From Reuters: Ras al-Khaimah, a member of the United Arab Emirates, has started marketing the next tranche of a $2 billion Islamic bond programme, the latest government-backed debt issuance in the Gulf Arab region.

The emirate began investor meetings on July 6 in the Middle East, Asia and Europe, it said in a statement distributed by lead managers Standard Chartered and BNP Paribas……..Full Article: Source

From Arabianbusiness.com: Dubai government-run entity Jebel Ali Free Zone’s (JAFZ) AED7.5bn ($2bn) sukuk had its credit rating slashed to A2 from A1 at Moody’s Investors Service.
Citing financial challenges facing JAFZ’s parent company Dubai World, the credit ratings agency also downgraded by the same level the foreign and local issuer currency issuer ratings of JAFZ and placed them under review for further possible downgrade……..Full Article: Source

From Gulf-daily-news.com: A joint venture between Qatar Petroleum and ExxonMobil plans to sell up to $2.3 billion in bonds to finance the expansion of LNG facilities, said a spokesman for HSBC, one of the managers of the sale.

Ratings agencies Moody’s, S&P and Fitch on Wednesday gave ratings to the notes, which will help fund Qatar’s RasGas’s liquefied natural gas (LNG) trains 6 and 7 and outstanding loans. S&P assigned an A rating, Moody’s AA2 and Fitch A+……..Full Article: Source

From Thestar.com.my: Britain welcomes the liberalisation of Malaysia’s financial services sector, in particular, the areas concerning Islamic finance.

The Lord Mayor of London Alderman Ian Luder said Britain and Malaysia had long established links in the field of Islamic finance……..Full Article: Source

From Mindanaoexaminer.com: An accomplished Filipino banker Armando Samia was unanimously elected as interim chairman and Chief Executive Officer of the Al-Amanah Islamic Investment Bank of the Philippines, government media said on Thursday.

The Philippine Information Agency said Samia replaced Jaime Panganiban, who resigned to attend to his private business……..Full Article: Source

From Bworldonline.com: Al-Amanah Islamic Investment Bank of the Philippines will be sending some of its employees for training in Malaysia in its bid to acquire the best practices in Islamic finance and to turn around its finances.

“We are sending a group of 15 employees to Malaysia next week to study Islamic banking because we want the bank to give special focus on this kind of banking system,” Armando O. Samia, newly elected interim chairman and chief executive officer of Al-Amanah, said in a statement……..Full Article: Source

From Reuters: Indonesian property firm PT Bakrieland Development Tbk raised 150 billion rupiah ($14.7 million), as targeted, from a sukuk issue to finance business expansion, an underwriter told Reuters.

Bakrieland is part of the diversified Bakrie Group, controlled by the family of cabinet minister Aburizal Bakrie……..Full Article: Source

From Khaleejtimes.com: Emirates Islamic Bank in partnership with Emirates Skywards, announced an unbeatable summer promotion on Skywards EIB credit cards.

In addition to the various benefits and advantages of the Skywards EIB credit card, applicants can now avail introductory bonus miles against a nominal fee plus the ability to earn 1 Skywards mile for every Dh1 spent on the card……..Full Article: Source

From Gulf-daily-news.com: First Energy Bank (FEB) has had a positive start to the year, shareholders heard at the annual general meeting. It was held at the Banyan Tree yesterday.

The world’s first Islamic investment bank focused exclusively on the energy sector saw operating profit for the first six months of the year at $9.03 million, though one-time establishment costs saw the bank enter modest net profits, in line with expectations for its inaugural year……..Full Article: Source

From Gulfnews.com: More than 50 per cent of Khalifa Fund loans have gone to industrial projects and 30 per cent to female entrepreneurs, Fund Chairman Hussain Al Nowais said at an awards ceremony on Wednesday night.

Established in 2007, the fund’s paid-up capital has grown from Dh300 million to Dh1 billion. It has provided more than Dh320 million to about 200 existing and start-up businesses……..Full Article: Source

From Menareport.com: The National Bank of Bahrain (NBB) yesterday announced a net profit of BD25.60 million ($68.1 million) for H1 2009, against BD25.57 million ($68 million) in the same period last year.
“I am pleased to see the continued progress made by the bank in a very challenging environment for the banking industry,” NBB chairman Abdulla Ali Kanoo said……..Full Article: Source

From Globalarabnetwork.com: The current tough economic environment is likely to hurt the asset quality of Jordan’s banks, but the medium-term outlook remains good, said Standard & Poor’s Ratings Services in a report published today, “Banking Industry Country Risk Assessment: Jordan.”

“Economic difficulties and the country’s dependence on some cyclical sectors–such as export-oriented industries, real estate, and tourism–are, in our opinion, likely to hurt banks’ asset quality because of the system’s high exposure to these sectors,” said Standard & Poor’s credit analyst Mohamed Damak……..Full Article: Source

From Gulfnews.com: National Bonds is a private joint stock shareholding company, National Bonds Corporation was launched in March 2006.

The Government of Dubai holds a 50 per cent ownership in the company with each of its shareholders, comprising Dubai Bank, Dubai Holding and Emaar Properties, holding 16.6 per cent ownership respectively……..Full Article: Source