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Islamic banking assets in GCC jump to $ 445 bln in 2012

Posted on 21 March 2013 by Laxman  |  Email|Print

Islamic banking assets with commercial banks in the GCC reached $ 445 billion at the end of 2012, up from $ 390 billion in 2011, with the outlook for the industry remaining relatively positive in 2013. This represents a 14 percent year-on-year growth, which is considerably lower than the five-year average of 19 percent.
According to estimates by Ernst & Young’s Global Islamic Banking Center, Qatar was the fastest growing market where Islamic banking assets are expected to have grown by more than 23 percent during 2012. While Islamic banking assets with commercial banks in the GCC grew by 14 percent in 2012, conventional banking assets grew by only 8.1 percent — indicating the relative resilience and potential of the industry………………………………………..Full Article: Source

Malaysia: Total assets in Islamic banking sector grow 13.8 pct

Posted on 21 March 2013 by Laxman  |  Email|Print

Total assets in the Islamic banking sector grew 13.8 per cent, accounting for 23.8 per cent of total assets in the overall banking system last year, said Bank Negara Malaysia (BNM).

In its Financial Stability and Payment Systems Report, the central bank said, as Malaysia’s Islamic financial system transitions to become more international in orientation, the volume of foreign currency business, including those conducted by the International Islamic Banks and International Currency Business Units, has increased over the years………………………………………..Full Article: Source

Qatar Islamic bank assets up 23pct in ’12

Posted on 21 March 2013 by Laxman  |  Email|Print

The Islamic assets in Qatar’s commercial banking industry rose 23% year-on-year in 2012, outgrowing the Gulf banking industry’s growth of 14%, according to Ernst and Young (E&Y). “Qatar was the fastest growing market where Islamic banking assets are expected to have grown by more than 23% during 2012,” E&Y said in a latest report.
Islamic banking assets with commercial banks in the Gulf region grew only 14% year-on-year to $445bn in 2012, but the growth was considerably lower than the five-year average of 19%, it said, adding those in the conventional banking grew only 8.1%, indicating the relative resilience and potential of the industry………………………………………..Full Article: Source

Assets of Qatari Islamic banks soar to QR195bln

Posted on 19 March 2013 by Laxman  |  Email|Print

The assets of Islamic banks in Qatar rose to QR195bn at the end of 2012 compared to QR8.8bn 10 years ago, HE the Governor of the Qatar Central Bank (QCB) Sheikh Abdullah bin Soud al-Thani has said. The central bank governor said the assets of Islamic banks represented 23.8% the total assets of the banking sector, up from 14% back in 2002.
Deposits in Islamic banks represented 26.6% of the deposits in the banking sector, he said. Islamic banks have a total of QR121.6bn in deposits. Profits of Islamic banks jumped to QR3.8bn during the same period, Sheikh Abdullah added………………………………………..Full Article: Source

Iran holds 42.7% of total global Islamic banking assets

Posted on 18 March 2013 by Laxman  |  Email|Print

KFH-Research issued a report that stated that Iran’s Islamic banking assets contributed 42.7% of the total global Islamic banking assets in 2012, followed by PGCC (34.1%) and Malaysia (10.0%).
KFH Research Ltd is the world’s first Islamic investment research arm to be established by an Islamic Bank. A direct subsidiary of Kuwait Finance House, KFH Research was established in 2007, comprising of industry professionals and star research analysts with broad experience in Islamic finance & global markets. The report stated that total assets of Islamic banking in the PGCC region is 34% of assets of Islamic banks worldwide………………………………………..Full Article: Source

QCB: Assets of Islamic banks reach QR195bln

Posted on 18 March 2013 by Laxman  |  Email|Print

The assets of Islamic banks in Qatar were QR195bn at the end of 2012 compared to QR8.8bn 10 years ago, Governor of the Qatar Central Bank (QCB) Sheikh Abdullah bin Soud Al Thani said.
The governor of QCB said the assets of Islamic banking represent 23.8 percent of the assets of the entire banking sector, up from 14 percent back in 2002. Deposits in Islamic banks represent 26.6 percent of the deposits in the banking sector. Islamic banks have a total of QR121.6bn in deposits. Profits of Islamic banks jumped to QR3.8bn during the same period………………………………………..Full Article: Source

Sharjah Islamic Bank achieves net profit of Dhs272mln in 2012

Posted on 15 March 2013 by Laxman  |  Email|Print

Sharjah Islamic Bank’s General Assembly hailed the significant role played by His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Chairman of Sharjah Islamic Bank, during his 18 year tenure as a Chairman since 1995 and accepted the apology of His Highness for being unable to continue as a Chairman of Sharjah Islamic Bank.
The bank’s General Assembly also approved the financial results for the fiscal year ended December 31, 2012, and approved the Board’s proposal of distributing 6% cash dividends, amounting Dhs145.5bn. This statement was made during 37th meeting of the General Assembly, which was held at the Sharjah Chamber of Commerce and Industry’s headquarters to present the annual report and most important financial results of 2012……………………………………Full Article: Source

Bahrain Islamic banking assets up 13pct

Posted on 15 March 2013 by Laxman  |  Email|Print

The total assets of Islamic banks in Bahrain have increased 13 per cent at the end of last year – up from 4 per cent in 2003, said Islamic Banks and Financial Institutions general council secretary general Dr Omar Al Hafiz.
The figures were released by the Central Bank of Bahrain on Wednesday. According to Ernst and Young’s ‘World Islamic Banking Competitiveness Report 2013′ released last year on the sidelines of the World Islamic Banking Conference, the Kingdom’s Islamic asset market share amounted to 26.9 per cent with $13 billion assets……………………………………Full Article: Source

Dubai Islamic said to set profit rate at 6.25pct on dollar Sukuk

Posted on 14 March 2013 by Laxman  |  Email|Print

Dubai Islamic Bank PJSC, (DIB) the United Arab Emirates’ biggest Shariah-compliant lender, will pay a profit rate of 6.25 percent on a $1 billion Islamic bond it plans to sell, said a banker familiar with the matter.
The profit rate per year is payable semi-annually in arrear until the first call date in 2019, two bankers familiar with the details said separately yesterday, asking not to be identified because the matter is private. The rate will be reset on the first call date and every six years thereafter to a new fixed rate, they said…………………………………….Full Article: Source

GCC, Asia still key engines for growth of sukuk market

Posted on 14 March 2013 by Laxman  |  Email|Print

The new issuance of sukuk worldwide could top well above $100 billion again this year, Standard & Poor’s said its recent report “Investor Appetite Is Pushing Sukuk Into The Mainstream”, amid current investment spending and economic growth, along with its forecast of continued high oil prices and low bond yields.
In addition, jumbo issuance may pick up further, mainly on the back of huge infrastructure projects from sovereigns. Turkey, Qatar, and Malaysia issued more than $1 billion over the past two years. Sustained investment spending and ample domestic liquidity are likely to support sukuk issuance, especially in Malaysia, Saudi Arabia, Qatar, and the UAE…………………………………….Full Article: Source

The top 10 Islamic fund houses by assets

Posted on 13 March 2013 by Laxman  |  Email|Print

Islamic assets have been on the rise, driven by greater issuance of sukuk, or Islamic bonds. Last year saw a new record for Islamic debt issuance globally, 77% of which emanated from Malaysia. But while the global bond market stands at $100 trillion, the sukuk market is still tiny by comparison, at just $100 billion. It is this room for growth that industry participants are eager to capitalise on.
According to AsianInvestor findings, the top 50 by AUM have combined assets of $72.9 billion, split fairly evenly between equities and fixed income/money market/sukuk, with the remaining 10% or less in Islamic private equity and other alternatives………………………………………..Full Article: Source

GCC, Asia still key engines for growth of sukuk market

Posted on 13 March 2013 by Laxman  |  Email|Print

The new issuance of sukuk worldwide could top well above $100 billion again this year, Standard & Poor’s said its recent report “Investor Appetite Is Pushing Sukuk Into The Mainstream”, amid current investment spending and economic growth, along with its forecast of continued high oil prices and low bond yields.
In addition, jumbo issuance may pick up further, mainly on the back of huge infrastructure projects from sovereigns. Turkey, Qatar, and Malaysia issued more than $1 billion over the past two years. Sustained investment spending and ample domestic liquidity are likely to support sukuk issuance, especially in Malaysia, Saudi Arabia, Qatar, and the UAE………………………………………..Full Article: Source

New sukuk issuances to exceed $100bln

Posted on 12 March 2013 by Laxman  |  Email|Print

There is little to hinder another strong performance by the sukuk market in the next few years, Standard & Poor’s said. Investors Are Snapping Up Sukuk, Despite Questions About Creditworthiness.” “Global issuance expanded for the fourth year in a row in 2012, growing 64% to about $138 billion, and we expect another strong few years,” said Standard & Poor’s credit analyst Paul-Henri Pruvost.
Despite increased growth, the market for sukuk, the Islamic equivalent of bonds, is still a small segment of the global fixed-income world. Sukuk comply with Sharia law, meaning they do not technically pay interest; rather, they are structured to provide sukuk holders a profit margin. While still considered an alternative investment, S&P believes the sukuk market has the potential to grow and join the mainstream………………………………………..Full Article: Source

KFH research: $22 bln Sukuk issuing by end of February

Posted on 11 March 2013 by Laxman  |  Email|Print

Kuwait Finance House Research (KFH Research) stated in a report that the total Sukuk issuance for the past January and February reached $22 billion through 160 issuance processes; Malaysia ringgit purchased the largest share.
While the sovereign Sukuk remained the prevailed ones; like the last year. Sukuk issuance momentum continues in 2013 with a total issuance of $22 billion to date. Despite this being lower than the $28.3 billion issued over the same period of 2012, the monthly average for the year is slightly higher than seen throughout 2012 and provides an initial annualised forecast of $132 billion for the year………………………………………..Full Article: Source

BLME registers $10.9mln operating profit

Posted on 11 March 2013 by Laxman  |  Email|Print

BLME, the largest Islamic bank in Europe whose main shareholders are Kuwait’s Boubyan Bank and the Kuwaiti Public Institution for Social Security, said its net operating profit before impairment charges in 2012 hit GBP7.3 million ($10.9 million), up 67 per cent over GBP4.4 million the previous year.
An independent wholesale Sharia’a compliant bank based in London, BLME said its operating profit before tax touched GBP5.51 million. The group’s balance sheet too showed a 29 per cent growth whch soared to more than GBP1 billion………………………………………..Full Article: Source

Saudi banks’ net income exceeds SR 35 bln in 2012

Posted on 11 March 2013 by Laxman  |  Email|Print

The Saudi banking system anchored its stability with precautionary measures and effective capacity utilization over the past two years. High liquidity, adequate capitalization and prudent risk management and supervision represent the backbone of Saudi’s banking overhaul.
Following a successful rebound in 2011, the 12 locally incorporated banks’ net income during 2012 recorded a staggering SR 35.1 billion, an annual growth rate of 11 percent, according to a report by the National Commercial Bank (NCB)………………………………………..Full Article: Source

NBAD named best asset management house in Middle East

Posted on 08 March 2013 by Laxman  |  Email|Print

The National Bank of Abu Dhabi (NBAD), has been named the Best Asset Management House in the Middle East by International Takaful Awards for the second year running. “Winning this award for a second year in a row and adding this accolade to the list of other awards that NBAD’s Asset Management Group has won confirms that we continue to deliver innovative products that meet the highest expectations of investors and contribute to the development of the asset management industry in the country,” said Alan Durrant, the Group Chief Investment Officer of NBAD and General Manager of Asset Management Group.
International Takaful, which awarded the accolade based on financial achievement and client survey, recognized NBAD’s Asset Management Group for its superior performance and its commitment to innovate and offer Shari’a-compliant products. NBAD won the same award last year. ……………………………………….Full Article: Source

AmInvest to grow AUM by 20pct this year

Posted on 05 March 2013 by Laxman  |  Email|Print

AmInvest, the new brand for the funds management business of AMMB Holdings Bhd, aims to grow its assets under management (AUM) by 20% this year on the back of sound funds performance, innovative products and recovering global economic outlook.
AmInvestment Services Bhd director of retail funds Ng Chze How said AmInvest has RM32.6 billion AUM as at Jan 31, 2013, a 19% increase from its AUM of RM27.4 billion a year ago. To date, AmInvest markets 81 unit trust funds emcompassing both conventional funds and Shariah-compliant funds………………………………………..Full Article: Source

National Bonds announces 1.5pct profit rate for 2012

Posted on 04 March 2013 by Laxman  |  Email|Print

National Bonds Corporation , a Shariah-compliant savings scheme, on Saturday announced a profit rate of up to 1.5 per cent for 2012, lower than what it had announced for 2011.For 2011, the company had announced a profit rate of up to 2 per cent. In 2010, the profit rate was 3.78 per cent while in 2009 it was 3.54 per cent.
The company said the annualised returns were, however, 2.62 per cent, which comprise a profit rate of up to 1.5 per cent (lowest since its inception in 2006) and earnings through 501,032 prizes and incentives equaling 1.12 per cent distributed through 2012 from its own funds………………………………………..Full Article: Source

Bank’s assets, deposits and funds increase between 25pct to 30pct

Posted on 04 March 2013 by Laxman  |  Email|Print

Kuwait Finance House “KFH” CEO and “KFH-Turkey” Chairman Mohammed Sulaiman Al-Omar said that “KFH-Turkey” maintained its rapid growth in 2012 and increased its profits to 250 million Turkish lira, 28 percent increase compared to 2011, KFH Turkey increased its assets by 27 percent to 19 billion Turkish lira and its loans by 14 percent to 12 billion Turkish lira and capital adequacy ratio stood at about 14 percent.
Al-Omar stated that the positive financial indicators achieved by “KFH -Turkey” reflected growth in many areas like the growth of clients deposits that increased by 29 percent to reach 12.7 billion TL. He also stressed that the results achieved were in accordance with the plans, targeted shares, development projects and restructuring program implemented by the bank………………………………………..Full Article: Source

ABC Islamic Bank posts 2012 net profit of $8.3 mln

Posted on 01 March 2013 by Laxman  |  Email|Print

Bahrain’s ABC Islamic Bank posted a net profit of $8.3 million for the year 2012, a slight increase on a net profit of $8.1 million recorded in 2011.
Total operating income amounted to $16 million, six per cent higher than last year of $15.1 million. Operating expenses increased by $0.8 million to $6.9 million, resulting in cost to income ratio of 43.3 per cent, compared to 40.8 per cent in last year, mainly due to higher staff expenses related to compensation scheme………………………………………..Full Article: Source

Al Baraka Islamic Bank wins best Islamic bank award in Bahrain from ‘Euromoney’ magazine

Posted on 01 March 2013 by Laxman  |  Email|Print

Al Baraka Islamic Bank B.S.C win the ‘Best Islamic Bank in Bahrain for 2012′ Award from the ‘Euromoney’ magazine, the world’s leading financial and banking magazine as a part of its annual prizes for Islamic Finance which had announced it in the magazine issue for the current month February 2013.
The Award was received by Mr. Mohamed Isa Al Mutaweh Member of the Board of Directors and Chief Executive Officer of Al Baraka Islamic Bank in the official ceremony, which was held in London on February 26th in the presence of a group of banking leaders and officials from various countries in the region and beyond………………………………………..Full Article: Source

ABC Islamic Bank announces 2012 year-end profit of $8.3mln

Posted on 28 February 2013 by Laxman  |  Email|Print

ABC Islamic Bank announced that its net profit for the year ending 2012 was $8.3m, compared to $8.1m last year. Total operating income amounted to $16m, 6% higher than last year of $15.1m. Operating expenses increased by $0.8m to $6.9mi, resulting in cost to income ratio of 43.3%, compared to 40.8% in last year, mainly due to higher staff expenses related to compensation scheme.
Impairment provision of $0.5m for regional exposure taken during the year was at the same level as of last year.Net profit for the fourth quarter was the same as of last year of $1.4m. (Press Release)

BIMB Q4 profit falls 10.4pct

Posted on 28 February 2013 by Laxman  |  Email|Print

BIMB Holdings Bhd’s net profit attributable to ordinary equity holders of the parent company dropped 10.36% to RM67.13mil on the back of a 17.76% increase in revenue to RM669.17mil for the fourth quarter ended Dec 31, 2012. Thus, earnings per share dropped to 6.29 sen from 7.02 sen. However, on a full-year basis, net profit was up 18.29% to RM250.78mil on the back of a 23.62% increase in revenue to RM2.52bil.
Meanwhile, Takaful Malaysia reported a 31% growth in its profits after taxation and zakat to close the financial year ended Dec 31, 2012 with RM101.2mil. The group’s full-year operating revenue increased by 19% to RM1.61bil………………………………………..Full Article: Source

Record RM4.35bln net profit for CIMB

Posted on 26 February 2013 by Laxman  |  Email|Print

For the financial year under review, CIMB’s net profit expanded by 7.8 per cent, helping the group push its net profit to a level unseen before in its history. CIMB Group Holdings Bhd has posted a record net profit of RM4.35 billion for the year ended December 31 2012, meeting its 16 per cent return-on-equity (ROE) target.
The banking group expects to maintain a R0E of 16 per cent in the current financial year as it seeks to expand its reach at home and abroad. A ROE of 16 per cent is considered to be at the top end for a major bank as CIMB’s fiercest rival at home, Malayan Banking Bhd, the country’s top bank, also has a ROE of about 16 per cent………………………………………..Full Article: Source

QIB records QR1.24bln profit in 2012

Posted on 25 February 2013 by Laxman  |  Email|Print

Qatar Islamic Bank (QIB) has charted out a five-year global investments strategy to help anchor the Bank’s position as an Islamic financial institution of international stature. Presenting the Bank’s 2012 financial results at the ordinary general assembly here yesterday the Bank Chairman Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani noted the bank’s international sector has crafted, in collaboration with specialised consultants, a five-year strategic vision for its global investments.
This will strengthen international Islamic banking and position of QIB as an Islamic financial institution of global stature. The Bank has registered substantial progress in restructuring of some of its affiliate and sister companies such as the Arab Finance House and QIB UK, he noted………………………………………..Full Article: Source

Gulf Finance House net profits for 2012 surge to US$ 10.03 mln

Posted on 25 February 2013 by Laxman  |  Email|Print

The Gulf Finance House (GFH) announced its financial results for the fiscal year 2012. The bank posted a net profit of $10.03 million compared to $0.38 million in 2011.
The bank’s profitability in 2012 was the result of strong shareholder support, investor loyalty and a dedicated management team committed to seeing through the significant restructuring and income from profitable investments. Operating profit before provisions were $20.43 million when compared to $ 8.5 million in 2011 an increase of 140%. (Press Release)

KPMG named best Islamic finance adviser by Euromoney

Posted on 25 February 2013 by Laxman  |  Email|Print

KPMG has been named ‘Best Islamic Assurance and Advisory Services Provider’ in the 2012 Euromoney Islamic finance awards. This marks the sixth consecutive year KPMG has taken the top prize, which is unequalled in the assurance and advisory category.
Now in their eleventh year, the awards are widely regarded as the benchmark awards for the global Islamic finance industry. Euromoney again highlighted KPMG’s active role in promoting and supporting the development of the Islamic finance industry around the world………………………………………..Full Article: Source

Maybank Q4 earnings up 15.9pct to RM1.45bln, dividends 33 sen

Posted on 22 February 2013 by Laxman  |  Email|Print

Malayan Banking Bhd (Maybank) reported a 15.9% increase in its earnings to RM1.459bil in the fourth quarter ended Dec 31, 2012 from RM1.259bil a year ago. It said on Thursday the board of directors proposed a final dividend of 18 sen per share and 15 sen single-tier dividend for the 8.44 billion shares, amounting to a net dividend payable of RM2.405bil.
For Q4, 2012, Maybank’s revenue increased by 4.3% to RM7.027bil from RM6.737bil while earnings per share were 17.19 sen compared with 16.72 sen………………………………….Full Article: Source

Al Baraka net income surges 11pct to $235mln

Posted on 22 February 2013 by Laxman  |  Email|Print

Al Baraka Banking Group (ABG) achieved a net income of $235 million last year, a noticeable increase of 11 per cent on what it achieved in 2011. Total assets also increased by 11pc, total financing and investments by 21pc, deposits including equity of investment account-holders by 12pc and total equity by 9pc.
“This was not possible without the strong financial means, human resources and technical capabilities possessed by the group, as well as its commitment to the Islamic banking model that impose the hard work for the reconstruction of the societies and serve the communities in which it operates,” said chairman Shaikh Saleh Abdullah Kamel………………………………….Full Article: Source

Call 191 _ Islamic bank is bleeding

Posted on 21 February 2013 by Laxman  |  Email|Print

The government must move quickly to shore up public confidence in the Islamic Bank of Thailand following deposit runs at the state-controlled bank due to worries about its financial stability. The bank reported some 5 billion baht worth of withdrawals over the past two weeks following reports of its weakening financial status.
Samart Maluleem, a Democrat MP for Bangkok and head of the House committee for border affairs, and Prawat Uttamote, a Pheu Thai party list MP and deputy chairman of the border affairs committee, both called on the government to move quickly to reassure the public the bank would have full government support………………………………….Full Article: Source

Bahrain hangs on as banking centre amid political turmoil

Posted on 21 February 2013 by Laxman  |  Email|Print

When Ahli United Bank, Bahrain’s largest lender by market value, announced this week a rise in profits for 2012, it was more than good news for the bank alone. It was a sign that the island kingdom is surviving as a regional financial centre.
Two years after pro-democracy protesters inspired by the Arab Spring uprisings blockaded Bahrain’s financial district, political tensions still weigh on its banking industry. This is deterring some investment and inflows of money, and making it harder for Bahrain to compete with other centres such as Dubai………………………………….Full Article: Source

Net income of Al Baraka Banking Group grew by 11% to $235m

Posted on 21 February 2013 by Laxman  |  Email|Print

The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C. (ABG) announced that it has achieved a net income of $235m in 2012, a noticeable increase of 11% on the income achieved in 2011.
Similarly, statement of financial position items witnessed good increases. Total assets increased by 11%, total financing and investments by 21%, deposits including equity of investment account-holders by 12% and total equity be 9% at the end of December 2012 in comparison with the end of December 2011………………………………….Full Article: Source

Rp 1.05 trillion raised from sukuk, below govt target

Posted on 21 February 2013 by Laxman  |  Email|Print

The government raised about Rp 1.05 trillion (US$108 million) from the sales of Islamic bonds (sukuk) on Tuesday, lower than its initial target of Rp 1.5 trillion, as investors held back from entering the sharia bonds market on fears that the recent depreciation of rupiah may spark inflation.
Total incoming bids for the sukuk topped Rp 2.26 trillion, far lower than the Rp 4.1 trillion that the Finance Ministry’s debt management office received during the last sukuk auction on Feb. 5. …………………………………Full Article: Source

Al Khaleej 2012 net profit up 23.34pc to QR78.2 million

Posted on 21 February 2013 by Laxman  |  Email|Print

Al Khaleej Takaful Insurance and Reinsurance’s net profit for fiscal year ending December 31, 2012 is up to QR78.2 million, an increase by 23.34 percent over QR63.4 million achieved in 2011.
The company’s Earnings Per Share (EPS) this year are QR5.50 compared to QR4.46 in 2011, according to Qatar Exchange notification Wednesday………………………………….Full Article: Source

Sukuk market to grow 30pct in 2013

Posted on 18 February 2013 by Laxman  |  Email|Print

The sukuk (Islamic bond) market is expected to grow by around 30 percent this year, buoyed by sovereign sukuk that will continue to dominate, supported by emerging of new countries that issue sukuk, Kuwait Finance House (KFH) said in a recent report.
Sukuk issuance will grow this year by 20-30 percent after the momentum witnessed by the issuance process last year that was worth $131 billion, the report, compiled by the KFH-Research, showed. The share of the Middle East of issuance in 2012 increased; especially in Saudi Arabia and UAE, it said, noting that the returns on sukuk increased during the same year, compared to returns in 2011………………………………………..Full Article: Source

Kuwait Finance House Q4 net rises but misses estimates

Posted on 18 February 2013 by Laxman  |  Email|Print

Kuwait’s biggest Islamic lender, Kuwait Finance House (KFH) reported a 24 percent rise in fourth-quarter net profit on Sunday thanks to its restructuring programme but the numbers fell short of analyst estimates.
KFH said last year it was reshuffling its top management and planned to work with advisors to sell, merge or restructure unprofitable subsidiaries after a fall in profits in 2011………………………………………..Full Article: Source

Standard Chartered awarded Best International Islamic Bank by Euromoney

Posted on 15 February 2013 by Laxman  |  Email|Print

Standard Chartered has been awarded ‘Best International Islamic Bank’ in the Euromoney Islamic Finance Awards 2013, one of the highest accolades in the publication’s annual event that recognises excellence across the Islamic Finance industry globally.
Standard Chartered Saadiq, the Bank’s global Islamic banking arm, was also awarded ‘Best Structured Products House’ and ‘Deal of the Year’ for arranging a USD1.85 billion refinancing for Jebel Ali Free Zone (JAFZA) in the UAE………………………………………..Full Article: Source

MENA mutual funds close 2012 with USD60bln AUM

Posted on 15 February 2013 by Laxman  |  Email|Print

More than 70 mutual funds were launched in the MENA region in 2012, raising total assets under management to USD 60 billion, according to Zawya’s MENA mutual funds quarterly bulletin for 4Q-2012. This constitutes a 20% increase from the 58 funds launched in 2011 but a 7% decrease from 2011’s AUM.
The majority of these funds invested their assets in fixed income instruments as investors are shifting towards safe-haven investments to hedge against market volatility. This rising demand led to an increased supply of bonds and sukuk instruments. According to data compiled by Zawya Bonds and Sukuk monitors, MENA issuance increased from last year by 7% in bonds and 18% in sukuk………………………………………..Full Article: Source

KPMG named best Islamic finance adviser by Euromoney

Posted on 15 February 2013 by Laxman  |  Email|Print

KPMG has been named ‘Best Islamic Assurance and Advisory Services Provider’ in the 2012 Euromoney Islamic finance awards. This marks the sixth consecutive year KPMG has taken the top prize, which is unequalled in the assurance and advisory category.
Now in their eleventh year, the awards are widely regarded as the benchmark awards for the global Islamic finance industry. Euromoney again highlighted KPMG’s active role in promoting and supporting the development of the Islamic finance industry around the world especially in new markets………………………………………..Full Article: Source

Bahrain Islamic Bank reports net loss of BHD 36 mln for 2012

Posted on 14 February 2013 by Laxman  |  Email|Print

Bahrain Islamic Bank incurred a net loss of BHD 36 million for 2012, as compared to a net loss of BHD 17 million for the year 2011, after increasing its provisions portfolio by BHD 41 million, with last quarter share of BHD 15 million as compared to a net loss of BHD 21 million for the last quarter of 2011.
“This would be the end of a difficult phase and the bank is looking eagerly ahead for returning back to profitability and the enhancement of shareholders’ equity,” said the bank in a statement. “It should be noted that the bank was able to register operating profit to the tune of BHD 4.9 million as compared to BHD 6.6 million for last year, and a net loss of BHD 15.3 million for the last quarter of the year.”……………………………………….Full Article: Source

Ajman Bank posts record growth of 382pct in 2012 net profit

Posted on 14 February 2013 by Laxman  |  Email|Print

Ajman Bank, the award-winning financial services institution and winner of the ‘Fastest Growing Bank in the UAE’, announced its financial results for the year ended 31 December 2012, demonstrating record growth and continued positive momentum.
Ajman Bank reported a Net Profit of Dhs33.5m for 2012, representing a robust increase of 382% from the net profit of Dhs6.9m achieved in the year ended 31 Dec 2011. The income was mainly generated through corporate banking, SME’s, and treasury operations. (Press Release)

Jordan Islamic Bank 2012 net profit rises 29 pct

Posted on 13 February 2013 by Laxman  |  Email|Print

Jordan Islamic Bank,, a subsidiary of Bahrain-based Al Baraka Banking Corp, reported on Tuesday a 29 percent rise in net profits to 36.5 million dinars ($51 million) last year, helped by healthy growth in Islamic banking services.
The bank’s total assets were up 4.2 percent on a year ago at 3 billion dinars at the end of 2012 dinars, the bank said in a bourse statement. Operational income rose 22.8 percent to 96.1 million dinars………………………………………..Full Article: Source

GIB’s net income rises 13 pct to $118mln

Posted on 13 February 2013 by Laxman  |  Email|Print

Gulf International Bank (GIB) recorded consolidated net income after tax of $117.9 million last year, up $13.4m, or 13 per cent, on the prior year. Net income after tax in the fourth quarter was $20.9m compared with $19.9m in the fourth quarter of 2011.
“I am pleased with the progress made in the implementation of GIB’s new strategy, which aims at a total transformation of the way the bank conducts its business and will take it into new frontiers of sophisticated banking,” said chairman Jammaz Al Suhaimi………………………………………..Full Article: Source

Bahrain Islamic Bank increases its provisions & incurs BD 36 mln loss for the year 2012

Posted on 13 February 2013 by Laxman  |  Email|Print

Bahrain Islamic Bank announced that it has incurred a net loss of BD36 million for the year ended on 31st December 2012 as compared to a net loss of BD 17 million for the year 2011, after increasing its provisions portfolio by BD 41 million, with last quarter share of BD 15 million as compared to a net loss of BD 21 million for the last quarter of 2011.
Hence, this would be the end of a difficult phase and the Bank is looking eagerly ahead for returning back to profitability and the enhancement of shareholders’ equity. It should be noted that the Bank was able to register operating profit to the tune of BD 4.9 million as compared to BD 6.6 million for last year, and a net loss of BD 15.3 million for the last quarter of the year. (Press Release)

Finance House profit jumps 20.4pct

Posted on 12 February 2013 by Laxman  |  Email|Print

Abu Dhabi-based Finance House Group net profit for 2012 rose 20.4 per cent to Dh72.2 million compared to Dh60 million. Total assets grew to Dh3.72 billion, registering a steady increase of six per cent over Dh3.51 billion as at December 31, 2011. The board has recommended a cash dividend of 20 per cent, subject to regulatory approvals.
Mohammed Abdulla Alqubaisi, Chairman of Finance House, said: “Despite challenging market conditions and a tighter regulatory framework, we are proud to maintain our profitable stance for the eighth successive year since inception. For a genuine private sector enterprise operating in the fiercely competitive UAE financial services sector, this is a creditable achievement indeed”………………………………………..Full Article: Source

Abu Dhabi Islamic Bank reports Q4 profit drop

Posted on 11 February 2013 by Laxman  |  Email|Print

Decline was expected but still beat forecasts thanks to 10.8 per cent fall in impairments. Abu Dhabi Islamic Bank reported a drop in quarterly profit on Thursday but still beat forecasts as the bank made fewer provisions for bad loans.
Abu Dhabi’s biggest sharia-compliant bank by market value had fourth-quarter net profit of Dhs333 million ($90.7 million) in the final three months of 2012 compared with Dhs338.6 million a year earlier, it said in a statement………………………………………..Full Article: Source

UAE’s ADIB Q4 drops, tops estimates as provisions dip

Posted on 08 February 2013 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank reported a drop in quarterly profit on Thursday but still beat forecasts as the bank made fewer provisions for bad loans. Abu Dhabi’s biggest sharia-compliant bank by market value had fourth-quarter net profit of 333 million dirhams ($90.7 million) in the final three months of 2012 compared with 338.6 million dirhams a year earlier, it said in a statement.
This was ahead of the three analysts average forecast for net profit of 224.3 million dirhams in a Reuters poll last month………………………………………..Full Article: Source

Vision’s Shariah-compliant GCC fund evokes good response

Posted on 07 February 2013 by Laxman  |  Email|Print

Oman’s first Shariah-compliant mutual fund, launched recently by Vision Investment Services has been well received by the investor community.
The Vision Al Khair GCC Fund, with the initial subscription period from January 10 to February 10, is popular because Vision has commendable track record in managing mutual funds particularly with strong emphasis in the GCC markets backed by a strong research team, Mustafa Ahmed Jaafar, Executive Director, told Observer………………………………………..Full Article: Source

Shariah banking outperforms conventional partner

Posted on 06 February 2013 by Laxman  |  Email|Print

It had been reported that the growth of Islamic banking in Indonesia outperforms its conventional partner.The assets of sharia banking grow 47.21 per cent, while its financing grow at 48.81 per cent and third-party funding at 50 per cent.

Indonesia’s sharia banking is committed in mobilising funding from community. It is shown by the number of financing-to-deposit ratio (FDR) that is always above 100 per cent………………………………………..Full Article: Source

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