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Islamic Finance Briefing - Archive | December, 2008

Islamic Banking set to emerge as a $4 trillion industry

Posted on 30 December 2008 by Laxman  |  Email|Print

From Islamic banking, which is predicted to become a $4 trillion global industry over the next five years, is the least affected sector in the current global economic meltdown triggered by subprime tsunami in the United States, experts said.

Khaled Al Aboodi, CEO and general manager of Islamic Corporation for the Development of the Private Sector (ICD), was quoted as saying that since Shariah did not allow Islamic banks to invest in subprime product, they were safer from the toxic subprime assets when compared to conventional banks….. Full Article: Source

Shaikh Mohammed appoints new DFSA directors

Posted on 30 December 2008 by Laxman  |  Email|Print

From Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, appointed on Monday two new board directors of financial regulator Dubai Financial Services Authority (DFSA).

The new appointees to the 12-member DFSA board are Fadel Abdullah Al Ali and Abdul Wahid Al Ulama….. Full Article: Source

Japan investors interested in Islamic products

Posted on 30 December 2008 by Laxman  |  Email|Print

From Reuters: Japanese investors have expressed interest in developing Islamic capital market products, a local newspaper quoted Aseambankers Chief Executive Officer Mohammed Rashdan Mohammed Yusof as saying on Tuesday.

Yusof did not name the interested Japanese companies or provide a timeframe of the proposed deal but said Aseambankers, the investment banking arm of Malaysia’s state-controlled top lender Maybank, plans to develop the sukuk market in Japan….. Full Article: Source

Islamic asset manager outperforms faith-based peers

Posted on 30 December 2008 by Laxman  |  Email|Print

From The Amana Trust Income Fund, the main Muslim investment fund with $1.2bn (€853m) in assets under management, has outperformed those from all other faiths in the US by losing just 25.8% of its value for the year, half the average 44% loss for US stock funds

Nick Kaiser, manager for the two Amana funds, said that the firm saw an inflow of $40m last month alone, of which more than 50% came from non-Muslim investors….. Full Article: Source

Aseambankers deals

Posted on 30 December 2008 by Laxman  |  Email|Print

From A few financial conglomerates from Japan have expressed interest to work with Aseambankers Malaysia Bhd in developing Islamic capital market products, its chief executive officer Mohammed Rashdan Mohammed Yusof said.

Without naming the conglomerates because of confidentiality requirements, he said that they were seeking two-way cooperation with Aseambankers….. Full Article: Source

Experts see 2009 posing four-pronged challenge to banks

Posted on 30 December 2008 by Laxman  |  Email|Print

From Financial experts have identified four challenges arising from the global financial crisis that banks in the UAE – both local and international – must overcome.

The first concerns loans given to investors that are guaranteed by shares or real estate assets. The value of shares and property has fallen sharply, which has prompted banks to sell assets provided as guarantees to recover their money….. Full Article: Source

Dubai Islamic Bank receives ‘Best Call Centre Performance’ Award for second year running

Posted on 30 December 2008 by Laxman  |  Email|Print

From AME Info: Dubai Islamic Bank (DIB) has received the ‘Best Call Centre Performance’ Award in the fourth Annual Service Quality Benchmarking Study, conducted by Ethos Consultancy, the region’s leading provider for benchmarking service performance, mystery shopping, customer satisfaction surveys and brand audits.

The award was presented by Ethos Consultancy to Dr. Adnan Chilwan, Chief of Retail and Business Banking. Also present were Amr Abbas, Head of Call Centre at DIB, Nasser al Awadhi, Head of Distribution, Retail Banking, DIB, and Robert Keay, Managing Director at Ethos Consultancy….. Full Article: Source

UAE banks assess exposure to property sector

Posted on 30 December 2008 by Laxman  |  Email|Print

From Banks in the United Arab Emirates face the prospect of increasing loan defaults as the country’s property boom loses steam amid the global credit crisis.

Small and medium-sized real-estate developers are being hurt as home sales fall, making it harder for them to repay loans….. Full Article: Source

Crisis prompts embrace of sukuk

Posted on 30 December 2008 by Laxman  |  Email|Print

From The Justice and Development Party government is working on laying the ground for the sovereign issuance of Islamic bonds, Hurriyet Daily News has learned.

Declining to name the bonds ‘Islamic,’ a top official says ‘this market’ will grow to $200 billion globally by 2010, and ‘Turkey wants its share.’ The issuance will be based on leasing state-owned properties….. Full Article: Source

Back to basics: What you need to know about Shariah-Complaint Finance

Posted on 30 December 2008 by Laxman  |  Email|Print

From According to experts, the global market for Islamic Financial products in 2008 is worth over $1 Trillion and is expected to grow at 15-20% a year. Islamic financial products are likely to account for 50-60% of the total savings of the world’s 1.2 Billion Muslims in the next decade.

The Islamic banking industry’s estimated growth is 20% through 2012. Right now, about $88 Billion dollars in Shariah Compliant Funds are currently invested in the U.S….. Full Article: Source

Islamic Banking: Does it really do away with interest?

Posted on 29 December 2008 by Laxman  |  Email|Print

From The rise of Islamic Banking over the past 40 years into an institutional financial structure spread over the globe has been a phenomenon that has attracted lots of interest. As is often the case whenever a new idea arises its rise is associated with many falsehoods, half truths and unfulfilled promises.

The whole concept of Islamic Banking rests on 4 Qoranic verses that speak against Ribaa” target=”_blank”>Source

Bank of Tokyo-Mitsubishi UFJ (Malaysia) to promote Islamic Finance

Posted on 29 December 2008 by Laxman  |  Email|Print

From Bank of Tokyo-Mitsubishi UFJ (Malaysia) Bhd (BTMU) has embarked on an initiative to take a leadership role in promoting Islamic financing to its clientele across the globe.

It aims to not only attract such transactions to Malaysia but also to pro-actively participate in the transactions originating from the Middle East and other region….. Full Article: Source

First Islamic French-Malaysian lease agreement for AirAsia

Posted on 29 December 2008 by Laxman  |  Email|Print

From BNP Paribas and Natixis Transport Finance as Lead Arrangers, Global Coordinators and Book Runners have closed for AirAsia, a US$336 million Syariah-compliant French Single Investor Ijarah, for the financing of up to eight Airbus 320-200 aircraft.

This is the first Islamic French-Malaysian optimised transaction of this kind, BNP Paribas, Natixis and AirAsia said in a joint statement….. Full Article: Source

SBP grants record 730 branch licences in 2008

Posted on 29 December 2008 by Laxman  |  Email|Print

From The State Bank of Pakistan (SBP) has issued 730 licenses to commercial banks to open new branches/sub-branches in calendar year 2008 under its Branch Licensing Policy (BLP). This is the highest ever number of licenses given by the State Bank in any year, a statement released by SBP said.

In 2007, the State Bank issued a total of 474 branch licenses. As of December 16, 2008 the total number of bank branches operating in the country was 8,886….. Full Article: Source

CBB Sukuk Al-Salam securities over subscribed

Posted on 29 December 2008 by Laxman  |  Email|Print

From AME Info: The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been over subscribed by 325 %.

Subscriptions worth BD19.5m were received for the BD6m issue, which carries a maturity of 91 days….. Full Article: Source

Amana stays ahead of faith-based funds

Posted on 29 December 2008 by Laxman  |  Email|Print

From FT: In a dire year for mutual funds, the Amana Trust Income Fund, the main Muslim investment fund, has trumped those from all other faiths in the US by losing only 25.8 per cent of its value for the year – half the average 44 per cent loss for US stock funds.

The two Amana funds, which invest according to Islamic principles, are seeing such strong inflows that they are having difficulty finding enough stocks to buy….. Full Article: Source

Sukuk in Turkey

Posted on 29 December 2008 by Laxman  |  Email|Print

From Partly fuelled by a flood of petrodollars resulting from the record high of global oil prices, the demand for international Islamic financial assets has increased rapidly during the last few years.

Sukuk has developed as one of the most significant mechanisms for raising finance in the international capital markets through halal (Islamically acceptable) structures. As an alternative to conventional bonds, multinational companies, as well as governments, use international sukuk issuance whenever they wish to borrow money from financial markets….. Full Article: Source

To cope with credit crisis, Shariah banks seek lower minimum reserves next year

Posted on 29 December 2008 by Laxman  |  Email|Print

From The Shariah banking sector is asking Bank Indonesia, the central bank, to relax regulations in anticipation of tight liquidity in 2009 resulting from the global economic turmoil.

“In a situation like this, the funds in savings accounts and time deposits can dissipate very rapidly, so we need to have extra liquidity reserves,” Benny Witjaksono, president director of PT Bank Mega Syariah, said on Friday….. Full Article: Source

The “Hajj Economy” and Gulf competitiveness: Fostering and leveraging capabilities

Posted on 29 December 2008 by Laxman  |  Email|Print

From Earlier this month, the Hajj (pilgrimage to Makkah) was performed by around 3 million pilgrims. The Hajj — an Abrahamic tradition dating back to the pre-Islamic era– has been a cornerstone of the Gulf economy since ancient times. The “Hajj economy” has shaped the development of the Gulf throughout history.

While the direct economic impact of the Hajj is easily observable, the strategic implications for GCC — and particualrly Saudi — competitiveness is more subtle….. Full Article: Source

Malaysia grants more Islamic fund house licenses

Posted on 29 December 2008 by Laxman  |  Email|Print

From India-based Reliance Asset Management and Kuwait-based Global Investment House join three other international Islamic fund managers already licensed by the Securities Commission.

Malaysia’s Securities Commission has allowed two more financial institutions to set up Islamic fund management operations in the country, as Malaysia aims to serve as a global hub for Islamic investments….. Full Article: Source

Shamil Bank appoints Krishnan Hariharan

Posted on 29 December 2008 by Laxman  |  Email|Print

From AME Info: Shamil Bank, a leading Bahrain-based Islamic commercial and investment bank and a wholly-owned subsidiary of Ithmaar Bank, has appointed Krishnan Hariharan as the bank’s new Senior Manager, Risk Management.

In his new role, Hariharan will report directly to Shamil Bank Chief Executive Faisal Alalwan. Hariharan comes to Shamil Bank with more than 24 years of experience in the banking and finance industry in the sub-continent and the GCC regions….. Full Article: Source

HSBC reaffirms commitment to Islamic finance

Posted on 29 December 2008 by Laxman  |  Email|Print

From HSBC Amanah, the global Islamic banking division of the UK’s HSBC Group, complete with its new brand logo “Islamic Finance for Life,” recently celebrated its 10th Anniversary in the plush surroundings of the ballroom of the London Hilton Hotel in Park Lane.

Despite the doom and gloom of the credit crunch and the global financial crisis and recession, Zed Cama, the CEO of HSBC International Banking Group, reaffirmed the global banking major’s commitment to Islamic finance and its development for the next decade. Saudi Arabia and Malaysia are the two biggest markets for HSBC Amanah….. Full Article: Source

Qatar Islamic Bank eyes $1.04bln through wealth fund

Posted on 29 December 2008 by Laxman  |  Email|Print

From Qatar Islamic Bank has decided to issue new shares worth 3.8 billion riyals ($1.04 billion) to the Gulf state’s sovereign wealth fund.

Qatar Islamic shareholders approved a proposal to issue about 39.38 million new shares at their Oct. 12 closing price of 97 riyals to the Qatar Investment Authority, Gulf Times reported after a shareholder meeting….. Full Article: Source

Halal banking revolution goes from strength to strength

Posted on 29 December 2008 by Laxman  |  Email|Print

Most recently, alburaq, the UK’s most innovative Islamic ‘mortgage’ provider, has responded to interest-rate cuts by improving its range of Shari’ah-compliant Home Purchase Plans.

‘Our new product range means our new customers now have products priced from the equivalent of 5.49% on their home finance,’ explains Keith Leach, Head of alburaq. He continues: ‘The new year could bring even lower rates for our customers. If rates continue to fall as predicted, from March 09 many of our customers could be paying a rate equivalent to 4.5% or less….. Full Press Release: Source

ISF approves $ 72.2 million for five Muslim countries

Posted on 29 December 2008 by Laxman  |  Email|Print

From The Board of Directors of the Islamic Solidarity Fund (ISF) has approved allocation of $ 72.2 million for five member states, namely Bangladesh, Indonesia, Burkina Faso, Jordan and Chad.

The Board of Directors, which has recently held its meeting under the chairmanship of Dr Ahmad Mohammed Ali, the President of the Islamic Development Bank (IDB), reviewed the ISF’s activities and future plans….. Full Article: Source

AmBank banking on new products to boost deposit base

Posted on 29 December 2008 by Laxman  |  Email|Print

From AmBank (M) Bhd hopes to grow its deposit base with the launch of three products – Family First, AmStar Extreme and “auto pay-win”. Head of retail distribution Brad Gravell said the bank was currently putting up an integrated strategy to promote its new deposit products.

This is to position itself as one of the top three banks for the current account segment in the next 12 months from sixth now….. Full Article: Source

Riding the Islamic finance & banking tide

Posted on 29 December 2008 by Laxman  |  Email|Print

From Last October, Hong Kong Chief Executive, Donald Tsang, announced the island’s financial hub would establish itself as an Islamic finance centre.

Last week, the Hong Kong Monetary Authority (HKMA) underlined that, despite the global financial crisis, the plan was still much on track and “considerable resources” would be devoted….. Full Article: Source

Germany: Fertile grounds for Islamic Banking

Posted on 23 December 2008 by Laxman  |  Email|Print

From The German economy is considered the strongest in the Eurozone [15-country bloc that uses the Euro currency] and the level of German exports surpassed China for the fifth year running in 2007, achieving a record export of €969 billion. Its imports amounted to €770 billion, giving Germany a trade surplus of €198 billion.

According to the German Foreign Ministry, the Eurozone is Germany’s number one economic partner, and Eurozone imports and exports constitute two-thirds of German trade figures. ….. Full Article: Source

Banking with zero per cent interest

Posted on 23 December 2008 by Laxman  |  Email|Print

From The US Federal Reserve and the Bank of Japan have lowered interest rates to almost zero per cent. What is quite rare in conventional banking, however, is the norm in Islamic banks. But the Islamic Finance industry currently also finds itself hostage to the financial crisis.

‘Fed cuts interest rates to near zero’ - the latest headline triggered by the financial crisis triggered raised eye-brows throughout the world. ….. Full Article: Source

Crisis prompts embrace of sukuk

Posted on 23 December 2008 by Laxman  |  Email|Print

From The Justice and Development Party government is working on laying the ground for the sovereign issuance of Islamic bonds, Hürriyet Daily News has learned. Declining to name the bonds ‘Islamic,’ a top official says ‘this market’ will grow to $200 billion globally by 2010, and ‘Turkey wants its share.

The government has shown Turkey the path to spare the country from the effects of the global credit crunch - the diversification of export routes from crisis-hit Western markets to other locations, such as the Middle East. However, diversification has taken on a whole new meaning, as plans to issue “sukuks,” or Islamic bonds, are underway…… Full Article: Source

Malaysian Islamic insurer eyes expansion

Posted on 23 December 2008 by Laxman  |  Email|Print

From Reuters: Malaysian Islamic insurer Prudential BSN Takaful Bhd will spend about 7 million ringgit ($2.01 million) to set up seven branches next year, official Bernama news agency reported.

Two branches would be located in the area around capital Kuala Lumpur and southern Johor state, the company’s chief executive Mohamad Salihuddin Ahmad said…… Full Article: Source

Takaful wins positive S&P outlook

Posted on 23 December 2008 by Laxman  |  Email|Print

From Standard & Poor’s Ratings Services has assigned its long-term ‘BBB’ counterparty credit and insurer financial strength ratings to Bahrain-based Takaful International Company (TIC).

The outlook is stable. “The ratings on Bahrain-based composite insurer TIC reflect good operating performance and good financial flexibility,” said Standard & Poor’s credit analyst Kevin Willis. ….. Full Article: Source

Islamic banking in Turkey

Posted on 23 December 2008 by Laxman  |  Email|Print

From Islamic banking in Turkey dates back to 1985, when the government, led by the late Turgut Özal, passed legislation for interest-free banking. The first “participation bank” was Albaraka Türk, established in February 1985, followed by Faisal Finans two months later.

Islamic banks offer customers profit-sharing proceeds instead of interest, and charge borrowers participation-sharing, instead of loan interest. ….. Full Article: Source

Islamic banking is the answer

Posted on 23 December 2008 by Laxman  |  Email|Print

From World Bank and the International Monetary Fund experts are studying Islamic finance to see how its principles can help them rebuild the Western financial system. That was the claim by the General Council for Islamic Banks and Financial Institutions secretary general Ezzedine Khoja.

“When financial experts are trying to explain the financial crisis and find solutions for the future they are looking for a financial model that will provide comfort and they are continually seeing that the way to achieve this involves the human principles inherent in Sharia-compliant finance,” he said…… Full Article: Source

SCOR receives Life Retakaful licence

Posted on 23 December 2008 by Laxman  |  Email|Print

From The Labuan Offshore Financial Services Authority (LOFSA) has granted SCOR Global Life an operating licence to provide Retakaful reinsurance products complying with the principles of Islamic finance.

LOFSA also granted SCOR Global Life a conventional (i.e. “Non-Takaful”) Reinsurance licence. The new entity will be called SCOR Global Life SE, Labuan Branch. The new Labuan branch will serve SCOR Global Life Takaful clients worldwide…… Full Article: Source

Sakana secures best Islamic mortgage provider of the Middle East award

Posted on 23 December 2008 by Laxman  |  Email|Print

From Bahrain-based Sakana Holistic Housing Solutions (a 50:50 joint venture between BBK and Shamil Bank), the innovative Islamic mortgage finance provider, was awarded Best Islamic Mortgage Provider of the Middle East.

Mr. R. Lakshmanan, Chief Executive Officer of Sakana, accepted the award in person, having delivered a well-received presentation on the GCC real estate sector to the summit. ….. Full Article: Source

U.S. taxpayers wrongly own company that has Shari’a-compliant subsidiary, lawsuit alleges

Posted on 23 December 2008 by Laxman  |  Email|Print

From Should U.S. taxpayers have control over a financial company that offers insurance and investments that must comply with the same Islamic system of laws that guided al-Qaeda terrorists in Iraq — and on 9/11?

Not if a former U.S. Marine gets his way. Attorneys for Kevin Murray, who served two tours of duty in Iraq, filed suit last week in federal district court in Michigan, saying that the government-owned AIG – the American International Group — owns a Shari’a-compliant subsidiary…… Full Article: Source

BankIslami expands online branch network

Posted on 23 December 2008 by Laxman  |  Email|Print

From BankIslami Pakistan Limited opened its 75th branch in Orangi Town Karachi and is all set to achieve its target to increase its branch network to 102 branches in 49 cities.

According to a press release Monday, more than 40 percent of branch network caters to the unbanked rural areas where the demand for the Islamic Banking is phenomenal and relatively untapped. ….. Full Article: Source

Ajman Bank inaugurated its first flagship branch and now open for business

Posted on 23 December 2008 by Laxman  |  Email|Print

From HH Sheikh Humaid bin Rashid Al Nuaimi, the Ruler of Ajman yesterday became the inaugural account holder with the emirate’s first Islamic commercial bank, Ajman Bank, along with HH Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank.

Deputy Chairman, HH Sheikh Ahmed bin Humaid Al Nuaimi, Ajman Bank board member HH Sheikh Rashid bin Humaid Al Nuaimi and HH Sheikh Abdulaziz Bin Humaid Al Nuaimi, Chairman of the Department of Culture and Information-Ajman Government where also among the top VIPs who opened their new accounts during a visit to the new branch this week. ….. Full Article: Source

MasterCard is offering prestigious credit card set with Real Diamond for Islamic upper class

Posted on 23 December 2008 by Laxman  |  Email|Print

InvestTechFX the Worldwide Leading Forex Trading Islamic Account Solutions Head of Customer Relation Department Mr. Saad spoke last week in Toronto Canada about the new MasterCard that is launching a new and prestigious Credit Card, which is set with real diamonds and clustered with gold.

In the center of the card, called “The Diamond”, there is a 0.02 Karat Real Diamond. On the issued cards for women, there is the image of a peacock while on the men’s issued cards there is the picture of a winged horse. ….. Full Press Release: Source

AMAN launches new health insurance scheme in the UAE

Posted on 23 December 2008 by Laxman  |  Email|Print

From AMAN, Dubai Islamic Insurance & Reinsurance Company, has launched a new innovative health insurance scheme for customers in the UAE. The new plan, the first of its kind in the UAE health insurance sector, will offer comprehensive products that are consistent with the Sharia rules and are based on Islamic Takaful principle.

The new initiative covers all parts of the world, and provides emergency care services at all times, evacuation, expenses of air travel for the purpose of treatment, 24/7 helpline to offer help to customers and answer their medical inquiries, the appropriate treatment in the most prestigious world hospitals, ticket and accommodation expenses for 3rd party to accompany the patient and many other benefits. ….. Full Article: Source

Booming industry builds up around Mecca pilgrimage

Posted on 23 December 2008 by Laxman  |  Email|Print

From FT: The Muslim pilgrimage to Mecca, the Hajj, is a sacred duty for all Muslims, but one that has always been prohibitively expensive for millions of believers. This year, the cost skyrocketed even further, as the Saudi government razed old hotels to give way to $20bn in new developments.

Local observers estimate that Hajj operators increased their prices by 30 to 50 per cent this year, and hotel prices, which normally increase four- or fivefold during the season, increased even more. In theory the pilgrims were required to use tour operators, who provide food, housing, and transport. ….. Full Article: Source

A Globalised World? Yes, of course, say Sharia Bankers

Posted on 23 December 2008 by Laxman  |  Email|Print

From There are 300 Islamic banks operating in the world today. But this statistic, ubiquitous in presentations about the growth of Islamic banking, is not an entirely positive number: it’s far too high. Islamic banking is enormously fragmented.

At the top end, there are: Al Rajhi Bank, with $33.3 billion of total assets in 2007; Kuwait Finance House, with $32.1 billion; and Dubai Islamic Bank with $22.8 billion. But after that, there’s daylight, and you don’t have to go too far down the list to get to the minnows…… Full Article: Source

Italy’s Muslims ‘waiting’ for Maltese Shariah-compliant banking

Posted on 22 December 2008 by Laxman  |  Email|Print

From Italy’s one million Muslims could be among the first customers of a Shariah-compliant finance structure in Malta as they wait for the island to give them the opportunity to invest, finance projects and create wealth, Malta Institute of Management chairman Reuben Buttigieg believes.

Mr Buttigieg says an Islamic finance structure for Italy is under discussion but there is a long way to go for the necessary legislative changes to be in place. …. Full Article: Source

SBP completes Sukuk sale

Posted on 22 December 2008 by Laxman  |  Email|Print

From The State Bank of Pakistan sold Rs 6 billion worth of Ijara Sukuk (Islamic bonds) in an auction held here on Saturday.

The SBP set the yield 75 basis points above the yield on six-month treasury bill. The yield set on six-month treasury bill in the last auction was 14.0108 percent. The range of margin demanded by primary dealers above the benchmark was 15 basis points to 95 basis points….. Full Article: Source

NBD Sana raises US$170 mln for Middle East buyout fund

Posted on 22 December 2008 by Laxman  |  Email|Print

From NBD Sana Capital, the private equity unit of United Arab Emirates’ Emirates NBD, raised almost US$170 million at its first close and is eyeing buyout opportunities in the Middle East, North Africa and South Asia.

“We are looking at a few very attractive deal opportunities, particularly in Turkey and India,” Suresh Kumar, group director at Emirates NBD, said…. Full Article: Source

Islamic finance rises on ruins of conventional banks amid turmoil

Posted on 22 December 2008 by Laxman  |  Email|Print

From The Islamic finance industry, which refers to the banking activity conducted in accordance with the principles of Shariah (Islamic law), gained the limelight over the past two months during the global financial turmoil as one of the relatively safe havens for investments.

Executives of Islamic banks and financial institutions have been arguing from the very beginning of the crisis that their businesses were relatively immune to the repercussions of the world financial turmoil because Islamic financial products were different from those inherent in the conventional banking system….. Full Article: Source

Arab banks urged to brace for new world financial order

Posted on 22 December 2008 by Laxman  |  Email|Print

From Arab banks should take urgent measures to ensure stronger co-ordination so they can play an active role in the development of a new world economic order spawned by the current financial crisis, the top Arab banker has said.

Adnan Ahmed Yousuf, Chairman of the Union of the Arab Banks (UAB) said all countries are expected to contribute to the evolution of the new global system, adding the recent trips by British Prime Minister Gordon Brown and other officials to the Gulf illustrated the important part it can play in this field….. Full Article: Source

Gulf Arab policy actions to face financial crisis

Posted on 22 December 2008 by Laxman  |  Email|Print

From Gulf Arab countries have sought to ease tight liquidity in their financial markets and prop up sagging investor confidence with a wide array of policy measures since the global credit crisis deepened in late September.

In the most recent action, Oman said it would cut reserve requirements to 5 percent from 8 percent. …. Full Article: Source

Noor Islamic Bank wins Madhaa awards

Posted on 22 December 2008 by Laxman  |  Email|Print

From Noor Islamic Bank PJSC has won top honours at the inaugural Marketing - Dubai Holding Annual Award (Madhaa) for ‘Best Launch of the Year 2008’.

The bank won the honour based on parameters ranging from the effectiveness of its pre-launch communication campaign and mass public awareness to the quality of perception the campaign generated and the level of credibility it achieved among the UAE population….. Full Article: Source

December 2008
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