Islamic Finance

Standard Chartered Islamic Banking Business net assets up by 63.16pct KARACHI: Standard Chartered Bank (SCB) Islamic banking business net assets surged by outstanding 63.16 percent during nine months of the calendar year 2011 (9MCY11). The net assets of the bank have reached Rs 2,800.690 million as on September 30, 2011 as against Rs 1,716.558 million as on December 31, 2011.

By Riffat Mughal KARACHI: Bank Alfalah Limited Pakistan (BAFL) Islamic banking business net assets surged by 22.23 percent during nine months of the calendar year 2011 (9MCY11). The net assets of the bank have reached Rs 5,888.209 million as on September 30, 2011 as against to Rs 4,817.195 million as on December 31, 2011. Bank’s advances declined during the period by 10.44 percent to Rs 23,247.294 million. Bank Alfalah Islamic banking business net investments increased by outstanding 44.97 percent to Rs 31,938.394 million and fixed assets climbed up by 2.38 percent to Rs 1,677.560 million during the period under review. Balances with and due from Financial Institutions (FIs) also went up by 19.87 percent to Rs 4,631.542 million. With the decline in demand for finance from sound and blue chip companies amid slow economic activity, the bank used the funds more towards investments. On liabilities side, total deposits and other accounts increased by 14.80 percen...

Kerala-India wholeheartedly welcomes Islamic Funding agencies in Infrastructure projects KERALA: Kerala could become a role model of tapping Islamic finance market to raise badly needed funds for infrastructure development, according to experts. Mr H. Abdur Raqeeb, Convener, National Committee on Islamic Banking at the New Delhi-based Indian Centre for Islamic Finance (ICIF), made a strong pitch for these funds at the Infrastructure Conference-2011 that began here on Wednesday.

Pakistan can lead the way in Halal food market: Experts FAISALABAD: Pakistan can be a leading Halal food market by meeting international standards of Halal-HACCP (Hazard Analysis and Critical Control Points) because the sector has over two billion consumers across the world. This was stated by the speakers on the second day of the international conference titled ‘Emerging Issues in Food Safety’ arranged by the National Institute of Food Science and Technology at New Senate Hall, University of Agriculture, Faisalabad.

Islamic banking is not growing fast enough, says Noor CEO KUALA LUMPUR: Hussain Al Qemzi, Chief Executive Officer of Noor Islamic Bank urged, Islamic bankers to challenge regulators and create more innovative products and services. If Islamic banking is to develop into a global alternative to conventional banking, the global financial industry must take responsibility for driving the sector forward and not rely on the regulators to lead the way, according to Hussain Al Qemzi, CEO of Noor Islamic Bank.

Halal industry should work with Islamic finance KUALA LUMPUR: Despite the halal industry’s rapid growth, it is missing out on opportunities to tap into Islamic finance, panel members said. “There is a disconnect between the halal industry and Islamic financing, which is ironic since we’re working within the same religion, but are not talking to each other,” said Thomson Reuters head of Islamic finance (Asia) Rafiza Ghazali at a discussion on “Halal Economy” during the Islamic Financial Intelligence Summit.

Islamic finance may double in assets by 2016: Deutsche Bank DUBAI: The global debt crisis may help Islamic finance nearly double to $1.8 trillion in assets by 2016 as stagnant corporate lending pushes institutions to seek alternative financing to traditional methods, according to a report by Deutsche Bank.