Islamic Banking and Finance
DUBAI - Dubai's debt crisis has stifled sukuk issuance and unfairly put a damper on the Islamic finance industry, experts said, noting that an unstable credit environment and poor due diligence was to blame for the debacle.
MANAMA - The Islamic finance industry will need to look for new assets on which to base its structures as investors shun real estate after the sector took a hit during the financial crisis, executives at a Reuters summit said. | Video
GENEVA - For a Swiss private banking industry that is under fire and could see traditional sources of asset inflows dry up, Islamic banking is a unique opportunity that should be grabbed with both hands, one expert said on Thursday.
DUBAI - The Islamic finance industry needs to develop sukuk funds that pool liquidity, rather than ones just focused on distressed assets, a top executive at Citi Islamic Investment Bank said on Thursday.
MANAMA - The Islamic finance industry has so far neglected retail banking that could provide it with a funding base more stable than its main wholesale and investment business, the head of Islamic finance at Ernst & Young said.
MANAMA - The creation of a planned Islamic investment megabank is in "fairly advanced stages" and it will likely be launched in the next six to 12 months, an executive at a firm advising on the project said on Thursday.
DUBAI - Dubai's debt woes underscore the need for regulation and restructuring in the Islamic finance industry, said experts speaking at Reuters Islamic Banking and Finance Summit in Dubai.
LONDON - Paris and London, the financial centers vying for the lead on Islamic finance business in Europe, need to issue sukuk bonds soon to show commitment and keep competition at bay, experts told Reuters.
GENEVA - The development of a trade finance arm will be an important next step in restoring the fortunes of struggling Faisal Private Bank, said its new CEO, but it will take time and probably fresh capital too.
JAKARTA - Indonesia's failure to address a key double taxation issue for Islamic financing could potentially wipe out the funds in the country's still-nascent sharia banking industry, a banker told the Reuters Islamic Banking and Finance Summit.
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