Posted on 10 March 2009 by Laxman | Email|Print
From Wealth-bulletin.com: Beneficiaries from the financial crisis are few and far between but it could prove to be the making of Islamic wealth management. While sharia-compliant financial services have enjoyed strong growth among ordinary banking customers and institutions, the wealthy have been slower to embrace Islamic finance.
Humayon Dar chief executive of BMB Islamic, an alternative asset manager with a focus on Islamic finance, said: “Historically in the Middle East and North Africa region, the high net worth and ultra-high net worth families have not been interested in Islamic finance.”…. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Efinancialnews.com: Banks are looking to western-style issuance programmes to rekindle Islamic capital markets as standard Islamic bond issuance continues to suffer. The move should enable companies to access funding more quickly, according to market participants.…. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Dubaicityguide.com: Dubai Islamic Bank (DIB), one of the UAE’s top five banks and the world’s third largest Islamic bank, today outlined its aggressive growth strategy for 2009.
Despite extremely challenging financial conditions globally, the bank projects that the expansion of its retail banking business, including 10 new branch openings in the UAE this year, will contribute significantly to its projected annual balance sheet growth and will account for approximately 47 percent of the bank’s revenue for 2009….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Gulf-times.com: Qatar’s government yesterday said it would buy the commercial banks’ local investment portfolios, which have weighed heavily om their net profitability.
The banks’ ‘balance sheet cleansing’ act comes as part of the sovereign measures to instill confidence in the market. It comes also in the wake of global credit rating agency Moody’s stamping a “negative” outlook on the Qatari banking industry last month….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From IHT: Qatari shares soared Monday after the government said it would buy investment funds from banks to help shield the financial system from the global credit crisis.
“Such procedures reflect the due concern of the government in the banking sector,” the government said….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Gulfnews.com: The issue of a potential merger between Amlak Finance PJSC and Tamweel PJSC, the United Arab Emirates’ two biggest mortgage lenders whose combination was announced in November, will be resolved soon, the government said.
“We are almost finalised with the issue now,” Minister of Economy Sultan Bin Saeed Al Mansouri said in Abu Dhabi yesterday, without specifying whether a merger would go ahead….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Efinancialnews.com: The nosedive in fee revenues suffered by investment banks in the Middle East last year shows little sign of reversing this year, but bankers in the region are looking at mergers and acquisitions and the swaps market for a glimmer of hope.…. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Reuters: Amiri Capital, the Islamic asset manager backed by investment firm Olivant, said on Monday it has teamed up with broker Newedge to launch the first Islamic fund of long/short hedge funds marketed in the Middle East.
The partnership with Newedge — itself a joint venture between Calyon and Societe Generale - allows Amiri to launch the fund, which was put on hold when original partner Lehman Brothers filed for bankruptcy protection in September….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Gulfnews.com: The authorities campaign against corruption continues, with the case of seven corruptors who reportedly swindled Dh1.8 billion ($501 million) from Dubai Islamic Bank (DIB), being referred to court.
This is biggest (in terms of amount of financial irregularities) and third corruption case that the Public Prosecution has referred to the Dubai Court of First Instance….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Albawaba.com: Following a 10% loss in January, UAE markets gained more than 6% and were the best performing GCC market in February. Arabtec and DFM led the rally in Dubai ending the month higher by 32% and 43% respectively.
Dubai listed real estate names also returned to the scene with Emaar and Union Properties gaining 5% and 15% respectively, while the banking sector’s performance was mixed as Emirates NBD lost 5% while Dubai Islamic Bank ended the month 18% higher….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Ameinfo.com: Dubai Financial Group has been awarded the ‘Best Tawarruq Deal of the Year 2008′ by Islamic Finance News for their $1.5bn facility arranged last August.
The facility was the largest ever multicurrency syndicated commodity Murabaha transaction in the world at that time. A total of 24 banks from across the Middle East, Europe and Asia participated in Dubai Group’s syndicated revolving Tawarruq facility. …. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Theedgedaily.com: Standard Chartered Saadiq has been named “Best International Islamic Bank” for 2009 by Euromoney after concluding a number of significant deals throughout last year, including the first Sovereign Deal for the Government of Pakistan and a Project Finance Deal for Al Ma’aden Phosphate Company.
“The bank delivers syariah-compliant financial products and solutions seamlessly across our geographic footprint….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Arabianbusiness.com: Jordan Islamic Bank, a subsidiary banking unit of Albaraka Banking Group B.S.C. (ABG), announced that it achieved a significant increase of 52.8% in its net profits in 2008 and increased its assets by 15.7%, customer deposits by 14.2%, financing operations by 21.4% and shareholders equity by 20.6%, according to a press release issued by the Bank yesterday.
The statement also mentioned that the bank’s operations were not affected by the consequences of the global financial crises and stressed the bank’s ability to withstand any probable adverse developments that may arise from the crises….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Business24-7.ae: Nasdaq Dubai and the World Gold Council launched their long-awaited gold exchange (ETF) traded fund this week, which is both Shariah-compliant for Islamic investors and 100 per cent backed by physical gold.
Emirates Business talked to World Gold Council CEO Aram Shishmanian about the new ETF that is aimed squarely at both local investors who want to buy just one-tenth of an ounce of gold as well as regional institutions that want to invest more than $1 billion (Dh3.67bn)….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Tradearabia.com: Loans at United Arab Emirates’ banks exceeded customer deposits by Dh110 billion ($29.95 billion) and the government was looking for a way to bridge the gap, the UAE central bank’s governor said on Monday.
‘The current situation requires a stimulus plan for banks and the economy in view of this ‘gap’ which could be bridged in collaboration with the Ministry of Finance,’ said Sultan Nasser Al-Suweidi, according to state news agency WAM….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Gulfnews.com: Dubai Islamic Bank (DIB), one of the UAE’s top five banks and the world’s third largest Islamic bank, said Monday that it is pursuing aggressive growth strategy to achieve 15 per cent growth in customer base and 20 per cent growth in retail assets.
Despite extremely challenging financial conditions globally, the bank projects that the expansion of its retail banking business, including 10 new branch openings in the UAE this year, will contribute significantly to its projected annual balance sheet growth and will account for approximately 47 per cent of the bank’s revenue for 2009….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From Gulfnews.com: The Dubai Economic Council (DEC) recently held its board meeting to assess the impact of measures adopted by the Federal government and Central Bank to support the national economy.
The meeting chaired by Juma Al Majid, Chairman of the Dubai Economic Council, was attended by Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank, Mohammad Ahmad Bin Abdul Aziz Al Shehi, Director-General of the Ministry of Economy, on behalf of Sultan Bin Saeed Al Mansouri, Minister of the Economy, and Nasser Bin Hassan Al Shaikh, Director-General of the Department of Finance….. Full Article: Source
Posted on 10 March 2009 by Laxman | Email|Print
From BBC: Among the ruined reputations of the financial world, there is one banking system that has emerged claiming the moral high ground. Islamic finance - which rules out the payment of interest - largely avoided the risky investments and trading of debt that prompted the credit crunch.
Banks offering Sharia-compliant accounts and selling Islamic mortgages say they are reaping the benefits. …. Full Article: Source
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