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Dubai's Emaar Properties establishes $2bln Sukuk program

From Zawya Dow Jones: Emaar Properties, the Dubai-based real-estate developer, plans to launch a $2 billion Islamic bond program, according to the program's base prospectus. Emaar, builder of Burj Khalifa, the world's tallest building, has appointed HSBC Bank Plc, The Royal Bank of Scotland Plc and Standard Chartered Bank as arrangers on the program.  (more...)

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Tabreed bonds show investors bet on support: Islamic finance

From Bloomberg: Islamic bonds of National Central Cooling Co., known as Tabreed, rose on speculation the provider of air conditioning services to the Dubai Metro may follow Aldar Properties PJSC in getting financial support from Abu Dhabi. (more...)

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Thailand: New Islamic bond offerings

From Bangkokpost.com: The country's first Islamic bond and Islamic property fund will be launched in the second quarter, says the Islamic Bank of Thailand (IBank). President Dheerasak Suwannayos said the 5-billion-baht bond would be structured by Malaysia's CIMB Bank, its financial adviser. It is now awaiting approval from the Securities and Exchange Commission. (more...)

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Islamic Bank Of Thailand plans to launch $164 mln Sukuk this year

From Dow Jones: The state-owned Islamic Bank of Thailand plans to issue THB5 billion ($164 million) in long-awaited Islamic bonds, or Sukuk, within this year, bank president Theerasak Suwannayos said Wednesday. The bank is awaiting approval of relevant regulations involving tax and asset transfer fees, he told reporters. (more...)

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Matang completes Sukuk account payment

From Thestar.com.my: Matang Highway Sdn Bhd, a wholly-owned single-purpose funding vehicle of Zecon Bhd, has made the final payment of RM1.9mil into the sinking fund account (SFA) and finance service ratio account (FSRA) of its RM15mil sukuk. (more...)

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Qatar Islamic Bank has profit of 1.3 bln riyals

From Bloomberg: Qatar Islamic Bank SAQ, the Persian Gulf country’s biggest Shariah-compliant lender, reported profit was little changed from a year ago. Its board recommended paying a cash dividend of 5 riyals a share. (more...)

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Nigeria: CBN gives fresh conditions for Islamic banking

From Allafrica.com: The Central Bank of Nigeria (CBN) has directed that all Non-Interest Financial Institutions (NIFIs) desiring to operate in the country to carry out an internal Shariah audit on a periodic basis, to examine and evaluate the extent of compliance with Shariah rules. (more...)

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Qatar Islamic and Qatar National Bank: Gulf equity preview

From Bloomberg: Qatar Islamic Bank SAQ: The Persian Gulf country’s biggest Islamic lender reported a profit of 1.3 billion riyals ($357 million) last year, compared with 1.32 billion riyals in 2009. The board recommended paying a cash dividend of 5 riyals a share. The shares fell 2 percent to 83.5 riyals. (more...)

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Al-Rajhi Q4 net profit up 13.5pct to $442mln

From Tradearabia.com: Saudi-based Al-Rajhi Bank, the kingdom's biggest Islamic lender, said on Wednesday it posted a 13.5 percent rise in fourth quarter net profit, broadly in line with analysts' forecasts.  (more...)

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Saudi banks 'protected against bad loans'

From Reuters: Saudi banks have taken enough measures against bad loans and are poised for growth as lending in the world's top oil exporter will accelerate this year, the Gulf Arab kingdom's central bank governor said on Wednesday. (more...)

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Four banks confirm QIA fund injection via equity buy

From Gulf-times.com: Commercialbank (Cb), Qatar Islamic Bank (QIB), International Islamic and Ahlibank have confirmed that they have received funds from the Qatar Investment Authority (QIA) in lieu of the latter’s 10% stake purchase. (more...)

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Aman achieves 32 pct increase in profits in Q4 2010

From Cpifinancial.net: Dubai Islamic Insurance and Reinsurance Company (Aman) also recorded a net profit of AED 21.18 million ($5.76 million) in 2010, a rise of three per cent compared to the AED 20.57 million ($5.6 million) reached in 2009. (more...)

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Islamic nations urged to keep paper currency

From Commodityonline.com: Islamic countries should continue to use paper currency instead of gold dinar as history has shown that the return to the coinage system could increase interest rates and inflation would be difficult to control. (more...)

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Abu Dhabi: Expansion on the cards for Sharia-compliant financial services

From Abudhabicityguide.com: The Islamic Financial Services (IFS) sector in Abu Dhabi is showing a bullish resilience to the world economic crisis as it increases market share while expanding its reach with new products, according to Michelle Solomon, Country Director for Oxford Business Group (OBG) in the Emirate. (more...)

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