From Tradearabia.com: Saudi Arabia’s Saad Group has embarked on the complex restructuring of its $6 billion debts, with Abu Dhabi Commercial Bank one of the most highly exposed to the troubled company.

Saad has put forward Credit Suisse as an adviser to its bank lenders, a source with knowledge of the situation said, and it now faces the task of negotiating with dozens of lenders in the region and across the world……..Full Article: Source

From Gulfnews.com: Abu Dhabi Commercial Bank (ADCB) said on Thursday its exposure to the troubled Saudi business groups Saad and Algosaibi should not raise “significant concerns for investors”.

“[A] large percentage of these exposures is covered by cash collateral. ADCB holds other good security, ADCB has taken high and prudent provisions against such losses and there’s a low probability of complete loss……..Full Article: Source

From WSJ: Russell Investments of the U.S. and Jadwa Investments of Saudi Arabia said they have teamed up to create an index of shares complying with Shariah, or Islamic law.

The two groups said the new indexes offer the broadest Shariah-compliant coverage of any index, with 2,700 qualifying shares from 60 countries. The securities are drawn from the 10,000 in the Russell Global Index……..Full Article (Subscription Required) : Source

From Cpifinancial.net: Indian capital market regulator Securities and Exchange Board of India (SEBI), after permitting the entry of Shari’ah-compliant mutual funds, has now also given the nod to India’s first Shari’ah-compliant venture capital fund in the real estate sector.
The fund is promoted by Kerala-based real estate development company, High-lite Builders……..Full Article: Source

From Twocircles.net: Islamic financial products has a great role to play in reducing the fiscal deficit in emerging economies by replacing the debt based investments for infrastructure with funds mobilized through equity based Government Securities for infrastructure projects.
Let’s see how Islamic finance may help us reduce our present fiscal deficit……..Full Article: Source

From Reuters: Swiss private bank BSI is considering joint ventures with Gulf partners as well as acquisitions to expand in the region, an executive said.

Saad Osseiran, a managing director at BSI based in Bahrain, told Reuters the bank would like to grow in the region over the next three years……..Full Article: Source

From Bi-me.com: Dubai International Financial Centre Chief Economist Nasser Saidi said the Group of Eight (G-8) is an “obsolete” forum and called for a greater role for Gulf countries in global decision-making.

“The GCC should have strengthened representation on the Financial Stability Board (FSB),” Saidi said at a conference in London today. Gulf Cooperation Countries should translate financial strength “into a more prominent role on the world stage,” he said……..Full Article: Source

From Zawya Dow Jones: Oil-rich Persian Gulf governments may sell more bonds to help plug a shortfall in earnings from sales of crude as they spend their way out of the global economic crisis.

“Many governments have to run deficits to stimulate the economy at a time when oil prices have declined,” said Abdul Kadir Hussain, the chief executive of Mashreq Capital, a unit of the second-largest lender in Dubai……..Full Article (Subscription Required): http://online.wsj.com/article/BT-CO-20090625-701925.html

From Bernama: AmIslamic Bank, the Islamic banking subsidiary of AmBank Group, is targeting a contribution of 30 percent to the group’s profit by 2012 from the current 25 percent.

Executive director, AmBank retail banking, Mahdi Murad, said to come up with the five percent increase, the bank would need to come up with more products for customers……..Full Article: Source

From Arabnews.com: Saudi authorities are expected to call for new tenders from specialized companies to establish the proposed $9 billion Independent Water and Power Production (IWPP) project in Ras Azzour, Saudi and foreign investors have said.

Saudi Arabia required new investments worth more than $50 billion for desalination projects during the next 10 years, Asharq Al-Awsat Arabic daily said quoting informed market sources……..Full Article: Source

From Thepeninsulaqatar.com: The International Bank of Qatar (IBQ) yesterday launched the IBQ Visa Infinite card for its premium customers, becoming the first and only bank in Qatar to issue the prestigious credit card.

Aimed at high net worth individuals (HNWIs) and existing private banking clients of IBQ, the Infinite Visa card provides cardholders with the ultimate purchasing power and a unique set of high-end benefits, including world-class service from a round-the-clock concierge team, a guaranteed and an unmatched 5 percent Cash Back on all purchases, and comprehensive travel insurance and purchase protection……..Full Article: Source

From Reuters: Islamic financial markets heaved a sigh of relief after dodging the securitisation crisis which hit traditional banks, but the fallout may spark a global regulatory overhaul that could stifle the $1 trillion industry.

As Western governments and regulators look to tighten supervision of banks in the wake of the worst financial crisis in decades, reforms could be launched which may also discourage the use of Islamic finance instruments and check the sector’s growth…….Full Article: Source

From Guardian: The sale of debt to third parties, especially through multiple securitisations, has been blamed for fueling the worst global financial crisis in generations.
But some banking experts say the sale of debt is key to developing a liquid secondary Islamic bond market and a deeper, more sophisticated sharia banking system…….Full Article: Source

From Gulfweeklyworldwide.com: The global financial crisis has taken the wind out of the sails of the equities market. More than that, it has hurt lending badly. But it has breathed fresh air into the bond market - be it Islamic or conventional.

Seizing the opportunity, Abu Dhabi, Dubai and Qatar all have issued billions of dollars worth of conventional bonds in recent months…….Full Article: Source

From Reuters: U.S. fund manager Russell Investments has launched its first range of Islamic compliant indexes with Saudi investment services group Jadwa, responding to growing demand in the Middle East.

The Russell-Jadwa Sharia index range includes a suite of 10 indexes involving companies all over the world which comply with Islamic finance requirements…….Full Article: Source

From Arabnews.com: The Islamic Development Bank (IDB) plans to issue $6 billion worth of Sukuk over the next five years in order to finance its programs, the bank president said.

While addressing a press conference at the IDB headquarters here yesterday, Ahmad Mohamed Ali said a $500 million Sukuk would be launched within a few weeks followed by another $500 million.” He also said the bank was planning to issue $1.25 billion worth of Sukuk every year for the next five years…….Full Article: Source

From Saudigazette.com.sa: The Islamic Development Bank (IDB) will double its annual funding to 30 percent starting year 2009, Dr. Ahmed Mohamed Ali, IDB president, said.
The increase of the annual growth funding will save about $2.5 billion during next three years in order to keep more resources for supporting the economic development needs in the member countries and responding to the challenges imposed by financial global crisis…….Full Article: Source

From Bernama: Datuk Seri Najib Tun Razak proposed the setting up of a federal “baitulmal” (Islamic treasury) to coordinate matters related to property owned by Muslims in the country.

The prime minister called on the delegates of the two-day National Baitulmal Convention 2009 which he opened at the Federal Territory Mosque here to discuss the matter in depth…….Full Article: Source

From Tradearabia.com: Ras Al Khaimah Investment Authority (Rakia), the government body responsible for the socioeconomic growth of the emirate, has issued 289 licenses from January to May 2009.

The licenses were issued to businesses operating across the different free zones of the emirate…….Full Article: Source

From Thepeninsulaqatar.com: Qatar Insurance Services (QIS), a world class platform to support trading between insurers, re-insurers, brokers and other (re)insurance professionals, formally launched its operations yesterday.

Trading as Qatarlyst, the innovative system, a wholly owned subsidiary of the Qatar Financial Centre Authority is a web-based work-flow solution that can be accessed via a standard internet browser from anywhere in the world, making it both cost-effective and ideal for local, regional and multi-national transactions…….Full Article: Source

From Gulfnews.com: The Cabinet approved establishing Emirates Development Bank with a capital of Dh10 billion.

The decision was made at a Cabinet meeting on Wednesday, presided by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, at the Presidential Palace…….Full Article: Source

From Tradearabia.com: Abu Dhabi Commercial Bank has at least $500 million in exposure to troubled Saudi business groups Saad and Algosaibi, a banking source said on Wednesday.

“ADCB has significant exposure to the Saudi businesses. It could be easily over $500 million,” one banking source told Reuters, declining to be named due to confidentiality reasons…….Full Article: Source

From Tradearabia.com: Dozens of banks have arranged $6.3 billion worth of syndicated loans to Saudi-Arabia’s Saad Group and the Algosaibi family, Reuters LPC data shows, but it is not clear how much remains on their books.

Lenders include Citigroup, BNP Paribas, HSBC, Standard Chartered and JP Morgan, along with a host of other international and domestic banks…….Full Article: Source

From Gulfnews.com: BNP Paribas and Citigroup provided about $500 million each in syndicated loans to companies owned by Saudi billionaire Maan Al Sanea and the Algosaibi family, making them the most at risk to the country’s largest debt restructuring.

BNP, France’s largest bank, loaned about $475 million to Saad Group and $47.5 million to A.H. Algosaibi, whose Bahraini bank unit is in default. Citigroup in New York loaned $500 million to Saad…….Full Article: Source

From Jamestown.org: The Russian government has pledged to revive its economic ties with Arab nations.
However, Moscow’s relations with the Arab world now hardly sound reminiscent of the Soviet-era alliance, as the Kremlin has struggled to cooperate with major Arab energy producers…….Full Article: Source

From Maktoob.com: Gulf states are some of the most economically attractive destinations in the world to live, with four states ranked among the top 10 in a survey by HSBC published on Wednesday.

The survey asked 3,100 people worldwide about their salary, how it had improved on what they were paid in their home country, as well as about their disposable income and the amount they spent on luxuries. ……Full Article: Source

From Gulf-daily-news.com: The number of seriously rich people in Bahrain is dwindling. Last year the number of US dollar millionaires in the kingdom fell by more than 1,000 as the global financial crisis saw the richest people in the world get a fair bit less rich.

There are now only 5,000 people who have liquid assets of $1 million or more in the kingdom, compared with 6,200 at the start of last year…….Full Article: Source

From Forexyard.com: Troubled Gulf mortgage lender Amlak is in talks with banks and the government over a 12 billion dirham ($3.3 billion) funding gap and expects to find a solution soon, its chief executive was quoted as saying on Wednesday.

If confirmed, a $3.3 billion funding gap would mark Amlak, one of the biggest mortgage lenders in the Gulf, as one of the largest casualties of the financial crisis that has swept the Arab peninsula despite energy-export revenue and sovereign savings…….Full Article: Source

From Saudigazette.com.sa: The Islamic Economics Research Center in collaboration with Economics and Management Faculty organized a seminar under the theme “asset management from Islamic perspective during the Global Financial Crisis.” It was under the patronage of Osama Bin Sadek Tayyeb, president of the King Abdul Aziz University.
The seminar was part of various events being organized in the university to discuss the latest developments in asset management with respect to the global financial crisis…….Full Article: Source

From Menareport.com: Bank Sarasin-Alpen (Qatar) LLC, the subsidiary of Bank Sarasin & Co. Ltd, Switzerland has strengthened its Qatar operations by hiring a private banking team for the Qatar office.
The Bank Sarasin-Alpen private banking team in Qatar will be headed by Sulaiman Yousif Salhi. He will be supported by Meenal Mahajan and Rasha Badawi in client relationship management roles…….Full Article: Source

From Ameinfo.com: Sharjah Islamic Bank (SIB) was awarded both ‘Best small Call Center’ and ‘Best Quality assurance Program’ in the Middle East to add to the continuous success of the bank in recent years.
The award, which is organized by the leading ‘Insight solutions’, was received by the head of SIB’s Call Center, Mr. Waleed Al Amoudi, in a gala dinner held at the Crown Plaza Hotel (Dubai) on Wednesday to honor the winners of various categories of the award…….Full Article: Source

From Ameinfo.com: World Finance magazine granted Kuwait Finance House (KFH) the Most Trusted Bank Award for 2009, which is one of the awards it grants to Islamic finance.
This award comes as a recognition of KFH’s great strides in Islamic finance in Kuwait and the world, in addition to its leading status that it reached after more than three decades of commitment, integrity and honesty, not to mention high standards of professionalism and remarkable qualitative accomplishments that underscored its successes, which is evident by the trust of its clients and corporations…….Full Article: Source

From Saudigazette.com.sa: The Gulf has real potential to emerge as a substantial financial powerhouse after the global downturn but only through international public and private sector cooperation,” said UK Trade & Investment’s (UKTI) CEO Sir Andrew Cahn on Wednesday.
Sir Andrew’s comments came after reflecting on the achievements of UKTI’s financial services Gulf Cooperation Council (GCC) sub-committee in less than a year…….Full Article: Source

From Sukuk.net: Bahrain’s Central Bank yesterday approved a Shariah-compliant real estate investment trust (Reit) by investment bank Inovest. Inovest will start marketing the units and intends to list the Inovest Real Estate Investment Trust (Ireit) on the Bahrain Stock Exchange.
Chief Executive Officer Dr Khalid Abdulla said: “We have worked closely with the central bank over the past few months and are proud to have obtained approval for the first Shariah-compliant Reit…….Full Article: Source

From Zawya.com: Maris Strategies a research and advisory think-tank for financial institutions announces the launch of the Islamic BankCard Research project.
A unique 90-day rapid research process to build a co-operative group of researchers, industry experts, academics, government agencies and Shariah-compliant financial institutions to provide Islamic financial institutions with new insight in how bankcards can and will play a significant role in their overall product portfolio…….Full Article: Source

From Inloughborough.com: If Western banks had been operating on a similar system to Islamic Banks, would the global recession have been avoided?
Would an Islamic Insurance system have been more robust and less prone to the issues that led to the collapse of the world major insurance companies? In short, are there lessons for western banks from Islamic Banks?……Full Article: Source

From Reuters: U.S. real estate financing company W.P. Carey is mulling a plan to launch an Islamic compliant fund, a plan first spawned in 1997, as part of its global fundraising efforts, its president said on Tuesday.

Edward LaPuma told the Reuters Global Real Estate Summit the company had set up an Islamic-compliant fund in the late 1990s, which had attracted interest in the Middle East……..Full Article: Source

From Btimes.com.my: UMW Holdings Bhd plans to raise up to RM800 million (US$228 mln) from the sale of Islamic commercial papers and medium-term notes to fund working capital, existing or future projects and to refinance debt.

It has hired Maybank Investment Bank to help arrange the bond sale, which will be done under the Musyarakah concept, it told Bursa Malaysia……..Full Article: Source

From MENAFN: The Governor of the Central Bank of Bahrain (CBB) said that the kingdom is planning a $530.5 million Islamic bond issue to cover its budget deficit.

He pointed out that the planned sovereign Islamic bond would be the first government sukuk to be issued in Bahraini dinars, and would come at the appropriate time……..Full Article: Source

From Investmentweek.co.uk: Investment houses willing to take on the Shariah compliant funds market will reap significant rewards as the sector continues to grow, according to PriceWaterhouse Coopers.

In a new research paper, the actuary adds current forecasts estimate Shariah equity fund assets to increase from $15bn in 2008 to $53bn by 2010……..Full Article: Source

From Khaleejtimes.com: Dubai Islamic Bank has no exposure to two troubled Saudi conglomerates, a spokesman said on Monday.
“Dubai Islamic Bank has confirmed that it has no exposure to either party,” a spokesman for the bank said when asked about its business with Saad Group and Ahmad Hamad Al Gosaibi Group & Brothers…….Full Article: Source

From Tradearabia.com: Dubai investment bank Shuaa Capital said on Tuesday it rejected a claim from Dubai Banking Group (DBG) for a refund in a row over $409 million bond conversion deal.

‘Shuaa Capital rejects the claim that any amounts are due to DBG because Shuaa has already exercised its contractual option to redeem the bonds by issuing 250 million new shares,’ Shuaa said in a statement……..Full Article: Source

From Bt.com.bn: The advantages of Islamic banking and finance have of late emerged more clearly as it has relatively remained unscathed by the crisis that battered the financial sector.
What aspects of this lucrative industry remain open for newer participants wishing to establish themselves in a niche market? …….Full Article: Source

From Zawya.com: Dubai Export Development Corporation, headed by its Chief Executive Officer, Engineer Saed Al Awadi, is currently leading the first Islamic Financial Services Mission to Australia accompanied by senior industry representatives from Dubai.

The Trade Mission seeks to explore opportunities for Islamic Financial Services in Australia and to play a pivotal role in the current changes that are taking place within the Australian regulatory framework……..Full Article: Source

From Reuters: Thailand said on Tuesday it would not allow foreigners to invest in farming and livestock businesses in the country, after requests from several Arab investors.

“According to our laws and our policy, foreigners or foreign companies are not allowed to rent or buy land to grow rice or any kind of food, including raising any livestock in Thailand,” Deputy Commerce Minister Alonkorn Pollabutr told reporters……..Full Article: Source

From Khl.com: The Islamic Development Bank has approved US$ 575 million in financing for “developmental projects” in Turkmenistan, Iran, Pakistan, Bangladesh, Turkey, Lebanon and Suriname.

Infrastructure projects that will receive funding include drinking water projects and sewage networks in the Akar region of Lebanon (US$ 52.7 million)……..Full Article: Source

From Btimes.com.my: Newly-established offshore bank, First East Export Bank plc (Labuan), or FEE Bank, plans to have a strong presence in Malaysia’s Islamic banking industry, with assets expected to grow to more than euro2 billion (RM9.84 billion) in two years.

FEE Bank chief executive officer Dr Ali Afzali said the bank, which received its offshore banking licence from Labuan Offshore Financial Services Authority (Lofsa) last February, is optimistic of the bank’s business as it will leverage on the vast inflow of Middle Eastern investors into Malaysia, especially from Iran……..Full Article: Source

From Tradearabia.com: Saudi Arabia’s Al-Baha Holding Corp plans an initial public offering by mid-2010 to raise 1 billion riyals ($266.7 million), its top executive said.

‘According to economic analysis the market will start improving during 2010 so we will launch it (IPO) at the best time,’ Husain bin Dajam told Reuters in an interview this week……..Full Article: Source

From Gulfnews.com: The Arab Monetary Fund (AMF) on Monday called for exercising strict control over the financial sector to avoid a repeat of the current global downturn as a direct consequence of the credit crunch in future and mitigate its possible effects.

“In view of liberalisation of the financial markets, capital flow and systematic risks emanating from fragile financial systems, there is a great interest [being shown] by decision-makers in the importance of stability of the financial system,” said Dr Jasem Al Mannai, director-general of the AMF, yesterday while opening a training programme on safety of financial indicators……..Full Article: Source

From Aawsat.com: Direct foreign investments to the Arab world increased 20 percent in 2008 compared to the previous year, even as the region grappled with the impact of the global economic meltdown, the head of an Arab investment body said Monday.

The gains, which came even as regional and global equity markets saw an exodus of capital, were largely tied to inter-Arab investments, said Fahad Al-Ibrahim, the director-general of the Arab Investment and Export Credit Guarantee Corporation, a Kuwait-based autonomous Arab regional organization that aims to promote Arab capital mobility……..Full Article: Source