|Financial Islam - Islamic Finance||
S&P Indices announced Friday the launch of the S&P/OIC COMCEC 50 Shariah Index, which is designed to measure the performance of 50 leading Shariah-compliant companies from the member states of the Organization of Islamic Cooperation (OIC). The Index has been designed in partnership with the OIC.
Jordan, the second-lowest rated country in the Middle East at Standard & Poor’s, plans to sell as much as $750 million in its first sukuk to finance its budget deficit and infrastructure projects.
The second-smallest economy in the region may sell between $500 million and $750 million, Finance Minister Mohammad Abu Hammour said June 22. The Cabinet plans to submit a draft sukuk law to Parliament in August. Jordan’s most recent international issue, a 3.875 percent dollar non-Islamic bond sold in November, yielded 4.94 percent on June 24, according to Bloomberg.
Takaful Insurance companies around the world especially in the Middle-East, North Africa and South Asia have set a target of $12billion USD premium generation from takaful insurance for 2011 as the demand by Muslim populations across the globe for the products are on the rise. Takaful insurance operators at the sixth Annual World Takaful Conference held in Dubai predicted a $12 billion USD premium income from Takaful insurance this year. The $12billion projected premium from takaful insurance represents 31 per cent increase from the $9.15 billion income generated from the Islamic products in 2010
Jordan's first ever law covering the issuance of sovereign Islamic sukuk has been finalized and bankers and officials hope it will let the kingdom tap the fast-growing Islamic banking industry's huge pool of liquidity.
Prominent Islamic bankers, along with members of a top-level ministerial committee mandated with drafting the sukuk law, said the legislation removes legal uncertainties and would be submitted to the cabinet in as little as two weeks.