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Islamic Finance Briefing - Archive | July, 2010

Kazakhstan turns to Sukuk as Eurobond dropped

Posted on 30 July 2010 by Laxman  |  Email|Print

From Bloomberg: Kazakhstan, the former Soviet republic that last sold international debt in 2000, is planning a debut Islamic bond sale to broaden its investor base after canceling a Eurobond offering last week.
The government will sell securities that comply with Islam’s ban on interest payments in the second half of the year and is pressing for legislative changes that would enable companies beyond state holdings and Islamic banks to sell sukuk, said Aibek Bekzhanov, head of Islamic instruments at the Regional Financial Center of Almaty, a government agency set up to develop the country’s capital markets……………………………………….Full Article: Source

Sukuk loses shine for traditional Gulf issuers

Posted on 30 July 2010 by Laxman  |  Email|Print

From Dailystar.com.lb: The lure of Islamic bonds appears to be wearing off for conventional borrowers in the Gulf, even as the global industry grows, with high-profile defaults and rising costs souring their appeal.
On a global scale, Malaysia continues to dominate the Islamic finance market, which is based on financial principles from the Koran, and has led sukuk issues so far this year……………………………………….Full Article: Source

World-wide sukuk issuances rise two-fold to $13.7bln in H1

Posted on 30 July 2010 by Laxman  |  Email|Print

From Menafn.com: There has been surge in worldwide Sukuk issuance that saw a two-fold jump to 98 issuances raising to $13.7 billion in the first half of this year, up against the $7.1 billion in the initial six months a year ago, say a report by Standard & Poor’s Ratings Services, which forecast about 150 more issues in the pipeline.
“On the heels of the sukuk market’s sharp upturn as of midyear 2010, we foresee sustained growth for the second half, given issuers’ interest in tapping the market, both in historical locations like Asia, especially Malaysia, and in other regions newer to sukuk,” said Standard & Poor’s credit analyst Mohamed Damak, in a report ……………………………………….Full Article: Source

A new era for Islamic finance in Asia Pacific

Posted on 30 July 2010 by Laxman  |  Email|Print

From Mondaq.com: Japan has been talking about Islamic finance for several years with Japan Bank for International Cooperation leading the way in terms of local research and development. However, up until recently, only a small number of Islamic finance deals have been done in this market.
This is all changing - Japan has made headlines in the Islamic finance market over the last couple of months with the issuance of US$100 million sukuk - al - ijarah, listed on the Bursa Malaysia, as well as the establishment of commodity murabaha facility (which, due to strong investor demand, was upsized from US$50 million to US$70 million)……………………………………….Full Article: Source

Malaysia’s royal award for Islamic finance

Posted on 30 July 2010 by Laxman  |  Email|Print

The search to honour the exceptional individual for outstanding contribution to global Islamic finance has received royal endorsement. Upon the recommendation of the Malaysian Government, His Majesty the Yang di-Pertuan Agong of Malaysia, has given his consent for the Award to be named The Royal Award for Islamic Finance”.
The royal endorsement will certainly add prestige to the Award, which is spearheaded by the Malaysia International Islamic Financial Centre (MIFC) initiative……………………………………….Full Press Release: Source

Sri Lanka informal Islamic financiers should prepare for regulation: official

Posted on 30 July 2010 by Laxman  |  Email|Print

From Lankabusinessonline.com: Informal entities that have been operating as Islamic financiers in Sri Lanka will have to get their houses in order and become fully compliant with supervisory regulations ahead of a new law on deposit taking, an industry official said.
“Some IFIs (Islamic financial institutions), because the owner is a well-known figure, have been able to raise a lot of money,” Faizal Salieh, managing director of Amana Investments, a Sri Lanka-based firm, told a forum in Colombo organized by Educonsult, a consultancy……………………………………….Full Article: Source

Understanding Islamic finance

Posted on 30 July 2010 by Laxman  |  Email|Print

From Prospect.org: During Elena Kagan’s confirmation hearings, conservatives accused Kagan of being sympathetic to imposition of strict, Taliban-style Islamic law in the United States because an Islamic-finance study program was established at Harvard University during her time as dean.
The American Prospect caught up with Frank Vogel, an Islamic legal scholar who helped establish that program, at a recent forum on Islamic finance being held at George Washington University Law School by the Qatar Business Council and Arab Bankers Association of North America. When it comes to Islamic Finance, Vogel says, Americans have nothing to worry about……………………………………….Full Article: Source

Big role for Islamic finance (Video)

Posted on 30 July 2010 by Laxman  |  Email|Print

From Theasset.com: Bank Negara Malaysia governor Zeti Akhtar Aziz discusses how the global Islamic finance industry is expanding and the role it will play in helping fund the massive infrastructure development and investment projects in Asia.……………………………………..Full Article: Source

Zimbabwe: Is there scope for Islamic Banking?

Posted on 30 July 2010 by Laxman  |  Email|Print

From Newsday.co.zw: The state of the financial sector in Zimbabwe up to 2008 would no doubt have brought into sharp focus ssues of morality/ethics/faith in finance. Was it moral or ethical for such a large number of people to wish wealth into existence without any underlying productive activity happening, some may ask?
In an attempt to answer this and other questions, this week we focus on a form of finance that seeks to strike a balance between faith and finance: Islamic Finance/Banking……………………………………….Full Article: Source

Qatar International Islamic bank seeks 81 pct stake in Bank Of Britain

Posted on 30 July 2010 by Laxman  |  Email|Print

From Bernama: Qatar International Islamic Bank (QIIB) wants to raise its holding in Islamic Bank of Britain to a “significant stake” by offering to buy new shares, Qatar News Agency (QNA) reported.
The increase is subject to regulatory approval and shareholders of the Islamic Bank of Britain (IIB), it said in a statement on the bourse website……………………………………….Full Article: Source

Mashreq Q2 profit tumbles on higher provisions

Posted on 30 July 2010 by Laxman  |  Email|Print

From Tradearabia.com: Dubai-based Mashreq’s second-quarter net profit more than halved from the previous year as the lender booked higher provisions against bad loans.
The lender, Dubai’s largest bank by market value, made a net profit of Dh202 million ($55.01 million) for the three months to June 30, based on Reuters calculations, down from Dh434.9 million in the same period last year……………………………………….Full Article: Source

Saudi Arabia sees jump in private sector lending

Posted on 30 July 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Bank lending in Saudi Arabia bounced back in June to record its largest monthly gain since August last year and the second-highest growth since late 2008, the latest data from a Riyadh-based Jadwa Investment showed.
Lending to the private sector rose by 0.9 percent last month……………………………………….Full Article: Source

Al khaliji looking to complete IBQ due diligence in 8 weeks

Posted on 30 July 2010 by Laxman  |  Email|Print

From Gulf-times.com: Al khaliji expects due diligence on International Bank of Qatar (IBQ) to be completed in eight weeks, according to its top official.
“The (merger) process is going positively. It (due diligence) can take anywhere up to eight weeks,” al khaliji acting CEO Robin McCall told the media at a function to discuss its first-half results, which showed a 24% jump in its net operating income to QR320mn……………………………………….Full Article: Source

Al khaliji advisers to report on IBQ merger in 4 weeks

Posted on 30 July 2010 by Laxman  |  Email|Print

From Qatar-tribune.com: Al khaliji , which started retail banking operations in the country in 2008, has appointed a team of advisers to assist in a fair evaluation of the pros and cons of the bank’s proposed merger with the International Bank of Qatar (IBQ), a senior bank official has said.
The team of advisers has to submit its report in four weeks’ time……………………………………….Full Article: Source

Ahlibank eyes fast growth in next five years

Posted on 30 July 2010 by Laxman  |  Email|Print

From Gulf-times.com: Ahlibank has laid out a five-year plan to expand its traditional distribution channels including branches, CEO Salah Murad has said.
“We are definitely expanding our branch and ATM network in Qatar”, Murad said in reply to a question by Gulf Times at an H1 analysis meeting hosted by the bank yesterday……………………………………….Full Article: Source

Turkish businessmen seek to establish joint banks in Syria

Posted on 30 July 2010 by Laxman  |  Email|Print

From Globalarabnetwork.com: Turkish businessmen on Thursday expressed interest in entering the Syrian banking market, and to take part in the efforts to establish private or joint banks with their Syrian counterparts.
In the presence of a Turkish banks delegation including representatives of the Turkish Agriculture Bank, Akbank and the Kuwaiti-Turkish bank, Finance Minister Mohammad al-Hussein and his Turkish counterpart Mehmet Simsek discussed the measures to set up Syrian-Turkish banks in Syria……………………………………….Full Article: Source

US consumer, energy good picks for Islamic investors

Posted on 30 July 2010 by Laxman  |  Email|Print

From Alrroya.com: US consumer and energy stocks offer good buying opportunities to Malaysian Islamic investors seeking exposure to global emerging market growth, a fund manager said on Thursday.
Offshore oil rig contractor Noble Corp and consumer staples such as Procter & Gamble , Kellogg and General Mills are among Malaysian Islamic asset manager Saturna Sdn Bhd’s picks……………………………………….Full Article: Source

Latham, Skadden and Hogan Lovells advise on $3.5bln Qatar development finance deal

Posted on 30 July 2010 by Laxman  |  Email|Print

From Legalweek.com: Latham & Watkins, Skadden Arps Meagher & Flom and Hogan Lovells have taken roles relating to Qatari Diar Finance’s $3.5bn (£2.2bn) bond offering, as part of Qatar’s plan to target international finance to fund domestic development.
Latham represented Qatari Diar Finance, a subsidiary of Qatari Diar Real Estate Investment Company, the emirate’s sovereign wealth fund. The team was led by finance partner Bill Voge alongside Doha-based corporate counsel Craig Stoehr……………………………………….Full Article: Source

Gulf Sukuk yield premium widens after defaults

Posted on 29 July 2010 by Laxman  |  Email|Print

From Bloomberg: Yields on Islamic bonds from the Persian Gulf are climbing even as rates on conventional debt decline, after four defaults in the past 16 months prompted investors to demand higher returns.
The average yield on sukuk sold by Gulf Cooperation Council issuers rose 38 basis points to 6.99 percent yesterday from this year’s low on April 15, according to the HSBC/NASDAQ Dubai GCC US Dollar Sukuk Index……………………………………….Full Article: Source

S&P report comments on the Sukuk market’s firm upsurge

Posted on 29 July 2010 by Laxman  |  Email|Print

Citing worldwide sukuk issuance of $13.7 billion in the first half of this year, just shy of a two-fold jump on the $7.1 billion registered in the initial six months of 2009, Standard & Poor’s Ratings Services examines current and future sukuk market growth trends in a new report published today, “Sukuk Issuance Is Up And Running, But Will The Climb Continue Apace?”
“On the heels of the sukuk market’s sharp upturn as of midyear 2010, we foresee sustained growth for the second half, given issuers’ interest in tapping the market, both in historical locations like Asia, especially Malaysia, and in other regions newer to sukuk,” said Standard & Poor’s credit analyst Mohamed Damak……………………………………….Full Press Release: Source

Khazanah may sell up to $500mln of Sukuk

Posted on 29 July 2010 by Laxman  |  Email|Print

From Theedgesingapore.com: Khazanah Nasional Bhd., Malaysia’s state investment company, plans to raise as much as $500 million selling bonds, according to a Thomson Reuters report.
The bonds may have tenors of three- to five-years and may be Islamic notes, or sukuk, the report said, without saying where it got the information. CIMB Group Holdings Bhd. is co-ordinating the sale, the report said……………………………………….Full Article: Source

Khazanah said to hire banks for Singapore Sukuk sale

Posted on 29 July 2010 by Laxman  |  Email|Print

From Bloomberg: Khazanah Nasional Bhd., Malaysia’s state investment company, hired three banks to help it sell Singapore dollar-denominated Islamic bonds, according to a person familiar with the matter.
CIMB Investment Bank Bhd., DBS Bank Ltd. and Oversea- Chinese Banking Corp. will arrange a so-called benchmark sale of five- and 10-year sukuk, the person said, asking not to be identified as the details are private. Benchmark typically means at least S$500 million ($366 million)……………………………………….Full Article: Source

Dow Jones Islamic market indexes in July: Kuwait’s comeback

Posted on 29 July 2010 by Laxman  |  Email|Print

July was the month of turnarounds, although stock market performances were volatile in the East and West. Perhaps the most surprising move of the month came from the Kuwait Stock Exchange (KSE).
The KSE has been the long time problem child of the Gulf Co-Operation Council (GCC), the economic and political union of which Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates and Oman are members. Its results have been less than stellar for some time and have consistently lagged its GCC neighbors……………………………………….Full Press Release: Source

International Islamic Financial Market releases paper on Shariah repo alternative

Posted on 29 July 2010 by Laxman  |  Email|Print

From Gsl.tv: The International Islamic Financial Market (IIFM) has released a reference paper on I’aadat Al Shira’a, a Shariah compliant alternative to repo transactions.
IIFM’s paper aims to outline a structure by which I’aadat Al Shira’a could play a role in the market, by increasing liquidity and creating a more active Sukuk [an Islamic financial instrument] secondary market……………………………………….Full Article: Source

HwangDBS: Islamic investments not sufficiently represented globally

Posted on 29 July 2010 by Laxman  |  Email|Print

From Thestar.com.my: To capture the huge untapped market for syariah-compliant investments locally and abroad, there is a need to attract and develop talent, develop in-depth understanding of the target market and innovate and customise Islamic products to meet customer requirements, said HwangDBS Investment Management Bhd international equities head Peter Chiang.
“Syariah-compliant investments are currently not sufficiently represented globally and hence the general lack of confidence in the performance of such investments,” he said……………………………………….Full Article: Source

Infrastructure, regulatory framework needed for stronger Shariah investments

Posted on 29 July 2010 by Laxman  |  Email|Print

From Bernama: There is still need for improvement, especially to create infrastructure and regulatory framework, for Shariah-compliant investments to be stronger, says fund manager, HwangDBS Investment Management Bhd (HwangDBS IM).
“We have to deal with the challenges of a developing industry where the regulatory framework and collaboration at the country level are still in a relatively preliminary stage,” its head of international equities Peter Chiang Ngee Onn told a media briefing Wednesday……………………………………….Full Article: Source

Islamic finance players urged to up their game

Posted on 29 July 2010 by Laxman  |  Email|Print

From Btimes.com.my: The Malaysian Islamic finance industry must come up with innovative and customised products to capture the large untapped market of syariah-compliant investments locally and abroad, Asian Islamic Investment Management Sdn Bhd (Aiiman) strategic adviser Peter Chiang said.
At the same time, regulatory framework ought to be improved to strengthen the infrastructure, he said……………………………………….Full Article: Source

Sri Lanka could play a regional role in Islamic finance: official

Posted on 29 July 2010 by Laxman  |  Email|Print

From Lankabusinessonline.com: Sri Lanka could issue Islamic finance sovereign bonds or ‘Sukuks’ and take the lead in becoming a regional centre for Islamic financial services which other countries with less experience are aiming for, an official said.
“Australia and Mauritius have said they want to be hubs for Islamic finance,” says Rushdi Siddiqui, head of global Islamic financial markets at Thomson Reuters, a news service……………………………………….Full Article: Source

QIIB eyes $80pct stake in UK bank

Posted on 29 July 2010 by Laxman  |  Email|Print

From Tradearabia.com: Qatar International Islamic Bank (QIIB) has committed £20 million ($31 million) capital injection to Islamic Bank of Britain (IBB), taking QIIB’s stake in the bank to over 80 per cent.
The additional capital will allow IBB to leverage its established retail brand in the Islamic finance sector to increase sales of key products, such as the recently launched Islamic alternative to mortgages the IBB Home Purchase Plan……………………………………….Full Article: Source

EGIB-Al Baraka merger approved

Posted on 29 July 2010 by Laxman  |  Email|Print

From Nation.com.pk: Emirates Global Islamic Bank shareholders at an Extra Ordinary General Meeting (EOGM) held Tuesday, approved the plan to merge with Al Baraka Islamic Bank BSC.
Al Baraka Islamic Bank BSC (Bahrain), a wholly owned subsidiary of Al Baraka Banking Group (ABG) (Bahrain), and Emirates Global Islamic Bank have announced their intention to merge the branches of Al Baraka Islamic Bank in Pakistan and Emirates Global Islamic Bank limited for the first merger in the Islamic Banking Sector in Pakistan……………………………………….Full Article: Source

Gulf Bank expects profit boost in Q3

Posted on 29 July 2010 by Laxman  |  Email|Print

From Arabtimesonline.com: Gulf Bank expects to boost its profits in the third quarter and sees 2011 as a year of recovery, as the lender leaves its aggressive provisioning policy behind it, Chief Executive Michel Accad said.
Gulf Bank, which was rescued by the Kuwaiti central bank in 2008, after about 260 million dinars ($902.1 million) of derivatives losses, is completely provisioned against bad loans and on track for a comeback, Accad said……………………………………….Full Article: Source

First Gulf Bank profit increases 2pct, below estimates

Posted on 29 July 2010 by Laxman  |  Email|Print

From Bloomberg: First Gulf Bank PJSC said second- quarter profit rose 2 percent, less than analysts’ expected, as the United Arab Emirates lender controlled by Abu Dhabi’s ruling family set aside more money to cover for bad loans.
Net income climbed to 787 million dirhams ($214 million) from 775 million dirhams a year earlier, the Abu Dhabi-based bank said in an e-mailed statement today……………………………………….Full Article: Source

Moody’s affirms Saudi-based Islamic Development Bank stable outlook

Posted on 29 July 2010 by Laxman  |  Email|Print

From Globalarabnetwork.com: Moody’s Investors Service, one of the most important rating agencies in the world, has reaffirmed on 26.07.2010 for a fifth consecutive year the Islamic Development Bank ’s “Aaa” long term and P-1 short term foreign currency issuer rating with a “stable” outlook.
Moody’s stated that the IDB’s rating is strongly supported by the commitment of its member countries, and highlighted that the capital base of the Bank is strong, its operational assets continue to perform well, it enjoys a high level of liquidity and very low level of debt……………………………………….Full Article: Source

Saudi banks increase provisions

Posted on 29 July 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: Saudi-based banks SABB and Riyad sharply raised provisions for loan losses during the second quarter, pressing on with a clean-up of their loan portfolios after defaults by some local firms.
Riyad raised provisions for loan losses by 105.4 per cent to 196.2 million riyals ($52.3m) during the second quarter while SABB booked 504m riyals for the same purpose, more than 60pc above the year-earlier period, stock exchange data showed yesterday……………………………………….Full Article: Source

Al Rayan Investment plans three funds

Posted on 29 July 2010 by Laxman  |  Email|Print

From Muslims.net: Al Rayan Investment LLC, a wholly-owned subsidiary of Masraf Al Rayan (MAR) is to launch three funds focusing on both equities and debts soon, Al Rayan Investment Director for Institutional Sales and Business Development, Abdulaziz Al Muftah said.
“We are working on structuring these funds and we will declare those very soon, perhaps within two months,” Al Muftah said, but would not disclose the size as they are still in an early stage of structuring……………………………………….Full Article: Source

Qatar to be the top performer in next 2 years, UAE ‘to weigh’on GCC growth

Posted on 29 July 2010 by Laxman  |  Email|Print

From Gulf-times.com: Qatar’s economy will be the region’s ‘top performer’ in the next two years, a report by the Bank of America Merrill Lynch has said.
According to the Breport, Qatar, the world’s largest exporter of liquefied natural gas (LNG), would record a GDP growth of 11.3% this year and 9.6% in 2011……………………………………….Full Article: Source

First Philippines Sukuk planned by Al-Amanah

Posted on 28 July 2010 by Laxman  |  Email|Print

From Bloomberg: The Philippines’ state-owned Al- Amanah Islamic Bank may sell the nation’s first Shariah- compliant bonds to finance development in Muslim Mindanao, the poorest region and base of Abu Sayyaf separatist militants.
“There’s a lot of money in the market for sukuk that we can tap,” Al-Amanah President Armando Samia, whose bank is the only one in the Philippines with a mandate to sell Islamic notes, said in an interview yesterday. “We’re still in the very exploratory stage. Getting the first one out is difficult.”………………………………………Full Article: Source

Indonesia to cut size global sukuk issue

Posted on 28 July 2010 by Laxman  |  Email|Print

From Reuters: Indonesia will cut the size of a global sukuk issue planned for this year after the government lowered its forecast for the budget deficit and reduced its borrowing requirement, a source told Reuters on Tuesday.
Indonesia had aimed to raise up to $650 million in a global sukuk issue in October as part of its aim to develop the Islamic finance industry in the world’s most populous Muslim nation……………………………………….Full Article: Source

Targeting Islamic finance

Posted on 28 July 2010 by Laxman  |  Email|Print

From Gulfnews.com: US will overcome today’s anti-Sharia scare-mongering in the same way it got over its fears about communism — by asking for proof over propaganda. Following a story about the ‘flop’ of Islamic banking in the UK, Reuters has followed up with an interesting article about the problems of Egypt’s Islamic finance sector.
The story highlights a combination of 1980s-style corruption scandals (Ponzi schemes), the lack of political will (level regulatory playing field) and growing consumer demand (an 80 million population), which has stunted the potential for Islamic finance in Egypt despite an interest in the country by Gulf-based Islamic banks……………………………………….Full Article: Source

Malaysia set to clinch 25 pct of global transactions in Islamic banking next decade

Posted on 28 July 2010 by Laxman  |  Email|Print

From Bernama: Malaysia is set to clinch 25 per cent of global transactions in Islamic banking within the next decade from less than 10 per cent currently, Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop said.
He said Malaysia would be attractive because it was the only country having a complete value chain of Islamic financing with Islamic and conventional banking both operating in the mainstream financial services landscape……………………………………….Full Article: Source

Law Harmonisation panel formation to strengthen existing Islamic finance laws

Posted on 28 July 2010 by Laxman  |  Email|Print

From Bernama: The formation of a Law Harmonisation Committee is to position and strengthen existing laws as the laws of choice for Islamic financial transactions, says Bank Negara Malaysia.
Deputy Governor Datuk Muhammad Ibrahim said the committee comprised members from among key government stakeholders like the Attorney-General’s chambers, industry players and experienced Islamic finance legal practitioners……………………………………….Full Article: Source

Islamic finance must attract non-Muslims - MTI CEO

Posted on 28 July 2010 by Laxman  |  Email|Print

From Dailynews.lk: MTI Consulting, Global CEO Hilmy Cader said all Islamic finance institutions should bring novel products and services to consumers while adhering to the Shariah principle.
He said most Islamic finance and banks focus on Muslim customers only and the prevailing system should be changed while initiating measures to attract more non-Muslims into their ventures……………………………………….Full Article: Source

Islamic Bank of Britain set for GBP20mln capital boost

Posted on 28 July 2010 by Laxman  |  Email|Print

From Albawaba.com: Islamic Bank of Britain has secured a £20million capital injection from founding shareholder Qatar International Islamic Bank which will take QIIB’s stake in the bank to over 80%. The investment is subject to shareholder and regulatory approvals.
The additional capital will allow IBB to leverage its established retail brand in the Islamic finance sector to increase sales of key products, such as the recently launched Islamic alternative to mortgages the IBB Home Purchase Plan……………………………………….Full Article: Source

Jakarta: Another foreign bank to launch Shariah banking service

Posted on 28 July 2010 by Laxman  |  Email|Print

From Tempointeractive.com: A foreign bank is going to open a sharia-based service for its customers in the second half of the year, Bank Indonesia said today without informing the name of the bank.
Head of Research, Development, and Sharia Banking Management of the central bank Tirta Segara said there will be 11 sharia banks and 23 regular banks which provides sharia service, when the foreign bank launches its sharia service……………………………………….Full Article: Source

Abu Dhabi’s NBAD profit jumps 10.4pct, beats estimates

Posted on 28 July 2010 by Laxman  |  Email|Print

From Bloomberg: National Bank of Abu Dhabi PJSC reported a 10.4 percent rise in second-quarter profit, beating analysts’ estimates as the United Arab Emirates lender boosted income from lending and set aside less money for bad loans.
Net income rose 1 billion dirhams ($272 million) from 906.5 million dirhams a year earlier, the bank said in an e-mailed statement today. That exceeded the median estimate of five analysts for a profit of 920 million dirhams, according to Bloomberg data……………………………………….Full Article: Source

QNB receives regulatory approval to operate its First Branch in Lebanon

Posted on 28 July 2010 by Laxman  |  Email|Print

From Ameinfo.com: Qatar National Bank Group (QNB), the leading financial institution in the State of Qatar and one of the largest Banks in the MENA region, announced that it has received approval from the Central Bank of Lebanon (Banque du Liban) to open a full service branch in the country.
This overseas license supports the international expansion plan which in recent years has become an integral part of QNB’s growth strategy and commitment to diversify the sources of its revenue by exploring new and promising opportunities……………………………………….Full Article: Source

First-ever merger of Islamic banks in Pakistan

Posted on 28 July 2010 by Laxman  |  Email|Print

From Tribune.com.pk: Emirates Global Islamic Bank (EGIBL) and Al Baraka Islamic Bank will soon merge into one single bank. This was announced by the Chief Executive Officer of EGIBL, Syed Tariq Husain, at a press briefing here on Tuesday.
“An extraordinary general meeting of shareholders held on Tuesday, approved the scheme of amalgamation,” declared Husain……………………………………….Full Article: Source

ADIB provides $50mln Ijara facility to Gulf Marine Services WLL

Posted on 28 July 2010 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced that it had signed an agreement to provide $50m (Dhs183.5m) Islamic finance facility to Gulf Marine Services WLL, to fund the acquisition of the continued growth of the company. The Ijara (lease to own) facility, will have a tenure of five years.
Tirad Mahmoud, CEO of ADIB said, “We value our partnership with Gulf Marine Services highly as they are a market leader in the Offshore and Oil Services industry in the region. We plan to build on this agreement and provide them with other long term financing options to help in their expansion. We hope to customize our other products and services to their requirements and strengthen this relationship.”………………………………………Full Press Release: Source

QIIC net profit grows 66pct

Posted on 28 July 2010 by Laxman  |  Email|Print

From Zawya.com: Qatar’s largest Islamic insurer, Islamic Insurance (QIIC) posted a net profit of QR 30.13m in the first half of this year compared to QR 18.17m in the corresponding period in 2009, showing an impressive 66 percent growth. The company’s earnings amounted to QR 2.01 compared to QR1.21 in the first half of June 2009.
Jassim Ali Al Saadi, General Manager of Islamic Insurance said at a news conference, also attended by Zaki Khamis Akila, the company’s Finance Manager that the H1 results have been remarkable with income from investments in insurance activities increasing by 49 percent on the same period last year……………………………………….Full Article: Source

Global Investment House fund wins major ranking

Posted on 28 July 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: Global Investment House has announced that its Global Distressed Fund won a key ranking from BarclayHedge.
It was ranked sixth in the Fund of Funds - Distressed Securities/Event Driven category for May 2010 by BarclayHedge, based on its annualised returns and rate of returns, in recognition of the fund’s performance over its eight-year history……………………………………….Full Article: Source

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