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Islamic Finance Briefing - Archive | March, 2010

Dubai opens its Shariah hedge fund to investors

Posted on 31 March 2010 by Laxman  |  Email|Print

From WSJ: Dubai is opening up its inaugural hedge fund to investors after an index-beating debut. The Middle East emirate’s first fund of funds, which was launched at the beginning of 2009, beat comparable indexes by posting a 41% return last year.
The fund, up slightly more than 1% through March 28, is still outperforming benchmarks this year………………………………..Full Article: Source

Potential for Islamic finance in Canada is huge

Posted on 31 March 2010 by Laxman  |  Email|Print

From Investmentexecutive.com: As the Muslim community in Canada continues to grow, there are vast opportunities for financial institutions to offer Islamic financial products, services and advice, speakers at a Toronto conference said on Tuesday.

UFANA, the Usury-Free Association of North America — a new non-profit organization committed to helping people sustain themselves on a usury-free lifestyle — launched its first annual conference on Tuesday………………………………..Full Article: Source

Friends Provident may offer Sharia compliant products

Posted on 31 March 2010 by Laxman  |  Email|Print

From Thenational.ae: Friends Provident International, the global arm of one of the UK’s biggest life insurers, is looking to offer Islamic insurance services in the Gulf to expand its regional presence.

The company already offers conventional insurance products and services throughout the UAE from its headquarters in Dubai, but wants to open more offices in the GCC………………………………..Full Article: Source

Franklin Templeton gets shariah fund licence

Posted on 31 March 2010 by Laxman  |  Email|Print

From Btimes.com.my: Franklin Templeton has received an Islamic fund management licence from Malaysia’s capital market regulator, the central bank’s Islamic finance promotional arm said.

Sandeep Singh is the executive director of Franklin Templeton (Global Shariah Compliant) Asset Management, Malaysia International Islamic Financial Centre said in its newsletter………………………………..Full Article: Source

Indonesia sells $68.24 mln sukuk, below target

Posted on 31 March 2010 by Laxman  |  Email|Print

From Alibaba.com: Indonesia’s finance ministry raised 620 billion rupiah ($68.24 million) in a sukuk auction on Tuesday, well below target, as investors demanded high yields to compensate for a lack of trading liquidity in the paper.

An Islamic debt analyst said the fact the auction raised less than the target amount did not reflect changes in interest rate expectations but was due to the government’s unwillingness to pay higher yields, particularly given its strong cash position………………………………..Full Article: Source

Pakistan: Govt plans to issue Sukuk bonds to trim circular debt

Posted on 31 March 2010 by Laxman  |  Email|Print

From Thenews.com.pk: The government plans to issue Sukuk bonds amounting to Rs100 billion by the end of next month to overcome circular debt and trim fiscal deficit, a senior government official said on Tuesday.

“The government is planning to sell Sukuk or Islamic bonds as there seems to be an appetite for it,” said the official requesting anonymity………………………………..Full Article: Source

Kuwait’s Al-Mal Investment gets bond extension

Posted on 31 March 2010 by Laxman  |  Email|Print

From Reuters: Debtors of Kuwait’s Al-Mal Investment Co have agreed to defer repayment of 20 million dinars ($69.35 million) in bonds for a year, the company said on Tuesday.
The investment management firm, controlled by family-owned conglomerate Kharafi Group, said in a statement to the bourse that its bond holders had approved a one-year extension of payment till April 5, 2011………………………………..Full Article: Source

Three UAE banks eye RBS local retail assets

Posted on 31 March 2010 by Laxman  |  Email|Print

From Reuters: Three UAE lenders are interested in buying Royal Bank of Scotland’s retail operations in the United Arab Emirates, three banking sources said, as the banks seek to strengthen their domestic business.

The banks which expressed interest were Dubai-based lenders Emirates NBD and Mashreq, as well as Abu Dhabi Commercial Bank, the three bankers said, all declining to be named………………………………..Full Article: Source

DIB expects 45 pct Emiratisation by end-2010

Posted on 31 March 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Dubai Islamic Bank achieved 41 per cent Emiratisation in 2009, including 100 per cent Emiratisation at branch manager- level, says it is committed to supporting Government initiative by investing in talented UAE nationals, offering long-term career options.
DIB also participated at the recent Sharjah National Career Exhibition, where it received 1270 applications from UAE nationals eager to embark on a career at the Bank………………………………..Full Article: Source

Central Bank of Nigeria to partner with Malaysia

Posted on 31 March 2010 by Laxman  |  Email|Print

From 234next.com: The Central Bank of Nigeria has announced its desire to work with the Bank Negara Malaysia (Central Bank of Malaysia) to seek solutions to and share expertise on a wide range of issues for the benefit of the banking industry.

Today, the bank announced that it has signed a memorandum of understanding with the Malaysian bank with the purpose of sharing skills expertise and exchanging relevant information that pertain to the banking industry………………………………..Full Article: Source

Mashreq Al Islami appoints Yusra Abdul Gaffar as Manager for Mashreq Gold

Posted on 31 March 2010 by Laxman  |  Email|Print

From Albawaba.com: Mashreq Al Islami, the Islamic banking arm of Mashreq, has appointed UAE National, Yusra Abdul Gaffar as Manager for Mashreq Gold.

Launched in March 2010, Mashreq Al Islami was established with the aim of offering a full suite of Sharia’h compliant products and services to both retail and corporate customers. Mashreq Al Islami will also provide Islamic Advisory Services, Structuring Finance Solutions, Sukuk Advisory, Islamic Investment Products, and Islamic Treasury Products etc………………………………..Full Article: Source

MasterCard offers card aimed at Muslims

Posted on 31 March 2010 by Laxman  |  Email|Print

From Nationalpost.com: A new interest-free credit card, the first of its kind in North America, aims to reconcile Islamic canonical law and Western consumer culture.

Until now, observant Muslims have been precluded from owning credit cards on which they pay interest, a violation of shariah law………………………………..Full Article: Source

Dubai offers $9.5 bln for debt deal with no haircuts

Posted on 31 March 2010 by Laxman  |  Email|Print

From Montrealgazette.com: Dubai will recapitalize its Dubai World conglomerate and repay property unit Nakheel’s bonds in full, with $9.5 billion of aid for a debt deal promising creditors all their money back in up to eight years.

The price of bonds issued by Nakheel, which built a map of the world archipelago, soared and the cost of insuring Dubai debt against default plummeted, while the Dubai main stock index rose 4.73 percent to an 11-week high………………………………..Full Article: Source

Qatar forecasts budget surplus of $2.7 bln

Posted on 31 March 2010 by Laxman  |  Email|Print

From Maktoob.com: Gas-rich Qatar unveiled a budget for the 2010-2011 fiscal year on Tuesday that forecasts a surplus of 2.7 billion dollars from 35 billion dollars in revenues, QNA state news agency reported.

The planned 32.3-billion-dollar outlay would mark a 25-percent rise on the previous year, while the increase in revenues would be 44 percent over the same period, QNA cited a finance ministry statement as saying………………………………..Full Article: Source

Bank Sarasin-Alpen publishes Islamic Wealth Management Report 2010

Posted on 31 March 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Swiss private bank offers an overview of the various asset classes in Islamic wealth management along with a synopsis of the market scenario during the past 18 months.
Bank Sarasin-Alpen’s 2010 Islamic Wealth Management Report 2010 explores the concept of estate and succession planning, which Sarasin believes is insufficiently addressed in the Islamic finance industry.
The bank claims it as a key element of its own Islamic wealth management offering. Finally, the report provides an insight into the bank’s economic outlook for 2010………………………………..Full Article: Source

Baku to host first time ‘Global Islamic Finance System’ Master Class on 27-29 April

Posted on 31 March 2010 by Laxman  |  Email|Print

From Abc.az: GRBS jointly with Dar Al Istithmar, a UK-based Shari’a advisory firm and the global leader on Islamic Finance System, is to conduct “Global Islamic Finance System” Master Class in Azerbaijan for the first time.

The organizers inform that the Master Class is a series of high intensity interactive case study oriented sessions that focus on both the traditional Islamic commercial parameters and the contemporary application of Islamic Finance………………………………..Full Article: Source

Emirates NBD launches new Islamic fund

Posted on 30 March 2010 by Laxman  |  Email|Print

From Tradearabia.com: Emirates NBD, the largest banking group in the Middle East in terms of assets, has launched a daily dealing Sharia-compliant open ended fund domiciled in Jersey.

The Emirates Islamic Money Market Fund (the Fund),aims to achieve higher profit return than comparative Sharia-compliant bank deposits, predominantly from a diversified portfolio of Sharia-compliant money market instruments………………………………..Full Article: Source

Emirates NBD eyes RBS retail units

Posted on 30 March 2010 by Laxman  |  Email|Print

From Business24-7.ae: Emirates NBD, the largest bank in the country, and Mashreq are said to be eyeing the UAE retail operations of Royal Bank of Scotland (RBS), according to informed sources.

Emirates NBD Chief Executive Officer Rick Pudner said the bank is really interested in that asset………………………………..Full Article: Source

QIB opens doors to Islamic banking products in France

Posted on 30 March 2010 by Laxman  |  Email|Print

From Gulf-times.com: A Qatar Islamic Bank-led joint venture will become the trendsetter for selling Shariah-based retail banking products in France, the bank’s chief executive officer Salah Mohamed al-Jaidah has said.
For the first time, about 4mn Muslims living in France will be able to choose ‘alternative banking products of their choice’ from numerous outlets of QIB-BPCE joint venture, scheduled to be opened across the European country later this year………………………………..Full Article: Source

Al-Hilal Bank close to Kazakhstan launch

Posted on 30 March 2010 by Laxman  |  Email|Print

From Businessneweurope.eu: The United Arab Emirates state-owned Al Hilal Bank is close to obtaining a banking licence to operate on the Kazakh market, its directors have confirmed. The first Islamic bank to set up in the Central Asian country, Al Hilal plans to invest $1bn over the next four years.

According to Prasad Abraham, chairman of the board of Al Hilal in Kazakhstan, the bank is “within the final few metres of the finish line” in receiving its licence, and this could happen by the end of March………………………………..Full Article: Source

Sharia role for Bahraini Saudi

Posted on 30 March 2010 by Laxman  |  Email|Print

From Tradearabia.com: Bahraini Saudi Bank has rebranded itself as Bahraini Saudi as part of its transition to a fully Sharia-compliant Islamic bank.

The move comes as a result of Al Salam Bank acquiring 90.31 per cent of its equity last year in a two-for-one share swap deal………………………………..Full Article: Source

QIIB maintains solid capital adequacy & sound financial condition

Posted on 30 March 2010 by Laxman  |  Email|Print

From Globalarabnetwork.com: Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed Qatar International Islamic Bank’s (QIIB) long-term foreign currency rating of ‘BBB+’, its short-term foreign currency rating of ‘A2′ and its financial strength rating of ‘BBB+’.
All ratings carry a ‘Stable’ outlook. At the same time CI affirms the support rating of 2………………………………..Full Article: Source

DIB closes $215mln Kharafi finance deal

Posted on 30 March 2010 by Laxman  |  Email|Print

From Tradearabia.com: Dubai Islamic Bank (DIB) said it has successfully arranged a multi-purpose financing deal worth Dh790 million ($215 million) for Kharafi National, a Kuwait-based leading construction group in the Middle East and Africa.

Kharafi National is one of the leading electromechanical contractors in the Gulf and Middle East, and has strong track record of executing large projects in the UAE………………………………..Full Article: Source

Amanah Islamic Bank ties up with Petron

Posted on 30 March 2010 by Laxman  |  Email|Print

From Philstar.com: The Al Amanah Islamic Investment Bank of the Philippines (Amanah Islamic Bank) and Petron Corp. is jointly offering a dealership program to small and medium entrepreneurs.

Amanah Islamic Bank is a first and only Islamic bank in the Philippines. It is a subsidiary of the Development Bank of the Philippines (DBP) with a capital base of P1 billion………………………………..Full Article: Source

Arab Bank to pay cash dividend

Posted on 30 March 2010 by Laxman  |  Email|Print

From Ameinfo.com: The board of directors of Jordan-headquartered Arab Bank has approved the distribution of 200 Jordanian fils ($0.28 cents) per share dividend for last year.
The lender’s net profits fell 31.4% in 2009 to $575.5m as it set aside $204m in provisions for non-performing loans, up from $40m in 2008………………………………..Full Article: Source

CBB Sukuk Al-Salam securities oversubscribed

Posted on 30 March 2010 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 BD47m were received for the BD12m issue, which carries a maturity of 91 days………………………………..Full Article: Source

Dubai World to offer ’shortfall guarantee’ on debt

Posted on 30 March 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Dubai World, the state owned holding company seeking to restructure $14.2 billion of debt, offered creditors a so called shortfall guarantee as part of a repayment plan, a person close to the Dubai government said.

If the sale of Dubai World’s assets does not generate sufficient cash to repay loans, the government will make up the shortfall up to a certain level, said the person, who declined to be identified because the discussions are private………………………………..Full Article: Source

Dubai Government hits back at critics of $24.8bln debt plan

Posted on 30 March 2010 by Laxman  |  Email|Print

From Thenational.ae: The Government of Dubai has hit back at criticism from some bank creditors that are unhappy with the terms of the US$24.8 billion (Dh91.08bn) restructuring proposal by Dubai World.

A source close to the Government said the banks, which were owed $14.2bn of unsecured debt, were being offered previously undisclosed concessions in the form of guarantees and deferred interest payments………………………………..Full Article: Source

Kuwait Finance House to step up investments in Malaysia

Posted on 30 March 2010 by Laxman  |  Email|Print

From Thestar.com.my: The ongoing due diligence audit at Kuwait Finance House (M) Bhd (KFH Malaysia) has not interfered with the bank’s aim to step up its investment portfolio in Malaysia.

A delegation from its parent company, led by Kuwait Finance House Group chief executive officer Mohammed Sulaiman Al Omar, recently met Prime Minister Datuk Seri Najib Razak and his deputy Tan Sri Muhyiddin Yassin to discuss the group’s intention for further investment in the country………………………………..Full Article: Source

Is Bahrain’s financial sector really growing?

Posted on 30 March 2010 by Laxman  |  Email|Print

From Efinancialcareers-gulf.com: The fact that Bahrain ended 2009 with more financial services jobs than it started with has been heralded as a triumph in the face of the global financial crisis. However, the raw statistics may not be truly representative of the situation in the kingdom currently.

Figures from the Central Bank of Bahrain show that there were 14,137 people employed in Bahrain’s financial sector at the end of last year – a rise of 1.5% on 2008………………………………..Full Article: Source

Gulf cbanks to seek ways to push monetary union

Posted on 30 March 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Central bank governors from four Gulf states will focus on how to push monetary union forward at a meeting in Saudi Arabia starting Tuesday, rather than how to bring back the UAE and Oman, analysts say.

Gulf rulers have endorsed a much delayed plan for monetary union in the world’s top oil exporting region despite the absence of the UAE - the bloc’s second biggest economy after Saudi Arabia - and Oman………………………………..Full Article: Source

Saudi women await a positive role in economy

Posted on 30 March 2010 by Laxman  |  Email|Print

From Business24-7.ae: From international legislative commitments to NGOs dedicated to women’s welfare, Saudi Arabia’s policies and programmes are promising steps towards full participation of women in its labour market.

However, with less than 15 per cent of its national labour force comprising women, the Kingdom has still an enormous source of untapped potential for its labour force………………………………..Full Article: Source

The current economic crisis - Is Islamic finance a solution?

Posted on 30 March 2010 by Laxman  |  Email|Print

From Huffingtonpost.com: Throughout the current economic and financial crisis one contrarian statistic has stood out. Financial assets offered by the Islamic Financial Services Industry (IFSI) and generally classified as “Shariah-compliant,” were less affected by the crisis.
Economist Loretta Napoleoni during a lecture at the University of New Mexico proclaimed, “Islamic finance … [a] system [that] could help us to get out of the current crisis.” Writing in the influential Turkish daily Today’s Zaman, columnist Ibrahim Ozturk declared, “Islamic finance has entered a bright new stage of development, emerging after the global financial crisis as a more equitable and efficient alternative to the Western approach.”……………………………….Full Article: Source

Nakheel seen offering sukuk to trade creditors

Posted on 29 March 2010 by Laxman  |  Email|Print

From Reuters: Nakheel trade creditors will be offered a large-scale Islamic bond, or sukuk, as part of a debt restructuring plan, a source close to parent firm Dubai World said on Sunday, potentially boosting the region’s sukuk market.

The Dubai government pleasantly surprised the market on Thursday when it offered to pay off Nakheel’s upcoming Islamic bonds as part of a wider deal with Dubai World creditors, and offer trade creditors repayment through cash and a publicly tradable security……………………………….Full Article: Source

The calculus behind Dubai’s Nakheel repayment

Posted on 29 March 2010 by Laxman  |  Email|Print

From WSJ: The Dubai government’s decision to pay the equivalent of $1.7 billion to redeem in full the sukuk instruments issued by crisis-hit property developer Nakheel was a painful one.
But people familiar with the decision-making said the alternative would have been much worse, a possible showdown with hedge funds and distressed debt investors that could leave Nakheel with unfinished property projects and knocking confidence in the wider economy……………………………….Full Article: Source

Upgrading to Islamic finance 2.0

Posted on 29 March 2010 by Laxman  |  Email|Print

From Gulfnews.com: We are at an important crossroads in Islamic finance and banking, and I want to explore, in this column, the future of Islamic finance. We hear about 1.5 billion Muslims, but has Islamic finance benefited the ‘man on the street?’ What is so ‘Islamic’ about Islamic finance?

Have we simply been putting an Islamic wrapper around conventional structures and products and placing a blessing them?………………………………Full Article: Source

Islamic finance to flourish in Saudi Kingdom

Posted on 29 March 2010 by Laxman  |  Email|Print

From Arabnews.com: As Islamic finance is growing very rapidly in the United States, the US-based Florentez Investment Management Inc. (ShariahShares ETF) is set to launch a family of Shariah-compliant exchange traded funds (ETFs) on the NYSE (New York Stock Exchange).

“The company has already received an exemptive relief order from the Securities and Exchange Commission (SEC), the US regulator, to launch the funds on the US exchanges,” Saeid Hamedanchi, CFA, president & CEO of Florentez (ShariahShares ETF), said in an exclusive interview with Arab News here recently……………………………….Full Article: Source

Australia: Islamic finance gets the nod

Posted on 29 March 2010 by Laxman  |  Email|Print

From Theaustralian.com.au: The Rudd government is pressing ahead with plans to develop Islamic finance in Australia to help position the nation as a leading global financial services hub.

Assistant Treasurer Nick Sherry told funds managers yesterday he would travel to the United Arab Emirates, Qatar and Bahrain at the end of next month for talks on the regulation, promotion and export of Islamic finance, banking and insurance……………………………….Full Article: Source

Islamic lenders must merge

Posted on 29 March 2010 by Laxman  |  Email|Print

From Gulfnews.com: Regulators need to encourage “small” Islamic banks to merge to strengthen their finances and increase product offerings, a senior adviser at Bank of London and Middle East said.

“Small and new banks tend to target the market of older and bigger banks, which fragments the market rather than diversifying or broadening the Islamic offering,” Mahmoud Faruqui said in an e-mail on March 25……………………………….Full Article: Source

Following in the footsteps of conventional banking

Posted on 29 March 2010 by Laxman  |  Email|Print

From Aawsat.com: When the international financial crisis erupted and stock markets collapsed and large financial institutions began to oscillate between being on the brink of bankruptcy and declaring bankruptcy, one growing financial sector avoided being hit directly by the crisis, namely the Islamic banking sector.
This drew the attention of many specialists at the time and prompted them to call for applying Islamic measures to the international financial industry to avoid this kind of financial crisis happening again……………………………….Full Article: Source

Al Rajhi Bank sees strong future growth

Posted on 29 March 2010 by Laxman  |  Email|Print

From Thestar.com.my: Al Rajhi Bank Malaysia expects exponential business growth in the next three years supported by its retail business as well as new business initiatives, said chief executive officer Ahmed Rehman.

“Our growing retail business and the new product lines we are developing will put us in a good position in the coming years……………………………….Full Article: Source

DIB’s Dar Al Shariah named best advisory firm

Posted on 29 March 2010 by Laxman  |  Email|Print

From Khaleejtimes.com: Dar Al Shariah Legal and Financial Consultancy, a subsidiary of Dubai Islamic Bank, has been named the “Best Shariah Advisory Firm” at the recent Islamic Finance News Awards.

Dar Al Shariah has evolved from Dubai Islamic Bank’s own Shariah Coordination Department, the first ever experiment carried out by an Islamic bank……………………………….Full Article: Source

Ithmaar to become premier Islamic retail bank

Posted on 29 March 2010 by Laxman  |  Email|Print

From Arabnews.com: With the verbal approval from the regulatory authorities, Ithmaar Bank is set to become the region’s premier Islamic retail bank, according to its chairman, Prince Amr Mohammed Al-Faisal.

Prince Amr told the bank’s shareholders on Sunday that the bank had received verbal approval to proceed with its reorganization plans, and that formal, written approval will follow shortly……………………………….Full Article: Source

Kuwait’s NBK gets nod to raise Boubyan stake

Posted on 29 March 2010 by Laxman  |  Email|Print

From Reuters: National Bank of Kuwait has received approval to buy up to an additional 20 percent in Boubyan Bank, which could help Kuwait’s largest lender boost its Islamic business.
NBK said in a statement on Sunday it had received the central bank’s approval — valid for three months starting March 22 — to raise its stake in Islamic lender Boubyan Bank to up to 60 percent from 40 percent……………………………….Full Article: Source

Qatar Islamic Bank ratings affirmed

Posted on 29 March 2010 by Laxman  |  Email|Print

From Ameinfo.com: Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed Qatar Islamic Bank’s (QIB) long-term foreign currency rating of ‘A’, its short-term foreign currency rating of ‘A2′ and its financial strength rating of ‘A’. All ratings carry a ‘Stable’ outlook. At the same time CI affirms the support rating of 2.
QIB’s ratings reflect the recently demonstrated government financial support of the Qatari banking system (including support of QIB itself), which has enabled the Bank to maintain its solid capital adequacy and overall sound financial condition, along with its strong franchise and profitability……………………………….Full Article: Source

Oman Central Bank raises capital adequacy ratio

Posted on 29 March 2010 by Laxman  |  Email|Print

From Gulf-times.com: Omani Central Bank Governor Hamoud Al Zadjali said the bank raised the capital adequacy ratio to 12 per cent from 10 per cent effective year-end as a pre-emptive measure to protect lenders.

“It will make them aware that they need to expand their capital if they’d like to expand their balance sheet,” Al Zadjali said yesterday in a phone interview. Omani banks already have a capital adequacy ratio of above 14 per cent, he said……………………………….Full Article: Source

QIB sees France as key market

Posted on 29 March 2010 by Laxman  |  Email|Print

From Gulf-times.com: France is a crucial market for Qatar Islamic Bank in its push to develop Islamic finance products in Europe, chief executive Salah Mohamed Jaidah has said in Paris.
QIB has signed a memorandum of understanding with Banque Populaire, a unit of French mutual bank BPCE, in order to gain access to the French retail banking and small and medium-size business markets, he said……………………………….Full Article: Source

Qatar Islamic inks French bank MoU

Posted on 29 March 2010 by Laxman  |  Email|Print

From Ameinfo.com: Qatar Islamic Bank has announced the signing of a memorandum of understanding with Banque Populaire, a unit of French mutual bank BPCE, in its efforts to develop Islamic finance products in Europe.
The agreement aims to provide the Shariah-compliant lender with access to the French retail banking and small and medium-size business markets………………………………Full Article: Source

Ithmaar revamp plan gets CBB nod

Posted on 29 March 2010 by Laxman  |  Email|Print

From Tradearabia.com: Ithmaar Bank is set to implement plans for a comprehensive reorganisation with its wholly-owned subsidiary, Shamil Bank after receiving verbal approval from Central Bank of Bahrain (CBB), said a top official.

Ithmaar Bank chairman Prince Amr Mohammed Al Faisal told shareholders on Sunday that the bank had received verbal approval to proceed with its reorganisation plans, and that formal, written approval will follow shortly……………………………….Full Article: Source

Sharia role for Bahraini Saudi

Posted on 29 March 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: Bahraini Saudi Bank has rebranded itself as Bahraini Saudi as part of its transition to a fully Sharia-compliant Islamic bank.

The move comes as a result of Al Salam Bank acquiring 90.31 per cent of its equity last year in a two-for-one share swap deal……………………………….Full Article: Source

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