5 tips to help you save your first $1,000

Egyptian firm maridive signs $150 mln islamic loan


´╗┐DUBAI May 22 Egyptian marine services firm Maridive and Oil Services has obtained a $150 million syndicated loan using an ijara (Islamic leasing) structure, the first of its kind in Egypt, the legal advisor on the deal said on Wednesday. The Maridive loan is considered one of the largest in the country's challenging banking sector, according to law firm Crowell & Moring which advised on the transaction. The deal could give assurance to the market that ijara is applicable in Egypt, encouraging firms to use it for other types of transactions including sukuk, or Islamic bonds, a growing funding source for both corporate and sovereign issuers. Egypt's Islamist-led government is keen to develop Islamic finance and earlier this month President Mohamed Mursi approved a law allowing the state to issue sukuk.

An earlier draft of that law triggered a dispute with Al-Azhar University, the country's top religious authority, casting doubts over which Islamic instruments would be allowed. The government hopes the law will allow it to tap billions from the Islamic bond market and bolster state finances which have deteriorated in the two years since an uprising ousted President Hosni Mubarak.

Egypt is also trying to secure a $4.8 billion loan from the International Monetary Fund to support its ailing economy. Islamic finance contracts such as ijara must abide by religious principles such as a ban on interest and pure monetary speculation.

In an ijara one party leases a specific asset to a client for an agreed rental price, but unlike an operating lease a lessor cannot charge interest on defaulted or delayed payments. In addition, in an ijara the cost of acquiring the asset is usually not amortized during the leasing period, the lessor must own the assets for the full lease period and be responsible for bearing the maintenance costs of the asset. Abu Dhabi Islamic Bank Egypt, the Egyptian unit of Abu Dhabi Islamic Bank, was lead arranger and global coordinator for the deal, which also included ADIB, Arab African International Bank, Banque du Caire and Arab International Bank.

Getting, sharing data quickly key to fighting terror finance expert


´╗┐ZURICH Dec 13 Getting and sharing data quickly is the key to tracking down the people behind terrorist attacks, a senior money-laundering expert told a Swiss newspaper, calling for broader official powers that could infringe on traditional civil liberties. Daniel Thelesklaf, chairman of the Council of Europe's MONEYVAL advisory panel on combating money-laundering and terrorism finance, said his group was actively studying how terrorist cells in Europe function and secure funding."Then we need quick access to data and no obstacles to exchanging this internationally," he told the SonntagsZeiting, saying much remained to be done despite some progress of late.

"After an attack like the one in Paris you have to be able to match data at times from many countries within 24 hours about people, rental cars, purchased weapons. Financial data play an important role here," he said. While financial data analysts often work with local police, they rarely have collaborated with intelligence agencies, and that needs to change, the lawyer said.

The director of Liechtenstein's financial intelligence unit acknowledged how sensitive the matter was, but added: "We cannot give a terrorist endless avenues to object. If we want to have a chance against terrorists we have to be quick."

He said he was sure people would back such measures if they helped prevent attacks and said they could be introduced for a limited time and reviewed regularly to see if they were still warranted. Thelesklaf suggested countries consider following the examples of France and Italy and limit the use of cash, which unlike bank transfers leaves no electronic trail.

Always prepare before you make a choice. There is so much info about yourlocalrealestateguy at http://yourlocalrealestateguy.com