#ATL has been given insurance license by the maldivian monetary board to operate in maldives. it was just posted on www.cse.lk
rohit/market watch / innam what do u think of this??
thanxz
5 replies, afstock 11 Mar 10posted by fazmin, 10 Mar 10
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reply from innam, 10 Mar 10
market might react positively.....but you shouldn't get too carried away after all just because they got an insurance license doesn't mean that they will automatically make profits in the maldives. it is a small market and insuring fishing boats and tourist hotels might not be the most profitable thing to do (a small hurricane hits the maldives=big insurance losses). we need to wait and see how they perform over the coming quarters. remember whether ATL flourishes or falls will depend on how they do in Sri-lanka.
reply from MarketWatch, 10 Mar 10
In the past, I mentioned about this stock. In the long run, they will make profit.
Recently I noticed some action, unusual movements in this stock. This will continue for sometimes.
As they have experience now they will try to do in a better way. They can expand their market now. They should think about long-term investment without going against Islamic principles. That may be reason for popularity in Islamic banks not only among Muslims but also among non- Muslims in Malaysia.
They also should introduce interest free loans systems for low-income families to start self-employment, to grow maize, rice, fruits other crops. They should also should set up agriculture advisory board in their bank. Just like BFL, they can have synergy with Agriculture faculties in Sri-Lankan Universities. There will be strong demand for some foods in the future.
They should try to introduce development bonds related to infrastructure and for north and ease developments..
Investing in a Power Company and in Sri-Lanka is a good thing,. By now they must have considerable amount of capital gain.
We will be able to see Next direction of the company during next 12 months. We should keep under our radar now. Once we see strong signal we should buy aggressively.
In the future Islamic banks will become popular if they can make big difference by fulfilling needs of the society. If they can mange their banks professionally while adhering to real Islamic principles, I think they can become number one non-conventional bank in Sri-Lanka. Playing with interest rate instruments and currency instruments could become mass of destruction. Globally some congenital bank and insurance giants are vulnerable to some interest rate and credit instruments
On the other hand, Islamic banks have opportunity to fill the vacuum created by those so-called conventional banks. Globally some banks and insurance companies can go under water at any time due to their exposure to highly risky instruments.
Amana should take some guidance from Central banks and well managed Islamic banks in Malaysia
Tesco Stores Malaysia Bhd, a unit of the UK’s Tesco Plc, is selling RM100 million (US$29 million) in 4.1 per cent Islamic bonds due 2013, according to data compiled by Bloomberg.
Sunday, November 22, 2009
Islamic bonds spur interest in South Korea
Now is the time for Korean companies to tap into the rapidly growing $800-billion Islamic capital market, and Malaysia may be one of the best destinations for such companies hoping to raise capital from Muslim investors, said two top financial regulators from Malaysia, reports JoongAng Daily (Nov 21, 2009).
Time to come some well-managed and socially responsible Islamic banks will become popular among all nationalities due to their community approach and long-term development approach.
According to some analysts, not all are real Islamic banks and they are trying to introduce some conventional instruments in a different way. Only few are doing in a real Islamic way and they will beat conventional banks in the long run. In Malaysia Islamic banks is becoming very popular among non-Muslims communities now.
Amana can become number one bank and Islamic Insurance Company in Sri-Lanka during next five year if they can manage professionally, in a socially responsible manner, and by identifying correct long-term investments
reply from innam, 10 Mar 10
MW Amana Takaful has nothing to do with the banking arm. Takaful is the insurance arm of Amana Investments, if there is opening of a future Amana Bank it will be owned by Amana Investments. The shareholders of Amana Takaful will only benefit from the insurance business. Of course like you the market might not know this so the share might show volatility.....
reply from MarketWatch, 10 Mar 10
Innam
I should have mentioned as Amana Islamic Institution.
Yes, Innam we have to accept we will see volatility for all types of stocks during next 10 years. We should keep records. Still with volatility, some stocks will outperform other stocks in the future.
I think soon they will get banking license as well
For a new Islamic Bank : Amana expecting licence to begin commercial banking
The Amana Group has reached another milestone in their journey with the granting of a Letter of Provisional Approval to establish a licensed commercial bank named Amana Bank Limited by the Monetary Board of CBSL, a statement released by the company said.
Sri Lanka Amana Takaful starts general insurance in Maldives
March 09, 2010 (LBO) - Sri Lanka's Amana Takaful Insurance said its Maldivian subsidiary Amana Takaful (Maldives) has got regulatory approval to do general insurance business in the archipelago.
The company said in a stock exchange filing that Amana Takaful (Maldives) is a subsidiary of Amana Global which is a fully owned subsidiary of Amana Takaful.
The firm said it had got an insurance license by the Maldives Insurance Authority to write general insurance business in the Maldives from March 4, 2010.
The firm started in 1999 in collaboration with Takaful Malaysia, one of the largest Takaful operators in the world
reply from afstock, 11 Mar 10
amana bank is going for a private placement to raise funds to have the deposit at central bank.
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