From Allafrica.com: Managing Director of Jaiz International Plc, Alhaji Mohammed Bintube says Nigeria’s Islamic banking market is worth around N4.35 trillion (US$27.7 billion), Daily Trust reports.

Bintube spoke at the Enhancing Financial Innovation and Access (EFInA) second innovation forum entitled Increasing Access to Finance through Islamic Banking held in Abuja on Wednesday……..Full Article: Source

From Khaleejtimes.com: The UAE insurance industry’s scorching growth rate will cool somewhat in coming years, though annual double-digit increases in premium income should continue until at least 2012, financial services firm Alpen Capital says.

Weak sales this year of new cars and homes together with construction delays and cancellations will slow the expansion of the country’s under-developed insurance business from its 43 per cent compounded average growth of the past four years……..Full Article: Source

From Ameinfo.com: The five Abu Dhabi banks have set aside Dhs5.53bn to cover losses or emergency requirements such as exposure to Algosaibi and Saad groups or other doubtful debts.
The banks include the National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank (ADCB), First Gulf Bank (FGB), Union National Bank (UNB) and Abu Dhabi Islamic Bank (Adib)……..Full Article: Source

From Business24-7.ae: Dubai Islamic Insurance and Reinsurance Company (Aman) has recorded almost fivefold rise in its profit for the second quarter of this year, the company said.

Its profit for Q2 surged to Dh9.69 million compared to Dh1.67m for the corresponding period previous year……..Full Article: Source

From Reuters: Kuwait’s Gulf Bank made a net loss of 5.9 million dinars ($20.54 million) in the second quarter after the bank raised first-half provisions for loans to defaulting Saudi Arabia borrowers.

The lender did not identify the borrowers in a statement announcing its results on Sunday, but said it had booked 58.6 million dinars in provisions in the first half of the year without giving a figure for the second quarter……..Full Article: Source

From Tradearabia.com: Emirates Islamic Bank, a unit of Emirates NBD, on Sunday reported a 79-per cent drop in second-quarter net profit, due to an increase in impairments, expenses and lower income from fees.

The Islamic lender posted a net profit in the second quarter of Dh35.3 million ($9.6 million) from Dh170.8 million in the same period in 2008, according to a statement posted on the bourse website……..Full Article: Source

From Tradearabia.com: Abu Dhabi Commercial Bank, which completed the sale of its stake in Gulf Merchant Bank back to the firm on Sunday, said it quit its position to focus on its own core retail and commercial banking.

ADCB, the third-largest lender in the emirate, paid $51 million in 2007 for a 41-percent stake in Gulf Merchant Bank, an investment bank established in 2006, as part of its strategy to expand abroad……..Full Article: Source

From Arabianbusiness.com: Less than 80 active projects, with a total value of around $20bn, have been put on hold or cancelled in Saudi Arabia, Dubai-based research house Proleads Group said.

By contrast, more than 400 projects with a total value of over $300bn have been suspended or cancelled in the UAE, Proleads said last week……..Full Article: Source

From Arabnews.com: Saudi banks, which have been hit hard by the global financial crisis, are well poised to weather the storm, but challenges still lie ahead for in the medium-term. The banks are still in a better position compared to the collapse of major banks and other financial institutions in the US and Europe.

The 2008 results show that aggregate net profits across the 11 locally incorporated banks declined by 14.2 percent to nearly SR26 billion……..Full Article: Source

From gulfnews.com: Shuaa Capital, a regional financial services institution, reported on Sunday a net profit of Dh91.7 million for the second quarter, up 37 per cent from Dh 67.1 million in the second quarter of 2008. Diluted earnings per share were Dh0.086, versus Dh 0.067 for the same period last year.

Operating income during the second quarter was Dh169.1 million compared to Dh176.6 million in 2008……..Full Article: Source

From Bt.com.bn: producers and suppliers in the halal market have been urged to harness the opportunity to promote Islamic finance as a secure alternative in light of the current global financial turmoil.

Her Royal Highness Paduka Seri Pg Anak Puteri Hjh Masna, Ambassador-at-Large at the Ministry of Foreign Affairs and Trade, said this during the opening of the 4th Brunei International Halal Market Conference (IHMC) held at the International Convention Centre (ICC) in Berakas yesterday……..Full Article: Source

From Gulfnews.com: Forty-three region focused funds were launched by financial institutions in the first half of 2009, compared to 39 in the first half of 2008.

These range from notorious hedge funds to plain vanilla fixed-income and money market funds. Equally important, regional asset managers launched 19 equity funds in each of the periods, dispelling the myth that appetite for equities has diminished since last year……..Full Article: Source

From Tradearabia.com: Ali bin Za’al Al Mansouri replaced Dr Abdul Latif Al Shamsi as the chairman of Methaq Takaful Insurance Company, after the latter resigned recently.

Samer Mohammed Kanan was also elected as the managing director, and he will manage the company’s administrative staff……..Full Article: Source

From Tradearabia.com: Sabb Takaful has called for an Extraordinary General Meeting (EGM) on August 8 to vote on its SAR300 million ($80 million) rights issue.

The meeting has been called following approval from the Capital Market Authority (CMA), of an application to increase the Company’s capital through a rights issue. Shareholders attending the EGM will vote on the increase of Sabb Takaful’s capital at the price recommended by the Company’s Board of Directors……..Full Article: Source

From Presstv.ir: Applicants for establishing electronic banks could follow up on their scheme with a minimum 70 million dollars in initial capital, deputy economic minister for banking affairs says.

“Based on a decision made in the Money and Credit Council, those willing to set up electronic banks could do so with a total capital of 70 million dollars after receiving the necessary license from the Central Bank of Iran,” Hamid Pour Mohammadi told Mehr News Agency yesterday……..Full Article: Source

From Twocircles.net: A leading practitioner of Micro Financing in India has strongly advocated the Interest free micro credit or equity financing as the best and the most appropriate method for the country’s poor in enabling them to stand on their own feet.

Vijay Mahajan, chairman, Basix, a micro finance company, said that his company was soon coming out with a pilot project based on the interest free or equity finance……..Full Article: Source

From Arabnews.com: The current global financial crisis has seen growing numbers of individuals, let alone businesses, who have found themselves unable to get credit.
This applies to communities all over the world and has further exacerbated the financial problems of individuals and further marginalized the so-called unbanked of the world……..Full Article: Source

From Ameinfo.com: Qatar National Bank (QNB) announced the launch of a new promotion awarding twice the normal Qmiles to customers using QNB Co-branded Credit Cards in point-of-sale (POS) transactions.
The promotion runs from 02 August to 19 September 2009 and is available exclusively to QNB Qatar Airways Co-branded MasterCard Credit Card customers……..Full Article: Source