From Aawsat.com: No two people can disagree over the importance of the step taken by the [Saudi Arabian] Capital Market Authority [CMA] to launch a secondary Sukuk market which will stimulate the public and private financial sector in the issuance of Sukuk bonds.

The establishment of this secondary market will transform Saudi Arabia into a major player in this promising market that studies expect will witness unprecedented growth in the near future……..Full Article: Source

From Gulf-daily-news.com: Al Salam Bank-Bahrain has succeeded in its takeover of Bahraini Saudi Bank (BSB).

Al Salam yesterday announced it has received acceptances from shareholders holding 451,789,210 shares representing 90.4 per cent of the issued and paid-up ordinary share capital……..Full Article: Source

From Tradearabia.com: Al Salam Bank-Bahrain (ASBB) has succeeded in securing acceptances from 90.4 per cent of Baharain Saudi Bank (BSB) shareholders for the bank’s takeover, a senior bank official said on Tuesday.

The share holders possess 451,789,210 shares representing 90.4 per cent of the issued and paid up ordinary share capital of BSB, a senior official said……..Full Article: Source

From Gulfnews.com: Gulf banks will post lower second-quarter results as the cost of the credit crisis mounts and worries persist about exposure to troubled Saudi conglomerates, analysts said.

On the positive side, banks may benefit from higher oil prices and a credit market that is gradually opening up again……..Full Article: Source

From Globalarabnetwork.com: Standard & Poor’s Ratings Services said today that it has lowered its long- and short-term counterparty credit ratings on Dubai-based Emirates Bank International PJSC (EBI), National Bank of Dubai (NBD), and Mashreqbank to ‘A-/A-2′ from ‘A/A-1′.
We also lowered our long-term counterparty rating on Dubai Islamic Bank (DIB) to ‘BBB+’ from ‘A-’ and affirmed our ‘A-2′ short-term rating on the bank. The outlooks on all these ratings are negative……..Full Article: Source

From Tradearabia.com: It is too early to discuss who will run a planned joint Gulf central bank, but the 2010 start date for monetary union is still on track, the Gulf Cooperation Council (GCC) secretary general was quoted as saying.

“It’s premature to talk about these details,” Abdul-Rahman Al-Attiyah was quoted by Qatari daily Al-Raya as saying when asked about which country would appoint the governor and board of the central bank……..Full Article: Source

From Albawaba.com: Delta United Contracting Co, a Saudi based telecom infrastructure service provider announced today that Afkar Development Investment Co., a Siraj Capital affiliate, has made a strategic investment in the Company.
Founded in 2006 as a SAGIA licensed foreign entity with headquarters in Riyadh, Delta provides infrastructure and maintenance services for the major telecom operators and vendors across the Kingdom. …….Full Article: Source

From Dailytimes.com.pk: Meezan Bank and Takaful Pakistan have entered into an agreement whereby all customers of Meezan Bank’s Labbaik (Hajj and Umrah) deposit product will be provided Shariah-compliant credit Takaful coverage.

President Meezan Bank Irfan Siddiqui and Takaful Pakistan CEO Capt Jamil Akhtar signed the agreement. …….Full Article: Source

From Tradearabia.com: Kuwait Finance House – Bahrain (KFH-Bahrain), a leading provider of Islamic commercial and investment banking services, opened its new main branch in the Bahrain World Trade Centre.

“The opening of the BWTC main branch is in line with our strategic expansion plans to better serve our customers,” said Baber Abdul Al Mukhaizeem, chairman of KFH-Bahrain, who inaugurated the premises……..Full Article: Source

From Maktoob.com: Dubai’s second-largest property developer Deyaar expects to close a 500 million dirham ($136.2 million) distressed debt fund by year-end, the firm’s chief executive said on Tuesday.

“We will begin fund raising in the next two weeks,” Markus Giebel told reporters……..Full Article: Source

From Seekingalpha.com: You must say this for Muslims. They’ve known for hundreds of years not to trust the bankers.
By not holding financial stocks, mutual funds based on Muslim principles have done quite well the past two years as the financial-services sector dragged down the rest of the economy……..Full Article: Source

From Americanchronicle.com: Venture Capital Fund Bahrain has successfully signed a partnership agreement with Dutch Delight Company, a Bahraini company specializing in the production of high quality handmade chocolate.

The Company is owned by two entrepreneurs, Mr. Ali Rashid and Mrs. Marjo Rashid. The agreement signing ceremony was attended by Mr. Abdullatif Mohammed Janahi, VCFund Bahrain Chairman, Dr. Ahmed Al Jawhary, a Member of VCFund’s Board of Directors, Mr. Ali Rashid and Mrs. Marjo Rashid……..Full Article: Source

From Cutimes.com: A Canadian firm, UM Financial Inc., has begun offering a prepaid card aimed at Muslims who wish to have the convenience of a credit card but refrain from paying any interest. Islamic religious law forbids the paying or earning of interest.

“Credit card debt can be lethal for the financial stability of ordinary individuals and families,” said Omar Kalair, CEO of UM Financial Group……..Full Article: Source

From Ameinfo.com: Mashreq Capital has launched the Badr Al-Islami Income Fund in partnership with Badr Al-Islami, the Islamic banking division of Mashreqbank.
The fund is currently available only to professional clients; a category which includes high net worth individuals, institutions and sophisticated investors……..Full Article: Source

From Jordantimes.com: The insurance sector is looking to regulatory changes to welcome in a new era of business growth and competition, with the motor segment in particular likely to benefit from the reforms.

With a penetration rate of just 2.5 per cent, the Kingdom is one of the most underinsured in the world. Nevertheless, despite the low uptake and the onset of the global economic downturn, Jordanian insurance companies have managed to attract new business in the first part of this year…….Full Article: Source