Islamic Finance
Sharia-compliant FX takes off worldwide
GLOBAL – Islamic FX has become a viable alternative to conventional banking and is attracting more investment as a result, say market participants.
StanChart offers sharia swap
KUALA LUMPUR – Standard Chartered has structured what it claims to be the first cross-currency swap compliant under sharia (Islamic law) in Malaysia.
Standard Chartered builds in sales
DUBAI & NEW YORK – Standard Chartered has boosted its global FX sales capabilities by making a senior appointment in the Middle East and a new addition in New York.
Retail growth needs responsible attitude
The rise in financials' use of foreign exchange over 2005, as demonstrated by Greenwich Associates research (see related article, this issue), shows just how important it is becoming as an asset class.
StanChart loses two in sales
LONDON & DUBAI – Standard Chartered has seen the departure of two of its FX sales staff in the UK and Middle East over the past few weeks.
Currency trading for DGCX
DUBAI – The Dubai Gold and Commodities Exchange (DGCX) is set to launch currency futures trading in coming months – the first such products to be made available in the Middle East.
The benefits of petro-dollar diversification
The latest data suggests that Opec members have not been recycling oil revenues into US assets. This implies that diversification is likely to start soon, putting the dollar under significant pressure, however the timing is still uncertain, says Ian…
ACM expands in Middle East
DUBAI – ACM-Refco, the online currency and metal trading firm, has opened a representative sales office in Dubai, United Arab Emirates.
Deutsche offers sharia FX product
MANAMA, BAHRAIN – Deutsche Bank has structured what it claims to be the first FX hedge to be compliant under sharia law.
StanChart in global sales push
SINGAPORE – Standard Chartered has carried out a major restructuring of its sales team in a bid to boost growth, according to David Carr, global head of sales and e-commerce at the bank in Singapore.
SIBOS 2004
CLS rules the roost at Sibos
BIS reports FX options surge
BASEL – FX options business increased by a massive 77% year-on-year in the second half of last year, according to Bank for International Settlements (BIS) statistics released last week.
Using currency as an alpha source
The past three years have been disturbing for investors and managers. This investment climate is perfect for engaging in currency strategies to create alpha, say Paul Lambert, head of currency, and Mark Pursey, UK spokesperson at Deutsche Bank Asset…
September - Focus on the Middle East
All eyes turned to forex in the Middle East in September, as industry body ACI’s global congress finally got under way in Beirut.
UBS ousts Citi from top spot
LONDON -- UBS is the best bank in foreign exchange, according to a poll of nearly 1,000 voters in FX Week’s annual survey of the industry.
Amex and HVB FX results growing
MUNICH -- American Express Bank saw a modest uptick in its Q3 FX trading revenues, with $54 million in FX income, up from $50 million for Q3, 2002.
China stands firm on peg
BEIJING -- China will continue to stand firm in the face of increasing international pressure to relax the yuan’s peg to the US dollar, analysts in the Asia-Pacific told FX Week .
Asian intervention tops G7 agenda
DUBAI -- Japanese and Chinese manipulation of the FX market will top the US agenda at this week’s meeting of the Group of Seven leading industrial nations in Dubai, analysts said. The US could shoot itself in the foot, however, as China and Japan are…
All eyes on the Middle East
Growing interest in Islamic banking, new technological developments and a wave of freshly repatriated money have put forex trading in the Middle East on the cusp of an exciting new era, reports Nikki Marmery
Malaysia leads the way in the Far East
KUALA LUMPUR -- The Middle East is not the only region in which Islamic banking is undergoing development. The Asia-Pacific region has a thriving Islamic finance industry, based chiefly in Malaysia, which is home to the Islamic Financial Services Board …
ACI/ICA link-up welcomed
BEIRUT -- Forex vendors last week welcomed the decision by ACI -- The Financial Markets Association to combine its global forex congress with the InterArab Cambist Association (ICA) congress in Beirut, Lebanon.
ACI/ICA link-up welcomed
BEIRUT -- Forex vendors last week welcomed the decision by ACI -- The Financial Markets Association to combine its global forex congress with the InterArab Cambist Association (ICA) congress in Beirut, Lebanon.
Gulf currency by 2010, say Saudis
RIYADH -- A common currency for Persian Gulf countries could be a reality as early as 2010, according to officials from the Saudi Arabian Monetary Agency (SAMA).