From FT: After a rocky half-year, the Gulf’s regional bond market is showing signs that it is beginning to thaw with a flurry of government and government-linked company debt issuance in recent weeks.

The aggregate spread of Gulf Islamic and conventional bonds over US Treasuries has narrowed from 825 basis points at the peak on February 12 to under 500 basis points, according to an index compiled by HSBC and Nasdaq Dubai………Full Article (Subscription Required) : Source

From Thestar.com.my: The financial services sector will see new issuance of Islamic papers this year although the outlook for sukuk or the Islamic bond market is sluggish, said Malaysian Rating Corp Bhd (MARC) chief executive officer Mohd Razlan Mohamed.

He attributed this to the shoring up of capital by banks in anticipation of a deterioration in asset quality and a rise in non-performing loans………Full Article: Source

From Tradearabia.com: Bahrain-based Al Baraka Banking Group (ABG) today launched its new unified corporate identity.

The new logo was unveiled by Adnan Ahmed Yousif, president and chief executive, at a press conference in the Ritz Carlton Hotel………Full Article: Source

From Thepeninsulaqatar.com: Qatar Telecommunications Co’s (Qtel) $1.5bn debut bond sale has received more than $10bn in bids, sources close to the sale said, as investor demand for high-rated emerging market debt rises.

State-controlled Qtel, via its Qtel International Finance Ltd arm, is planning to sell $900m in five-year notes at a yield spread of 415 basis points over comparable US Treasuries, said IFR, a Thomson Reuters service, and confirmed by the sources yesterday………Full Article: Source

From Gulf-times.com: Qatar Holding, a division of sovereign wealth fund Qatar Investment Authority, yesterday said it remained a supportive shareholder in UK bank Barclays.
“Qatar Holding remains a supportive shareholder in Barclays, which it regards as a world class bank, led by a board of directors and a professional management team for which it maintains the utmost respect,” said Ahmad al-Sayed, managing director and CEO, in a statement………Full Article: Source

From Business24-7.ae: Dubai Islamic Bank (DIB), the largest Islamic bank in the world, has Dh15 billion on deposit with the Central Bank. This is Dh10bn more than the statutory minimum required, analysts said.

The listed bank boasts a 11.1 per cent Tier 1 ratio as of March 31, 2009 [as per Basel II]………Full Article: Source

From Menafn.com: Saudi Finance Minister Ibrahim Al-Assaf yesterday commended the tremendous progress achieved by the Jeddah-based Islamic Development Bank (IDB) as well as the bank’s efforts to boost the development of member countries.

Addressing the 34th annual session of the IDB’s board of governors, Al-Assaf noted the company’s efforts to combat poverty and its special program for African states to achieve sustained economic growth………Full Article: Source

From Gulfweeklyworldwide.com: A Bahrain-based bank has won a major Islamic investment award in recognition of its “international leadership”.

The World Islamic Funds & Capital Markets Conference (WIFCMC) Funds Excellence Award 2009 was received by Ithmaar Bank group business development managing director Shaikh Salman Al Khalifa at a gala dinner ceremony………Full Article: Source

From Tradearabia.com: Moody’s Investors Service said it has withdrawn all ratings for Saudi conglomerate Saad Group ‘due to lack of adequate information’ thus dealing a new blow to the crisis-hit Saudi conglomerate.

The ratings withdrawn included the B1 issuer ratings of Saad Trading Contracting & Financial Services Company, Saad Investments Company Limited and Saad Group Limited and the B1 debt ratings on issuance of Golden Belt 1 Sukuk Company………Full Article: Source

From Tradearabia.com: Saudi firms’ access to credit will not improve during the second half of this year despite a recent surge in the price of oil, the kingdom’s economic mainstay, a survey showed.

“Businesses know that Saudi Arabia’s fiscal position is healthy with oil at $60, so any talk of possible fiscal imbalances is no longer very convincing,” SABB said in a quarterly survey of 951 companies………Full Article: Source

From Tradearabia.com: Bahrain should be setting up a fund to support companies hit by the global financial crisis, according to a rights group.

Al Doi Monetary Trade Union Rights Group yesterday agreed with claims that the real impact of the economic crisis would only be felt here by the end of the year………Full Article: Source

From Albawaba.com: NCB Capital, the investment banking arm of National Commercial Bank, today has published the first ever Saudi Factbook, an in-depth study of the Kingdom’s industrial and business environment.
The Factbook includes an in-depth analysis of every market sector as well as full profiles of all 127 companies listed on the Saudi stock exchange………Full Article: Source

From Tradearabia.com: Gulf International Bank (GIB), a leading merchant bank in the Middle East, said its consolidated net income for three months ended March 31, 2009, soared to $42.9 million when compared to $22.7 million last year.

The year-on-year increase in net income was principally due to the elimination of trading losses incurred in the prior year period following the termination of proprietary trading activities in 2008, said a statement from the bank………Full Article: Source

From Gulfnews.com: Tighter lending by UAE banks and a waning appetite for debt led to a decline of more than 10 per cent in personal loans in the first quarter of 2009 compared with the end of 2008, according to data released by the Central Bank.

At the end of March, the level of personal loans stood at Dh202.7 billion, compared with Dh226.4 billion last December………Full Article: Source

From Scienceblogs.com: The U.S. district court hearing a challenge by a Michigan man against the federal government for bailing out insurance giant AIG because the company sells Shariah-compliant insurance policies to Muslims in the U.S. and abroad has denied a motion to dismiss (PDF) the suit and allowed the case to move forward.

The case, Murray v Geithner, was filed last December by the Michigan-based Thomas More Law Center, founded by Domino’s creator Tom Monaghan………Full Article: Source