Posted on 28 October 2009 by Laxman | Email|Print
From Reuters: Qatar First Investment Bank (QFIB) could spend around 45 percent of the firm’s 1.6 billion Qatari riyals ($439.8 million) of paid-up capital on acquisitions, to grow its business across sectors, its chairman said on Tuesday.
The bank has an authorized capital of 3.6 billion riyals……………………..Full Article: Source
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Posted on 28 October 2009 by Laxman | Email|Print
From Albawaba.com: First Gulf Bank (FGB), one of the region’s leading financial institutions, announced today its financial results for the third quarter, reporting a Net Profit of AED930 million, which is 20% higher than the second quarter of 2009, and 9% higher than the third quarter of 2008.
“At a time where the global economy is witnessing slow recovery, FGB stands out as a solid financial institution, delivering a strong performance……………………..Full Article: Source
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Posted on 28 October 2009 by Laxman | Email|Print
From Gulfnews.com: National Bank of Abu Dhabi (NBAD) on Tuesday reported a profit of Dh914 million in the third quarter, a 40 per cent rise over last year.
The bank achieved the results despite setting aside another Dh284 million last quarter in provisions……………………..Full Article: Source
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Posted on 28 October 2009 by Laxman | Email|Print
From Reuters: Saudi family conglomerates Saad Group and Ahmad Hamad Algosaibi & Bros are restructuring debt, as are their Bahrain-based banking units, in some of the worst fallout from the credit crisis to hit the Gulf region.
Following are the latest exposure levels to Saad and Algosaibi according to the banks themselves, sources close to the banks or to media reports……………………..Full Article: Source
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Posted on 28 October 2009 by Laxman | Email|Print
From Bi-me.com: Total deposits with Saudi banks has hit US$245 billion at the end of June 2009, according to a report by BMG Financial Group, as a result of their efforts to attract more deposits and address higher demand for Islamic banking services, which provide low cost of funding and high profit margins.
In addition, bank lending to the Kingdom’s private sector rose for the first time in three months in February, albeit a mere 0.2%, according to a report by an information partner of REIDIN.com, the world’s first and leading global online information services provider……………………..Full Article: Source
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Posted on 28 October 2009 by Laxman | Email|Print
From Tradearabia.com: Gulf banks may still face an increase in bad loans but tests show a large capital injections may be needed only if volumes of bad loans rise sharply, an official at the International Monetary Fund said.
The global credit crunch sent shockwaves through the world’s top oil producing region, piercing an asset price bubble, which froze lending, squeezed liquidity and sent key economies Saudi Arabia and the United Arab Emirates into a downturn this year……………………..Full Article: Source
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Posted on 28 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Although the insurance industry in Abu Dhabi has felt the effects of the global economy, downturns in regional equity markets and a slump in construction activity, it still presents opportunities for growth.
Over the last six years, Abu Dhabi’s insurers benefited from the emirate’s rapid economic expansion. Many rode massive waves of petrodollar investment in the state’s hydrocarbon and real estate sectors, registering impressive profits……………………..Full Article: Source
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Posted on 28 October 2009 by Laxman | Email|Print
From Arabnews.com: Foreign investors are still keen to invest in the Middle East, despite a debt implosion at two Saudi firms that may cost lenders as much as $22 billion, executives at a Reuters summit said on Monday.
The debt debacle at Saudi conglomerates Ahmad Hamad Algosaibi & Bros and Saad Group is the biggest financial scandal to hit the Middle East, leaving foreign and local banks facing massive debt exposure……………………..Full Article: Source
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Posted on 28 October 2009 by Laxman | Email|Print
From Ameinfo.com: Abu Dhabi Islamic Financial Services (ADIFS), ADIB brokerage arm and UAE’s biggest Islamic broker by market share, today announced the signing of an agreement with Tradenet, a leading regional order management solutions provider to the financial industry.
As per the agreement, Tradenet will implement the order management system for ADIFS to handle exchange trading activities and will extend ADIFS’ trading services to multiple markets through multiple channels………………………Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Businessweek.com: There are four million Muslims living in Germany. They eat, drink and pray in accordance with the precepts of the Prophet Muhammad. But when it comes to monetary transactions, the principles of the Koran have played hardly any role in Germany. That is about to change.
Early next year, the first Islamic bank in Germany to offer products that are in compliance with Sharia law will open its doors. The bank, Kuveyt Türk Beteiligungsbank, will open a branch in the downtown area of Mannheim, a city in western Germany, and branches in other cities are also planned…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Btimes.com.my: China is the next big Islamic finance market, as demand grows for ethical funds, but Asia’s fastest-growing economy must first sort out tax issues, a unit of British insurer Prudential said yesterday.
A large Muslim population and growing wealth provide a ready retail Islamic banking market in China, a senior executive of Prudential’s Kuala Lumpur-based fund management unit said…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Zawya.com: Ireland, like other European countries, is warming to Islamic finance and Dublin has emerged as an Islamic investment fund rival to the Channel Islands and Luxembourg.
Indeed several Shariah-compliant funds are registered there, including the Oasis Crescent Global Equity Fund which is based in Dublin and so is the planned CIMB Global Islamic Equity Fund which is due to be launched over the next month or so…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Business24-7.ae: Global issuance of Islamic bonds, or sukuk, may surpass $20 billion (Dh73.46bn), recovering from a lull this year, helped by government spending and energy financing needs, shows a poll.
According to the poll of 12 Islamic finance bankers and experts, conducted by Reuters, six respondents said the new issuance would exceed $20bn, while four said it would be $15-17bn and only one put the figure of less than $15bn…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Bloomberg: Islamic bonds are poised for record gains amid confidence that Nakheel PJSC, the developer of palm- tree shaped islands off the Dubai coast and the market’s biggest issuer, will avoid default.
“Nakheel is the flagship,” said Yannick Lopez, who helps oversee Paris-based OFI Asset Management’s $30 billion in assets. “A default by Nakheel could have wider implications” on the Islamic bond market, he said…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Reuters: British insurer Prudential plans to launch two Islamic equity funds in Dubai in the coming months and apply for an asset management licence in Indonesia, an official said on Monday.
Demand for sharia funds would be strong once Dubai bounces back from an economic slowdown, said Mark Toh, Prudential Corp Asia’s regional Islamic fund management head…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Reuters: Kuwait Finance House (KFH), the country’s biggest Islamic lender, said on Monday that its provisions were declining but had set aside 460 million dinars ($1.6 billion).
Chief Executive Mohammad al-Omar, speaking to Al Arabiya television, did not give a comparative figure or a time frame…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Mondovisione.com: Dow Jones Indexes, a leading global index provider, today launched the Dow Jones Islamic Market (DJIM) Greater China Index. The index measures the performance of companies in mainland China, Hong Kong and Taiwan that have passed screens for Shari’ah compliance.
The Dow Jones Islamic Market Greater China Index is designed to serve as underlying for financial products such as exchange-traded funds (ETFs) or as a benchmark for mutual funds…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Btimes.com.my: Pengurusan Aset Air Bhd, the Malaysian government company in charge of reorganising the nation’s water industry, sold RM2.5 billion (US$739 million) of Islamic bonds, a person with knowledge of the matter said.
The sale, part of the company’s RM20 billion Islamic medium-term notes program, included RM1.35 billion of one-year notes which priced to yield 2.7 per cent, RM500 million of five-year notes at 4.4 per cent, and RM650 million of 10-year notes yielding 5.05 per cent, the person said, without wanting to be identified before a public announcement…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been over subscribed.
Subscriptions worth BD12m were received for the BD6m issue, which carries a maturity of 91 days…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Already one of the largest bond markets in Asia, Malaysia is working to expand its bond activity horizontally and vertically, extending the scope of existing products while planning to offer new products to attract more funds.
As part of these efforts the Malaysian stock exchange is looking to encourage wider bond activity, having announced plans to launch a secondary trading platform for bonds, including Islamic paper…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Tradearabia.com: The comprehensive reorganisation of Bahrain’s leading banks Ithmaar and Shamil will see the two pooling in their resources, expertise and in-house knowhow to create a single, more powerful bank, said a top Shamil Bank official.
Shamil Bank chairman Shaikh Mohamed Abdulla Al Anqari on Monday welcomed the proposed plans for a comprehensive Ithmaar-Shamil reorganisation announced by the Ithmaar Bank chairman last week…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Gulfnews.com: Bank of Sharjah on Monday said net profit for the period ending September 30 was Dh388 million, a 14 per cent increase over the Dh341 million posted in the same period last year.
The bank’s improved performance during the period was driven by the increase in net interest income. Earnings per share increased by 5 per cent to 19.2 fils, up from 18.3 fils…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Thepeninsulaqatar.com: Major Kuwaiti and Bahraini banks reported a sharp decline in third-quarter profit yesterday as they raised provisions to cover bad loans to Saudi firms.
One lender, Kuwait’s Gulf Bank said it expected bad loans would weigh on profits up to mid-2010. The bank, which did not publish a net profit or loss figure for the quarter ended September 30, also used its entire operating profit of $147.1m from the third quarter as provisions…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Ameinfo.com: Emirates NBD, the Middle East’s large banking group by assets, announced its results for the 9 month period ending 30 September 2009.
Total income up 24% to Dhs8.3bn for 9 months ended 30 September 2009 compared to Dhs6.7bn for the same period last year. - Operating profit before impairment allowances in the first 9 months of 2009 up 36% to Dhs5.6bn (Q3 2008 YTD: Dhs4.1bn)……………………Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Onlinenews.com.pk: Meezan Bank Limited, the largest Islamic Bank in Pakistan has recorded 24% growth in its profit after tax which stood at Rs. 654 million for the nine months period ended September 30, 2009 compared to Rs. 527 million in the corresponding period last year.
This was announced after the 46th Meeting of the Board of Directors of Meezan Bank Limited held on recently in Dubai……………………Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Maktoob.com: Jordan Islamic Bank, or JIB, a unit of Bahrain’s Albaraka Banking Group, Monday said its net profit plummeted 76% to 2.5 million Jordanian dinars ($3.53 million) in the third quarter of 2009, from JOD10.3 million a year earlier.
The sharp decline in earnings was due to a plunge in revenues of financial assets held to maturity which nose-dived 98% to about JOD32,000, from JOD10.4 million in the third quarter of 2008, according to the bank’s income statement published on the Amman bourse Web site…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Btimes.com.my: Bank Islam Malaysia Bhd, the country’s oldest Islamic lender, will launch a new structured deposit fund with an initial size of RM300 million this fiscal year, to improve its non fund-based income.
Its non-fund based income contributed 10 per cent to its total consumer banking revenue for the financial year ended June 30 2009, from 5.8 per cent a year earlier…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Gulfnews.com: Dubai Al Tomooh Finance Scheme for Small National Businesses and Emirates Islamic Bank (EIB) have announced the signing of a Memorandum of Understanding (MoU) to provide Al Tomooh customers with the option to obtain Sharia-compliant financing, including Murabaha, Istisna’a and Ijara.
The move comes in light of the increase in demand on Islamic financing. Applicants will benefit from the facilities provided by the Al Tomooh Finance scheme under the conditions and regulations of Islamic financing…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank today announced the signing of an agreement with Qatar Islamic Bank (QIB) relating to the sale of 10% of its 15% stake in Qinvest to QIB.
Qinvest, now Qatar’s leading investment bank was conceived by GFH in partnership with QIB and launched in 2007 and GFH will retain a 5% share holding in the Bank. This sale will realize approximately US$50 million in liquidity which is in addition to the US$150 million in capital already raised so far from its rights issue and the planned US$100million investment by Macquarie Group for the GFH convertible murabaha……………………Full Press Release: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Already a force to be reckoned with, Bahrain’s insurance industry looks set for a period of sustained growth in the future, having apparently seen off the worst of the international economic crisis.
There are some 160 insurance companies and organisations operating in the Bahraini market, of which 25 are locally incorporated insurance firms, a further 11 being branches of foreign companies, with the rest comprising of other insurance ancillary services and insurance organisations…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Arabnews.com: Adnan Buyukdeniz, the general manager of Albaraka Turk Participation Bank, one of the pioneering Islamic banks in Turkey, passed away on Oct. 16 after a long illness.
Only 51 years old, Turkey has lost one of its most experienced Islamic bankers. Adnan devoted almost all of his professional life, spanning more than two decades, to the development of Islamic finance in Turkey…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Twocircles.net: The India-based International Institute of Islamic Business and Finance (IIIBF) has entered into a partnership with Trisakti University, Indonesia that includes mutual recognition of each other’s education programs, development of new courses in emerging areas, such as, Islamic microfinance and Islamic non-profits and charities.
According to Dr Mohammed Obaidullah, a Senior Economist with the Jeddah-based Islamic Development Bank and the founder of IIIBF, “The partnership should provide a tremendous boost to research and human resource development for the growing number of Islamic microfinance and poverty alleviation projects across the globe…………………….Full Article: Source
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Posted on 27 October 2009 by Laxman | Email|Print
From Tradearabia.com: IslamicAdvisory.com, the world’s only Islamic finance training portal, has launched the first online accredited Islamic finance training certificate, with exams starting this month for the CIFE or Certified Islamic Finance Executive.
Recently nominated ‘Best Islamic Finance Training Institution’ by Islamic Business and Finance Awards, IslamicAdvisory.com rigorously tests and approves its training and certification with a team of leading scholars and bankers…………………….Full Article: Source
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Posted on 26 October 2009 by Laxman | Email|Print
From Newsweek.com: Eight years after 9/11, many in the West still think of Islam as a threat. Islamic extremists are seen as brainwashed robots, and the rest of Muslims as only a step behind in their blind acceptance of what their leaders preach.
But this view misses a larger point: Islamic extremism is the direct result not of a problem with doctrine but of sclerotic, overregulated economies that stifle entrepreneurship; isolate people from the global economy; and deprive them of jobs, services, and hope for a brighter future. And there is a glimmer of good news: all this can change……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Business24-7.ae: Standardisation, a long-standing issue in Islamic finance, should be addressed properly to avoid damage to consumer confidence in the retail sector and confusion in the corporate sector.
According to Islamic finance analysts, while Islamic business is growing by the day, its growth is hurdled by the lack of standardisation and homogeneity……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Reuters: The infant Islamic management industry lacks a large enough range of products and distribution channels to increase to challenge its conventional peers in catering to Muslim wealth, experts said.
The nascent $1 trillion Islamic finance industry is walking a fine line between replicating conventional products and establishing its own genuine products that adhere to Islam’s prohibition of interest……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Ummid.com: In a major development 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
Posted on 26 October 2009 by Laxman | Email|Print
From Brudirect.com: Brunei should sell sukuk overseas to widen the Islamic bonds’ investor base, an Islamic finance expert said.
Limiting the sale of sukuk would make Brunei too dependent on the local market, said Dr Zeid Ayer, chief investment officer of CIMB-Principal Islamic Asset Management, at the recently-held Islamic Finance News Roadshow on Tuesday……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Bernama: The Malaysian Institute of Accountants (MIA) has hailed measures to further develop Malaysia as an Islamic finance hub.
In a statement, MIA president, Abdul Rahim Abdul Hamid, said these measures would increase Malaysia’s relevance in the eyes of the world while at the same time help create more value within the Malaysian economy……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Gulfnews.com: The government of Dubai is set to launch a fresh borrowing programme worth $6.5 billion (Dh23.8 billion), news agencies reported, quoting the offer document and bankers who attended the roadshows in Abu Dhabi and Dubai.
The latest programme, to be finalised in the next few days at the end of its roadshow, comes as the cost of insuring Dubai’s debt falls towards a recent one-year low……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Business24-7.ae: The final semi-annual coupon and principal payment against Dubai Global Sukuk will be made on November 4, the maturity date of the sukuk, said Standard Chartered Bank, Fiscal and Paying Agent, in a notice to Dubai Financial Market (DFM) yesterday.
It said the holders of the sukuk, whose names appear in the DFM register on the close of trading on October 28, will be entitled to the principal and coupon payment that will cover the period from May 5, 2009, to November 3, 2009, (inclusive)……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Marketwatch.com: General Electric Capital Corp. plans to sell up to $1 billion of Islamic bonds, or sukuk, as early as next week, a banker aware of the deal said Sunday.
GE Capital will meet investors in London following a roasdshow in Dubai today and in Asia last week, the banker told Zawya Dow Jones……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Accountancyage.com: Mohammad Khan, director, Islamic finance at PricewaterhouseCoopers talks to Gavin Hinks about the opportunities available to those who want to move their careers into this fast-growing area.…………………….Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Arabnews.com: The Islamic Development Bank (IDB) has approved new grants totaling $552 million for a number of new development projects, some of which are in Albania, Jordan, Indonesia, Azerbaijan, Pakistan, Burkina Faso and Benin.
Of the total sum, seven are grants from the Waqf Fund and were approved by IDB President Dr. Ahmad Mohammed Ali for projects in Uganda and six other Muslim communities of the Democratic Republic of Congo, the Netherlands, Tanzania, Bosnia-Herzegovina, the UK and Ethiopia……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Muslims.net: Gulf Finance House , the leading Middle Eastern Islamic investment bank confirmed today it has already received in excess of US$150 million from investors in its rights issue.
The announcement comes with a week still to run in the capital raising initiative and just days after GFH Group CEO Ahmed Fahour confirmed approximately US$100 million in commitment offers in a press conference at the Bank’s Bahrain headquarters……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Islamonline.net: In a new move to improve America’s relations with the Muslim world, the administration of President Barack Obama has launched a multi-million-dollar fund to achieve technological development in Muslim countries.
“This fund will help catalyze and facilitate private sector investments that promote access to and growth of technology,” the White House said in a statement on Friday, October 23……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Muslims.net: Shariah indices performed well during the financial crisis compared to their conventional counterparts but this performance far from being limited to volatile times&is spread across the full market cycle.
Over the past 11 credit-challenged quarters, the MSCI World Islamic Index has maintained a good track-record with lower volatility than the MSCI World Index……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Bloomberg: Kuwait Finance House, the country’s largest Islamic bank, posted a 46 percent decline in third- quarter profit as the oil-rich emirate’s economy slowed amid the global financial crisis.
Net income dropped to 34.3 million dinars ($120 million), or 15.1 fils a share, from 63.2 million dinars, 27.4 fils, in the year-earlier period, Kuwait Finance said in an e-mailed statement today……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Tradearabia.com: Saudi banks booked more provisions for bad loans during the third quarter but a veil of secrecy over the level of their exposure to troubled private firms is keeping investors guessing over their adequacy.
Stock exchange data showed that five Saudi banks booked more provisions for loan losses in the quarter, raising by at least 183 per cent their total amount this year compared to the first nine months of 2008……………………..Full Article: Source
Posted on 26 October 2009 by Laxman | Email|Print
From Gulfnews.com: SABB bank, HSBC’s Saudi affiliate, booked 351.5 million riyals (Dh343.92 million) in provisions for loan losses during the third quarter, bourse data showed on Saturday.
SABB reported a worse-than-expected 19.8 per cent drop in third quarter net profit, hit by an increase in provisions for bad loans……………………..Full Article: Source
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