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Islamic Finance Briefing - Archive | October, 2009

Watchdog touts Germany as Islamic finance base

Posted on 30 October 2009 by Laxman  |  Email|Print

From Forbes: Germany wants to establish itself as a market for financial products that conform with Islamic law, the head of German financial regulator said on Thursday.

‘We are seeing great interest from investors in Islamic countries, who want to invest their money in Germany according to sharia principles,’ Bafin president Jochen Sanio said at a conference on Islamic finance in Frankfurt……………………..Full Article: Source

Choosing Islamic finance

Posted on 30 October 2009 by Laxman  |  Email|Print

From Arabianbusiness.com: Governments in Muslim nations in the Middle East and Asia are increasingly turning to Islamic finance to raise funds, giving a necessary but perhaps not sufficient shot in the arm for the $1 trillion industry.

Deeper liquidity is essential to winning investors back to the Islamic finance market after the credit crisis sapped demand and issuance and triggered the first ever major defaults of Islamic bonds, or sukuk, this year……………………..Full Article: Source

Gulf needs time to warm to long-term bond issues-Mubadala

Posted on 30 October 2009 by Laxman  |  Email|Print

From Reuters: The Gulf Arab region needs a proven secondary fixed income trading market and strong local bids before issuers warm to longer term maturities, a senior executive at Abu Dhabi-owned investment fund Mubadala says.
The region, cushioned by its oil wealth, had traditionally been averse to tapping international markets for debt. But that has changed in the past decade with Dubai taking a lead by using debt to finance its rise to a regional hub……………………..Full Article: Source

Dubai closes five-year sukuks

Posted on 30 October 2009 by Laxman  |  Email|Print

From Ameinfo.com: Dubai’s five-year Islamic bonds book closed yesterday with the dollar tranche attracting $4.9bn and the dirhams tranche receiving Dhs5.4bn, Reuters has reported, citing a banker involved in the deal.
The government of Dubai launched a $6.5bn bond plan last week, consisting of $4bn euro medium term notes and a $2.5bn Islamic bond programme……………………..Full Article: Source

Taurus MF announces changes to Ethical Fund

Posted on 30 October 2009 by Laxman  |  Email|Print

From Myiris.com: Taurus Mutual Fund has announced that Taqwaa Advisory and Shariah Investment Solutions (P) (TASIS) is now not assisting Taurus Asset Management Company on shariah compliance.

All references to TASIS, Mufti Barkutallah Abdul Kadir and Shariah board of Taurus Ethical Fund stand annulled, with effect from Oct. 29, 2009……………………..Full Article: Source

Gulf countries now have historic chance to accept unified currency

Posted on 30 October 2009 by Laxman  |  Email|Print

From Gulfbase.com: Gulf states have a historic opportunity at the moment to approve their unified currency and play a bigger role in the world monetary system, according to a senior French financial official.

Jean-Pierre Jouyet, Head of the Financial Regulatory Authority (AMF) and former minister of state for European affairs, said the unified currency is a political rather than a financial decision in the first place……………………..Full Article: Source

Leading Kuwaiti Islamic bank’s investments in Bahrain exceeds $20 bln

Posted on 30 October 2009 by Laxman  |  Email|Print

From Zawya.com: Kuwait’s Ambassador to Bahrain Sheikh Azzam Mubarak Al-Sabah praised on Wednesday distinguished performance of the leading Kuwaiti Islamic bank, Kuwaiti Finance House, in the Kingdom.

The KFH (Baitak) is one of the top Kuwaiti financial institutions that have succeeded in erecting bridges of economic and investment cooperation with Bahrain, said the ambassador, on the occasion of inaugurating the second KFH Baitak Automall for cars, with attendance of the Board Chairman, Bader Al-Mukhaizeem……………………..Full Article: Source

Barwa Bank set to start operations

Posted on 30 October 2009 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: Barwa Bank, a major new financial services provider in Qatar yesterday announced the soft launch of its operations in Doha.

Established in Doha with an authorised capital of QR1bn, Barwa Bank is licensed and regulated by the Qatar Central Bank (QCB) and is a fully owned subsidiary of Barwa Real Estate Company……………………..Full Article: Source

Abu Dhabi Islamic Q3 profit jumps 11 pct

Posted on 30 October 2009 by Laxman  |  Email|Print

From Maktoob.com: Abu Dhabi Islamic Bank Thursday reported a third-quarter net profit increase of 11% to 239.5 million U.A.E. dirhams ($65.3 million) from AED216.5 million in the corresponding period a year ago.

Net Profit for the first nine months reached AED701.3 million, down 4.8% compared with the same period in 2008, mainly due to lower investment income and AED121.5 million worth of credit loss provisions in the third quarter, the bank said in an emailed statement……………………..Full Article: Source

Pakistan’s experience in Islamic banking

Posted on 30 October 2009 by Laxman  |  Email|Print

From Bt.com.bn: Islamic banking industry in Pakistan remained least affected by the global financial crisis. It experienced some problems only after this crisis had snowballed into recession in advanced economies affecting growth prospects of Pakistan and other developing countries.
More importantly the industry has almost overcome these problems and now most of its indicators are showing a “reversion towards the usual high growth trend,” according to the latest State Bank report……………………..Full Article: Source

ABC posts $80mln profit

Posted on 30 October 2009 by Laxman  |  Email|Print

From Gulf-daily-news.com: Arab Banking Corporation (ABC) yesterday posted a consolidated group net profit of $80 million for nine months to September 30.

Net profit for the third quarter was $26m, 18 per cent higher than the second quarter net profit of $22m……………………..Full Article: Source

NBK reaches $279 mln loan agreement with KIPCO

Posted on 30 October 2009 by Laxman  |  Email|Print

From Kuwaittimes.net: National Bank of Kuwait (NBK) has signed yesterday a loan agreement with Kuwait Projects Company (KIPCO) whereby the latter gets a KD 80 million ($279 million) for a period of five years to finance company projects.

On the occasion of the signing, KIPCO Vice Chairman, Faisal Al-Ayyar said: “The new loan facility reflects KIPCO’s standing within the financial……………………..Full Article: Source

Islamic banking industry must innovate

Posted on 30 October 2009 by Laxman  |  Email|Print

From Bt.com.bn: Islamic banking appears headed from strength to strength in the Brunei Sultanate. Javed Ahmad, acting managing director of Bank Islam Brunei Darussalam, tells how it happened and why the industry needs to innovate to sustain growth.
A very good example is Saudi Arabia. Saudi Arabia traditionally was very much a conventional banking market. There were some Islamic banks like Al-Rajhi Bank, they have a monopoly very much like what you heard about Bank Islam in Malaysia……………………..Full Article: Source

QIFB buys stake in Al Jazeerah Islamic

Posted on 30 October 2009 by Laxman  |  Email|Print

From Gulf-times.com: Shariah-compliant Qatar First Investment Bank, or QFIB, said it has acquired a stake in Al Jazeerah Islamic Co, or AJIC, from Kuwait-based Global Investment House.
QFIB purchased the AJIC stake saying it’s “a healthy and fast growing financial services company that is licensed by Qatar Central Bank”……………………..Full Article: Source

DIC said to raise $550 mln to refinance debt

Posted on 30 October 2009 by Laxman  |  Email|Print

From Bloomberg: Dubai International Capital LLC, a private equity investor controlled by the emirate’s ruler, may raise a $550 million loan to repay existing debt, two bankers familiar with the transaction said.

The two-year loan may pay 400 basis points above the London interbank offered rate, said the bankers who didn’t want to be identified before the deal is complete……………………..Full Article: Source

GFH rights issue passes US$200 mln

Posted on 30 October 2009 by Laxman  |  Email|Print

From Albawaba.com: Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank today announced that receipts from it’s rights issue have now passed the US$200 million mark.
The news comes just days after the bank confirmed it had received approximately US$150 million from the capital raising exercise and means GFH have now met their stated target of between US$200 and US$300 million in fresh capital from the rights issue, two days before its close on Thursday 29th October……………………..Full Article: Source

Sebi inks MoU with Dubai’s financial services authority

Posted on 30 October 2009 by Laxman  |  Email|Print

From Business-standard.com: The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding (MoU) with the Securities and Exchange Board of India (Sebi).
The MoU was signed by Sebi Chairman CB Bhave and on behalf of the DFSA by Chief Executive Paul Koster a Dubai International Financial Centre (DIFC) seminar called ‘India-UAE Partnership: Investments, Opportunities and Synergies’……………………..Full Article: Source

Bahrain Financial Exchange joins IIFM

Posted on 30 October 2009 by Laxman  |  Email|Print

From Tradearabia.com: The Bahrain Financial Exchange (BFX) a multi-asset international exchange, has become a member of the International Islamic Financial Market (IIFM), an international institution focused on the development of the global Islamic capital and money markets.

IIFM’s primary focus lies in the advancement and standardisation of Islamic financial services industry’s documentation, wider market products, processes and the issuance of guidelines and recommendations for the enhancement and unification of the Islamic capital and money market globally……………………..Full Article: Source

IBBL gets best Islamic Financial Institution award

Posted on 30 October 2009 by Laxman  |  Email|Print

From Ittefaq.com: Global Finance, a US-based financial magazine, awarded Islami Bank Bangladesh Limited as the Best Islamic Financial Institution in Bangladesh for 2009.
Joseph D. Giarraputo, President and Publisher of Global Finance handed over the prize to Yousif Abdullah Al-Rajhi, Vice Chairman, Board of Directors of the Bank in a function held at Istanbul of Turkey……………………..Full Article: Source

Islamic Infrastructure finance meet begins on Nov 3

Posted on 30 October 2009 by Laxman  |  Email|Print

From Gulf-times.com: Doha will host the fourth annual World Islamic Infrastructure Finance Conference (WIIFC) on November 3 at the Ritz Carlton.
The WIIFC, which comes against the backdrop of a worsening global economic climate, has set the stage for senior executives from major infrastructure sectors to engage leading bankers, investors and financiers in discussions to strengthen the role that Islamic project finance can play in meeting massive investment needs, which are seen as key to revitalising growth, said the organisers……………………..Full Article: Source

Dubai raises $1.93 bln in Gulf’s biggest Sukuk this year

Posted on 29 October 2009 by Laxman  |  Email|Print

From Bloomberg: Dubai raised $1.93 billion in its first Islamic bond sale, the biggest from the Gulf region this year, as the emirate benefits from rising demand for Shariah- compliant debt.

The Persian Gulf emirate sold $1.25 billion of dollar- denominated, five-year, fixed-rate Islamic bonds, or sukuk, priced to yield 6.39 percent, the government said today in an e- mailed statement………………………Full Article: Source

Interest in Dubai sukuk shows confidence rising

Posted on 29 October 2009 by Laxman  |  Email|Print

From Gulf-times.com: Dubai’s government placed almost $2bn in new five-year Islamic bond issues yesterday, and bankers said the successful subscription would boost investors’ confidence in the debt-laden emirate.
The global financial crisis hurt Dubai, a UAE member and the Gulf financial hub, leaving the markets guessing whether it would be able to restructure its debt pile, stemming from past years’ real-estate fuelled boom………………………Full Article: Source

Dubai government bond oversubscribed

Posted on 29 October 2009 by Laxman  |  Email|Print

From Maktoob.com: Dubai will have no difficulty in raising funds to repay loans on maturity, the head of debt and equity advisory at Rothschild said on Wednesday, as bankers revealed a $2.5 billion government bond has been oversubscribed.

“I think as part of the UAE there is no question they will be able to raise the funding necessary to address the debt maturity (as and when it falls due),” Paul Reynolds told Maktoob Business………………………Full Article: Source

Dubai’s five-year Islamic bond attracts around $6.4 bln

Posted on 29 October 2009 by Laxman  |  Email|Print

From Forbes: Dubai’s five-year Islamic bonds book closed on Wednesday, with the dollar tranche attracting $4.9 billion and the dirhams tranche receiving 5.4 billion dirhams ($1.47 billion), a banker involved in the deal told Reuters.

Earlier another banker said the price guidance on Dubai’s new five-year Islamic bond issues was set at 375 basis points over benchmarks………………………Full Article: Source

Investors flock to Dubai’s Sukuk sale

Posted on 29 October 2009 by Laxman  |  Email|Print

From Khaleejtimes.com: Dubai on Wednesday successfully placed nearly $2 billion in new five-year Islamic bonds, the biggest sukuk sale from the Gulf region this year, which received a hearty response reflecting renewed investor confidence in the emirate and lifting doubts about its ability to meet its debt obligations, analysts and bankers said.

Bankers said the dollar tranche of the issue was finalised at $1.25 billion, while the dirham note was closed at Dh2.5 billion or about $680 million. The book for the bonds closed at with the dollar tranche attracting $4.9 billion of bids and the dirham tranche receiving Dh5.4 billion………………………Full Article: Source

Dubai’s new Islamic bond price guidance at 375bps

Posted on 29 October 2009 by Laxman  |  Email|Print

From Business24-7.ae: The price guidance on Dubai’s new five-year Islamic bond issues was set at 375 basis points over benchmarks and attracted bids totalling about $6.6 billion, a banker involved in the deal said on Wednesday.

The dollar tranche of the Islamic bond received around $5 billion, while the UAE dirham tranche attracted about Dh6 billion ($1.63 billion)………………………Full Article: Source

Bond and beyond

Posted on 29 October 2009 by Laxman  |  Email|Print

From Oxfordbusinessgroup.com: Dubai’s government is returning to the open bond market, unveiling plans to raise at least $6.5bn through a mix of conventional and sharia-compliant instruments, looking to bank on renewed investor interest and growing confidence in the emirate.

On October 26, the Zawya Dow Jones news agency reported that the Dubai government had released a preliminary prospectus for a Euro Medium-Term Note (EMTN) programme to raise $4bn, with the funds to be used for infrastructure, financing and general budgetary purposes………………………Full Article: Source

Saudi Al Rajhi Capital to arrange two large Sukuk

Posted on 29 October 2009 by Laxman  |  Email|Print

From Aawsat.com: Al Rajhi Capital, the investment banking arm of the biggest Saudi Islamic lender, Al Rajhi, is arranging two large Islamic bonds, or sukuk, for Saudi firms, executives said on Monday.

“We have two mandates at this stage right now,” said Joseph Rodriguez, managing director of the leveraged finance unit, declining to identify the firms or sectors………………………Full Article: Source

Jordan Government eyes Islamic sukuks

Posted on 29 October 2009 by Laxman  |  Email|Print

From Zawya.com: The Ministry of Finance (MoF) is planning to tap Islamic sukuks (bonds) in a bid to attract more capital to finance government projects.

Essa Saleh, the assistant secretary general and spokesperson of the MoF, told The Jordan Times on Monday that the plan seeks to encourage Islamic banks and financial institutions in Jordan to invest in sukuks as interest-bearing bonds are not permissible under Islamic investment principles………………………Full Article: Source

Saudi bond market needs benchmark

Posted on 29 October 2009 by Laxman  |  Email|Print

From Aawsat.com: The strength of Saudi Arabia’s public finances should not prevent the government from issuing sovereign Islamic bonds — or sukuk — which will be critical to the development of corporate sukuk issues, bankers said.

Kamal Mian, head of Saudi Hollandi Bank’s Islamic banking unit, also said that any of Saudi Arabia’s 130-plus listed firms can tap the sukuk market, but the high financial cost linked to ratings from international agencies makes bank funding “always cheaper.”……………………..Full Article: Source

GFH sells 10pct stake in QIB for $50 mln

Posted on 29 October 2009 by Laxman  |  Email|Print

From Arabnews.com: Regional Islamic investment banking company Gulf Finance House (GFH) has sold a 10 percent stake in Qatar’s leading investment bank Qinvest to Qatar Islamic Bank (QIB) for $50 million.

GFH launched Qinvest in partnership with QIB in 2007 and had retained an initial 15 percent stake. GFH confirmed it will still keep the remaining third. The bank said it did not foresee the sale affecting its third quarter financial results for the current fiscal year………………………Full Article: Source

GFH rights issue draws $200mln

Posted on 29 October 2009 by Laxman  |  Email|Print

From Tradearabia.com: Gulf Finance House (GFH), a leading Islamic investment bank, has announced that receipts from its rights issue have now passed the $200 million mark.

GFH has now met its stated target of raising between $200 and $300 million in fresh capital from the rights issue, two days before its close on October 29………………………Full Article: Source

GFH eyes 40 pct income from investment management

Posted on 29 October 2009 by Laxman  |  Email|Print

From Reuters: Bahrain-based Islamic lender Gulf Finance House (GFH) wants between 30 to 40 percent of its revenues to come from its investment management division, the chief executive of the unit said.

The lender is trying to diversify its revenue stream by expanding its asset management and entering investment banking advisory services through a joint venture under discussion with Australia’s Macquarie Group ……………………..Full Article: Source

IDB to grant EUR46mln loan to Iranian banks

Posted on 29 October 2009 by Laxman  |  Email|Print

From Presstv.ir: The Islamic Development Bank (IDB) has agreed to grant four Iranian banks a total of €46 million ($68 million) in shot-term facilities.

Ahmad Jamali, an official with Iran’s Ministry of Economy and Finance, said on Wednesday that the Jeddah-based bank is to extend €15 million to the Bank of Industry & Mines, €15 million to Bank Melli Iran, €10 million to Bank Parsian and € 6 million to Bank Karafarin………………………Full Article: Source

RakBank Q3 profit jumps 10.5 pct

Posted on 29 October 2009 by Laxman  |  Email|Print

From Maktoob.com: National Bank of Ras Al-Khaimah, or RakBank, Wednesday posted a 10.5% rise in third quarter net profit despite increasing provisions and said it continues to seek new lending in retail and small banking.

The bank made a profit of 186.8 million U.A.E. dirhams ($50.8 million) in the third quarter, up from AED169 million in the year earlier period. The bank did not give quarterly figures, which were calculated from Zawya.com data………………………Full Article: Source

Arab Orient launches 7 life insurance products

Posted on 29 October 2009 by Laxman  |  Email|Print

From Tradearabia.com: Arab Orient Insurance Company (AOIC), a member of the Al-Futtaim group, has launched its new range of seven life insurance products.

AOIC will offer comprehensive life assurance plans with a variety of income and death benefits that are tailored to help consumers meet their financial and insurance needs………………………Full Article: Source

Kyrgyzstan hopes for getting into Islamic market

Posted on 29 October 2009 by Laxman  |  Email|Print

From Eng.24.kg: Kyrgyzstan hopes for getting into the Islamic market and lays account on investment inflow from the Arab countries, Akylbek Japarov, the first Vice Prime Minister of Kyrgyzstan said on Wednesday prior to the round table discussion with the Arab Coordination Group in Bishkek.

Kyrgyz side will present the Middle East business circles 25 projects in different spheres-energetics, industry, agriculture, education, transport and communication, estimated at $250-300 million………………………Full Article: Source

Paris group given special session on Islamic finance

Posted on 29 October 2009 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: The Qatar Faculty of Islamic Studies (QFIS), a member of Qatar Foundation hosted a group of Executive MBA participants from HEC Paris.

In their study trip to Doha, the HEC Paris EMBA students were engaged in a study that aims at understanding the region’s present and future role in the global economy from the perspective of its own people………………………Full Article: Source

Faseun and Islamic banking

Posted on 29 October 2009 by Laxman  |  Email|Print

From Allafrica.com: Dr. Frederick Faseun needs little or no introduction in Nigeria. A medical doctor and self-styled President/Founder of the Odu’a Peoples’ Congress (OPC), the ethnic militia that claims to be the defender of the Yoruba, he is a veteran of the organization’s intermittent civil wars and of its battles against the regime of late General Sani Abacha and any one or group it regarded as anti-Yoruba.……………………..Full Article: Source

Indian FM assures Muslim delegation to discuss interest-free Islamic Banking with RBI governor

Posted on 29 October 2009 by Laxman  |  Email|Print

From Bhatkallys.com: In a major development today in efforts to start Islamic Banking system in India, Union Finance Minister Pranab Mukherjee assured a delegation of Indian Centre for Islamic Finance that he would soon discuss the feasibility of interest-free Islamic banking system in India with Reserve Bank of India Governor.

To discuss about the feasibility of interest-free Islamic banking in India, a delegation headed by H Abdur Raqeeb, General Secretary, Indian Centre for Islamic Finance (ICIF), New Delhi, met Pranab Mukerjee today at his home in Kolkata, and submitted a memorandum to him………………………Full Article: Source

ISDA writes global standards for Islamic derivatives

Posted on 28 October 2009 by Laxman  |  Email|Print

From Bloomberg: Global standards for Islamic derivatives contracts may be published as soon as December, helping companies and investors manage risk more effectively, according to the International Swaps and Derivatives Association.

“This is a real innovation in what could potentially be a huge growth area,” ISDA Chairman Eraj Shirvani said in an interview in Singapore yesterday……………………..Full Article: Source

Global sukuk issuance may exceed $20bln

Posted on 28 October 2009 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: Global issuance of Islamic bonds, or sukuk, may surpass $20bn, recovering from a lull this year, helped by government spending and energy financing needs, a poll shows.

According to the poll of 12 Islamic finance bankers and experts, six respondents said the new issuance would exceed $20bn, while four said it would be $15bn-$17bn and only one put the figure of less than $15bn……………………..Full Article: Source

Saudi Al Rajhi Capital to arrange two large sukuk

Posted on 28 October 2009 by Laxman  |  Email|Print

From Reuters: Al Rajhi Capital, the investment banking arm of the biggest Saudi Islamic lender, Al Rajhi, is arranging two large Islamic bonds, or sukuk, for Saudi firms, executives said on Monday.

“We have two mandates at this stage right now,” said Joseph Rodriguez, managing director of the leveraged finance unit, declining to identify the firms or sectors……………………..Full Article: Source

Saudi bond market needs benchmark

Posted on 28 October 2009 by Laxman  |  Email|Print

From Reuters: The strength of Saudi Arabia’s public finances should not prevent the government from issuing sovereign Islamic bonds — or sukuk — which will be critical to the development of corporate sukuk issues, bankers said.

Kamal Mian, head of Saudi Hollandi Bank’s Islamic banking unit, also said that any of Saudi Arabia’s 130-plus listed firms can tap the sukuk market, but the high financial cost linked to ratings from international agencies makes bank funding “always cheaper.”…………………….Full Article: Source

Dubai said to restrict planned bond to Islamic debt

Posted on 28 October 2009 by Laxman  |  Email|Print

From Bloomberg: Dubai plans to limit its first international debt sale in 18 months to Islamic bonds after setting up a $6.5 billion program to sell medium-term notes, according to a banker involved in the deal.

The emirate will price five-year, fixed dollar-denominated bonds that comply with Shariah law to yield 375 basis points, or 3.75 percentage points, above the midswap rate, said the banker who didn’t want to be identified because the deal hasn’t been completed……………………..Full Article: Source

Bond order book crosses $1.5 bln on high demand

Posted on 28 October 2009 by Laxman  |  Email|Print

From Business24-7.ae: The fixed-rate dollar sukuk by Dubai, whose order book is reported to have crossed $1.5 billion (Dh5.5bn) on active demand, is likely to be priced in the range of 6.5-6.7 per cent, according to analysts.

The order book for the second part of the issue, which is a floating-rate dirham sukuk, is more than Dh3.5bn. It is likely to be priced at 375 basis points above the three-month Eibor, which was 1.955 per cent on the Central Bank website yesterday……………………..Full Article: Source

Nakheel repayment to help boost Islamic debt

Posted on 28 October 2009 by Laxman  |  Email|Print

From Muslims.net: Confidence that Dubai’s biggest issuer of Sharia-compliant bonds can honour its debts is likely to push the sector’s growth

Islamic bonds are poised for record gains amid confidence that Nakheel , the Dubai market’s biggest issuer, will avoid default, according to the Bloomberg news wire……………………..Full Article: Source

Indonesia raises $20.97 mln in sukuk auction

Posted on 28 October 2009 by Laxman  |  Email|Print

From Alibaba.com: Indonesia raised 200 billion rupiah ($20.97 million), below target, from the sale of Islamic bonds maturing in 2015, the finance ministry said in a statement on Tuesday.

The ministry had also planned to sell sukuk maturing in 2020 and in 2024, but there were no winning bids, the ministry said……………………..Full Article: Source

Gulf Finance House in QIB accord

Posted on 28 October 2009 by Laxman  |  Email|Print

From Gulf-daily-news.com: Gulf Finance House (GFH) has signed an an agreement with Qatar Islamic Bank (QIB) relating to the sale of 10 per cent of its 15pc stake in Qinvest to QIB.

Qinvest, now Qatar’s leading investment bank, was conceived by GFH in partnership with QIB and launched in 2007. GFH will retain a 5pc share holding in the bank……………………..Full Article: Source

IDB sanctions $140mln loan for rail system

Posted on 28 October 2009 by Laxman  |  Email|Print

From Dawn.com: The Jeddah-based Islamic Development Bank (IDB) has agreed to provide $140 million for replacement of decades-old and obsolete signalling system of Pakistan Railways.

Under the agreement, the bank would finance the procurement, installation and commissioning of equipment to establish modern computerised signalling system including training, project supervision, consultant and corresponding project contingency……………………..Full Article: Source

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