Islamic Finance market set to reach $3.25 trillion by 2020 | GulfNews.com:
"World Islamic finance market is set to almost double by 2020 from the current $1.81 trillion to $3.25 trillion, led by banking and Takaful assets, a study has revealed.
Commercial banking contributes to about $1.34 trillion, while $33.4 billion is contributed by takaful insurance, while sukuks contribute to about $295 billion of the world Islamic Finance market.
“It is growing at about 10 per cent per annum, with the significant concentration of wealth in Islamic banking,” said Mustafa Adel, Acting Head of Islamic Finance at Thomson Reuters, adding commercial banking assets is projected to reach $2.6 trillion by 2020."
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Monday, 28 September 2015
Qatar Planning $35 Billion of U.S. Investments to Diversify - Bloomberg Business
Qatar Planning $35 Billion of U.S. Investments to Diversify - Bloomberg Business:
"Qatar plans to invest $35 billion in the U.S. over the next five years as it seeks to diversify assets.
The Qatar Investment Authority, which helps manage the country’s energy-generated wealth, opened an office in New York to "better access new and existing investment partners," the sovereign fund said in a statement Monday. It will target various sector of the U.S. economy and help create American jobs, Qatar’s ambassador to Washington, D.C., Mohammed Al Kuwari, said in Twitter postings, without giving more details on potential investments.
The Doha-based fund, which controls more than $250 billion, has deployed the nation’s riches on assets ranging from British bank Barclays Plc to Total SA and commodities trader Glencore Plc, with most of its investments so far confined to Europe. It led a group of investors that agreed in January to buy London’s Canary Wharf financial district in a deal that valued owner Songbird Estates Plc at about 2.6 billion pounds ($3.94 billion)."
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"Qatar plans to invest $35 billion in the U.S. over the next five years as it seeks to diversify assets.
The Qatar Investment Authority, which helps manage the country’s energy-generated wealth, opened an office in New York to "better access new and existing investment partners," the sovereign fund said in a statement Monday. It will target various sector of the U.S. economy and help create American jobs, Qatar’s ambassador to Washington, D.C., Mohammed Al Kuwari, said in Twitter postings, without giving more details on potential investments.
The Doha-based fund, which controls more than $250 billion, has deployed the nation’s riches on assets ranging from British bank Barclays Plc to Total SA and commodities trader Glencore Plc, with most of its investments so far confined to Europe. It led a group of investors that agreed in January to buy London’s Canary Wharf financial district in a deal that valued owner Songbird Estates Plc at about 2.6 billion pounds ($3.94 billion)."
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MIDEAST STOCKS-Foreigners boost Egypt as it reopens after Eid; Gulf mixed | Reuters
MIDEAST STOCKS-Foreigners boost Egypt as it reopens after Eid; Gulf mixed | Reuters:
"Egypt's stock market climbed on
the back of buying by foreign investors as it reopened on Monday
after a long Eid al-Adha holiday, while Gulf bourses were
narrowly mixed as oil prices stayed low.
The main Cairo index rose 0.9 percent from last
Tuesday's close to finish at 7,409 points in active trade, with
exchange data showing Arab and non-Arab foreign investors were
net buyers.
The rise was technically bullish as it confirmed a positive
short-term reversal pattern for the market, which has been in a
downtrend since February."
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"Egypt's stock market climbed on
the back of buying by foreign investors as it reopened on Monday
after a long Eid al-Adha holiday, while Gulf bourses were
narrowly mixed as oil prices stayed low.
The main Cairo index rose 0.9 percent from last
Tuesday's close to finish at 7,409 points in active trade, with
exchange data showing Arab and non-Arab foreign investors were
net buyers.
The rise was technically bullish as it confirmed a positive
short-term reversal pattern for the market, which has been in a
downtrend since February."
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MIDEAST STOCKS-CIB lifts Egypt as market reopens after Eid | Reuters
MIDEAST STOCKS-CIB lifts Egypt as market reopens after Eid | Reuters:
"Commercial International Bank (CIB) lifted Egypt's stock market early on Monday as the bourse reopened after a long Eid al-Adha holiday.
The main Cairo index climbed 0.7 percent from last Tuesday's close to 7,398 points. The rise was technically bullish as it confirmed a positive short-term reversal pattern for the market, which has been in a downtrend since February.
The index's rise above the early September peak of 7,324 points triggered a bullish right triangle formed by the highs and lows since late August; the height of the pattern points the index up to the 8,000-point area in coming weeks."
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"Commercial International Bank (CIB) lifted Egypt's stock market early on Monday as the bourse reopened after a long Eid al-Adha holiday.
The main Cairo index climbed 0.7 percent from last Tuesday's close to 7,398 points. The rise was technically bullish as it confirmed a positive short-term reversal pattern for the market, which has been in a downtrend since February.
The index's rise above the early September peak of 7,324 points triggered a bullish right triangle formed by the highs and lows since late August; the height of the pattern points the index up to the 8,000-point area in coming weeks."
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MIDEAST STOCKS-Markets mixed as investors return from Eid | Energy & Oil | Reuters
MIDEAST STOCKS-Markets mixed as investors return from Eid | Energy & Oil | Reuters:
"Gulf stock markets were mixed in quiet, early trade on Monday as more investors returned from Eid al-Adha holidays.
Dubai's stock index slipped 0.3 percent as trading continued to focus on low-priced, speculative shares favoured by local retail investors. Al Madina for Finance and Investment climbed 4.7 percent but GFH Financial, the most heavily traded stock, fell 0.2 percent.
Abu Dhabi's index gained 0.5 percent but this was mainly because of a 9.8 percent jump in thinly traded Abu Dhabi National Energy Co, which stayed inside its trading range of the past month. Five of the 10 most heavily traded stocks were flat."
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"Gulf stock markets were mixed in quiet, early trade on Monday as more investors returned from Eid al-Adha holidays.
Dubai's stock index slipped 0.3 percent as trading continued to focus on low-priced, speculative shares favoured by local retail investors. Al Madina for Finance and Investment climbed 4.7 percent but GFH Financial, the most heavily traded stock, fell 0.2 percent.
Abu Dhabi's index gained 0.5 percent but this was mainly because of a 9.8 percent jump in thinly traded Abu Dhabi National Energy Co, which stayed inside its trading range of the past month. Five of the 10 most heavily traded stocks were flat."
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Saudi Arabia withdraws overseas funds - FT.com
Saudi Arabia withdraws overseas funds - FT.com:
"Saudi Arabia has withdrawn tens of billions of dollars from global asset managers as the oil-rich kingdom seeks to cut its widening deficit and reduce exposure to volatile equities markets amid the sustained slump in oil prices.
The Saudi Arabian Monetary Agency’s foreign reserves have slumped by nearly $73bn since oil prices started to decline last year as the kingdom keeps spending to sustain the economy and fund its military campaign in Yemen."
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"Saudi Arabia has withdrawn tens of billions of dollars from global asset managers as the oil-rich kingdom seeks to cut its widening deficit and reduce exposure to volatile equities markets amid the sustained slump in oil prices.
The Saudi Arabian Monetary Agency’s foreign reserves have slumped by nearly $73bn since oil prices started to decline last year as the kingdom keeps spending to sustain the economy and fund its military campaign in Yemen."
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Iran to test investor confidence with debt issue - FT.com
Iran to test investor confidence with debt issue - FT.com:
"Iran will issue Islamic Treasury Bills, its version of short-term sovereign debt, for the first time on Monday in an attempt to provide a fresh fiscal stimulus for its cash-strapped economy, according to people involved in the move.
About $300m-worth of the Treasury Bills — a sharia law-compliant way for the government to raise money — will be offered to investors at a steep discount to their face value in a sign of how nascent capital markets are developing in Iran."
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"Iran will issue Islamic Treasury Bills, its version of short-term sovereign debt, for the first time on Monday in an attempt to provide a fresh fiscal stimulus for its cash-strapped economy, according to people involved in the move.
About $300m-worth of the Treasury Bills — a sharia law-compliant way for the government to raise money — will be offered to investors at a steep discount to their face value in a sign of how nascent capital markets are developing in Iran."
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Oil prices fall on slowing global economic growth outlook | GulfNews.com
Oil prices fall on slowing global economic growth outlook | GulfNews.com:
"Oil prices dropped in Asian trading hours on Monday despite a fall in U.S. drilling activity for the fourth straight week, with analysts pointing to a poor economic growth outlook as the main reason for low crude prices.
China's August industrial profits dropped 8.8 percent from the same month last year, and January to August industry profits were down 1.9 percent.
"The growth problem endures. Asia isn't about to bounce," said Frederic Neumann, co-head of Asia Economics Research at HSBC in Hong Kong on Monday in a note to clients."
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"Oil prices dropped in Asian trading hours on Monday despite a fall in U.S. drilling activity for the fourth straight week, with analysts pointing to a poor economic growth outlook as the main reason for low crude prices.
China's August industrial profits dropped 8.8 percent from the same month last year, and January to August industry profits were down 1.9 percent.
"The growth problem endures. Asia isn't about to bounce," said Frederic Neumann, co-head of Asia Economics Research at HSBC in Hong Kong on Monday in a note to clients."
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