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Islamic Finance Briefing - Archive | February, 2010

London can prosper as Islamic finance center, HSBC’s Green says

Posted on 26 February 2010 by Laxman  |  Email|Print

From Bloomberg: London can expand as a global financial center by offering more Islamic banking services, HSBC Holdings Plc Chairman Stephen Green said.

Europe’s largest financial center is already “the leading hub in the Western world” for Islamic finance, with 12 Islamic banks and 10 global banks offering Islamic financial services, Green said yesterday in a speech at the London School of Economics……………………………………Full Article: Source

HSBC adds new Islamic finance global markets posts

Posted on 26 February 2010 by Laxman  |  Email|Print

From Financeasia.com: HSBC has appointed William Ross as its first global markets co-head of Islamic finance, part of a larger plan to extend its global markets capabilities into shar’iah compliant structures.

In what is to be a two-person role, Hong Kong-based Ross will focus on Islamic liabilities, including liquidity and risk management. HSBC has yet to appoint the other co-head but said that the person would focus on Islamic assets. The new positions are the first related to Islamic finance in the bank’s Hong Kong global markets team……………………………………Full Article: Source

Standard Chartered to offer Islamic hedging for commodities

Posted on 26 February 2010 by Laxman  |  Email|Print

From Businessweek.com: Standard Chartered Plc will offer hedging contracts using commodity derivatives that comply with Islamic law to help companies and investors in the Middle East to better control risk.

The U.K. bank, which generates most of its profit in emerging markets, is in “advanced discussions” with its customers in the Middle East and plans to offer Shariah- compliant derivatives by the end of March, Afaq Khan, chief executive office of the lender’s Islamic banking unit in Dubai, said in an interview today……………………………………Full Article: Source

PwC names new UK Islamic finance leader

Posted on 26 February 2010 by Laxman  |  Email|Print

PricewaterhouseCoopers LLP (PwC) has appointed Mohammad Khan as its new UK Islamic finance leader. Mohammad, will take up the role with immediate effect. Mohammad takes over from Mohammed Amin who recently retired as a partner from the firm.

Mohammad will be responsible for leading and coordinating PwC’s Islamic finance practice in the UK, bringing together the firm’s efforts across the financial services industry……………………………………Full Press Release: Source

Hospital poised for first UK sukuk issuance

Posted on 26 February 2010 by Laxman  |  Email|Print

From Reuters: A London-based private healthcare organisation is set to issue the first-ever Islamic bond in Britain next month, a transaction that would strengthen the UK’s credentials as a centre for Islamic finance.

The firm is looking to raise around 50 million pounds through an Ijarah sukuk as part of a wider project to raise up to 85 million pounds, the lead arranger, Liquidity Management House, told Reuters……………………………………Full Article: Source

Landmark Dar Al-Arkan Sukuk successfully closes at US$450 mln

Posted on 26 February 2010 by Laxman  |  Email|Print

From Menareport.com: Unicorn Investment Bank (Unicorn), the Bahrain-based financial services group, announces the successful close of a US$450 million 5-year Sukuk on behalf of Dar Al-Arkan Real Estate Development Company (Dar Al-Arkan), a leading residential real estate developer in the Kingdom of Saudi Arabia.
The Sukuk, which offers a yield of 11%, will be used to finance the company’s current and future development projects……………………………………Full Article: Source

Malaysia: BSN plans to launch 22 Islamic banks nationwide by November

Posted on 26 February 2010 by Laxman  |  Email|Print

From Btimes.com.my: National savings bank Bank Simpanan Nasional (BSN) plans to launch 22 Islamic banks across the country by November this year.

Deputy chief executive of consumer banking and business development Norazian Ahmad Tajuddin said of the 380 branches located nationwide, a number have been earmarked to be transformed into full-fledged Islamic banks and some will be new banks……………………………………Full Article: Source

ABC Islamic posts $10mln net profit for ‘09

Posted on 26 February 2010 by Laxman  |  Email|Print

From Tradearabia.com: Bahrain-based ABC Islamic Bank has posted a net profit of $10.1 million for 2009 compared to $25.6 million for 2008.

Net profit for the fourth quarter was $3.7 million, compared to a nominal third quarter loss of $175,000 as there were no impairment provisions required for the fourth quarter compared to $3 million taken in the third quarter……………………………………Full Article: Source

UAE bank ATMs explode by 48pct, while branches rise 11pct

Posted on 26 February 2010 by Laxman  |  Email|Print

From Business24-7.ae: The UAE bank branches grew by more than 11 per cent while the electronic banking service units of foreign banks increased by almost 22 per cent, official Central Bank data shows.

The number of ATMs in the country, on the other hand, went up by more than 48 per cent, from 2,420 at the end of 2008 to 3,599 by the end of last year……………………………………Full Article: Source

Bangladesh: Pubali Bank launches Islamic Banking window

Posted on 26 February 2010 by Laxman  |  Email|Print

From Thefinancialexpress-bd.com: Pubali Bank Limited Thursday began Islamic banking in a bid to facilitate and streamline the country’s growing Islamic banking business.

Chairman, Board of Directors of Pubali Bank Hafiz Ahmed Mazumder, MP inaugurated its Islamic Banking Window at the Principal Branch in the city……………………………………Full Article: Source

The Importance of the Sharia Group in the administrative structure

Posted on 26 February 2010 by Laxman  |  Email|Print

From Aawsat.com: An Islamic Bank’s commitment to the provision of Islamic Sharia law and the accuracy with which it implements these laws are considered critical factors when Islamic finance clients are choosing between one Islamic institution and another.
Therefore we find that Islamic financial institutions try to exploit this factor and focus on this aspect of their operations and market themselves as an Islamic financial institution, utilizing a variety of methods such as the design of the institution’s logo in order to express its Islamic identity, as well as selecting language that evoke the institute’s Islamic identity and vision……………………………………Full Article: Source

Egypt’s NBD adds new products as it turns Islamic

Posted on 26 February 2010 by Laxman  |  Email|Print

From Iii.co.uk: Egypt’s National Bank for Development (NBD) has added two new Islamic offerings to its product line-up, its latest steps toward its goal of becoming fully Islamic by the end of 2010.
NBD began converting to Islamic finance after Abu Dhabi Islamic Bank (ADIB) bought a 49 percent stake in the bank in the last quarter of 2007……………………………………Full Article: Source

Takaful Ikhlas targets to grow non-motor segment to 52 pct this year

Posted on 26 February 2010 by Laxman  |  Email|Print

From Bernama: Takaful Ikhlas Sdn Bhd, a subsidiary of MNRB Holdings Bhd, aims to increase its non-motor general takaful segment to 52 per cent this year.

The non-motor segment currently forms 30 per cent of the company’s general takaful portfolio while the motor segment accounted for the balance of 70 per cent……………………………………Full Article: Source

Firm’s key takaful profit hits $7.7mln

Posted on 26 February 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: Takaful International yesterday announced that the profits achieved from its takaful operations were BD2.9 million ($7.7m) compared to BD2.1m last year, registering a growth of 39 per cent.

Growth in total written takaful insurance contributions were estimated at 7pc compared to the same period in 2008 with the contributions crossing BD15m compared to BD14m in the previous year. …………………………………..Full Article: Source

Middle East Sukuk issuance may rise to $15bln this year

Posted on 25 February 2010 by Laxman  |  Email|Print

From Business24-7.ae: Global sukuk (Islamic bond) issuances went up by more than double to $31billion (Dh113.8bn) in 2009, with the UAE accounting for more than one-fourth of the total, said a Bank of America Merrill Lynch’s study.

The issuances in Middle East are likely to go up to $10bn-$15bn in 2010, it said. Issuances saw a steep fall in 2008 and were about $15bn in 2008. The sector saw activity picking up in the last quarter of 2009…………………………………..Full Article: Source

Power, oil and gas firms top Sukuk issuers

Posted on 25 February 2010 by Laxman  |  Email|Print

From Business24-7.ae: Power, oil and gas and financial services became the three largest sectors that dominated the Islamic bond (sukuk) issuances last year, according to a Bank of America Merrill Lynch study.

According to the DIFC Sukuk guide, several companies, especially from the Middle East, are in talks with investment banks for issuance of Islamic bonds…………………………………..Full Article: Source

Kuwaiti Islamic Boubyan bank posts big 2009 loss

Posted on 25 February 2010 by Laxman  |  Email|Print

From Agence France-Presse: Kuwaiti Islamic lender Boubyan Bank announced on Wednesday it had posted a loss of 179 million dollars in 2009 against a profit of 6.4 million dollars the previous year.

The bank in a statement posted on the Kuwait Stock Exchange website gave no reason for the huge loss but, like other Kuwaiti banks, it has been taking provisions against bad loans…………………………………..Full Article: Source

Islamic banking in GCC - Resilience in the financial crisis

Posted on 25 February 2010 by Laxman  |  Email|Print

From Globalarabnetwork.com: The global financial crisis has prompted calls to return to basics and emphasise sound fundamentals. While most of the formerly fashionable financial innovations – such as credit-default swaps, mortgage-backed bonds and single-tranche collateralised debt obligations – took a beating, one segment exhibited remarkable resilience: Islamic banking.

Modern Islamic financial services have been around for more than three decades, but they gained widespread attention only recently, as rising prosperity in the GCC and South-east Asia fuelled demand for financial instruments that avoided inclusion of interest payments, which are forbidden by Islamic law…………………………………..Full Article: Source

Islamic banking seeks foothold

Posted on 25 February 2010 by Laxman  |  Email|Print

From Capecodonline.com: Islamic banking executives have a proposal for their bonus-addled Western counterparts: Take a look at our model.

Beyond interest-free banking — a prospect that would likely win few proponents in London or New York — executives from the world of Islamic finance argued at a conference yesterday that world markets weary of excessive risk and wealth imbalances should welcome ethical standards of investment based on religious tenets of fairness and transparency…………………………………..Full Article: Source

Gulf banks face difficult year in 2010: S&P

Posted on 25 February 2010 by Laxman  |  Email|Print

From Saudigazette.com.sa: Banks in the energy-rich Gulf in 2010 face another difficult year as they continue to clean up their loan books, impacting on performance, the ratings agency Standard and Poor’s said on Tuesday.
The global economic slowdown and financial crisis have put the banking sector in Arab states of the Gulf to the test over the past 18 months, as dozens of negative rating actions were taken throughout 2009, the agency said…………………………………..Full Article: Source

Al Hilal reveals expansion plans

Posted on 25 February 2010 by Laxman  |  Email|Print

From Gulfnews.com: Abu Dhabi government-owned Al Hilal Bank plans to expand its credit and retail business in the United Arab Emirates as high oil prices fuel growth in the Arab world’s second largest economy, the bank’s CEO said.

Speaking in an interview yesterday, Mohammad Berro said the Islamic lender is also keen to expand in former Soviet markets after it opens the region’s first Islamic bank in Kazakhstan this April…………………………………..Full Article: Source

SAAB leads surge in Saudi bank bad debts

Posted on 25 February 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: SABB led a surge in problem debts at Saudi banks on Wednesday with a 16 fold increase in non performing loans (NPL) to $940.3 million at the end of 2009.

Financial statements showed SABB’s NPLs rising from $51.65 million at the end of 2008. This means that non performing loans accounted for 4.6 percent of SABB’s total loans in 2009, up from near zero percent in 2008…………………………………..Full Article: Source

Nigeria: Central Bank’s reforms may aid Islamic banking

Posted on 25 February 2010 by Laxman  |  Email|Print

From 234next.com: The Central Bank of Nigeria (CBN) said the new phase of reforms will positively impact on the provisions and requirement of Islamic banking, and hasten the progress of that arm of banking.

Mohammed Abdullahi, spokesperson for the CBN, said that Islamic banking is not a Sanusi Lamido Sanusi programme, but started by his predecessor, Chukwuma Charles Soludo…………………………………..Full Article: Source

Bank Islam expects 10 - 15 pct growth in deposits

Posted on 25 February 2010 by Laxman  |  Email|Print

From Nst.com.my: Bank Islam Malaysia Bhd expects a 10 to 15 per cent growth in deposits this year, driven by the launch of new attractive products and efficient campaigns. Treasury Division General Manager Norashikin Mohd Kassim said the bank’s current total deposits stood at RM25 billion, for both retail and corporate segments.

According to Norashikin, the bank has target to achieve deposits of RM1 billion within three months of its newly launched deposit product, “Waheed-i”…………………………………..Full Article: Source

Dubai Islamic Bank launches Al Islami Muthmir investment plan

Posted on 25 February 2010 by Laxman  |  Email|Print

Dubai Islamic Bank (DIB) announced today the launch of Al Islami Muthmir, a distinctive investment plan that offers a built-in family takaful cover.

The latest addition to DIB’s range of Sharia-compliant investment products, Al Islami Muthmir is a medium- to long-term plan that offers investors access to a range of top performing Sharia-compliant funds…………………………………..Full Press Release: Source

Emirates NBD ‘best local bank’

Posted on 25 February 2010 by Laxman  |  Email|Print

Emirates NBD Private Banking, a provider of bespoke wealth management solutions, announced today that it has been named the ‘Best Local Bank in the UAE’ in the 2010 Euromoney Private Banking Survey, which is based primarily on the views of private banking professionals from across the world.

This is the fourth time that Emirates NBD Private Banking has received this significant mark of industry recognition from one of the world’s leading financial services titles…………………………………..Full Press Release: Source

Al Baraka Banking Group posts $ 634 mln in operating income

Posted on 25 February 2010 by Laxman  |  Email|Print

The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C (ABG) announced that it has achieved a good growth in its total operating profits of 8% and in its net profit before tax and provisions & tax of 4%, despite the fact that 2009 was one of the most difficult years for banks and financial institutions all over the world as a result of the repercussions of the global financial crisis.
This growth reflects the significant improvements seen in all sources of income on the back of continued growth in assets by 21%, deposits and investment accounts by 24%, financing and investments by 17%, liquid assets by 21% and total equity by 12%, according to a statement issued today by the Group in which it revealed its financial results for the year 2009…………………………………..Full Press Release: Source

Regulatory sabotage sparks alert

Posted on 25 February 2010 by Laxman  |  Email|Print

From Tradearabia.com: Shadow banking - particularly the packaging and distributing of derivative financial instruments that were not based on any real economic activities - caused a textbook-style manifestation of regulatory sabotage, a top official said.

Accounting and Auditing Organisation for Islamic Financial Institutions secretary- general Dr Mohamad Nedal Achaar was delivering a keynote speech at the ninth Islamic Finance Summit, organised by Euromoney, which he chaired in London…………………………………..Full Article: Source

Malaysia lacks Shariah registered financial planners, says MFPCh

Posted on 25 February 2010 by Laxman  |  Email|Print

From Bernama: While growth has been rapid in the Islamic banking and finance industry, there is a lack of Shariah Registered Financial Planners (RFP), says the Malaysian Financial Planning Council (MFPC).

Its President, Kee Wah Soong, said with the nation developing its Islamic banking and finance industry, there was much need to produce highly competent and qualified professional Syariah RFPs to meet the global best practices…………………………………..Full Article: Source

ME sovereign ratings to ’stay the course’

Posted on 25 February 2010 by Laxman  |  Email|Print

From Tradearabia.com: Middle East sovereign ratings should ’stay the course’ this year given an improving global economy and growing investor confidence but Iran’s nuclear programme could pose a risk, Moody’s said.

The credit ratings agency recently upgraded Saudi Arabia and Oman’s government bond ratings, citing their sound fiscal positions…………………………………..Full Article: Source

PIAC Sukuk declared as approved security

Posted on 25 February 2010 by Laxman  |  Email|Print

From Dailytimes.com.pk: The State Bank of Pakistan has declared Sukuk certificates issued by Pakistan International Airlines Corporation (PIAC) as an approved security.
According to a Circular (BSD Circular No. 1) issued by the State Bank on Tuesday, PIAC Sukuk Certificates can be used for minimum paid-up capital and reserves requirement under section 13 of Banking Companies Ordinance (BCO) of 1962…………………………………..Full Article: Source

Dow Jones Islamic Market Titans 100 Index gains in February

Posted on 25 February 2010 by Laxman  |  Email|Print

Based on the close of trading on February 23, the global Dow Jones Islamic Market Titans 100 Index, which measures the performance of 100 of the leading Shari’ah compliant stocks globally, gained 0.68% month-to-date, closing at 2048.83.
In comparison, the Dow Jones Global Titans 50 Index, which measures the 50 biggest companies worldwide, posted a gain of 0.08%, closing at 164.86.%)……………………………………Full Press Release: Source

Dow Jones Islamic Market Indexes in February: The lubricant of the world economy

Posted on 25 February 2010 by Laxman  |  Email|Print

From Gérard Al-Fil: The Dow Jones Islamic Market (DJIM) Indexes of the Arabian Gulf states seem to be identified with the oil & gas sector, even as they diversify. The indexes’ prices are still correlating with oil prices, despite their establishing of new industry sectors.

Oil prices recovered in February by 12% to around US$80 per barrel. As a result, the DJIM Kuwait Index topped the charts last month (as of the close of February 23) and ended 13.57% higher at 963.94 points. Kuwait also leads in relation to year-to-date change with a positive showing of 11.83%. The DJIM GCC Index is hard on its heels, closing at 1,304.72 points (gaining 8.49%)……………………………………Full Press Release: Source

Islamic debt to stay ‘weaker’ amid failings, Deutsche Bank says

Posted on 24 February 2010 by Laxman  |  Email|Print

From Businessweek.com: Sales of bonds that comply with Islamic laws will remain “weaker” this year as investors shun riskier, higher-yielding assets on concern governments will struggle to repay debt.

Sales of the bonds known as sukuk have totalled $564 million so far this year, compared with $2.5 billion for the first quarter last year, according to data compiled by Bloomberg……………………………………Full Article: Source

GFH woes ‘not sign of weakness in Islamic finance’

Posted on 24 February 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: A leading Islamic finance expert has denied that the troubles afflicting Gulf Finance House (GFH) are indicative of a wider systemic risk within the Sharia-compliant industry.

Dr Hitam Tahir, the head of consulting giant Deloitte’s new Islamic Finance Knowledge Centre (IFKC) in Bahrain, told Arabian Business on Monday that there was no sign of underlying weakness……………………………………Full Article: Source

Islamic finance missing some opportunities

Posted on 24 February 2010 by Laxman  |  Email|Print

From Businessweek.com: Islamic banking executives have a proposal for their bonus-addled Western counterparts: Take a look at our model. Beyond interest-free banking — a prospect that would likely win few proponents in London or New York — executives from the world of Islamic finance argued at a conference Tuesday that world markets weary of excessive risk and wealth imbalances should welcome ethical standards of investment based on religious tenents of fairness and transparency.

But they warned that the industry also needed to get its own house in order, by streamlining existing fragmented regulation and coming up with new products……………………………………Full Article: Source

Islamic finance system to improve African economy

Posted on 24 February 2010 by Laxman  |  Email|Print

From Godubai.com: A cross section of African business entrepreneurs informed the Islamic Finance System experts that they ought to have been already established in the continent to get the system rid of financial malaise.

In this regard, one-day conference on Islamic Banking in Africa under the theme: ‘Islamic Banking as an Alternative Option for Africa’ was organised at a local hotel on Monday by a Dubai-based group Titlas that has special interest and experience in handling African financial issues……………………………………Full Article: Source

Spurring Brunei’s Islamic finance industry

Posted on 24 February 2010 by Laxman  |  Email|Print

From Brunei.fm: The aftermath of the global economic crisis has left its mark on financial institutions all over the world. Dr Mohamed Sharif Bashir, Sultan Sharif Ali Islamic University’s dean of Faculty Business and Management Science, however, said that Islamic banks, had been able to minimise the damages due to their strong fundamentals.

Dr Mohamed shares his views on Islamic banking and what it takes to further develop Brunei’s Islamic finance industry……………………………………Full Article: Source

Abu Dhabi’s Waha eyes $272mln bond issue

Posted on 24 February 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Abu Dhabi’s Waha Capital will use proceeds from a planned $272.3 million convertible bond or sukuk to fund its expansion, its chairman said in a statement on Tuesday.

Waha got board approval to issue mandatory convertible bonds or sukuk on Monday……………………………………Full Article: Source

BPA’s ringgit sukuk data on Reuters Islamic Finance Gateway

Posted on 24 February 2010 by Laxman  |  Email|Print

From Theedgemalaysia.com: BPA Malaysia Sdn Bhd has inked an agreement to provide ringgit-denominated sukuk data to Thomson Reuters’ newly launched Islamic Finance Gateway.

In a statement today, BPA Malaysia said its market standard data could now be accessed through the Islamic Finance Gateway by a global audience……………………………………Full Article: Source

Saudi Dar Al Arka ratings unchanged following US$450 mln sukuk issue

Posted on 24 February 2010 by Laxman  |  Email|Print

From Bi-me.com: Standard & Poor’s Ratings Services said today that its long-term corporate credit rating on Saudi homebuilder Dar Al Arkan (DAAR; BB-/Stable/–) remained unchanged following the company’s issue of its US$450 million sukuk notes.

We believe this issue removes short-term refinancing risks, which is positive, but we note that the rating already incorporated successful refinancing of DAAR’s March 2010 debt maturity……………………………………Full Article: Source

Iran to issue $1 bln bonds for energy sector-agency

Posted on 24 February 2010 by Laxman  |  Email|Print

From Reuters: Iran will issue bonds worth $1 billion in local and hard currency in the coming days to help finance the development of its energy sector, student news agency ISNA quoted a senior oil official as saying on Tuesday.

“We hope in the course of the coming days to issue bonds … to finance development of the country’s South Pars Gas field’s various phases,” ISNA quoted Seifollah Jashnsaz, managing director of National Iranian Oil Co., as saying……………………………………Full Article: Source

QIB looks to boost funding to SME

Posted on 24 February 2010 by Laxman  |  Email|Print

From Gulf-times.com: Qatar Islamic Bank (QIB) is planning to enhance funding to local small and medium enterprises (SMEs) and to reposition itself to become a leading bank offering Shariah-principled services at the global level.
These initiatives were disclosed to the bank’s shareholders yesterday at its annual general assembly, which approved a 60% cash dividend……………………………………Full Article: Source

Emirates NBD opens first Private Banking Centre in Abu Dhabi

Posted on 24 February 2010 by Laxman  |  Email|Print

From Albawaba.com: In line with increasing demand for its bespoke wealth management solutions, Emirates NBD, the largest banking group in the Middle East in terms of assets, announced today the official inauguration of its first Private Banking Centre in Abu Dhabi.
Emirates NBD’s fourth Private Banking Center now in operation in the country, complements the bank’s existing presence with three offices in Dubai, an office in London, in addition to the international expansion plan to other regions……………………………………Full Article: Source

Kuwait Gulf Bank narrows 2009 loss

Posted on 24 February 2010 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: Kuwait’s Gulf Bank expects to make an operating profit in 2010 which will help absorb additional provisions, after it narrowed its losses in 2009.

Gulf Bank said yesterday it made a net loss of 28.07m dinars ($97.36m) in 2009, after booking 111m dinars against its credit portfolio……………………………………Full Article: Source

Al Hilal Bank eyes credit, retail expansion in 2010

Posted on 24 February 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Abu Dhabi government owned Al Hilal Bank plans to expand its credit and retail business in the UAE as high oil prices fuel growth in the Arab world’s second largest economy, the bank’s CEO said.

Speaking in an interview with Reuters on Tuesday, Mohamed Berro said the Islamic lender is also keen to expand in former Soviet markets after it opens the region’s first Islamic bank in Kazakhstan this April……………………………………Full Article: Source

Qatar: Banks to begin period of accelerated growth

Posted on 24 February 2010 by Laxman  |  Email|Print

From Globalarabnetwork.com: Backed by strong government support and operating in an economy that recorded some of the fastest growth in the world last year and is expected to expand by up to 18% in 2010, Qatar’s banking sector is poised to begin another period of accelerated growth.

That is not to say local banks spent the past year idle. Overall, the country’s banking sector appears to have weathered the global financial crisis far better than most, posting combined profits of $2.7bn in 2009, just 0.1% down on the previous year’s result……………………………………Full Article: Source

Doha Bank is focusing on cost management to boost finances

Posted on 24 February 2010 by Laxman  |  Email|Print

From Gulf-times.com: Doha Bank is focusing on strengthening its financial position through doubling and diversifying the assets while maintaining operating results and achieving sustainable growth in its core income.
Addressing the bank’s general assembly meeting yesterday, chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani said the initiative is part of the bank’s ‘three-year strategic plan’ up to 2012, approved in December 2009……………………………………Full Article: Source

Banks’ exposure to Dubai World ‘estimated at $15bn’

Posted on 24 February 2010 by Laxman  |  Email|Print

From Tradearabia.com: Banks in the UAE have about $15 billion of exposure to Dubai World, according to a Moody’s Investor Service report.

The report, quoted by Financial Times, said 12 rated UAE banks and the regional entity of HSBC could probably absorb losses of 40 per cent……………………………………Full Article: Source

Mena banks score on profit efficiency

Posted on 24 February 2010 by Laxman  |  Email|Print

From Business24-7.ae: Banks in the Middle East and North Africa (Mena) score fairly well in terms of profit efficiency relative to all banks worldwide but should focus more on enhancing revenue generation rather than controlling costs, according to an expert.

“Mena banks are slightly less cost-efficient than European banks and in line with banks in developing economies,” said Dr Dennis Olson, Professor of Finance at the American University of Sharjah (AUS), during a one-day research symposium on business and economics organised by the university……………………………………Full Article: Source

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