Kamis, 15 Oktober 2009

Sime Darby Signs Islamic Programmes To Raise Funds

Sime Darby Bhd has successfully signed Islamic programmes on Wednesday, where the proceeds from the Islamic Programmes will be use to the group acquisitions and capital expenditure, working capital requirements as well as to refinance certain debt obligations.

In a statement, lead arranger, Maybank Investment Bank Bhd, said it involved Islamic Medium-Term Note (IMTN) Programme of RM4.5 billion and Islamic Commercial Paper (ICP)/Islamic Medium Term Note Programme of RM500 million with a Combined Master Limit of RM4.500 billion.

The ICP/IMTN Programmes are collectively known as the Islamic Programmes.

Maybank president and chief executive officer, Datuk Seri Abdul Wahid Omar, said the financial group was proud to be working on this transaction to assist Sime Darby in meeting its medium- to long-term funding requirements.

He said the strength of the AAA-rated Islamic Programmes reflected Sime Darby's position as a leading conglomerate and the world's largest listed oil palm plantation group.

"We believe that the Islamic Programmes will inject into the Malaysian capital market with further depth and promote it in line with the government's initiative to propel Malaysia as a renowned global Islamic hub through the Malaysian International Islamic Financial Centre," he said.

He said investors would find the notes issued under the Islamic Programmes as a premier investment and a valuable contribution to their bond portfolio and investment strategy.

The Islamic Programmes are structured based on the widely-accepted Islamic finance principle of Musyarakah, which is popular with local and international capital market players.
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Jumat, 02 Oktober 2009

Obama could change dynamics in the Arab world

Despising America has long been a Middle East pastime, but then the country that brought war to Iraq and orange-suited prisoners to Guantanamo Bay elected a Facebook-friendly president who speaks in poems.

What's a mullah to do?


With the speed of a Twitter missive, the cultural game has shifted. Barack Obama's rise to the White House comes when the Arabs are intensely suspicious of U.S. intentions, and when Islam, through satellite TV and the Internet, is inundated with Western culture.

Eight years of President Bush gave conservative Muslims a buttress against America. But Obama, who plays as well in Hollywood as he does in the villages of Kenya, is changing Washington's image from a cowboy with snarling sound bites to a conciliator with star appeal.

The Middle East probably won't put aside its mistrust of Washington over the Israeli-Palestinian conflict, Iraq and regional flash points, including Iran's nuclear program. The early elation in the Arab media over Obama's victory was later balanced with the belief that the president-elect is encumbered by entrenched U.S. policies, and that what looms before the world is a new face, one with international sensibilities, yet ultimately one that will act in American interests.


But Obama's is a multicultural face that narrows degrees of separation. He is the Christian son of a Muslim father; he seems more a citizen of the world than an Illinois senator. To many in the Middle East, he is that rare thing: a minority who, with breathtaking speed and without a military coup, has risen to political prominence. This strikes deeply in a part of the world where repression carries a twofold meaning: Western power and military dominance, and Arab regimes that silence dissent.

"His resonant, melodic voice is heard as the voice of the voiceless," Gamal Nkrumah, whose father, Kwame, led Ghana to independence from British rule in 1957, wrote in the Egyptian weekly Al Ahram. "Obama's genius is that he appeals to the well-heeled liberals in Western nations as much as the penniless peasants of impoverished nations, the teeming millions eking out a meager existence."

The president-elect presents new dangers to the established order. He is charismatic and cyber-savvy; he bridges hip-hop and Mozart; his middle name is Hussein. He built a campaign around a well-choreographed electronic populism that generated millions of dollars in Internet donations.

This strategy speaks to religious and political reformers in the Middle East, who in recent years have turned to blogs and Facebook groups to organize government protests and debate Islamic tenets.

U.S. allies Egypt, Saudi Arabia and Morocco jail dissident bloggers and online commentators. These governments, which are crucial to regional stability and the stemming of terrorism, are frequently criticized by democracy advocates and human rights groups. The Internet, YouTube and message boards, which Obama navigated to win the support of steelworkers, college students and investment bankers, are viewed by leaders in this region as dangerous tools of revolt for the young.

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