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Islamic Finance Briefing - Archive | May, 2012

Can Islamic banking help boost Czech exports?

Posted on 31 May 2012 by Laxman  |  Email|Print

A good deal of the ongoing economic and financial turmoil on world markets has been blamed on the unscrupulous practices of the international banking and financial sector. Islamic banking, on the other hand, is seen as a fairer and more balanced alternative which has been much less affected by the crisis.
Can the Czech Republic benefit from a financial system based on the Islamic law? And can Islamic banking help boost Czech exports into Muslim countries?……………………………………….Full Article: Source

Islamic banks should become ‘Ibrahimi banks’

Posted on 31 May 2012 by Laxman  |  Email|Print

A Saudi billionaire who heads a key Arab Islamic bank has proposed that Shariah-compliant banks worldwide change their name to “Ibrahimi banks” as an indication that other key religions also prohibit usury.
Saleh Kamel, one of the richest businessmen in the Arab world with an estimated wealth of more than $five billion, said the name of Islamic banking shows that Islam bans only usury but its economic principles are much wider………………………………………..Full Article: Source

‘Abrahamic’ not ‘Islamic’ ? Saleh Kamel suggests a new name for Shariah-compliance

Posted on 31 May 2012 by Laxman  |  Email|Print

London-based Alsharqalawsat reports Sheikh Saleh Kamel, President of Dallah Al Baraka Group and the founder of the Al Baraka Banking Group, as suggesting that Islamic banking should more properly be called Abrahamic banking.
Sheikh Saleh suggested the new appellation as an indication that other religions also prohibit usury. “Usury is prohibited by Islam as well as Christianity and Judaism…hence these banks should be named Abrahamic banks since these three religions are affiliated to Abraham [Ibrahim], the father of prophets (peace be upon him)….we have no right to deny Christians and Jews their right in prohibiting usury………………………………………..Full Article: Source

Abu Dhabi Islamic Bank opens swanky London branch

Posted on 31 May 2012 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank ADIB.AD, the second-largest Islamic lender in the United Arab Emirates (UAE), opened its first branch in London’s swanky Knightsbridge on Wednesday, targeting wealthy Gulf clients in Britain.
Sheikh Khalid Bin Zayed Al Nahyan, a member of the Abu Dhabi royal family, joined Prince Andrew, The Duke of York, to open the office at One Hyde Park, the 1 billion pound luxury Candy and Candy development located near the Harrods department store………………………………………..Full Article: Source

ADIB the first UAE Islamic bank to begin operations in the UK

Posted on 31 May 2012 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank (ADIB) has officially opened its London branch at the prestigious One Hyde Park at Knightsbridge. It becomes the first UAE-based Islamic financial institution to receive a banking operations licence from the UK Financial Services Authority and to offer full range of services to high net worth individuals.
ADIB London was inaugurated by HH Sheikh Khalid Bin Zayed Al Nahyan and HRH Prince Andrew,……………………………………….Full Article: Source

Bank Negara introduces new Islamic instrument

Posted on 31 May 2012 by Laxman  |  Email|Print

Bank Negara announced introduction of a new Islamic monetary instrument, Collateralised Murabahah. It said Collateralised Murabahah was essentially a syariah-compliant financing secured by assets in which the financier had the right to sell the asset should the client fail to repay the financing.
“It combines the widely accepted Murabahah financing transaction with sukuk (Islamic bond) that forms the pledged asset to back the transaction,” it said in a statement………………………………………..Full Article: Source

Noor Islamic Bank launches two unique structured investment products with 100 pct capital protection

Posted on 31 May 2012 by Laxman  |  Email|Print

Noor Islamic Bank , a leading Islamic bank in the United Arab Emirates, has launched two unique structured wealth management investment products, which offers clients an exposure to a diverse range of Asset Classes while minimising their risk through one structured deposit.
The new products, which allow clients to invest in Precious Metals, Currencies, Equities, Energy and Agricultural Commodities, with 100 per cent capital protection, join an impressive line-up of 33 shari’a compliant mutual funds distributed by Noor. (Press Release)

US sanctions leading Syrian private bank

Posted on 31 May 2012 by Laxman  |  Email|Print

Washington slapped sanctions on the partially Qatar-owned Syria International Islamic Bank Wednesday, saying it had helped the Damascus regime skirt sanctions placed on the country’s leading bank.
Qatar is supporting the move with “corresponding actions” that could include cutting financial links to the bank, the US Treasury said, as Washington and allies step up pressure on the regime of President Bashar al-Assad over its brutal campaign of repression against a popular uprising………………………………………..Full Article: Source

Gulf taps Malaysian investors for sukuk as risk aversion rises

Posted on 31 May 2012 by Laxman  |  Email|Print

Companies in the Gulf region are looking at issuing Islamic bonds that target Malaysian investors as a way to diversify funding sources and tap Asian demand for Middle East debt.
Bahrain-based lender Gulf International Bank, owned by the government of Saudi Arabia, announced this week it had set up a new 3.5 billion Malaysian ringgit Islamic bond, or sukuk, program, and could potentially issue a bond soon………………………………………..Full Article: Source

RM8bil sukuk for KVMRT

Posted on 31 May 2012 by Laxman  |  Email|Print

Danainfra Nasional Bhd, a wholly-owned subsidiary of Minister of Finance Incorporated, will issue RM8bil worth of government-guaranteed sukuk to partly finance the Klang Valley Mass Rapid Transit (KVMRT) project.
The massive project is being developed and managed by Mass Rapid Transit Corp Sdn Bhd (MRT Corp)………………………………………..Full Article: Source

Saudi Aramco seeks $12.5 bln in debt for Dow project, may plan Sukuk

Posted on 31 May 2012 by Laxman  |  Email|Print

State-owned oil giant Saudi Aramco is seeking to raise $12.5 billion in debt to help finance its joint venture with Dow Chemical, according to a report in Project Finance International (PFI), a unit of Thomson Reuters.
The multi-tranche, multi-tenor financing strategy will include an export credit agency (ECA) portion, a commercial bank tranche and a capital markets part, most likely a 144a issue, open to U. S. investors, or an Islamic bond………………………………………..Full Article: Source

Aramco, Dow Venture seek $1.4 billion from the sale of Islamic bonds

Posted on 31 May 2012 by Laxman  |  Email|Print

Saudi Arabian Oil Co. and Dow Chemical Co. (DOW) sent requests to banks for $12.4 billion in financing for Sadara Chemical Co., their $20 billion joint venture, two bankers with knowledge of the situation said.
The Saudi company, also known as Saudi Aramco, and Dow Chemical plan to raise $2.66 billion in bank loans, $1.4 billion from the sale of Islamic bonds, $6.5 billion from export credit agency financing, $1.3 billion from Saudi’s Public Investment Fund, and $530 million from the Saudi Industrial Development Fund, the people said……………………………………….Full Article: Source

The importance of being Islamic

Posted on 31 May 2012 by Laxman  |  Email|Print

If VTB manages, on its third attempt, to issue a sukuk then the Russian bank will have achieved for conventional issuers what Goldman Sachs couldn’t and Crédit Agricole didn’t dare. Demonstrating that such business is possible would do a big favour for the Islamic finance market — and the Russians themselves.
Goldman Sach’s difficulties in accessing the sukuk market threatened to be a big setback for the global Islamic finance market’s cause. But a VTB success could revive interest among other potential non-Islamic borrowers — providing it goes about the task in the right way………………………………………..Full Article: Source

Indosat aims to cash trillions from bonds

Posted on 31 May 2012 by Laxman  |  Email|Print

Indosat, the country’s second-largest mobile phone operator, plans to raise Rp 2.5 trillion ($267 million) from selling conventional and Islamic bonds next month.
The Jakarta-based mobile operator plans to sell Rp 2 trillion of seven- and 10-year conventional bonds next month and Rp 500 billion of seven-year Islamic bond at the end of June this year………………………………………..Full Article: Source

Almarai eyes $4.2bln push

Posted on 31 May 2012 by Laxman  |  Email|Print

Saudi Arabian dairy and food producer Almarai Company’s board has approved a 15.7-billion riyal ($4.2bn), five-year investment plan that will draw on finance from bank loans and sukuk, it said.
The money will replace the company’s existing investment base and fund expansion between 2013 and 2017 of its operations in farming, manufacturing, distribution and logistics………………………………………..Full Article: Source

Emirates mulls sukuk refinancing

Posted on 31 May 2012 by Laxman  |  Email|Print

Emirates, the fast expanding Gulf airline, may seek to refinance a $550 million Islamic bond maturing in June but has not ruled out repayment in cash, a senior executive said.
“We are currently considering whether to refinance, and by what product. Cash flow is good and we have the ability to repay if we decide,” corporate treasury senior vice-president Brian Jeffery said………………………………………..Full Article: Source

Bonds: Saudi issuance is important signal to companies

Posted on 31 May 2012 by Laxman  |  Email|Print

Saudi Arabia, long the sleeping giant of the Islamic debt markets, is finally shaking off its torpor and has dominated global sales of so-called sukuk so far this year.
Sukuk are bonds that are structured to comply with Islamic principles and have strictures against interest. Rather than a fixed coupon, the instruments pay a “profit rate”………………………………………..Full Article: Source

How to raise debt capital via Sukuk markets

Posted on 31 May 2012 by Laxman  |  Email|Print

Sukuk or Islamic bonds enable organisations to raise capital in a Shariah compliant manner. The demand for sukuk was previously limited outside the GCC until few years ago and the year 2012 sees Oman as an emerging potential sukuk market among Thailand and the CIS countries.
Since the concept of “Sukuk” is a fairly new phenomenon in Oman, Mr. Hussain Al-Yafai, Director, Debt Capital Markets MENA, Standard Chartered Bank, will provide us an in-depth view on raising debt capital via Sukuk markets, at the Oman Islamic Banking and Finance Conference 2012 taking place from 5th-6th June 2012 at the Grand Hyatt. (Press Release)

Islamic finance on hunt for right apprentice

Posted on 31 May 2012 by Laxman  |  Email|Print

Islamic finance is on the hunt for an apprentice. Dome Advisory, an international sharia advisory firm is launching a nationwide search for talented students at UK universities who can come up with a business plan or research idea that will aid the development of Islamic finance.
“I want the best brains…We need new blood in the industry and they don’t have to be Muslim,” Sheikh Bilal Khan, sharia scholar and non-executive director at London-based Dome said………………………………………..Full Article: Source

Takaful Insurance removes 6 sponsor-directors

Posted on 31 May 2012 by Laxman  |  Email|Print

Takaful Islami Insurance Limited removed six sponsor-directors on Wednesday as they failed to follow the Securities and Exchange Commission (SEC) order to hold minimum two percent stake as individual directors.
The board of directors of the company nodded the decision to remove the six sponsor-directors in its Annual General Meeting (AGM) on Wednesday, Secretary of the firm Abul Kalam Azad told bdnews24.com………………………………………..Full Article: Source

Muamalat’s sukuk set to be launched

Posted on 30 May 2012 by Laxman  |  Email|Print

Andi BuchariPT Bank Muamalat, one of the country’s major sharia banks, will issue Islamic bonds (sukuk) worth Rp 800 billion (US$84.8 million) in the third week of June. Muamalat’s compliance and risk management director Andi Buchari told reporters on Monday he hoped the financial market would be bullish again later next month so that the new sukuk would be fully subscribed by investors.
“We are still confident about the market demand for our sukuk,” Buchari said, hoping that it could be priced with a yield of 9 percent………………………………………..Full Article: Source

Emirates undecided on $550 mln sukuk

Posted on 30 May 2012 by Laxman  |  Email|Print

Emirates, the fast expanding Gulf airline, may seek to refinance a $550 million (Dh2 billion) Islamic bond maturing in June but has not ruled out repayment in cash, a senior executive said on Tuesday.
“We are currently considering whether to refinance, and by what product. Cash flow is good and we have the ability to repay if we decide,” Brian Jeffery, senior vice president, corporate treasury told reporters in Dubai………………………………………..Full Article: Source

Emirates can settle US$550mln debt next month - Jeffery

Posted on 30 May 2012 by Laxman  |  Email|Print

Emirates, the biggest airline by international traffic, has ‘good’ cash flows and is able to repay its US$550m of Islamic bonds due in June, Senior Vice President of Corporate Treasury Brian Jeffery said.
The airline has not decided whether it will repay or refinance the debt, Jeffery told reporters in Dubai today. The price differential of issuing sukuk as opposed to non-Islamic debt would need to be “significant” to issue the Shariah-compliant securities, he said………………………………………..Full Article: Source

Bahrain: Launching an Islamic bonds sale program

Posted on 30 May 2012 by Laxman  |  Email|Print

Sukuk Al-Wakkah, a Medium Term Note program has been set up by the Bahrain based Gulf International Bank (GIB) for 1.1 billion dollars. The program falls under the tactical ambitions of the country’s search to vary its funding avenues and currencies for the bank. The lead arrangers are Standard Chartered Saadiq Berhad and Malaysia’s CIMB Investment Bank.
The Gulf International bank Capital LLC which is an investment bank under the authority of the Bahrain based lender is the international coordinator for Sukuk Al-Wakkah………………………………………..Full Article: Source

New $750 mln Sukuk offered in Saudi Arabia and listed in London

Posted on 30 May 2012 by Laxman  |  Email|Print

Baker & McKenzie has advised Banque Saudi Fransi, Saudi Arabia’s fifth biggest bank by market capitalization, on its debut $750 million 2.947 per cent Trust Certificates due 2017 issued under its $2 billion Sukuk Programme. The Trust Certificates are to be listed on the London Stock Exchange.
The firm also advised the Bank on the establishment of its $2 billion Euro Medium Term Note Programme and debut $650 million issue under the Programme in 2010………………………………………..Full Article: Source

MAS loss spurs 6pct yield for sukuk

Posted on 30 May 2012 by Laxman  |  Email|Print

Malaysian Airline System Bhd’s fifth straight quarterly loss is prompting investors to demand a yield of at least 6 percent for a planned Islamic bond, 2 percentage points more than the average rate on global sukuk.
The national carrier said it will sell 1 billion ringgit ($318 million) of securities in June without a set maturity. It would be the first sukuk sold as perpetual bonds in the nation. Malayan Banking Bhd., the country’s largest lender, paid 6 percent for similar notes that don’t comply with Islamic tenets at the height of the 2008 credit crisis………………………………………..Full Article: Source

MAS loses senior executive ahead of sukuk

Posted on 30 May 2012 by Laxman  |  Email|Print

Malaysia Airlines (MAS), the country’s national carrier, has been hit by a fresh challenge this week, just days after it outlined a three-pronged plan to shore up its working capital.
Executive director and deputy chief executive Mohammed Rashdan Mohd Yusof has resigned from his position after nine months at the company………………………………………..Full Article: Source

Norton Rose advises Majid Al Futtaim Group on its MTN and Sukuk programmes

Posted on 30 May 2012 by Laxman  |  Email|Print

International legal practice Norton Rose Group has advised the Majid Al Futtaim Group on the simultaneous update of its $2bn Global Medium Term Note Programme (the GMTN Programme) and its $1bn Trust Certificate Issuance Programme (the Sukuk Programme).
The GMTN Programme was arranged by Barclays Bank PLC, Emirates NBD Bank PJSC and Standard Chartered Bank. The Sukuk Programme was arranged by Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank PJSC, HSBC Bank plc and Standard Chartered Bank. (Press Release)

CBB Sukuk Al-Salam Securities oversubscribed

Posted on 30 May 2012 by Laxman  |  Email|Print

The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD 18 million issue, which carries a maturity of 91 days, has been oversubscribed by 178%.
The expected return on the issue, which begins on 30 May 2012 and matures on 29 August 2012, is 1.18%. The securities are issued by the CBB on behalf of the Government of the Kingdom of Bahrain………………………………………..Full Article: Source

Barwa unit closes first Shariah fund in Brazil

Posted on 30 May 2012 by Laxman  |  Email|Print

The First Investor (TFI), the investment banking division of Qatar-based Barwa Bank Group, has announced the closing of the first Shari’ah compliant closed-end income generating fund in Brazil.
The TFI-Hines Brazil Income Real Estate Fund is a joint venture between Barwa bank and US-based Hines International Real Estate Holdings………………………………………..Full Article: Source

IDB exploring microfinance options in UK

Posted on 30 May 2012 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) is exploring social and financial inclusion opportunities in the UK including the provision of community-based microfinance, SMEs (small-and-medium-sized enterprises) financing and technical assistance programs.
An IDB delegation, led by its President Dr. Ahmed Mohammed Ali, participated in a roundtable here Monday with financial institutions, law firms, corporates and community organizations and leaders………………………………………..Full Article: Source

IDB approves US$ 260 mln financing

Posted on 30 May 2012 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) has approved financing of US$ 260.6 million for development projects in member countries and Muslim countries around the world.
The funding will finance infrastructure developments in the Middle East and Africa, including US$ 81.00 million for Nigeria’s Zaria Water Supply Expansion Project, US$ 33.6 million for the Gorou Banda Thermal Power Project in Niger, and US$ 16 million for the Hadath El-Jubba-Bqerqasha Road Project in Lebanon………………………………………..Full Article: Source

Law approves loan agreement between Yemen and IDB

Posted on 30 May 2012 by Laxman  |  Email|Print

The law No. 11 for 2012 issued on Tuesday approved a loan agreement signed on 23 June 2010 between Yemen and Islamic Development Bank (IDB).
Under the agreement, the IDB, as Director of the Islamic Solidarity Fund for Development (ISFD) will present a loan of $12.5 million to contribute to finance a project of support rural development opportunities in Yemen………………………………………..Full Article: Source

Emirates Islamic Bank launches first Islamic banking iPhone application in UAE

Posted on 30 May 2012 by Laxman  |  Email|Print

Emirates Islamic Bank , one of the leading Islamic financial institutions in the region, announced today the launch of its Mobile Banking via iPhone, - another technological milestone for the bank. The new application allows customers using iPhone, to conveniently access online banking from their Smartphone while on the move.
The new Arabic-enabled application is a first-of-its-kind offering from an Islamic bank in the UAE………………………………………..Full Article: Source

Saudi Almarai in $4.2 bln, 5-year investment plan

Posted on 30 May 2012 by Laxman  |  Email|Print

Saudi Arabian dairy and food producer Almarai Co’s board has approved a 15.7-billion riyal ($4.2 billion), five-year investment plan that will draw on finance from bank loans and Islamic bonds, it said on Tuesday.
The money will replace the company’s existing investment base and fund expansion between 2013 to 2017 of its operations in farming, manufacturing, distribution and logistics, Almarai said in a bourse statement………………………………………..Full Article: Source

NAICOM releases guidelines on Takaful insurance September

Posted on 30 May 2012 by Laxman  |  Email|Print

The National Insurance Commission (NAICOM) said takaful insurance, a platform for the protection of lives and properties based on risk sharing as against risk transfer would be opened to Nigerians who are interested in non-profit risk protection services.
The Commissioner for Insurance, Mr. Fola Daniel who confirmed this said the guidelines on takaful insurance would be released by the commission before the end of the third quarter of this year………………………………………..Full Article: Source

University launches Islamic finance research unit

Posted on 30 May 2012 by Laxman  |  Email|Print

A North West university is launching a research centre into Islamic finance.Launched at the University of Bolton , the Centre for Islamic Finance will begin with a lecture from Dr Ahmed Mohammad Ali, president of the Islamic Development Bank - a leading Saudi Arabian financial institution.
Dr Ali will address business leaders from across the region including lawyers, bank officials and commercial partners at the event at the university’s Senate House……………………………………….Full Article: Source

Brunei Halal UK base will train Bruneians: report

Posted on 30 May 2012 by Laxman  |  Email|Print

The Brunei Halal Brand’s base in Birmingham will help support the company’s financial and human resource development objectives aside from being merely a sales and distribution warehouse for the United Kingdom and Europe.
In the Oxford Business Group’s (OBG) 2011 country report on Brunei, chief executive officer of Brunei Wafirah UK Dr Muhammad Nazir OBE said the brand’s operation base in UK will help in the creation of professionals in the field both for the Bruneian and European market………………………………………..Full Article: Source

Islamic finance: Fitting in & standing out

Posted on 30 May 2012 by Laxman  |  Email|Print

A Sharia-compliant equivalent of the popular UK and US reality show The Apprentice has recently been announced by a UK-based organisation. This follows the news of an ‘Islamic Facebook’ and ‘Halal-Tube.’ The Muslim world also has superheroes, like The 99, Muslim dolls (Dara and Sara), Muslim Cola (Mecca Cola), Islamic car, and so on.
It seems the criticism labelled against Islamic fin-ance products, form over substance, also has application in the ‘info-tainment,’ and social media area. Yes, imitation is the best form of flattery, but we (the Muslim world) also need to be flattered………………………………………..Full Article: Source

Knowledge economies still elusive in Islamic world

Posted on 30 May 2012 by Laxman  |  Email|Print

Last month, a special report by The Economist magazine announced the dawn of the third industrial revolution, built on the idea of individualised production powered by 3D printers and nano devices that create objects atom by atom.
It talked of a not-so-distant age when the global centre of gravity of production — which in the 1970s moved to developing countries like China, Malaysia, Taiwan — will revert to the developed world, in order to be nearest to the ‘brains’………………………………………..Full Article: Source

Malaysian Airlines aims for landmark Islamic bond

Posted on 29 May 2012 by Laxman  |  Email|Print

Malaysian Airlines (MAS) has proposed the world’s first corporate perpetual sukuk, a debt-equity hybrid, its top official said, hoping to raise up to 2.5 billion ringgit ($798 million) from the Asian state’s Islamic capital markets.
The structure, approved last week by the country’s regulator, further blurs the traditional definition of sukuk as a fixed-income instrument and aligns it closer to an equity instrument, as viewed by industry purists………………………………………..Full Article: Source

Malaysia said to plan $636 mln bond of mass railway

Posted on 29 May 2012 by Laxman  |  Email|Print

Malaysia plans to sell at least 2 billion ringgit ($636 million) of Islamic bonds to help finance the first phase of construction of a mass railway in Kuala Lumpur, two people familiar with the matter said.
Dana Infra Sdn., a company formed by the country’s finance ministry to fund development projects, may increase the offering to 3 billion ringgit if there’s sufficient demand, said the people, who declined to be named as the information is private. No date has been fixed for the sale because of Europe’s debt crisis and marketing may start as early as June, they said………………………………………..Full Article: Source

GIB unveils $1.11 bln Sukuk Al Wakala programme

Posted on 29 May 2012 by Laxman  |  Email|Print

Gulf International Bank (GIB) has successfully established a MYR 3.5 billion ($1.11 billion) Sukuk Al-Wakalah Medium-Term Note (MTN) programme in Malaysia. The Islamic MTN programme is based on the Shariah principle of Wakalah.
CIMB Investment Bank Berhad and Standard Chartered Saadiq Berhad are the joint lead arrangers, while GIB Capital LLC, GIB’s investment banking arm, is the international coordinator of the Sukuk programme………………………………………..Full Article: Source

Dubai’s JAFZA gets consent to repay US$2 bln sukuk early‎

Posted on 29 May 2012 by Laxman  |  Email|Print

The Jebel Ali Free Zone, or Jafza, a leading industrial free zone in the Middle East, said on Sunday that a majority of sukuk-holders had given it consent for an early redemption of a Dh7.5 billion-equivalent Islamic bond.
The free zone, which has been recording a steady surge in the number of industrial companies joining the zone, said a majority representing 89 per cent of certificate holders had voted in favour of the Extraordinary Resolution in a meeting on May 24 in London………………………………………..Full Article: Source

Pakistan: Top Islamic banker vows to increase interest-free banking share to 15pct by 2016

Posted on 29 May 2012 by Laxman  |  Email|Print

The Islamic banking current share of 8% should grow to over 15% by 2016 in the country through penetration in all potential sectors with innovative Sharia based products and services.
Irfan Siddiqui, President & CEO of Meezan Bank expressed his vision while stating the broad growth strategy of Islamic Banking industry and his bank for the next five years. Meezan Bank, Pakistan’s first and largest Islamic Commercial Bank has completed its 10-year of operations to become the 9th largest bank of Pakistan in terms of branches with a network of 288 in 88 cities across the country………………………………………..Full Article: Source

Meezan Bank celebrates 10 years of Islamic banking in Pakistan

Posted on 29 May 2012 by Laxman  |  Email|Print

Sheikh Ebrahim bin Khalifa Al-Khalifa Chairman of Meezan Bank, Pakistan’s first and largest Islamic Commercial Bank attributed Bank’s 10 years success to blessings of Allah SWT and thanked staff members for their efforts in establishment and growth of Riba-free banking in the country.
He was addressing by telephone from Bahrain at 10th anniversary of Meezan Bank, which has 288 branches in 88 cities, becoming Pakistan’s 9th largest Commercial Bank in terms of branch network with comprehensive portfolio of Islamic financial products, services for consumer, corporate and investment banking………………………………………..Full Article: Source

Dubai Islamic Bank opens doors to new Karama branch

Posted on 29 May 2012 by Laxman  |  Email|Print

Dubai Islamic Bank (DIB) announced the opening of a new branch in Karama, Dubai, bringing its UAE wide network to 75 branches. The branch, which takes DIB’s Dubai network to 36 branches, was officially inaugurated by Abdulla Al Hamli, Chief Executive Officer, DIB.
Speaking at the opening of the branch, Dr. Adnan Chilwan, Deputy Chief Executive Officer of DIB, said: “Branch infrastructure is a cornerstone of our Consumer Bank strategy. The opening of the new branch in Karama is an extension of this long-term strategy to expand our footprint across the UAE in order to maximise customer convenience. In 2012 alone, we have opened four new branches and have plans to open several more over the course of the year. Looking further ahead, we will continue to invest in our infrastructure to maintain our position as the nation’s number one Islamic bank.”(Press Release)

UK Islamic finance secretariat welcomes Islamic Development Bank president to London

Posted on 29 May 2012 by Laxman  |  Email|Print

Following an invitation from the Lord Mayor of the City of London, President of the Islamic Development Bank (IDB), Dr Ahmad Mohamed Ali visited London. In collaboration with Gatehouse Bank, TheCityUK’s UK Islamic Finance Secretariat (UKIFS) held a meeting at The Mansion House to enable representatives from across the UK Muslim community to meet Dr Ali and his accompanying delegation.
At this meeting they discussed areas of potential market development, including microfinance within Islamic communities, job creation initiatives for women entrepreneurs and innovative methods for developing young Muslim talent………………………………………..Full Article: Source

Takaful Malaysia Q1 pre-tax profit up 33pct

Posted on 29 May 2012 by Laxman  |  Email|Print

Takaful Malaysia Bhd has recorded a 33.5 per cent rise in its profit before taxation and zakat (PATZ) of RM37.512 million for the first quarter ended March 31, 2012 compared with RM28.096 million in the same period last year.
Its operating revenue increased by 38.8 per cent to RM429.045 million from RM308.982 million the same period last year, it said………………………………………..Full Article: Source

Malaysia: Life insurance sector may grow 10pct this year

Posted on 29 May 2012 by Laxman  |  Email|Print

Banking on economic growth of the region, which is currently at the forefront of global fiscal environment, Malaysia’s life insurance industry is expected to grow by 10% this year.
Malaysian Insurance and Takaful Brokers Association deputy chairman Raja Azlan Putra Raja Datuk Seri Azam foresaw that the industry would consolidate further as the country opened its door to foreign companies……………………………………….Full Article: Source

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