From Khaleejtimes.com: Growth in UAE banks is likely to be challenged by tough funding conditions, including rising loan defaults and a marked increase in provisions for losses, but their profitability levels will continue to be attractive, Goldman Sachs said.

The bank said in a report on Monday that despite significant support from local governments that boosted funding and capitalisation, UAE banks’ earnings could be curbed by future loan losses and funding constraints that could impair growth potential………….Full Article: Source

From Thepeninsulaqatar.com: International banks stress their commitment to the Gulf region and local houses insist they will continue to lend to support sagging economies, but syndicated lending has nonetheless plunged this year.

So far this year, only $22.8bn of syndicated loans, project finance and bonds have been issued in the Middle East, down from $85.5bn last year and a peak of $126.9bn in 2007, says Dealogic, a data provider………….Full Article: Source

From Gulf-daily-news.com: Gulf Finance House (GFH) intends to establish a joint Islamic financial services venture in the Middle East with Australian-based Macquarie Group.
The Australian bank is a global provider of banking, financial, advisory, investment and funds management services and is keen to have a presence in the region and North Africa and use GFH expertise to develop Sharia-compliant products………….Full Article: Source

From Bloomberg: Macquarie Group Ltd., Australia’s largest investment bank, may invest about $100 million in Gulf Finance House EC as part of a proposed joint venture to offer Islamic financial services in the Middle East and North Africa.

Macquarie signed a memorandum of understanding today with and Gulf Finance House, the Bahrain-based Islamic investment bank said in an e-mailed statement………….Full Article: Source

From Aawsat.com: Moody’s Investors Services recently issued a report on Islamic banking in which the credit-rating agency identified several points of weakness that it believes in future will threaten these Islamic financial institutions and their credit rating.

The truth is that the report brought nothing new to the table with regards to highlighting the points of weakness that Islamic banks suffer from as highlighted by many specialists in this industry. Many of these points have previously been made in this column, as they are no secret to any of the observers who follow the Islamic banking industry………….Full Article: Source

From Btimes.com.my: RHB Capital Bhd said its second quarter net profit rose 11 per cent to RM301.53 million from a year ago, driven mainly by its Islamic banking business.

The banking group, controlled by the Employees Provident Fund, remains optimistic about its full year results as the local economy improves and as it strengthens its retail and corporate investment bank units………….Full Article: Source

From Xinhua: Bank Islam Malaysia Berhad, a Malaysian Islamic bank, has invested significantly in IT solutions spanning over a period of five years.

Jeroen Thijs, the bank’s Chief Risk Officer, said here on Monday that the initial stage of the investment would see a risk management system being put in place………….Full Article: Source

From Ittefaq.com: Grameenphone Ltd. has recently signed Business Solutions Agreement with the Social Islami Bank Ltd. to provide complete communication facilities under its Business Solutions package.

Business Solutions is an integrated telecommunications service specially designed for the business entities of Bangladesh, providing customized telecommunications solutions through a consultative approach, tailored to the needs of individual businesses………….Full Article: Source

From Tradearabia.com: Moody’s has downgraded the bank financial strength rating (BFSR) of HSBC Bank Middle East (HBME) to C from C+ and its long-term local currency debt rating and foreign currency deposit and debt ratings to Aa3 from Aa2.

The rating outlook is now stable………….Full Article: Source

From Kuwaittimes.net: Panic withdrawals by depositors and a thick cloud of uncertainty are shaking Nigeria’s financial sector after the sacking of the directors of five key ailing banks, operators and analysts said.

Central Bank of Nigeria (CBN) governor Sanusi Lamido Sanusi earlier this month removed the heads of Afribank, Intercontinental Bank, Union Bank, Oceanic Bank and Finbank for piling up billions of dollars in bad debts………….Full Article: Source

From Ameinfo.com: Bahrain’s national carrier Gulf Air has signed a $70m facility with Bahrain Islamic Bank (BIsB). An agreement to this effect was concluded between the two organizations recently.
This four year medium-term facility will be used to partly finance eight A320 aircraft, which are expected to delivered in the fourth quarter 2009 and first quarter 2010 Gulf Air has ordered last year………….Full Article: Source

From Uaeinteract.com: Abu Dhabi Commercial Bank (ADCB) has approved a Mudaraba Medium Term Facility worth Dh300 million for the developer of the region’s premier integrated innovations hub for high-tech industries, Dubai Silicon Oasis (DSO).
The funds will be used by Dubai Silicon Oasis Authority (DSOA) to part finance the development of facilities within the technology park …………Full Article: Source

From Gulfnews.com: Mashreq Bank, one of the largest financial institutions in the UAE, Monday said it has unveiled 16 new branches throughout Abu Dhabi and Al Ain as part of its expansion plans in the capital.

This increased presence is a result of the rise in customer demand, and future growth plans include 10 new ATM machines, bringing the total to 46………….Full Article: Source

From Dailymirror.lk: RAM Ratings Lanka’s one-day conference on Sukuk: Alternative Financing in Sri Lanka will kick off today at the Colombo Hilton.

The conference will bring together market participants, regulators and policy makers to discuss both the opportunities and challenges that this new financing option offers to both investors and businesses………….Full Article: Source

From Reuters: The Kuwait Investment Authority (KIA), which owns a stake in telecoms operator Zain among other publicly traded assets, has no set plans to sell its positions in listed companies, a newspaper said on Monday.

Daily al-Qabas cited unidentified sources as saying the sovereign wealth fund, which sold its stake in an Islamic lender in July, had not established a plan to divest assets but considered each offer on an individual basis………….Full Article: Source

From Arabianbusiness.com: Real estate prices in Kuwait increased 15 percent in July, according to a new report. The return of Kuwait Finance House and other Islamic financial institutions to the property lending market have contributed to the increase, Kuwait-based Emaar Company for Real Estate Services said in its report.
Property owners reacted positively to the move and transactions increased during the month across all Kuwaiti governorates, the report added, cited by KUNA News Agency, added………….Full Article: Source

From Khaleejtimes.com: The total value of mortgages issued in Dubai rose during the second quarter by 14.3 per cent to Dh8 billion, up from Dh7 billion in the first quarter, as banks made its easier for real estate buyers to get credit, according to a property industry report.

Mortgage rates in the United Arab Emirates are declining due to changes in market dynamics and are generating new interest from buyers and end-users, online real estate information company REIDIN.com said in a report on Monday………….Full Article: Source

From Tradearabia.com: Takaful International Company is to increase its paid-up capital by BD1 million ($2.65 million) through a rights issue.

The move is to support its underwriting operations and the expansion of business as well as to enhance underwriting capacity of its insurance portfolios………….Full Article: Source

From Tradearabia.com: Dubai Gold Securities, a sharia compliant Exchange Traded Commodity (ETC) backed by physical gold, has accepted Morgan Stanley to trade its product on the Nasdaq Dubai stock exchange, the firm said.

‘The fact that Morgan Stanley has chosen to become an applicant is indicative of the growing institutional interest in, and awareness of, Dubai Gold Securities,’ said Grant Collins, senior managing director at Dubai Commodity Asset Management, the marketing agent for Dubai Gold Securities………….Full Article: Source

From Ameinfo.com: Reinforcing its initiatives in the social space, Ministry of Finance (MOF) has announced significant support to the ‘Mafhas Al Qatat’ program launched by the General Authority of Islamic Affairs and Endowment (GAIAE) for constructing mosques across the United Arab Emirates.
As part of their support for building mosques, the MOF staff donated funds to the GAIAE delegation during its recent visit to the Ministry’s headquarters, realizing that mosques strengthen religious, spiritual and cultural aspects of all segments of society………….Full Article: Source