharazmi Festival starts<div class="imageBorder" style="border: 1px solid black; width: 250px; height: 166px; text-align: left;"> <a href="http://www.irna.ir/NewsMedia/Photo/Larg_Pic/2010%5C2%5C7%5Cimg634011340655781250.jpg" target="_blank"> <img id="fullStoryImage" src="http://www.irna.ir/NewsMedia/Photo/Smal_Pic/2010%5C2%5C7%5Cimg634011340655781250.jpg" alt="" border="0" height="166" width="250" /></a><a href="http://www.irna.ir/NewsMedia/Photo/Larg_Pic/2010%5C2%5C7%5Cimg634011340655781250.jpg" target="_blank"> </a> </div><br />Tehran, Feb 7, IRNA – The 23rd International Kharazmi (Khwarizmi) Festival kicked off in Tehran Sunday morning.<br />First Vice-President Mohammad-Reza Rahimi and Minister of Science, Research and Technology Kamran Daneshjou are participating in the one-day event.<br /><br />Researchers and scholars from various world countries as well as Iranian scientists are also taking part in the international festival.<br /><br />The festival is held every year to introduce and honor achievements of Iranian and foreign researchers and academicians.<br /><br />The international bodies including D8, ECO, ECI, COMSTECH, COMSATS, FAO, IFIA, IOR-ARC RCSTT, UNIDO, UNESCO, WIPO, WAIRTO, TWAS and ISESCO are to award winners of Kharazmi festival.<br /><br />Source : IRNAGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com1tag:blogger.com,1999:blog-2476134943983255580.post-8902378386871433332010-02-07T14:00:00.000-08:002010-02-07T14:01:35.351-08:00Abbas awaits US clarification on talks proposalCAIRO: Palestinian President Mahmoud Abbas said Saturday he had asked the United States to clarify its offer to mediate indirect peace talks with Israel before he would announce any decision to resume the negotiations.<br /><br />“Yesterday I met with an American delegation and we held an Egyptian, Jordanian and Palestinian trilateral meeting,” Abbas said after talks with Egyptian President Hosni Mubarak in Cairo.<br /><br />“We asked the Americans some questions and they will come back to us ... then we will announce our position,” he said.<br /><br />An Israeli Cabinet minister, echoing comments made by Prime Minister Benjamin Netanyahu, said this week that Israel and the Palestinians would begin “proximity talks,” with a US mediator shuttling between negotiating teams, to restart negotiations that broke down at the start of a war in Gaza in December 2008.<br /><br />Netanyahu told a conference Wednesday that he had reason to believe the talks could resume in a matter of weeks, though he gave no details.<br /><br />Palestinian officials did not confirm those remarks, but pointed out that US Middle East envoy George Mitchell had made more than a dozen visits to the region to try to revive the long-stalled peace talks.<br /><br />Abbas has said he will only return to negotiations if Israel completely stops settlement-building in the occupied West Bank. He has rejected a limited, 10-month construction freeze ordered by Israel in November as insufficient. Israel has said it will continue to build homes for Jews in and around East Jerusalem, territory it captured in a 1967 war and annexed as part of its capital in a move not recognized internationally.<br /><br />Palestinians want the city as the capital of a future state.<br /><br />Also hindering progress in peace talks is a divide in the Palestinian territories, with Abbas’ mandate limited to the West Bank since his Fatah faction was ousted from the Gaza Strip by Hamas in a 2007 civil war.<br /><br />Abbas said in Cairo there was no connection between resuming talks with Israel and reconciling the internal Palestinian divide. “Everything is moving on and we do not prefer one issue over another,” he said.<br /><br />Egypt, a US ally which in 1979 became the first Arab state to sign a peace deal with Israel, has acted as a mediator in the Arab-Israeli conflict and has been trying to broker a unity deal between the rival Palestinian factions.<br /><br />The groups last met in July in Cairo, and Egypt has since increased pressure on Hamas by building an underground barrier along its border with Gaza to block tunnels that bring Palestinians weapons and commercial goods denied them by an Israeli-led blockade.<br /><br />Source : AgenciesGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-65280175077695706642010-02-07T13:53:00.000-08:002010-02-07T13:58:16.776-08:00BP Migas: Country`s oil production recorded at 946,048 bpdJakarta - The country`s oil and condensate production since early this year is recorded at 946,048 barrels per day (bpd), which is lower than the state budget target at 965,000 bpd, an oil official said.<br /><br />"But this month (Feb) the average oil and condensate production is a bit higher at 952,096 bpd," Head of the Upstream Oil and Gas Regulating Agency (BP Migas) R Priyono said here on Friday.<br /><br />He said that especially on Friday the oil production reached 950,266 bpd, including 142,458 bpd of condensate.<br /><br />The BP Migas chief said that there were a number of technical reasons which caused production not to reach the target.<br /><br />"If there is no technical problem the production would reach 977,000 bpd," Priyono said.<br />The technical reasons included the stoppage of the Kangean production of 2,500 bpd and maintenance work in the Area Central, CNOOC, which delayed production.<br /><br />The production of the Banyuurip, Cepu, in the meantime, was only 6,800 bpd because the PT Tri Wahan Universal (TWU) refinery plant and PT Pertamina had asked reduction in supply.<br /><br />Besides, ConocoPhillips also experienced a production reduction by 2,000 bpd due to pipeline network replacement work in the Suban filed.<br /><br />For gas production, Priyono said that on February 4, 2010, it reached 8,603 million metric standard cubic feet per day (MMSCFD). So, the average production in February is 8,589 MMSCFD and for 2010 it is expected to reach 8,666 MMSCFD.<br />Source : ANTARA NewsGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-63829951516394262542010-01-09T14:16:00.000-08:002010-01-09T14:17:34.846-08:00Iran, Syria, a model for economic cooperation in regionTehran, Jan 9, - Iran's Minister of Housing and Urban Development Ali Nikzad said on Saturday that Iran and Syria must become a model in terms of economic cooperation in the region.<br />He made the remarks in the 8th follow-up committee on economic cooperation between Iran and Syria.<br /><br />Close cooperation among countries in the region will lessen the influence of the US and foil the plots hatched by the Zionist regime, he said.<br /><br />Tehran and Damascus should spare no efforts to bolster economic cooperation among Iran, Syria, Iraq and Turkey which will be vital for formation of a regional alliance, he said.<br /><br />Volume of trade on engineering and technical services between Iran and Syria has hit dlrs 1.6 billion which is remarkable, he said.<br /><br />Draft agreements prepared by Iran and Syria’s Expert committees are to be indorsed by the Iranian minister of housing and urbane development with the Syrian economy and commerce minister on Monday.<br /><br />Source : IRNAGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-90626937584016754862010-01-09T14:11:00.000-08:002010-01-09T14:14:47.928-08:00Bahrain's GFH takes $300m Dubai project provisionBy Gavin Davids<br /><br />Gulf Finance House, the Middle East Islamic investment bank, said on Wednesday it had taken a provision of $300 million over its exposure to a Dubai development project.<br /><br />The $300 million noncash charge against its propriety Dubailand position comes in the wake of the fallout from the global financial crisis and the recent upheavals in the Dubai markets. The bank said that the move would reduce the liabilities on its balance sheet by $290 million, with no implications for its clients.<br /><br />GFH added that it had no remaining material exposure to Dubai.<br />Esam Janahi, chairman, GFH, said: “Market conditions over the last year have been extremely difficult and recent developments have further highlighted the need for a prudent and transparent approach. As a consequence, the board has decided to take the necessary steps to deal with the situation appropriately.”<br /><br />The bank has recently begun comprehensive market research to establish investor sentiment following the global economic downturn. Like a number of Bahrain based investment houses, GFH has posted losses since the end of the regional property boom last year.<br /><br />The results of this research has seen the bank design a new business model based on the products and services demanded by the contemporary investment community in a difficult economic environment.<br /><br />Ted Petty, acting CEO, GFH added: “All our work over the past few months has been focused on shoring up our balance sheet and revising the business model to more efficiently serve the needs of the investment community and we've been very successful in this.”<br /><br />He added that not only was the bank confident of meeting its liabilities, it also had the ability to engage in attractive investment opportunities as it renewed its revenue generation for 2010.<br /><br />The Islamic lender raised $500 million in fresh financing this year through a rights issue and two convertible murabhas, an Islamic financing tool, to repair its balance sheet after posting four consecutive quarterly losses.<br />Source : Arabian BusinessGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-41542404929766011462010-01-09T14:03:00.000-08:002010-01-09T14:08:19.446-08:00Garuda to go public in first quarterBanda Aceh - State Enterprises Minister Mustafa Abubakar said here on Saturday PT Garuda Indonesia would go public in the first quarter this year.<br /><br />"Let us pray it will be warmly welcomed by investors so that the target of shares to be sold will be met," he said at the launching of an environment program held by the state-owned airline company in cooperation with International Leuser Foundation (YLI) in Aceh.<br /><br /> He said PT Garuda would sell 25 percent of its shares to the public to raise Rp2.5 trillion to strengthen its capital.<br /><br />Mustafa expressed his appreciation to the company that had been able to achieve a four-star ranking or one grade lower for the company to get the world`s highest ranking.<br /><br />"We hope PT Garuda which is under the supervision of the office of the state enterprise minister will be able to achieve the five-star status so that the public listing program will be smooth," he said at the event which was also attended by Garuda president director Emirsyah Satar and Aceh governor Irwandi Yusuf.<br /> <br />PT Garuda Indonesia is optimistic the initial public offering could be realized in the first semester this year.<br /> <br />"Right now preparations are already being done including selecting the underwriters," he said.Emirsyah meanwhile said the IPO plan was part of the company`s restructuring program to improve its performance.<br /><br />The proceeds from the IPO are expected to reach US$300 million and will be used to finance additional fleets, refurbishment as well as improving services," he said.<br /> <br />He said the result of the IPO would be dependable upon market conditions. "We will adapt it to the domestic capital market conditions," he said.<br /> <br />Emirsyah said until 2014 the number of the company`s fleets would be increased to 116 units from currently 67 units. The increase in the number of fleets will be followed by a hike in routes to serve and flight frequencies to reach 3,000 flights per week from currently around 1,700 flights.<br />Source : Antara NewsGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-784925509394043352009-12-25T14:37:00.000-08:002009-12-25T14:39:34.673-08:00Iran, Vietnam keen to increase bilateral trade exchanges<div class="ffDefault fs14 clBlue bold soot" style="clear: both; line-height: 150%;"> <div class="imageBorder" style="border: 1px solid black; width: 250px; height: 166px; text-align: left;"> <a href="http://www.irna.ir/NewsMedia/Photo/Larg_Pic/2009%5C12%5C24%5Cimg633972503253750000.jpg" target="_blank"> <img id="fullStoryImage" src="http://www.irna.ir/NewsMedia/Photo/Smal_Pic/2009%5C12%5C24%5Cimg633972503253750000.jpg" alt="" border="0" height="166px" width="250px" /></a><a href="http://www.irna.ir/NewsMedia/Photo/Larg_Pic/2009%5C12%5C24%5Cimg633972503253750000.jpg" target="_blank"> </a> </div><br />Tehran – Commerce Minister Mehdi Ghazanfari Wednesday evening in Hanoi called for facilitation of trade exchanges between Iran and Vietnam. </div> He made the remarks in a meeting with President of the Vietnam Chamber of Commerce and Industry Vu Tien Loc held on the sidelines of the 6th session of Iran-Vietnam joint economic and trade commission.<br /><br />The Iranian minister said the two countries' private sectors can play key roles in expansion of bilateral trade cooperation between the two sides.<br /><br />Voicing his country’s readiness to further promote economic and trade relations with Iran, the Vietnamese official called for making use of Iran as a transit route for export of Vietnamese goods to the regional markets.<br /><br />Exchange of delegations to study marketing and investment potentials in both countries was also stressed by the two officials.<br />Source : IRNAGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-43834104436667429032009-12-25T14:35:00.000-08:002009-12-25T14:36:43.457-08:00Cultivated coral reefs now also exportedDenpasar - The coral reefs cultivated by coastal fishermen in Serangan village, Denpasar, have found their way to the export market.<br /> <br />"We have been applying the technique of transplantation in coral reef cultivation and the result is that the products are now exported to Europe," Chairman of the Association of Serangan Fishermen Wayan Patut said here Thursday.<br /> <br />He also said that trading coral reefs is actually against the law, as it harms natural conservation.<br /> <br />However, by applying the transplantation technique in coral reef cultivation, the farmers produced the reefs in such a way that they could be locally marketed and even exported.<br /> <br />"We have been cultivating coral reefs in this way for many years including for natural conservation, in the Serangan waters," one of the farmers said.<br /> <br />"Besides saving nature, the technique also has its economic value, so that the farmers<br />became enthusiastic in both cultivating and rehabilitating coral reefs," he added.<br /> <br />He said he could tell the difference between observed coral reefs from the saleable cultivated ones, by monitoring the reefs and rehabilitating them.<br /> <br />"We have succeeded in cultivating coral reefs of different colors like brown, green, yellow, and other shades," he added.<br /> <br />He said the coral reefs had already been exported to various countries, like the United States, and are also marketed at local markets. Coral reefs are normally used to decorate sea water and fresh water aquariums.<br />Source : Antara NewsGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-92094253454453565492009-12-25T14:28:00.000-08:002009-12-25T14:33:35.156-08:00Bin Laden's daughter free to leave says Iran<span id="ctl00_ContentPlaceHolder1_lblStory" class="storyDetails"> <p>TEHRAN: Osama bin Laden's daughter who has taken refuge at the Saudi mission in Tehran is free to leave Iran once her identity is confirmed, Foreign Minister Manouchehr Mottaki was quoted as saying yesterday.</p> <p>"A while ago the Saudi embassy here said one of bin Laden's daughters is in the compound, so the foreign ministry told the embassy that based on international conventions if her identity is confirmed she can leave Iran with passage documents," ISNA quoted Mottaki as telling state television.</p> <p>"We were not able to confirm her identity but the embassy says she is" the daughter of bin Laden, he added.</p> <p>A Saudi newspaper quoted Omar bin Laden, the fourth son of the Al Qaeda chief, that one of his siblings, Iman, 17, had recently sought asylum at the Saudi embassy in Tehran.</p> <p>Fuad Qassas, the Saudi charge d'affaires at the kingdom's embassy in Tehran, confirmed Iman was staying there, according to the newspaper, which said she has been seeking permission to leave Iran, so far without success.</p> <p>Omar also said that five other siblings plus one of his father's wives who had been missing since the 2001 invasion of Afghanistan had been traced to Tehran, where they are living under house arrest.</p> <p>Omar, who lives in Qatar, said he only learnt his family members were still alive after receiving a call last month from his brother Uthman, who had been secretly given access to a mobile phone by a young Iranian.</p> <p>British newspaper The Times reported 11 of bin Laden's grandchildren were also living in the high-security compound outside Tehran.</p> <p>The group fled Afghanistan just before the September 11, 2001 attacks on the US and walked to the Iranian border, where they were detained and taken to the walled compound by guards.</p> <p>His relatives are said to be living as normal a life as possible, cooking meals, watching television and reading, but they are allowed out on shopping trips only rarely.</p> <p>The Times said Iman escaped from the compound during one such trip last month and fled to the Saudi embassy.<br /></p><p>Source : Gulf Daily News<br /></p> </span>GlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-48113886197006219352009-12-24T14:27:00.000-08:002009-12-24T14:29:53.129-08:00Copenhagen summit causes failure of capitalist systems: President<div class="imageBorder" style="border: 1px solid black; width: 250px; height: 166px; text-align: left;"> <a href="http://www.irna.ir/NewsMedia/Photo/Larg_Pic/2009%5C12%5C24%5Cimg633972418712500000.jpg" target="_blank"> <img id="fullStoryImage" src="http://www.irna.ir/NewsMedia/Photo/Smal_Pic/2009%5C12%5C24%5Cimg633972418712500000.jpg" alt="" border="0" height="166px" width="250px" /></a><a href="http://www.irna.ir/NewsMedia/Photo/Larg_Pic/2009%5C12%5C24%5Cimg633972418712500000.jpg" target="_blank"> </a> </div><br />Shiraz, Fars Prov, Dec 24, IRNA – President Mahmoud Ahmadinejad said Wednesday evening that the Copenhagen climate change summit resulted in the failure of the world capitalist systems.<br />He made the remarks in an exclusive interview with the TV network of this southern province.<br /><br />The summit, an important event in the area of climate, proved the world nations that the big economic powers only think about their own interests and do not make any efforts to reduce environmental pollutions, the President noted.<br /><br />The world capitalist power is on the verge of collapse, he said, reiterating that the Islamic Republic plays a key role in formation of the new world order.<br /><br />Today, the presence of Iran in the Latin America has weakened the US position, he noted.<br /><br />Referring to the Middle East as a sensitive and important region in the world, he said Iran has the upper hand in the entire region.<br /><br />President Ahmadinejad further underlined the need for administration of justice throughout the globe.<br /><br />Meanwhile, the President wound up his two-day provincial visit and returned to Tehran last night.<br /><br />Source : IRNAGlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0tag:blogger.com,1999:blog-2476134943983255580.post-37314929644364390432009-12-24T14:21:00.000-08:002009-12-24T14:25:44.498-08:00Dubai World poised to press for loan extensionsby Rachna Uppal and Nicolas Parasie<br /><strong><br /></strong><span class="small grey"></span> <div id="width"> <div id="content-main" class="topmargin10 left lheight20"> <div class="topmargin10 leftmargin5 bottommargin5 right" style="width: 232px; clear: right;"> <div id="imgThumbDiv1" class="bottommargin5" style="position: relative;" align="center"> <img src="http://www.arabianbusiness.com/images/magazines/arabianbusiness.com/web/nakheeldebt_thumb.jpg" alt="DEBT TALKS: A $10bn bond from Abu Dhabi last week helped Dubai stave off default on a $4.1bn sukuk from Nakheel." class="border" height="165" width="230" /> <div class="txtleft topmargin5 dateline" id="imgCaptionDiv"><br /></div> </div> </div></div></div><strong>Dubai World is expected on Monday to ask key creditors for more time to pay off its loans, but leave them none the wiser concerning their prospects of being paid back in full.</strong><br /><br />Saddled with a $22bn debt and in need of restructuring, the Gulf Arab emirate's flagship company is expected to formalise a request for a payment standstill at a meeting with some 90 creditors at Dubai's World Trade Center complex.<br /><br />Though important, the gathering will probably mark only an intermediate step in a lengthy process, with banking sources anticipating no detailed proposals on the terms of the potential standstill to be discussed.<br />Raj Madha, banking analyst at EFG Hermes said:"Providing clarity is clearly the number one priority. Obviously a standstill is not ideal. But a standstill with visibility of when payments will be received or the extent of these payments would be sufficient to call it a result."<br /><br />Dubai sent shockwaves through global markets on November 25 when it requested a standstill on $26bn of debts linked to Dubai World and its two property units Nakheel and Limitless.<br /><br />A $10bn bond from neighbouring Abu Dhabi last week, the third to Dubai this year, helped it stave off default on a $4.1bn Islamic bond, or sukuk, from Nakheel.<br /><br />According to the National, two top Dubai officials, on a confidence building mission to Britain and the United States in recent days, told financial leaders in London that repaying all bank loans in full was discussed as a medium term possibility.<br /><br />Sheikh Ahmed bin Saeed al Maktoum, head of Dubai's Supreme Fiscal Committee and the uncle of Dubai's ruler, and Mohammed al Shaibani, deputy head of the committee, met officials in London last week.<br /><br />A full repayment however, seems the most unlikely of available options and bankers expect Dubai World to propose the extension of maturities for at least a year or more while paying interest.<br /><br />A steering committee of Dubai World's largest lenders met the company on December 7. The committee consists of London listed Standard Chartered , HSBC , Lloyds and Royal Bank of Scotland, local lenders Emirates NBD and Abu Dhabi Commercial Bank.<br /><br />Several bankers said that Lenders will take Dubai World's requests back to their credit committees, which are expected to agree the standstill request early in the New Year.<br /><br />Speculations continue to mount over which assets Dubai Inc, the network of government owned companies, is willing to sell to help pay off its debt obligations.<br /><br />Dubai holding's owner said that the luxury hotelier Jumeirah Group is not for sale. The group's chairman said:"Jumeirah and Dubai Holding are part of each other and Jumeirah is not going anywhere." (Reuters)GlobalIslamNewshttp://www.blogger.com/profile/15767684494547281643noreply@blogger.com0