Islamic Finance News
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Ali Gumma finally saved enough money to buy a plot of land near Tripoli and was planning to build a family home when he hit a brick wall: He couldn’t find a Libyan bank willing to lend him the money.
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Islamic bond sales in Turkey may double to $3 billion this year as companies join the government in accessing Shariah-compliant investors, according to HSBC Holdings Plc, the world’s biggest underwriter of sukuk.
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Indonesia’s plan to shift 11 trillion rupiah ($1.1 billion) of pilgrim’s savings into Shariah- compliant lenders is a booster-shot that will help narrow the gap with neighboring Malaysia.
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Takaful Insurance of Africa Ltd., Kenya’s only Shariah-compliant insurer, plans to expand its operations into five East African nations, Chief Executive Officer Hassan Bashir said.
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When Saad Iqbal left Deutsche Bank AG in Dubai two years ago as European banks scaled back amid the debt crisis, he turned to Riyadh as a construction boom makes Saudi Arabia a hub for project finance.
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A three-year effort to fine-tune curbs on volatility for individual stocks entered a new phase yesterday in the U.S.
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Senegal is trying to position itself as a center for Islamic finance in West Africa, where about 52 percent of the population is Muslim, as the government pursues changes that will enable the first sales of sukuk.
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Indonesia is counting on people like Nur Hanifah, a 50-year-old widow who sells plastic buckets and inflatable kiddie pools, to help it catch Malaysia, a country one-tenth the size that leads the world in Islamic finance.
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Richard Strassberg, the Goodwin Procter LLP lawyer who represented Martha Stewart’s broker Peter Bacanovic in his 2004 criminal trial, will head a legal team defending former SAC Capital Advisors LP portfolio manager Mathew Martoma against insider-trading charges.
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Islamic banks say their small scale and a lack of risk-management products makes it harder for them to compete, after Ernst & Young LLP warned lower profitability threatens to slow expansion of the $1.8 trillion industry.
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