London Asia Capital creates Islamic finance division in Western China
London Asia Capital plc, a British merchant banking group, is opening an Islamic finance division in Xinjiang, China in partnership with Xinjiang Investment Corp. The Xinjiang region is home to most of China's estimated 20 million Muslims. The Islamic finance division will offer credit guarantee services to Islamic and Shari'ah-compliant companies.
Lloyd's of London 'very interested' in takaful
Lloyd's of London, the U.K.-based insurance company, expressed continued interest in expanding to serve the takaful markets in the Middle East and Malaysia. Chairman Peter Levene said he believed that takaful "could be a much more acceptable way for individuals and corporations in that area to take out insurance, which they have been unable or unwilling to do in the past" and said Lloyds was "very interested" in entering takaful markets. In a press release from Lloyds on March 1st, Peter Levene expressed that Lloyds believed "there are some potentially strong business opportunities in the Retakaful [Islamic reinsurance] sector and that Lloyd's could become an attractive platform for capital providers wishing to invest in this area."
Citigroup offers home finance in Malaysia
Citibank Bhd now offers a diminishing musharaka home financing co-ownership product where payments are broken into a rental share and a buyback share, which is used to increase the client's share of ownership in his house.
Interview with Anwar Ibrahim
There is an interview with Anwar Ibrahim on Islamic finance. He was recently announced as a speaker at the International Islamic Finance Forum (IIFF) in Dubai in April 2007 recently.