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Islamic Finance Briefing - Archive | March, 2011

Shake-up for Shariah

Posted on 31 March 2011 by Laxman  |  Email|Print

Muhammad Bin IbrahimShariah governance is an essential component of Islamic finance. Without it, there can be no closing of an Islamic financial transaction whether a vanilla commodity trade finance (Murabaha) or a more complex sukuk (Islamic trustcertificates) offering.

If a deal is promoted as Shariah-compliant but without the necessary fatwa (legal opinion) or compliance review, then the Shariah legitimacy of that deal is immediately compromised, and both investors and customers, despite thinking that the deal is compliant, would partake at their peril………………………………………Full Article: Source

Sharia debt funds post biggest gains

Posted on 31 March 2011 by Laxman  |  Email|Print

Pakistan’s biggest Sharia- compliant debt funds are posting the best returns for sukuk investors this quarter as an export revival boosts bonds sold by the government and agricultural companies.

The JS Islamic Pension Savings Fund-Debt, owned by JS Investments, and the NAFA Islamic Aggressive Income Fund, managed by NBP Fullerton Asset Management, recorded gains of 3.9 per cent and 3.2 per cent, data compiled by Bloomberg show………………………………………Full Article: Source

Sharjah Islamic Bank launches new zero profit Umrah financing service

Posted on 31 March 2011 by Laxman  |  Email|Print

Sharjah Islamic Bank (SIB) has launched a new zero profit Umrah financing service, following the success of the first phase zero profit ijara finance product service during Hajj season last year. The move is the first of its kind in the UAE and the Gulf Cooperation Council for Arab States.

The new innovative service will enable many to perform Umrah rituals through payment of installments for one year without profit or additional costs………………………………………Full Article: Source

Competition time – Saudi Al Rajhi Bank heating up Islamic finance in Jordan

Posted on 31 March 2011 by Laxman  |  Email|Print

Competition looks set to continue heating up in the Islamic finance sector, with the latest entrant to the market, Saudi giant Al Rajhi Bank, opening for business in late March.
As new players work expand their reach, sharia-compliant financial services will become increasingly accessible for Jordanian customers, while meeting the Basel III capital adequacy and risk-management requirements will remain a top priority for the banks, Global Arab Network reports according to OBG………………………………………Full Article: Source

Emirates NBD eyes mergers

Posted on 31 March 2011 by Laxman  |  Email|Print

Emirates NBD is eyeing merger opportunities within the region and the lender will set aside more money to cover bad loans in 2011 amid debt restructuring, its top executive said on Wednesday.

ENBD, Dubai’s largest bank by market value, reported sharply higher fourth-quarter profit last month but impairments on non-performing, or bad loans and on investments hit its yearly results………………………………………Full Article: Source

Gulf’s finance giants seek to purchase banks in Turkey

Posted on 31 March 2011 by Laxman  |  Email|Print

Adnan Ahmed Yousif, chairman of the Union of Arab Banks (UAB), has said banks from the Gulf are looking for Turkish banks to acquire. Yousif said big Arab banks such as Al Rajah Bank, Qatar National Bank and Abu Dhabi Islamic Bank were seeking opportunities to become established in Turkey by purchasing a national bank.
He said regional countries have the potential to grow more if they cooperate more. “We need more cooperation in the banking and finance sector in the coming period. Globalization forces us to become involved in more joint projects,” Yousif said,……………………………………..Full Article: Source

Overview of Islamic banking in Malaysia

Posted on 31 March 2011 by Laxman  |  Email|Print

Since the 1970s, Islamic banking has emerged as a new reality in theinternational financial scene. Its philosophies and principles are however, notnew, having been outlined in the Holy Qur’an and the Sunnah of ProphetMuhammad (p.b.u.h.) more than 1,400 years ago.
The emergence of Islamic banking is often related to the revival of Islam and the desire of Muslims to live allaspects of their live in accordance with the teachings of Islam.In Malaysia, separate Islamic legislation and banking regulations exist side-by-side with those for the conventional banking system. The legal basis for theestablishment of Islamic banks was the Islamic Banking Act (IBA) which cameinto effect on 7 April 1983. The IBA provides BNM with powers to supervise andregulate Islamic banks, similar to the case of other licensed banks………………………………………Full Article: Source

IDB approves funding Muslim institutions

Posted on 31 March 2011 by Laxman  |  Email|Print

A meeting of the Central panel of India for Jeddah-based Islamic Development Bank (IDB) was held here on Monday and Tuesday at which several educational projects were approved for funding. The meeting was chaired by panel chairman Zafar Javeed of Hyderabad. IDB representative Hossam Bahgat also attended.

The IDB provides financial assistance to educational institutions for their smooth running and cater to the academic requirement of the Muslims………………………………………Full Article: Source

Atkins ‘very confident’ about receiving sukuk

Posted on 31 March 2011 by Laxman  |  Email|Print

The CEO of Atkins global has said he is “very confident” his firm will receive its outstanding debt from Nakheel in sukuk, despite reports that the cash-strapped developer recently missed another repayment deadline.

In an exclusive interview with Construction Week, Keith Clarke was optimistic about receiving the funds as an Islamic bond, adding that in time, the bond would be valuable………………………………………Full Article: Source

Indonesia plans to issue 3-mth, 6-mth and 12-mth sharia T-bills

Posted on 31 March 2011 by Laxman  |  Email|Print

Indonesia’s finance ministry plans to issue 3-month, 6-month and 12-month sharia T-bills starting from the end of the second quarter this year, said Dahlan Siamat, sharia director at the debt office, on Wednesday.

The move is aimed at providing short-term financial instruments after the central bank stopped regularly selling its 3-month and 6-month SBI debt, part of measures to reduce volatile capital inflows………………………………………Full Article: Source

Sukuk raises SR 1 bln in first issuance

Posted on 31 March 2011 by Laxman  |  Email|Print

Bank Al Jazeera (BAJ) has announced that the closure of its first sukuk issue had netted a total amount of SAR 1 billion. It was the first debt capital market transaction in Saudi Arabia this year, with all operations being Shariah- compliant.
In a press release issued here, it said this issuance has met with great success and attracted a large number of investment sectors. As a result, the amount invested exceeded its expectations by 500% of the initial target that was fixed………………………………………Full Article: Source

Chicago workshop to teach Islamic principles in financial services, industry

Posted on 31 March 2011 by Laxman  |  Email|Print

Financial industry experts will explain Islamic principles in financial services and investments during an upcoming workshop in Chicago. The Islamic Finance Workshop will take place on April 7-8 at the Sheraton Chicago Hotel and Towers. The conference, sponsored by Networks Financial Institute in the Scott College of Business at Indiana State University, will feature several speakers explaining investment, insurance and banking principles based on Islamic law.
People attending the conference will have the opportunity to learn about the principles of Islamic finance, the size of the market and products and procedures that are involved, along with the advantages and disadvantages of utilizing these products, said John Tatom, director of research at NFI………………………………………Full Article: Source

Morocco plans to authorise first Islamic bonds

Posted on 30 March 2011 by Laxman  |  Email|Print

Morocco’s central bank is in talks with the country’s banking industry group GPBM on regulations that would allow Islamic bond issues, known as sukuk, the central bank head said on Tuesday.

“As part of the gradual introduction of Islamic finance products, we are currently negotiating with GPBM the legal framework for sukuk issues,” Abdellatif Jouahri told Reuters…………………………………….Full Article: Source

Qatar’s Masraf Al Rayan to issue up to $1 bln Sukuk in fourth quarter

Posted on 30 March 2011 by Laxman  |  Email|Print

Hussain Ali Al-AbdallaMasraf Al Rayan (MARK), Qatar’s second- biggest Islamic lender, plans to sell Islamic bonds worth as much as $1 billion in the fourth quarter after its board received shareholder approval, Chairman Hussain Ali Al-Abdalla said.

The company is also seeking to buy a stake in a Saudi bank, he told the general meeting of shareholders late yesterday in Doha, without naming the lender…………………………………….Full Article: Source

Saudi Aljazira issues $267mln Islamic bond

Posted on 30 March 2011 by Laxman  |  Email|Print

Saudi’s Al-Jazira Bank completed a SR1 billion ($267 million) 10-year Islamic bond sale which was four times oversubscribed, the lender said in a bourse statement on Tuesday.

‘Bank Aljazira announces successful completion of its sukuk issuance of SR1 billion on March 29. The issuance subscriptions were four times more than the amount approved by the Saudi monetary agency,’ the bourse statement said…………………………………….Full Article: Source

Dubai’s Nakheel pays $1.25bln to trade creditors

Posted on 30 March 2011 by Laxman  |  Email|Print

Nakheel, the real estate arm of debt-laden conglomerate Dubai World has paid AED4.6bn ($1.25bn) in overdue payments to its trade creditors, the company said Tuesday.

The developer, which is seeking to delay some $10.5bn of debt, expects to secure the agreement of trade creditors representing 95 percent of the debt by the end of the first half…………………………………….Full Article: Source

Growing Sharia finance in India a boon or bane?

Posted on 30 March 2011 by Laxman  |  Email|Print

With hundreds of listed Sharia-compliant companies in India’s stock exchanges, Islamic investments from Asia, the Gulf and Europe may soon begin to flood the Indian market. This will boost India’s economy, but also intensify security concerns.
Sharia or Islamic law prohibits Muslims from investing in companies that earn profits from interest or the sale of goods or services deemed unlawful in the Islamic faith, such as alcohol and pork. Sharia-compliant companies, screened by Islamic finance monitors, comply with Islamic canonical law to allow devout Muslims to invest…………………………………….Full Article: Source

Sri Lanka to devise Islamic finance specific regulations

Posted on 30 March 2011 by Laxman  |  Email|Print

Sri Lanka expects to devise Islamic finance specific regulations this year following ongoing consultations with the industry, though the first commercial bank on alternative finance has been licensed on existing rules, an official said.
“We are open for discussion and change, going forward,” Yvette Fernando, director, bank supervision at Central Bank told a forum in Colombo. “We welcome any input for separate regulation.”……………………………………Full Article: Source

Islamic banking deepens financial services uptake in Kenya

Posted on 30 March 2011 by Laxman  |  Email|Print

Islamic banks now control 0.9 per cent of total accounts, indicating increased penetration of financial services to a segment of the population that was hitherto excluded from the system due to its religious beliefs.

Central Bank of Kenya data shows that Gulf African Bank and First Community Bank, both of them exclusively Shariah-compliant banks, had 58,101 deposit accounts and 2,609 loan accounts as at the end of December 2010, four years after their licensing…………………………………….Full Article: Source

Halal – the centerpiece of Muslim lifestyle

Posted on 30 March 2011 by Laxman  |  Email|Print

Fazal Bahardeen, CEO of Singapore based Crescentrating Ltd said that for Halal Industry last 12 months were particularly important and said that Halal friendly tourism has now become a multi-billion dollar industry and the Middle-East displayed the highest growth among all the market segments. He said that affluent travelers spend US $ 1,000 per day, the Middle-Eastern travelers would spend US $ 1,500 or more.

He said that countries and large companies around the globe have shown great interest in focusing their attention to the Islamic market, in adjusting their businesses and services to align with the Muslim lifestyle in all areas, food, banking, education, travel etc…………………………………….Full Article: Source

India may get its first foreign Islamic Bank in Bank Asya

Posted on 29 March 2011 by Laxman  |  Email|Print

Manmohan SinghIndia may soon get its first foreign Islamic bank with the Reserve Bank of India (RBI) seeking government approval to allow Turkey’s Bank Asya to offer Shariah-compliant lending in the country. Shariah, or the Islamic law, bans interest on financing. Bank Asya is keen to start its Indian operations through a representative office in Mumbai.
“So far the bank has only sought permission to open a representative office,” a finance ministry official said. “We are considering their application .”……………………………………Full Article: Source

HSBC widens Islamic financial services range

Posted on 29 March 2011 by Laxman  |  Email|Print

Arindam DasHSBC Securities Services (HSS) have launched Islamic securities services in association with HSBC Amanah, HSBC Group’s global Islamic financial services division.

HSS services include fund accounting and administration, transfer agency services, global custody, sub-custody and clearing and corporate trust, as well as providing access to the entire range of products and services offered by the HSBC Group, including cash management and funding solutions…………………………………….Full Article: Source

Masraf Al Rayan board approves $1bln sukuk

Posted on 29 March 2011 by Laxman  |  Email|Print

Masraf Al Rayan shareholders yesterday approved a board suggestion to raise $1bn debt from international markets through Islamic medium term notes to part fund its expansion.
This was approved at the bank’s annual general assembly, presided over by Hussain Ali al-Abdullah, its chairman and managing director. Shareholders also approved the financial result of 2010 which showed a net profit of QR1.21bn……………………………………..Full Article: Source

Dubai’s Sukuk rise most in year on debt accords

Posted on 29 March 2011 by Laxman  |  Email|Print

The yield on Dubai’s Islamic bond fell the most in more than a year last week, leading a rally in Arabian Gulf sukuk, as government-related companies complete debt restructurings and posted better-than-expected earnings.

The yield on Dubai’s 6.396 percent dollar sukuk due in November 2014 fell to a record low 5.59 percent March 25, taking the weekly decline to 57 basis points, the most since the week ended March 5, 2010, data compiled by Bloomberg show…………………………………….Full Article: Source

Islamic finance system lacks a comprehensive law: Expert

Posted on 29 March 2011 by Laxman  |  Email|Print

Islamic banks and finance institutions should have a comprehensive law to regulate their activities, make their products Shariah-compliant and win investor confidence, according to a professor at the Department of Economics in the International Islamic University, Malaysia (IIUM).

“At present there is no law defining what is Islamic banking and finance. We need a complete set of rules and regulations. In the absence of such a law, discrepancies will continue,” Muhammad Yousuf Saleem told Arab News……………………………………..Full Article: Source

Why not Islamic finance?

Posted on 29 March 2011 by Laxman  |  Email|Print

An efficient capital market is one where persons who require capital or financing and persons able to supply such requirements have free access to one another through a wide variety of financial instruments, publicly available information and, yes, even modes of transaction consistent with their religious and moral beliefs.

For centuries, the most familiar and traditional way of raising capital in the Western world has been through incurring debt. In a sense, the business of moneylending has been associated with one particular faith – that of the Jews to the extent that Shakespeare’s fictional Jewish character of Shylock in the “Merchant of Venice” has come to stereotype the cut-throat ethos associated with moneylending (“shylock” now being slang for a usurer)…………………………………….Full Article: Source

Sri Lanka Islamic equity rules still evolving: practitioner

Posted on 29 March 2011 by Laxman  |  Email|Print

Islamic finance principles in Sri Lanka are still evolving and there is vigorous debate on deciding stocks compliant with Sharia or Islamic law both in the island and abroad, a practitioner has said.
Broadly under Islamic finance sectors such as gambling, non compliant meats like pork, entertainment, conventional banks or finance companies, defence, entertainment, alcohol, tobacco, pornography and even hotels are excluded…………………………………….Full Article: Source

10Questions: The growth of Shariah-compliant insurance

Posted on 29 March 2011 by Laxman  |  Email|Print

Shariah-compliant insurance is based on the principle ‘Ta’awun’ which means ‘mutual protection’. The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) defines it as “a system through which the participants donate part or all of their contributions which are used to pay claims for loss suffered by some of the participants”.
Takaful is based on mutual solidarity, responsibility, assurance, protection, and assistance between groups of participants. The main attributes of Takaful are transparency of terms, conditions and fees, consumer fairness, and full disclosure with no ‘hidden extras’……………………………………..Full Article: Source

MII launches competency framework for insurance & Takaful industry

Posted on 29 March 2011 by Laxman  |  Email|Print

The Malaysian Insurance Institute (MII) has launched the Competency Framework for the Malaysian insurance and takaful industry. Its chief executive officer, Khadijah Abdullah, said the objective was to develop a complete set of Competency Framework for major key job profiles in the industry.

“It would serve as a standard reference guide in human capital development in the industry,” she said at the launch of the framework here Monday…………………………………….Full Article: Source

Noor Islamic Bank and Noor Takaful recognized at Banker Middle East Product Awards 2011

Posted on 29 March 2011 by Laxman  |  Email|Print

Noor Investment Group (NIG), the Dubai-based Shari’a compliant financial solutions group, today announced Noor Islamic Bank has been awarded for ‘Best Business Product’ and Noor Takaful for ‘Best Insurance Product’ at this year’s edition of the Banker Middle East Product Awards.

Noor Islamic Bank’s Global Transaction Services unit was acknowledged for the outstanding results achieved by its latest service, the License Fee Collection facility for the Dubai Department of Economic Development. Noor Takaful was acknowledged for its online insurance products that proved popular across the country…………………………………….Full Article: Source

Islamic banking deepens financial services uptake

Posted on 29 March 2011 by Laxman  |  Email|Print

Islamic banks now control 0.9 per cent of total accounts, indicating increased penetration of financial services to a segment of the population that was hitherto excluded from the system due to its religious beliefs.

Central Bank of Kenya data shows that Gulf African Bank and First Community Bank, both of them exclusively Shariah-compliant banks, had 58,101 deposit accounts and 2,609 loan accounts as at the end of December 2010, four years after their licensing…………………………………….Full Article: Source

CBB Sukuk Al-Salam Securities over subscribed

Posted on 29 March 2011 by Laxman  |  Email|Print

The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been oversubscribed by 683%. Subscriptions worth BD82m were received for the BD12m issue, which carries a maturity of 91 days.

The expected return on the issue, which begins on 30 March 2011 and matures on 29 June 2011, is 1.15%…………………………………….Full Article: Source

Sukuk makes a strong comeback

Posted on 28 March 2011 by Laxman  |  Email|Print

Paul Henri PruvostThe global market for Islamic bonds, or sukuk, returned to growth last year, shaking off the lingering effects of the global financial crisis, analysts say, with total issuance beating even the pre-crisis year of 2007 and Gulf issuers playing an increasingly important role.

Sukuk issues reached a record $51.2 billion in 2010, an increase from the 2007 peak of 34 per cent, according to a report by Standard and Poor’s…………………………………….Full Article: Source

Kenya’s Sukuk ambitions must be tempered with reality

Posted on 28 March 2011 by Laxman  |  Email|Print

Njuguna Ndung'uKenya has ambitions of becoming the Islamic finance hub of East Africa and has the first mover advantage. But contrary to recent reports that Kenya may pass legislation to eliminate tax barriers to sukuk issuance by the end of the year, Islamic bankers in East Africa’s largest economy stress that it is highly unlikely that any major developments will occur in terms of tax neutrality and other legislation that is required to facilitate products such as sukuk in the local market.
The Central Bank of Kenya (CBK) has been talking about changing the legislation to create an enabling environment for the origination of sukuk in Kenya…………………………………….Full Article: Source

Kenya’s Sukuk ambitions must be tempered with reality

Posted on 28 March 2011 by Laxman  |  Email|Print

Kenya has ambitions of becoming the Islamic finance hub of East Africa and has the first mover advantage. But contrary to recent reports that Kenya may pass legislation to eliminate tax barriers to sukuk issuance by the end of the year, Islamic bankers in East Africa’s largest economy stress that it is highly unlikely that any major developments will occur in terms of tax neutrality and other legislation that is required to facilitate products such as sukuk in the local market.
The Central Bank of Kenya (CBK) has been talking about changing the legislation to create an enabling environment for the origination of sukuk in Kenya…………………………………….Full Article: Source

Malaysia sukuk rally as ringgit boosts profit

Posted on 28 March 2011 by Laxman  |  Email|Print

Malaysia’s cost to borrow in the world’s largest Islamic bond market is at a 10-week low as the ringgit’s rally lures record investment by global funds. The yield on the 3.941 per cent government note due June 2017 fell eight basis points this year to 3.77 per cent, its lowest level since Jan. 11, according to data compiled by Bloomberg.

The Bloomberg-AIBIM-Bursa Malaysia Sovereign Shariah Index, which tracks nine of the most-traded ringgit-denominated debt, climbed 0.3 percent this month to 101.7960 yesterday, the highest level since it started in September…………………………………….Full Article: Source

Is there a double standard in Tim Pawlenty’s disavowal of Sharia-compliant mortgages?

Posted on 28 March 2011 by Laxman  |  Email|Print

Adam Serwer writes about a state mortgage program set up in Minnesota during Tim Pawlenty’s tenure that structured loans to avoid interest payments barred under Islamic law. He speculates it could become a problem for the ambitious Pawlenty among conservatives who “believe Sharia-compliant finance is part of a ’stealth jihad’ to subvert the Constitution.”

Ben Smith asked for some clarification from Pawlenty spokesman Alex Conant. “Fortunately, only about three people actually used the program before it was terminated at the Governor’s direction,” he said. As to Pawlenty’s reason for ending the program: “The United States should be governed by the U.S. Constitution, not religious laws,” he said…………………………………….Full Article: Source

Saudi mortgage law to be enforced in 2012

Posted on 28 March 2011 by Laxman  |  Email|Print

Under Islamic mortgages, banks buy the property on behalf of the borrower and re-sell it to them at a profit, allowing the buyer to pay them back in installments. A long-awaited mortgage law could be enforced in Saudi Arabia in 2012 after a series of delays because of reservations by some members of the Gulf Kingdom’s appointed parliament, a key Saudi bank said.

The enactment of the mortgage law will act as a catalyst for the domestic real estate sector, enhance the market’s sophistication and widen funding options for middle and low-middle income groups if applied and enforced, Banque Saudi Fransi (BSF) said in a study sent to Emirates 24/7…………………………………….Full Article: Source

Ithmaar returns to profitability

Posted on 28 March 2011 by Laxman  |  Email|Print

Bahrain-based Islamic retail major Ithmaar Bank on Sunday said it had recorded a consolidated income of $51.4 million in 2010 compared with a loss of $44 million in 2009.

Ithmaar Bank Chairman Prince Amr Mohammed Al-Faisal, board member Khalid Abdulla-Janahi told Ithmaar shareholders that the bank would continue to focus on growing its core retail and corporate business in the year ahead…………………………………….Full Article: Source

Outdated laws hold back growth in Islamic banking

Posted on 28 March 2011 by Laxman  |  Email|Print

The slow rate of reforms on laws governing Islamic banking is holding back the sector’s growth potential in the region and its contribution to the economy, a leading Islamic banking specialist has said.

And as a result, Kenya risks losing investment to Uganda that has fully revised its banking rules and regulations to cater for Islamic financial institution needs…………………………………….Full Article: Source

Tamkeen and Bahrain Development Bank sign agreement to increase the value of finance scheme

Posted on 28 March 2011 by Laxman  |  Email|Print

Tamkeen and Bahrain Development Bank signed an agreement to increase the value of the finance scheme portfolio providing financing facilities to private sector enterprises at BD2m targeted at emerging enterprises.
The agreement was signed by the Vice President of Enterprise & Human Capital Development, Dr. Ahmed Abdul Ghani Al Shaikh and CEO of Bahrain Development Bank, Mr. Nidhal Saleh Al Aujan…………………………………….Full Article: Source

Saudi Arabia banking sector set for robust growth

Posted on 28 March 2011 by Laxman  |  Email|Print

Saudi Arabia has one of the largest and fastest growing banking markets in the Middle East. Introduction of new products/services and distribution channels, more banks offering Islamic Banking services, and the opening up of the banking and insurance sector to foreign investors has resulted in various positive changes. It is expected that the banking assets in the Kingdom will grow at a CAGR of around 18% during 2010-2013.

Increased demand for consumer and corporate financing in the enhanced economic conditions will fuel the growth in the Kingdom’s banking sector…………………………………….Full Article: Source

Saudi Investment Bank hikes capital to $1.5bln

Posted on 28 March 2011 by Laxman  |  Email|Print

Saudi Investment Bank said on Sunday it plans to increase its capital by 22 percent to SR5.5bn ($1.5bn) by issuing 1 free share for each 4.5 shares.

“This will involve the transfer of 1 billion riyals from the leftover profits as of 31, December, 2010,” the firm said in a bourse statement on Sunday…………………………………….Full Article: Source

Kuveyt Turk epitomizes optimism of participation banking sector

Posted on 28 March 2011 by Laxman  |  Email|Print

Kuveyt Turk Participation Bank (KTPB), a subsidiary of the Kuwait Finance House (KFH), one of the pioneers of global Islamic finance, is a leading Turkish participation (Islamic bank). While Turkish participation banks in general are deemed to be conservative and cautious, KTPB has set the tone by venturing abroad into Germany, Dubai, Bahrain and Kazakhstan and by pioneering new products based on physical gold and exporting them to markets in Malaysia and elsewhere through the global network of KFH.
These include gold-backed exchange traded funds (ETFs), gold-backed banking accounts and sukuk. Ufuk Uyan, CEO of Kuveyt Turk Participation Bank, a doyen of Turkish Islamic banking, has been at the forefront of the expansion of KTPB, taking it to the top 10 tier of Turkish banks…………………………………….Full Article: Source

UAE banks’ assets rise 1.8pct to Dh1.66 trillion

Posted on 28 March 2011 by Laxman  |  Email|Print

The UAE banks’ deposits, customer loans and assets rose in February, showing a sign of confidence in the economy. “Total banks’ loans and advances, net of provisions and interest in suspense, increased by 0.6 per cent, reaching Dh1.049 trillion, and the total banks’ assets increased by 1.8 per cent, reaching Dh1.66 trillion at the end of February this year,” the Central Bank of the UAE said.
The central bank data showed that the total banks’ deposits rose 2.1 per cent on month-on-month basis at the end of February, 2011 to Dh1.079 billion. In the same period last year, banks’ deposits increased by 2.8 per cent and bank loans and advances increased by 1.7 per cent……………………………………Full Article: Source

ADCB names Menhali new Islamic banking head

Posted on 28 March 2011 by Laxman  |  Email|Print

Abu Dhabi Commercial Bank on Sunday named Amr Saad Al Menhali, previously senior vice president and head of retail credit, as its new head of Islamic banking.

Menhali replaces Mufaddal Khumri, who resigned earlier this month to help launch an Islamic branch at National Bank of Ras al Khaimah…………………………………….Full Article: Source

ADCB to decide on RHB stake sale in 2-3 weeks, banker says

Posted on 28 March 2011 by Laxman  |  Email|Print

Abu Dhabi Commercial Bank, the UAE’s third-biggest bank by assets, will decide in two to three weeks on whether to sell a 25 percent stake in RHB Capital, a banker familiar with the matter said.

ADCB, which acquired the stake in the Malaysian lender in 2008 for 3.9 billion ringgit ($1.3bn), has hired Goldman Sachs Group to advise on whether to sell the holding, the person said, declining to be identified because of confidentiality restrictions. Another bank also may be hired, the person said…………………………………….Full Article: Source

ADCB hires Goldman Sachs to sell stake in Malaysian bank

Posted on 28 March 2011 by Laxman  |  Email|Print

Abu Dhabi Commercial Bank (ADCB) has hired Goldman Sachs to sell its 25 percent stake in Malaysian bank RHB Capital valued at $1.4 billion, two sources with direct knowledge of the matter told Reuters on Saturday.

ADCB had shortlisted three to four banks and was still deciding whether to appoint a second adviser for the sale, sources added…………………………………….Full Article: Source

Top award for Barwa Bank

Posted on 28 March 2011 by Laxman  |  Email|Print

Barwa Bank has received a major award at the Banker Middle East Industry Awards, held in Dubai
recently. The bank has won the “Best New Retail Finance Product” category for its home finance product which was launched earlier this year.
Barwa Bank assistant general manager and head of retail banking, Eslah Assem, and head of retail banking product Samar Kidawi received the award on behalf of Barwa Bank…………………………………….Full Article: Source

Courses on Islamic economy to be held in Paris

Posted on 28 March 2011 by Laxman  |  Email|Print

Educational courses on Islamic economy are to be held by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in Paris, France.

According to Saphirnews website, “Productions based on Islamic principles” will be the theme of the courses to be held at Picasso Hall in Mélia Hotel…………………………………….Full Article: Source

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