Category Archives: Growth

Islamic bankers have escaped the worst financial pain

Islamic bankers have escaped the worst financial pain

boat in lake

Shaun Springer, Chief Executive of Napier Scott Search said, ‘Four years ago, you would have had difficulty finding sufficient Islamic Banking people to warrant a survey. This sector has grown to such a critical mass with every global, European and Arabic institution involved that it now justifies one.’

William Allum, who heads Napier Scott’s Middle East practice said, ‘We are seeing pay scale differentials favouring Islamic Banking because of a shortage of skilled, experienced staff. A managing director in Sharia’a structuring, for example, can expect to receive a combined salary and bonus of £275,000, whereas a similar post in say Russia would attract £200,000, a significant different.’

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Islamic banking assets to reach $1.6 trillion by 2012

Islamic banking assets to reach $1.6 trillion by 2012

growth

A new report issued today by Oliver Wyman, an international management consulting firm, predicts that Islamic finance is set for continued strong growth, despite short term market volatility.

The next chapter in Islamic finance: Higher rewards but higher risks estimates that by 2012 Islamic assets will reach $1,600bn with revenues of $120bn and that Islamic wholesale banking – the biggest market for Islamic finance – will continue its strong growth to reach $1 trillion with revenues of more than $60bn.

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Islamic Bank launches operations in Kazakhastan

Islamic Bank launches operations in Kazakhastan

kazakhstan

Abu Dhabi’s government-owned Al Hilal Bank will set up an Islamic bank in Kazakhstan to tap into the central Asian state’s majority Muslim population, it said on Tuesday.

Al Hilal will headquarter the new bank in the central Asian state’s largest city Almaty, opening in the second half of 2009 with an initial capital of 100 million dirhams ($27 million), Chairman Ahmed Ateeq al-Mazrouei told Reuters.

"It will be (one of) the first Islamic bank in Kazakhstan, which has a majority Muslim population, and we want to replicate the Abu Dhabi model there," he said.

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$39 billion Sukuk issues in pipeline

Islamic bond sales may reach record on Gulf demand

 sukuk

Islamic bond sales may rebound and reach a record this year, with the Gulf accounting for about two-thirds of the debt issued as higher yields attract investors, NCB Capital said.

There is an estimated ‘pipeline’ of about $39.3 billion of so-called sukuk, Jarmo Kotilaine, chief economist at Saudi Arabia’s NCB Capital, said in a report received on Monday. He estimates the pipeline from the Gulf Cooperation Council to be $24.6 billion.

“GCC sukuks, which have also faced a sell-off in recent months, are currently trading at attractive yields,” Kotilaine wrote in the GCC Debt Capital Markets report. “Sukuks have the potential to capitalise on the growing appeal of Shariah-compliant finance in today’s significantly more risk-averse market environment.”

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Islamic banking assets swell to Rs. 276 billion in Pakistan

Islamic banking assets swell to Rs. 276 billion in Pakistan

growth

The assets of Islamic Banking system have swelled to Rs276 billion, depicting 10.1 per cent growth during the fourth quarter of calendar year 2008 as against 2.6pc increase shown by conventional banking system during the period under review.

Accordingly, the share of Islamic Banks has further soared by 30 bps to 4.9pc by end Dec-08.

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