Brazilian bank Pine secures first Islamic funding for trade

04/01/2012

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Banco Pine (Pine), the São Paulo-headquartered wholesale bank that specialises in corporate banking, has secured its first-ever Islamic loan, which will be used for on-lending to its clients for trade-related purposes. 

The bank concluded its first borrowing operation in Islamic format, from the Saudi Arabia-based bank Al Rajhi Bank. The operation amounted to US$37,500,000.00 with a one- year term and has Citibank, Commerzbank and JPMorgan as participants.
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Brazil company may sell nation’s 1st Sukuk

12/01/2011

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Brazil’s first Islamic bond may be a private sale by a company in 2012, Daud Vicary Abdullah, global Islamic finance leader at Deloitte Corporate Advisory Services Sdn. said in Doha today.

“I think it will be a corporate,” Vicary Abdullah said. “I think there is a possibility it could be this year but I think 2012 is more likely.” Islamic bonds, or sukuk, pay returns based on asset flows to comply with the religion’s ban on interest.
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Islamic finance in Latin America

10/01/2011

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With Islamic financial institutions seeking to expand into emerging markets in Africa and Asia, could Latin America be next?

While Islamic financial institutions have aggressively expanded through Asia and Africa, Latin America presents a new frontier. With Latin American economies growing strongly, they may find the $1 trillion global Islamic finance market an appealing alternative to traditional financing sources.
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