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12:50:24 pm

India central bank allows non-bank Islamic finance firm

LEGAL CHALLENGE Last year, the RBI directed Kochi-based Alternative Investments and Credits Ltd (AICL) to stop its non-interest NBFC business almost a decade after the firm was launched. This prompted an ongoing legal challenge by AICL. "The grant of an NBFC licence should have an impact on the AICL proceedings and there are good chances that the matter may get settled soon," said Suprio Bose, Mumbai-based lawyer at Juris Corp, a law firm which previously represented AICL. "The event reflects a significant and welcome change in RBI's attitude towards sharia-based NBFCs and sets a precedent for others to follow suit." However, many analysts think that unless and until full-fledged Islamic banks are permitted in India, an Islamic finance sector will find it hard to develop. "I don't think there is going to be a rush for NBFC applications.

Finance Ministry seeks cabinet nod for stuck infra projects

Trent Hamm The Simple Dollar is a blog for those of us who need both cents and sense: people fighting debt and bad spending habits while building a financially secure future and still affording a latte or two. Our busy lives are crazy enough without having to compare five hundred mutual funds we just want simple ways to manage our finances and save a little money. Recent posts The Christian Science Monitor Weekly Digital Edition Over a long period of time, it all presents a very positive picture. When I read through my old articles, in fact, I keep thinking to myself, Wow, I wish I was as strong at personal finance as that guy! The reality is that I fail at personal finance things, more often than I like. RECOMMENDED: Can you manage your money?

Sand Hill Finance LLC Converts Remaining Balance of IceWEB, Inc. Convertible Debenture

As part of the transaction, Sand Hill Finance is releasing its security interest in the assets of IceWEB, Inc. and terminating the financing agreement with the Company. Converting the Sand Hill Finance note to equity is a major achievement for IceWEB, and has significantly strengthened our balance sheet and improved our cash flow position. Sand Hill Finance has been a great partner to us over the years, and their conversion of the debt at an above-market price is a reflection of their confidence in the direction of the Company, said Mark Lucky, Chief Financial Officer of IceWEB, Inc.

In personal finance, nobody's perfect

Bankers, however, say revival of stalled projects will not spur credit growth immediately. "You have to understand that once the regulatory clearances come, it will take around six months to have some actual ground level movement," an executive director with a state-run bank said. "And banks will not disburse further until there is some development." Banks have so far disbursed 51,546 crore to the 20 identified big-ticket projects. Since April, the finance minister has held review meetings with bankers and promoters in all major cities on the issue.

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