Islamic Finance News
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Oman, whose banking industry more than doubled in five years, is close to finishing a draft rulebook for Islamic banking in the Gulf Arab country, said central bank governor Hamud al-Zadjali.
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Goldman Sachs Group Inc., the fifth biggest U.S. bank by assets, has become entangled in a debate about how Shariah compliant its $2 billion Islamic bond program is, which may diminish the allure of Islamic debt.
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Deutsche Bank AG, Germany’s biggest lender, appointed Salah Jaidah as chairman of Islamic finance and Ibrahim Qasim as head of Islamic finance structuring.
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Malaysia will allow foreign banks to own bigger stakes in local lenders, grant more licenses and ease short-selling rules as it seeks to triple the size of its finance sector by the end of the decade, the central bank said.
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Australia plans to change laws to ensure Islamic finance products are taxed fairly as the government seeks to attract investors from the Middle East and Asia, paving the way for sukuk sales.
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Australia’s Assistant Treasurer Nick Sherry said he is leading a trade delegation to the Middle East as the South-Pacific nation seeks to attract Islamic finance investment.
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Universities are expanding Islamic finance courses as demand for professionals qualified in Shariah law outstrips supply in the $1 trillion industry.
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Malaysian Prime Minister Najib Razak said Islamic finance can play a greater role in the global financial system following Japan’s record March earthquake and tsunami that caused as much as 25 trillion yen ($305 billion) in estimated damages. He spoke in a speech today in Tokyo.
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The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest. Global sales of sukuk climbed to $21.8 billion in 2011, from $14.3 billion a year earlier, according to data compiled by Bloomberg.
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