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The New Silk Road

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The New Silk Road The World’s Global Islamic Finance News Provider 6th June 2012 RED (All Cap) 850 The New Silk Road 828.94 Economic focus is swinging from west to BRIC countries, as a result of that there is 825 east and as Europe and the US continue also spin off and growth opportunities in to struggle, new investment fl ows and neighboring countries as well. China, India, 798.09 800 trade ties develop. The historic trading they all have to move their goods around route from China to Europe, across south the world in order to be able to trade. So 775 and central Asia and the Middle East, is they have to move some of these through -3.86% once again growing in importance as trade these other countries as well. A lot of these between these regions grows in volume countries are also rich in natural resources 750 W T F S S M T and signifi cance. As these new economic and are energy rich, so what we have going realities take shape across an ancient on is a boom and a lot of potential for Powered by: IdealRatings® road with strong Muslim connections, countries from China all the way to Turkey. Volume 9 Issue 22 how can Islamic fi nance benefi t this new The Middle East is also a criticial component IFN Rapids .........................................................2 movement? of the trade that is going on there, and of the fi nancing that’s going on in that part of the Islamic Finance news .........................................5 world.” IFN Reports: Slowly but surely; Afghan Sukuk: A What is the silk route? The old silk road refers to an ancient band aid on a hemorrhage? ..................................13 network of interlinking trade routes that He explains that the new silk route covers a IFN Correspondents: Jordan; Iraq; South connected Asia with the Mediterranean far wider remit than just China, the Middle Africa; Tanzania ........................................... 15 and European trading centers. At its peak East and Turkey. “The north/south corridor Case study: Banque Saudi Fransi US$750 the route extended over 6,500km, taking its incorporates India, Iran, Azerbaij an and million Sukuk .....................................................18 name from the lucrative silk trade which Turkey; while the east/west corridor includes the new rail links from China, Features: originated in China and used sea and land Kyrgyzstan and Khazakhstan to Turkey. Islamic banking in the Philippines .............................19 routes across Asia, Africa and the Middle East to access its key trade markets. With The future of secondary markets in Saudi the arrival of Islamic empires and Arab “The countries that will really benefi t Arabia ........................................................... 20 traders the route fl ourished, building trade the most from this are Kyrghyzstan, Off shore centers: Accommodating Islamic fi nance ties that spanned the globe. Turkmenistan, Khazakhstan, Iran, Turkey, transactions ........................................................21 Armenia, Azerbaij an, India and Afghanistan. In recent years, these routes have once And if you look at a lot of these countries, again begun to att ract interest as a means they are Islamic countries. So Islamic fi nance Islamic Investor can have a big part to play.” Outperformance amidst adversities ...................24 to access promising new regional markets. Growth in trade between Asia and the Gulf News .................................................................25 continued on page 3 in the form of real estate projects, energy Market Commentary ......................................26 supply, joint ventures and infrastructure A nod to the supporters Fund Focus: Krung Thai Shariah Long-Term investment have revived the old links while Equity Fund .......................................................27 new partnerships are also forming. Editor’s Note Fund Data .........................................................28 NSR Forum The growth of Islamic fi nance has reached a stage where the industry has Takaful News Abradat Kamalpour, the head of emerging markets and Islamic fi nance at UK law fi rm not only established new, sustainable Risk Management: The missing link? ...............30 Ashurst, is the CEO and founder of the New markets such as the vibrant Sukuk News .................................................................31 Silk Road Forum (NSR Forum), a medium sector; but also a growing number of Feature: and meeting place for participants to discuss auxiliary markets that support the Takaful: Enhancing the UAE’s insurance industry .....32 the possibilities and opportunities of the industry’s further development, such New Silk Road. He explains that: “If you as specialized Shariah compliant legal services and Islamic fi nance education. Forum ................................................................34 step back and look at what’s happening in the global economy with the growth of the continued on page 5 Meet the Head: Amer Mohamed Al Jabri, CEO, Al Jazeera Finance ...................................39 Deal Tracker .....................................................40 REDmoney Indexes ........................................41 Performance League Tables ...........................43 Events Diary.....................................................47 Company Index ...............................................48 www.islamicfi nancenews.com IFN RAPIDS Central Bank of the UAE to IDB approves US$260.6 Al Ramz Securities and DEALS extend lending limit deadline? million-worth of fi nancing for Gulfmena Investments Yemen approves US$12.5 projects in member countries partner for research and million IDB fi nancing NEWS and Muslim communities market analysis Emirates still undecided on IDB aims to develop global Crescent Wealth launches ZamZam Bank fails to launch Islamic microfi nance facility Islamic cash management repayment of US$550 million operations Sukuk maturing in June IDB to issue up to US$1 trust IDB collaborates with the Masraf Al Rayan provides billion-worth of Sukuk in June Islamic Society of North this year TAKAFUL fi nancing to Qatar Solar America to off er interest-free Technologies student fi nancing GCC entities turning to the Thirty one insurance Bank Mualamat Indonesia Malaysian Sukuk market in a providers do not meet IDB to allocate US$15 million bid to diversify funding announces indicative yield to Tashkent minimum capital for US$52.55 million Sukuk GCC fi nancial markets requirement, says Bapepam Malaysia’s sovereign Sukuk Mudarabah ministerial committ ee stresses National Insurance hit as foreign investors importance of region’s Indosat plans to sell US$52 Commission to issue decrease holdings of local fi nancial market integration million Sukuk at the end of currency debt guidelines on Takaful in June 2012 GCC Sukuk mart still September this year Hong Leong Bank aims to growing, says National Saudi Aramco and partner Takaful Islami Insurance convert Hong Leong Islamic Commercial Bank eye US$1.4 billion Sukuk to Bank into wholesale bank removes six sponsor-directors part-fi nance joint venture EFG Hermes-QInvest joint from its board Bank Negara Negara venture plan sees a surprising Dana Infra Nasional to issue United Insurance Company launches collateralized turn up to US$2.51 billion-worth of Murabahah distributes 10.9% in surplus Sukuk to fi nance MRT project Alkhair International Islamic funds to Takaful contributors Meezan Bank deploys Bank explores opportunities AREF Energy Holding Syarikat Takaful Malaysia Temenos T24 Islamic banking in China Company approves system will focus on its core markets off er by KFH subsidiary, Al Baraka Banking Group in Malaysia and Indonesia Islamic banks in Bangladesh and World Bank in Islamic Development Enterprises get separate money market Prudential Life Assurance Holding Company, to acquire fi nance development initiative posts US$448 million in its shares Maybank Investment Bank StanChart Private Bank premium income in Q1 aims for 20% growth in group announces imminent launch Great Eastern Takaful eyes Bank Muamalat Indonesia profi t for 2012 considers rights issue of new Islamic products cross-border opportunities following listing on Indonesia Indonesia considers 40% Sharjah Islamic Bank ties Stock Exchange single ownership limit in local up with University Hospital RATINGS banks Sharjah to off er fi nancing for Saudi International medical fees RAM reaffi rms rating Petrochemical Company More room for growth in on Tenaga Nasional’s affi liate signs US$373.17 Pakistan’s Islamic fi nance US$500 million-equivalent million Islamic fi nancing market, says expert Murabahah medium-term agreement with four banks Bangladesh calls for more ISLAMIC notes program Zain Saudi hires four banks IDB aid INVESTOR PEFINDO affi rms rating on to refi nance US$2.5 billion Bank Islam Malaysia The First Investor closes Sha- Bank Muamalat Indonesia maturing Sukuk launches fi xed deposit riah compliant TFI-Hines Bra- Al Kifah Holding raises investment product zil Income Real Estate Fund CI raises fi nancial strength US$159.99 million via Growth of Indonesia’s Shariah Noor Islamic Bank launches rating of Saudi Holland Bank syndicated Murabahah facility compliant banks averaging at two structured wealth RAM reaffi rms ratings on Jafza hires seven banks to 40.2% over the last fi ve years management investment Lafarge Malayan Cement’s arrange new Sukuk Abu Dhabi Islamic Bank products US$110.15 million Islamic Foreign ownership limit in opens fi rst London branch ASEAN trading link to be securities program Malaysian banks to be raised ICD and Aktif Bank sign established
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