Tue, May 22, 2018
Welcome bhaimia

Islamic Finance Briefing - Archive | May, 2009

Lovells advises on first ever sukuk ‘buy back’

Posted on 22 May 2009 by Laxman  |  Email|Print

From Ameinfo.com: The world’s first sukuk ‘buy back’ closed today, 21 May, by Dubai Islamic Bank (DIB) purchasing $50,620,000 of the 5 year $750,000,000 Sukuk issued by DIB Sukuk Company Limited in 2007.
This first sukuk ‘buy back’ provides encouragement to issuers who are considering whether to take advantage of purchasing their sukuk if it’s trading materially below par…….Full Article: Source

Saudi state funds keep transport projects on track

Posted on 22 May 2009 by Laxman  |  Email|Print

From Aawsat.com: Saudi Arabia’s transport minister said all transport projects in the kingdom were on track and it was using state funds to push them forward given the high cost private sector borrowing.

Jebarah bin Eid al-Suraisry said on Wednesday the kingdom allocated 12 billion riyals ($3.2 billion) in its budget for some road and ports, underpinning the state’s plan to keep public funds flowing into key infrastructure projects…….Full Article: Source

Capinnova supports the ‘World Islamic Funds and Capital Markets conference’

Posted on 22 May 2009 by Laxman  |  Email|Print

From Zawya.com: ‘Capinnova Investment Bank ‘ - the Shari’a compliant investment banking arm of Bank of Bahrain and Kuwait (BBK) has extended support to ‘5th Annual World Islamic Funds and Capital Markets Conference’ in Bahrain. The bank is one of the Gold Strategic Partners for the event.

Capinnovais licensed by the Central Bank of Bahrain; the bank is well capitalized and is wholly owned by BBK. Capinnova has an authorized capital of US$500 million and paid-up capital of US$125 million…….Full Article: Source

Takaful Ikhlas launches investment-linked plan

Posted on 22 May 2009 by Laxman  |  Email|Print

From Btimes.com.my: Takaful Ikhlas Sdn Bhd has launched a new investment-linked plan called Ikhlas Hajj Savings Takaful and it aims to make a contribution of RM3 million from the policy for the year to March 31 2010.

The plan will help those who plan to go for haj in Mecca and it also offers protection in the event of illness and death, Takaful said in a statement…….Full Article: Source

Moody’s: UAE pullout from GCC currency union plan has no direct effect on its ratings

Posted on 22 May 2009 by Laxman  |  Email|Print

From Menareport.com: Moody’s Investors Service announced today that the recent decision of the UAE not to participate in the Gulf Cooperation Council’s (GCC’s) proposed monetary union will not directly affect the country’s sovereign ratings.
Furthermore, any potential postponement or cancellation of the GCC currency union project that may or may not follow the UAE’s decision would not directly affect the sovereign ratings of other GCC member states…….Full Article: Source

Qatar to forge ahead with GCC Monetary Union

Posted on 22 May 2009 by Laxman  |  Email|Print

From Gulfnews.com: Qatar will forge ahead with a GCC Monetary Union plan and expressed regret that the UAE had decided to withdraw, a key advisor to the Qatari Emir said in remarks published on Thursday.

The UAE became the second Gulf state after Oman to withdraw from the Gulf Cooperation Council (GCC) monetary union plan on Wednesday…….Full Article: Source

Central bank to survey UAE banks

Posted on 22 May 2009 by Laxman  |  Email|Print

From Gulfnews.com: The UAE Central Bank will conduct a survey of banks operating in the UAE to gauge their opinions on a suggestion to amend interest rates and fees on personal loans and other fees and commissions against services offered to clients.

Following a board meeting on Wednesday, the Central Bank’s board also instructed that another suggestion related to pending loans and interest and investment allocations, submitted by the CEO of the Banks Control and Inspection Department be amended…….Full Article: Source

Middle East leading region for Islamic banking & finance

Posted on 22 May 2009 by Laxman  |  Email|Print

From Saudigazette.com.sa: A recent research conducted by Shariah-Fortune screened around 810 companies in 50 countries worldwide offering Shariah compliant financial services.
The Middle East covers more than half (around 56 percent ) of the Islamic Finance market. Around 450 companies are located in this region. Leading countries are the UAE, Bahrain, Kuwait, Iran and Saudi Arabia…….Full Article: Source

UAE investment in Algeria hits $40bln

Posted on 22 May 2009 by Laxman  |  Email|Print

From Gulfnews.com: The UAE’s investments in Algeria have reached $40 billion, Minister of Economy Sultan Bin Saeed Al Mansouri said here on Thursday.

“These investments have been distributed to various economic sectors in Algeria. We hope the confidence of the UAE investors will stay stable towards Algeria,” Al Mansouri said……Full Article: Source

S&P: Outlook for Islamic finance remains strong

Posted on 21 May 2009 by Laxman  |  Email|Print

From Btimes.com.my: Standard & Poor’s believes the outlook for Islamic finance remains strong despite the sharp fall in global sukuk issuance to US$14.9 billion (RM52.89 billion) last year from US$34 billion (RM120.7 billion) in the previous year.

In its Islamic Finance Outlook 2009, Standard & Poor’s Ratings Services credit analyst, Mohamed Damak said the sukuk market suffered heavily last year but the outlook for asset-backed sukuk remained positive, despite the doubts raised by the disruption in global financial markets and in structured finance…….Full Article: Source

Islamic finance is now the buzz

Posted on 21 May 2009 by Laxman  |  Email|Print

From Manilatimes.net: While the financial meltdown may have painted a universal picture of gloom and doom in the conventional banking arena, on the fast growing Islamic finance (IF) front the mood is one of cautious optimism.

It is generally felt that Islamic banks adhering to the sharia banking code have weathered the financial crisis with commendable fortitude because of its practice of staying away from investing in toxic assets that have taken such a heavy toll on the global banking system…….Full Article: Source

Islamic venture capital needs to be nurtured

Posted on 21 May 2009 by Laxman  |  Email|Print

From Bernama: Islamic venture capital, a sub-sector of Islamic finance, needs to be nurtured going forward as it is still new in the country.

The Deputy Minister of Finance, Senator Datuk Dr Awang Adek Hussin said to date, only a fund has been set up by Malaysia Venture Capital Management Bhd (MAVCAP) under its outsource programme…….Full Article: Source

Malaysia sets aside $1.7b for Islamic speculation

Posted on 21 May 2009 by Laxman  |  Email|Print

From Menafn.com: The Malaysian government is setting aside a sum of USD 1.72 billion for the Sharia-compliant venture capital sector, in a bid to boost global Islamic financing, a top official told KUNA Wednesday.

Deputy Finance Minister Awang Adek Hussin said there is constant growth in international interest in Islamic investment, and particular rise in demand for Islamic Sukouk…….Full Article: Source

Islamic banking proves resilient

Posted on 21 May 2009 by Laxman  |  Email|Print

From Gulfweeklyworldwide.com: The total value of Bahraini banks’ Islamic banking assets increased by 50 per cent in 2008 to $24.6 billion (BD9 billion), according to figures issued by the Central Bank of Bahrain (CBB).

This increase, at a time when traditional banking institutions worldwide saw widespread depreciation in their assets, is a testament to the ongoing success and resilience of the Islamic banking system. By its very nature it precludes some of the riskier practices that have led conventional banks into their current situation…….Full Article: Source

Mauritius craves to become regional Islamic finance centre

Posted on 21 May 2009 by Laxman  |  Email|Print

From Afriquejet.com: The conference on Islamic finance, organis ed by the Bank of Mauritius, opened Tuesday in Pointe-aux-Piments, in the north of the island, bringing together nearly 200 participants, some of whom came from Saudi Arabia, Malaysia, Pakistan, Indonesia, the United Arab Emirates and Sudan, PANA reported.

Inaugurating the conference, Mauritian Minister of Finance Ramakrishna Sithanen said he wanted to turn Mauritius into the favourite gateway to the region in the field of Islamic finance…….Full Article: Source

DIB to buy back $50.6m of sukuk

Posted on 21 May 2009 by Laxman  |  Email|Print

From Gulfnews.com: Dubai Islamic Bank (DIB) will buy back $50.6 million (Dh185.7 million) of its sukuk maturing in 2012.

The buy-back price will be 88 per cent of the bonds’ face value, the bank said in a statement to Nasdaq Dubai on Wednesday…….Full Article: Source

Mena debt market can grow to $1.6trn

Posted on 21 May 2009 by Laxman  |  Email|Print

From Business24-7.ae: The debt market in the Middle East and North Africa (Mena) has the potential to grow to $1.6 trillion (Dh5.8trn) per annum but currently remains in its nascent stage, according to economic experts speaking at an event organised by the Dubai International Financial Centre (DIFC) yesterday.

The event – Issuing and Structuring Bonds and Sukuk – saw discussions on the IMF Global Financial Stability Report (April 2009), which said debt securities form just three per cent of the Mena capital markets…….Full Article: Source

Malaysia state fund to sell Islamic bonds

Posted on 21 May 2009 by Laxman  |  Email|Print

From Bloomberg: Terengganu Investment Authority Bhd., the first wealth fund set up by a Malaysian state, will sell 30- year Islamic bonds and may issue securities backed by oil royalties to raise a combined 11 billion ringgit ($3.1 billion).

Terengganu Investment Authority will price 5 billion ringgit of Islamic bonds next week, officials at the fund said in an interview today. The bonds will be guaranteed by the Malaysian government, whose debt is rated A3 by Moody’s Investors Service, the seventh-highest investment grade…….Full Article: Source

CBB Sukuk Al-Ijara oversubscribed

Posted on 21 May 2009 by Laxman  |  Email|Print

From Ameinfo.com: The Central Bank of Bahrain announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 200%.
Subscriptions worth BD10m were received for the BD5m issue, which carries a maturity of 182 days…….Full Article: Source

Blow to proposed GCC monetary union: UAE decides to quit

Posted on 21 May 2009 by Laxman  |  Email|Print

From Menareport.com: The UAE has decided not to be part of the proposed monetary union agreement between the states of the Gulf Cooperation Council, an official source at the Foreign Ministry said on Wednesday.
The source said the General Secretariat of the Gulf Cooperation Council (GCC) has been officially notified today of the UAE’s decision…….Full Article: Source

Takaful Ikhlas eyes 25 percent premium growth for Sarawak operations

Posted on 21 May 2009 by Laxman  |  Email|Print

From Bernama: Takaful Ikhlas Sdn Bhd (Takaful IKHLAS), which is launching its Ikhlas Hajj Savings takaful here, is eyeing a 25 percent increase in total premiums to RM22 million for its Sarawak operations in the financial year ending March 31, 2010.

Takaful IKHLAS president and chief executive officer Datuk Syed Moheeb Syed Kamarulzaman said today, the company had achieved RM18.39 million from total premiums of RM588 million nation-wide in the financial year ending March 31 this year compared to RM17.94 in the previous financial year…….Full Article: Source

Malaysia eases ownership rules for foreign insurers

Posted on 21 May 2009 by Laxman  |  Email|Print

From Linexlegal.com: The Malaysian Central Bank announced today new measures to boost the financial services sector which includes the relaxation of foreign shareholding restrictions in local insurance companies.

This client alert discuses these new measures, which are consistent with the gradual liberalization of the Malaysian insurance sector under the Financial Sector Master Plan promulgated in 2001…….Full Article: Source

Sharia banks told to diversify

Posted on 21 May 2009 by Laxman  |  Email|Print

From Thejakartapost.com: Sharia banks should diversify their services away from mostly SMEs and start to progressively cater for corporations as well, to speed up growth.

“Sharia banks should also tailor services to catering for the needs of local corporations. Otherwise, the target of reaching 5 percent of *volume of* the banking industry in two years cannot be reached,” Muliaman D. Hadad, deputy governor of Bank Indonesia, said Tuesday…….Full Article: Source

Life lessons from Islamic banking

Posted on 21 May 2009 by Laxman  |  Email|Print

From Asiaone.com: As the world’s best-known banking systems from Europe to the United States desperately try to drag themselves out of quicksand, it makes sense for business schools to expose students to alternative forms of financial practices.

A course in Islamic law, banking and commerce, which debuted at the Singapore Management University earlier this year, was heavily over-subscribed…….Full Article: Source

Islamic venture capital fund to start investing this year

Posted on 21 May 2009 by Laxman  |  Email|Print

From Btimes.com.my: Malaysia’s first and only Islamic venture capital, Musharaka Tech Venture, expects to start making some investments with its RM35 million fund this year, an official said.

The fund, set up in July last year, will focus on information and communications technology (ICT) companies…….Full Article: Source

NBAD gets licence to operate in Hong Kong

Posted on 21 May 2009 by Laxman  |  Email|Print

From Tradearabia.com: National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has received the approval of the Hong Kong Monetary Authority (HKMA) to open a full fledged branch in Hong Kong.

‘This step comes in line with the Bank’s strategy to expand in regions that offer attractive opportunities for the banking industry’ said Qamber Ali Al Mulla, senior general manager of NBAD’s International Banking Division…….Full Article: Source

Saudi project spending doubles to $10.83bn

Posted on 21 May 2009 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: Saudi Arabia said yesterday it had more than doubled its capital spending on development projects in the first quarter, awarding contracts worth SR40.6bn ($10.83bn) to spur the non-oil sector.

The world’s top oil exporter said late last year it would invest $400bn in the coming five years mainly to build infrastructure in the country of 26 million people…….Full Article: Source

U.K. Islamic bonds unlikely until at least 2010

Posted on 20 May 2009 by Laxman  |  Email|Print

From Bloomberg: The U.K. government, facing the deepest recession since the 1980s, is unlikely to sell its first Islamic bonds over the next 12 months, according to BMB Group Ltd., which advises on structuring of Islamic products.

Two years after first floating the idea of developing a sterling-denominated sukuk market in London, the plan “remains on the table,” said Humayon Dar, the London-based chief executive officer of BMB Islamic U.K. Ltd., a unit of BMB Group………..Full Article: Source

Takaful provider upbeat on premium income

Posted on 20 May 2009 by Laxman  |  Email|Print

From Thestar.com.my: Takaful premium income is expected to contribute 20% to HSBC Amanah Malaysia Bhd’s revenue by 2011, according to HSBC Amanah Takaful (Malaysia) Sdn Bhd chief executive officer Zainudin Ishak.

“At the moment our contribution to the group is insignificant,’’ he told reporters at briefing on a survey conducted by HSBC Insurance (Asia Pacific) Holdings Ltd yesterday. ……..Full Article: Source

QFIB picking up 12% in Dubai real estate firm

Posted on 20 May 2009 by Laxman  |  Email|Print

From Gulf-times.com: Qatar First Investment Bank (QFIB) is picking up a 12% stake in Dubai-based Nobles Properties and will explore investment avenues in real estate in the country and abroad.
QFIB, a shariah-compliant investment bank regulated by the Qatar Financial Centre Regulatory Authority and Nobles have agreed to enter into a strategic partnership that will focus on evaluating real estate development opportunities in Qatar and within the Mena (Middle East and North Africa) region. ……..Full Article: Source

Indonesia: Three banks to open sharia units soon

Posted on 20 May 2009 by Laxman  |  Email|Print

From Antara.co.id: Three national banks are in the process of opening sharia units to respond to growing demand for sharia banking services, a senior economic official said.

“Sharia banks have increasingly become attractive particularly during the current financial crisis that prompts a number of conventional banks to open sharia units. Three more banks are now in the process of opening sharia units,” assistant to the coordinating minister for economic affairs Muhammad Ikhsan said at a seminar here on Tuesday. ……..Full Article: Source

West sees Islamic finance as a panacea for global crisis

Posted on 20 May 2009 by Laxman  |  Email|Print

From Business24-7.ae: According to Malik S Sarwar, CEO of the recently formed New York-based Sarwar Wealth Advisors, the world has plunged into a deep crisis primarily because of the greedy and complicated products otherwise known as derivatives.

Out of the crisis has thus emerged a desire for Islamic banking, a term which proves to be more than just a latest buzzword. The Western World is now looking at it as a “panacea”………..Full Article: Source

Islamic funds increase in global appeal

Posted on 20 May 2009 by Laxman  |  Email|Print

From Ameinfo.com: The continued growing international interest in the 5th Annual World Islamic Funds and Capital Markets Conference (WIFCMC 2009), the world’s largest gathering of Islamic investment leaders, is more evident this year as more international jurisdictions become involved.
The French Pavilion will feature a delegation led by Paris Europlace, while the Malaysia Pavilion will be led by the Malaysia International Islamic Financial Centre, as both centres come in full force to showcase the latest developments and innovations in their Islamic finance markets………..Full Article: Source

Islamic finance could provide edge for Turkey

Posted on 20 May 2009 by Laxman  |  Email|Print

From Todayszaman.com: The Fifth World Islamic Economic Forum (WIEF), which was held in Indonesia in March, turned the attention from the present credit crunch to the financial future of at least 1.5 billion Muslims worldwide.
A growing awareness for the need of mutual assistance to foster further development among nations is definitely a positive sign of these trying times………..Full Article: Source

Dramatic recovery in Islamic bond prices shows confidence in Gulf is improving fast

Posted on 20 May 2009 by Laxman  |  Email|Print

From Ameinfo.com: The average price of GCC corporate Islamic bonds has jumped by a dramatic 29% since the market’s reached its trough in February, which is a reflection that confidence in the Gulf is recovering fast, says Trowers and Hamlins, the international law firm.
In comparison, the average price of US corporate bonds remained virtually unchanged (falling 2%) over the same period………..Full Article: Source

Experts say sectors to focus on include Islamic Finance, “green” solutions

Posted on 20 May 2009 by Laxman  |  Email|Print

From Channelnewsasia.com: Economists said two sectors which Singapore should focus on as it gears up for a global economic recovery are Islamic Finance and the green sector.

They said the country should also look to regions like the Middle East and Africa for new opportunities………..Full Article: Source

Indonesia’s BCA plans to launch sharia bank in Sept

Posted on 20 May 2009 by Laxman  |  Email|Print

From Reuters: Indonesia’s third-largest lender, PT Bank Central Asia Tbk, is planning to launch a sharia bank in September following its acquisition of a small bank last year, its vice president director said on Tuesday.

BCA, which has a market capitalisation of nearly $7.9 billion, acquired Bank UIB in October last year and planned to convert the small lender into a sharia bank as part of its effort to tap a growing Islamic banking segment………..Full Article: Source

Kenyan Islamic bank eyes regional expansion

Posted on 20 May 2009 by Laxman  |  Email|Print

From Reuters: First Community Bank, one of Kenya’s first two Islamic banks, aims to expand abroad after a launch in its home market exceeded expectations, its chief executive said.

“Within the next year to one-and-half years we should be seeing our first branch outside Kenya,” Nathif Adam told Reuters during an Islamic banking conference in Manama………..Full Article: Source

Gulf Finance House posts Q1 loss, shares fall

Posted on 20 May 2009 by Laxman  |  Email|Print

From Reuters: Bahrain-based Islamic lender Gulf Finance House posted another, deeper quarterly loss on Tuesday due to investment provisions as the economic downturn hit real estate and infrastructure projects.

Gulf Finance House’s dual-listed shares fell 7.7 percent on the Kuwait bourse after the bank posted a net loss of $37.7 million in the first quarter following $43 million in provisions taken on investments………..Full Article: Source

Tadawul index 1.38% higher

Posted on 20 May 2009 by Laxman  |  Email|Print

From Ameinfo.com: At the Riyadh Stock Exchange, the Tasi-Index jumped over 6,100 points in the beginning, but eventually traded sideways and closed 1.38% higher at 6,063.12 points.
Islamic insurance operator Saudi British Bank (SABB) Takaful again led the list of the top gainers, adding almost 10% to its value………..Full Article: Source

Dubai shakes up leadership at finance department

Posted on 20 May 2009 by Laxman  |  Email|Print

From WSJ: The Dubai government dismissed Nasser Al Shaikh as director general of the city-state’s finance department, removing a key player from the recently assembled team shaping the emirate’s response to the economic crisis.

The government gave no reason for the dismissal and representatives for the government weren’t available to comment. Mr. Al Shaikh didn’t answer calls seeking comment………..Full Article (Subscription Required): Source

PLUS to raise US$170mln from Islamic bonds

Posted on 20 May 2009 by Laxman  |  Email|Print

From Btimes.com.my: PLUS Expressways Bhd, Malaysia’s biggest toll road operator, plans to sell about RM600 million of Islamic bonds, known as sukuk, to repay maturing debt.

CIMB Investment Bank Bhd is helping the Kuala Lumpur-based company sell Musharakah sukuk in an offer that may close as soon as tomorrow, PLUS corporate affairs general manager How Seet Ming said in a phone interview today………..Full Article: Source

Aman Insurance wins ’Best Takaful Operator Of The Year’ at Middle East insurance awards ceremony

Posted on 20 May 2009 by Laxman  |  Email|Print

From Middleeastevents.com: Aman Insurance, the region’s leading insurance company, has been awarded the ‘BEST TAKAFUL OPERATOR OF THE YEAR 2009’ for the second year running by Policy Magazine at the Middle East Insurance Awards Ceremony at Raffles, Dubai.

Commenting on the award, Mr. Hussein Al Meeza, Managing Director and CEO of AMAN, said:
‘’This year’s award highlights our on going commitment to serve the local and regional insurance market and was in recognition of our continual compliance with Sharia’a law and our commitment to develop the Takaful Market………..Full Article: Source

Islamic banking unclear on conventional arbitration-scholars

Posted on 19 May 2009 by Laxman  |  Email|Print

From Reuters: The Islamic finance industry is still searching for a stance on to what extent conventional international law should be accepted in arbitration cases, Islamic scholars said on Monday.
Many Islamic finance products and contracts are being scrutinized in courts for the first time during the current global economic downturn, after the industry got caught up in last year’s global liquidity freeze and now feels its exposure to slumping real estate markets in the Gulf Arab region………Full Article: Source

Business knowledge for IT in Islamic finance

Posted on 19 May 2009 by Laxman  |  Email|Print

From Hereisthecity.com: Industry experts are predicting that the growth of the Islamic Finance industry will exceed 20 per cent per annum.
Other experts believe that in the future, the Islamic Finance industry could become a major competitor to the conventional finance industry. Islamic Finance is expected spread beyond Muslim countries - as seen in Europe where it has already made considerable headway in the UK, Germany and Switzerland………Full Article: Source

Islamic finance laws in spotlight at forum

Posted on 19 May 2009 by Laxman  |  Email|Print

From Gulf-daily-news.com: More than 370 delegates from 30 countries attended the first day of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) annual Sharia conference yesterday to debate the way forward for Islamic finance.

The meeting, at the Sheraton Hotel, comes at a time when the Islamic finance industry is developing swiftly and looking to develop global standards………Full Article: Source

Qatar to grow in excess of 10% this year, says Shuaa

Posted on 19 May 2009 by Laxman  |  Email|Print

From Gulf-times.com: Qatar’s economy is likely to grow in excess of 10% this year and the equity market to gain 20% over the next 12 months, Shuaa Capital said.

Shuaa said it estimated the Qatari economy to grow 12% in 2010. In a report titled “Qatar is Still Booming,” Shuaa Capital’s Mahdi Mattar said Qatar’s economy had seen remarkable growth over the last few years with an estimated real growth rate of 18.4% in 2008………Full Article: Source

Indonesian shipping firm to issue bonds, sukuk

Posted on 19 May 2009 by Laxman  |  Email|Print

From Reuters: Indonesian shipping firm, PT Berlian Laju Tanker Tbk, said on Tuesday it plans to raise this month a total of 500 billion rupiah ($48.12 million) from the sale of conventional and Islamic bonds.

In a prospectus published in Bisnis Indonesia newspaper, the firm said it plans to sell 400 billion rupiah of conventional bonds and 100 billion rupiah of ijarah sale-and-leaseback sukuk, or sharia-compliant bonds, which will be offered May 20-25………Full Article: Source

Schroders to launch Shariah fund

Posted on 19 May 2009 by Laxman  |  Email|Print

From Thejakartaglobe.com: With the “green shoots” of recovery increasingly evident, one of the country’s largest fund managers, PT Schroders Investment Management Indonesia, has confirmed a long-delayed plan to issue its first Shariah mutual fund in the hope of jump-starting the small Islamic fund market in the world’s most populous Muslim-majority country.

“The domestic Shariah market has not grown significantly, so [we] put off entering the market and instead focused on educating the market first,” Schroders director Michael Tjoajadi said on Monday. “This will help us reap the benefits later.” ……..Full Article: Source

Dubai Islamic Bank expands product portfolio with Al Islami Takaful Programme

Posted on 19 May 2009 by Laxman  |  Email|Print

From Albawaba.com: Dubai Islamic Bank (DIB) announced the launch of Al Islami Takaful Programme, its Sharia-compliant savings plan with Takaful benefits, designed to meet the unique needs of customers looking for Islamic financial planning solutions.

The Al Islami Takaful Programme is the latest addition to DIB’s suite of wealth management solutions, which include savings schemes, mutual funds, and other structured products………Full Article: Source

May 2009
« Apr   Jun »