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Best Islamic Trade Finance Bank (EMEA)

18 June 2009

High standards and practices

Winner: HSBC Amanah Highly commended: Standard Chartered The upsurge in interest in Islamic trade finance has been hard to miss and a number of institutions have invested significantly in developing an Islamic offering. It is perhaps not surprising that in the inaugural year for this award that HSBC Amanah polled the highest. With strong representation across the Islamic world and a long history in both Asia and the Middle...


Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.
8%
No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.
23%
No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.
23%
Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.
46%

Quote

From a Brazilian perspective a lot of work still needs to be done in getting foreign lenders more comfortable to finance the second-tier players again.

Ian Henderson, Texel Capital - Brazil: Agri-sector bounces back - Trade Finance July/August 2010