Takaful Malaysia has reported a 55% growth in profits after taxation and zakat to close its third quarter ending September 2012, with MYR67.4 million (US$22.1 mln) compared to MYR43.6 for the same period in 2011.
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Golden Agri-Resources (GAR), the world's second-largest largest palm oil company, has announced that it raised MYR1.5 billion (US$490 million) from the sale of five-year medium-term sukuk.
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Malaysia's takaful industry is resilient enough to register positive growth despite an uncertain economic outlook, said Takaful Ikhlas' Executive Vice President Wan Mohd Fadzlullah Wan Abdullah.
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Malaysia's new Islamic banking and Takaful Acts will take effect this year, said Bank Negara Malaysia (BNM) Governor Tan Sri Dr Zeti Akhtar Aziz.
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Growing demand for executive programmes are prompting the Islamic finance industry's only dedicated university to expand into MENA, Mr Daud Vicary Abdullah, President and Chief Executive of INCEIF told Reuters.
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Morocco is drafting a law to allow the sale of sukuk, joining its North African neighbours who are seeking to lure more investors to their debt as global sukuk offerings to surge.
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Saudi Arabia is studying draft regulations that could see the creation of a real estate refinancing company similar to US firm Fannie Mae, according to proposals published by the central bank.
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Abu Dhabi Islamic Bank (ADIB) recently raised US$1 billion in the first-ever Tier 1 perpetual sukuk without Malaysia's participation.
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The Islamic Arab Insurance Company (SALAMA Group) has reported a third-quarter increase in investment and other income to AED68.7 million (US$18.7 million) compared to AED48.2 million y-o-y, while administration and other expenses decreased to AED125 million from AED152 million.
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