BRUNEI - HALAL - 'Philippine considers Brunei as standard bearer for halal'

www.bt.com.bn - THE Philippines is looking towards Brunei as the standard for its halal industry, a representative from the Center for International Trade Expositions and Missions (CITEM) said after a briefing to local business figures on the International Food Exhibition (IFEX) 2013 at the Philippines Embassy.

"We look at Brunei as the standard (for this) because the world knows that when we look to a Halal standard, it's Brunei that is number one," said Romleah Juliet P Ocampo, officer-in-charge at the Agrimarine Division at CITEM.  (source)

PHILIPPINES - BANKING - Maybank may be bidding for Philippines’ Islamic bank

biz.thestar.com - PETALING JAYA: Malayan Banking Bhd (Maybank) said it is keeping its options open in bidding for Al Amanah Islamic Investment Bank of the Philippines, the country’s only Islam-oriented commercial bank, a Philippine’s based newspaper reported.

Al Amanah Islamic Bank is looking for a strategic partner through the sale of a 49% stake or the entire bank to a foreign entity with expertise in Islamic banks.

Maybank told the Philippine’s based newspaper that it wanted to expand further in the Asean region while strengthening its hold in the Asia-Pacific region. (source)

PHILIPPINES - BANKING - Enabling Islamic finance in the Philippines

www.manillatimes.net - FINANCIAL institutions from the United Kingdom are at the forefront of showcasing the possibilities and capabilities of Islamic Finance (IF) commercial operations, and the opportunities offered by the growing global demand for Sharia-compliant financial instruments—with British Ambassador Stephen Lillie as a significant supporter.

The participating banks— KPMG, HSBC, PruLife UK, and Standard Chartered—shared their expertise with members of the Philippines financial sector at a forum organized by the British Embassy where Lillie was a keynote speaker. The banks played a role in legal reforms that support Islamic Finance in the UK that were instrumental in propelling its status as the most successful non-Islamic country in Islamic banking. (source)

PHILIPPINES - BANKING - Gov’t urged to consider Islamic finance

business.inquirer.net  - Financial institutions based in the United Kingdom on Thursay called on the Philippine government to enact laws and rules that would allow Islamic finance (IF), explaining that the country stands to gain from over $1 trillion in global funds on tap.

According to British Ambassador Stephen Lillie, Islamic finance is very much relevant to the Philippines and that there “is potentially a big opportunity.” (source)

INDONESIA - SINGAPORE - BANKING - Maybank IB sets sights on big IPOs

www.btimes.com.my - MAYBANK Investment Bank Bhd (Maybank IB) is optimistic of handling more higher valued initial public offerings (IPOs) this year.

"There was a dramatic slowdown in last year's IPO trend but we see big ones coming up this year," said Maybank IB chief executive officer Tengku Datuk Zafrul Aziz. (source)

MALAYSIA - JAPAN - Mizuho To Make Malaysia Global Hub For Islamic Finance

KUALA LUMPUR, Sept 5 (Bernama) -- Mizuho Corporate Bank Ltd (MHCB), one of the oldest banks in Japan, will make Malaysia its global hub for Islamic finance once it receives Bank Negara Malaysia's (BNM) approval.

MHCB, part of Mizuho Financial Group Inc, is one of the world's largest full-service financial conglomerates. (source)

INDONESIA - BANKING - Maybank To Increase Branches In Indonesia To 450 Over Next Two Years

KUALA LUMPUR, July 22 (Bernama) -- Malayan Banking Bhd (Maybank) plans to increase its branches under the group in Indonesia to 450 over the next two years from the present 330.

President/Chief Executive Officer Datuk Seri Abdul Wahid Omar said the plan was in sync with the bank's focus to expand in the Asean region, particularly Indonesia, Singapore and the Philippines.

"We have defined our focus which is Asean. We will concentrate on that. (source)

PHILIPPINES - HALAL - Philippine finance minister pitches for Brunei Halal

Philippine Finance Secretary Cesar Purisima yesterday called for the joint promotion of the Coral Triangle and tourism in the BIMP-EAGA (Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area) sub-region.

He said through BIMP-EAGA, Brunei's halal label can target Saudi Arabia's haj needs when it has to feed one million people for one month during the pilgrimage season. (source)

MALAYSIA - BANKING - Al Rajhi Bank to expand remittance services (Indonesia included)

KUALA LUMPUR: Al Rajhi Bank Malaysia, which has so far provided remittance business services to Indonesia, the Philippines, Nepal and Bangladesh, plans to increase its market share by extending the service to more countries.

Al Rajhi Malaysia retail banking director Sabry Ghouse said the bank sees great potential in the remittance business in Malaysia, given the sizeable foreign workers population in the country. (source)

OPINION - From oil,revolutions to fundamentals

The price of oil is not the only “greaser” for the expansion of Islamic finance. Lately, a number of countries seem to be pre-empting social-movement-cum-change of regime as today’s “oil price” facilitator for welcoming Islamic finance.

But what happens to Islamic finance when alternative energy, solar, bio-mass, wind, ocean, etc., becomes a viable replacement for oil or oil simply “runs dry” or “Arab street democracy” arrives in the Muslim Opec countries, or even the anti-syariah movements in selected western countries find another “bogeyman?” (source)

PHILIPPINES - HALAL - Mindanao ports for BIMP-EAGA

MANILA, Philippines — The Philippines is identifying which part of the Mindanao sealanes should be part of the BIMP-EAGA as the government seeks to enhance trade linkages with Brunei.

Trade and Industry Secretary Gregory L. Domingo said this was discussed during his talks with Brunei officials during the recent presidential trip of President Aquino to the fellow ASEAN country. (source)

CAPITAL MARKETS - AmIslamic launches ASEAN Equity fund - focus also Indonesia

Hot on the heels of launching its Asia-Pacific fund last month, AmIslamic Funds Management, the Shari'ah-compliant investment subsidiary of Malaysia's AmBank Group, has launched the AmASEAN Equity fund. 

The new fund will target medium- to long-term capital growth by investing in a portfolio of equities in the ASEAN markets with specific focus on the markets of Indonesia, Malaysia, Singapore, Philippines and Thailand, known as the ASEAN 5. (source)

OPINION - PHILIPPINES - HALAL - The true state of the nation

...

Fish being in vogue today for the recent notorious fish kill, here’s a story about “one that got away.”

In a recent speech at the International Halal seminar held in Makati, the chairperson of the National Commission on Muslim Filipinos, Secretary Bai Omera Dianalan Lucman, spoke about the commission prioritizing the growth and sustainability of Halal, or food and non-food items prepared according to Islamic ideals. Her commission’s goal is to promote adherence to strict Halal standards, enabling the country to reap economic benefits from the industry and to “strengthen social cohesion in a multi-cultural country.” (source)

PHILIPPINES - Goals for Halal industry outlined

MANILA, Philippines -- Recognizing that the Philippines is still in a catch-up stage with the US$1.2-trillion world market for Muslim-inspired consumer goods, the National Commission on Muslim Filipinos (NCMF) has underscored the importance of integrity for the success and sustainability of the country's Halal industry.

NCMF is mandated by Republic Act No. 9997 to be the main government agency tasked to develop and promote the still largely undeveloped Philippine Halal industry. (source - manilla bulletin publishing corporation)

BRUNEI - Brunei open to reviving Islamic bank in Phl

BRUNEI DARUSSALAM (via PLDT/Smart) – A Brunei company is open to reviving a dormant Islamic bank in the Philippines.

Secretary Herminio Coloma of the Presidential Communications Operations Office said here yesterday that officials of QAF Brunei Sdn Bhd Co. Ltd. are receptive to the idea of reviving the Al Amanah Islamic Bank that was under the Development Bank of the Philippines.

“We’re asking the support of Brunei in exploring the possible revival of Amanah bank and the response of his royal highness, the prince, is that this could be a vehicle in promoting the Brunei-Indonesia-Malaysia-Philippines-East Asian Growth Area (BIMP-EAGA) investment,” he said. (source)

PHILIPPINES - DBP to unload 44% stake in Amanah Islamic bank

MANILA, Philippines - The country’s only Islamic bank has been placed on the auction block in a bid to broaden its ownership and financial expertise.

As part of its five-year rehabilitation program, a 49 percent stake Al Amanah Islamic and Investment Bank of the Philippines (Amanah Islamic Bank) will be offered to interested parties, particularly to existing Islam-oriented financial institutions.

The sale would open up the bank to capital from the Middle East as well as Southeast Asia investors. It would facilitate the entry of Islamic banking expertise and technology. (full story)

PHILIPPINES - Opinion - Why not Islamic finance?

An efficient capital market is one where persons who require capital or financing and persons able to supply such requirements have free access to one another through a wide variety of financial instruments, publicly available information and, yes, even modes of transaction consistent with their religious and moral beliefs.

For centuries, the most familiar and traditional way of raising capital in the Western world has been through incurring debt. In a sense, the business of moneylending has been associated with one particular faith – that of the Jews to the extent that Shakespeare’s fictional Jewish character of Shylock in the “Merchant of Venice” has come to stereotype the cut-throat ethos associated with moneylending (“shylock” now being slang for a usurer).  (full story)

FINANCE - Unlocking the Potential: Islamic Finance in the Philippines

“We have Muslim brothers who avail (financial) services but the way they avail (these loans) is against our culture, against our beliefs.” ~Muslim leader, Davao, Mindanao

Islam first reached the southern shores of the Philippines during the 14^th century and played a critical role in unifying kinship groups in several Filipino communities. With stronger networks of brotherhood and newfound Islamic faith, these communities were able to resist colonization by Spain and America for over 400 years, preserving their culture and religion. Today, though the majority of Muslim communities are concentrated in the southern portion of the Philippines archipelago, some reside in pockets throughout the islands; Filipino Muslims comprise approximately 5% (4.7 million) of the Filipino population (Roces, 2009).
Muslim clients review and sign loan disbursal documents during the cluster meeting. Photo courtesy of the CEVI Davao Branch.