Posted on 01 October 2009 by Laxman | Email|Print
From Maktoob.com: Bahrain’s Islamic banks more than doubled their assets in American markets to $4.66 billion over the 10 months since September last year, Manama-based Al Waqt daily reported Wednesday, citing central bank data.
This growth was at the expense of investments in some Arab states and other countries in Western Europe and Asia, the paper reports, adding that the banks have again turned to the U.S. for attractive investment opportunities during the global economic crisis………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Businessneweurope.eu: Eight months after Kazakhstan’s law on Islamic finance and banking was adopted, a handful of local and international Islamic institutions have already set up in the country.
Looking ahead, the issuance of sukuks, or Islamic bonds, by Kazakhstan-based companies is expected to drive the market for Sharia finance………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Arabianbusiness.com: The Gulf is at the forefront of a new era in financial services that will see Islamic finance play a key role in shoring up the fragile world economy, the finance director of Qatar Petroleum said on Wednesday.
Abdulrahman Ahmed Al Shaibi, who is also a board member of Qatar Financial Centre (QFC) Authority, said the global crisis had gifted the Gulf a “greater stake in the world economy”………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Menafn.com: The CEO Middle East magazine awarded Kuwait Finance House Chief Executive Officer Mohammad Sulaiman Al Omar the best CEO award in the banking sector for the year 2009 in appreciation of his efforts and outstanding contributions to Islamic finance industry.
Al-Omar emphasized that now is the time for Arab and Islamic societies to reinforce the role of Sharia compliant transactions and amend their legislations and regulations to cope with the nature of Islamic finance business and eliminate all obstacles. It is important to highlight that Islamic banks work model is available for all and not limited to certain religion or race………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Gulf-times.com: QFinance, a unique comprehensive financial knowledge bank being jointly developed by Qatar Financial Centre and Bloomsbury Publication, was launched yesterday.
The QFinance, which is available online and in book, contains contributions from 300 finance experts and represents Qatar’s knowledge delivery, according to the QFC Authority CEO and Director General Stuart Pearce………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Dow Jones: Indonesia plans to sell up to $1 billion of global sukuk by the second quarter of 2010 to build on the success of its maiden offshore sukuk sale earlier this year.
The government aims to sell more sukuk, both offshore and in the domestic market, as an alternative source of budget funds, Dahlan Siamat, head of Islamic finance at the Finance Ministry, told Dow Jones Newswires Wednesday………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Maktoob.com: A UAE government body overseeing the restructuring of two troubled Islamic mortgage lenders is mulling merging them into an Islamic bank and doubling their capital, a newspaper reported on Wednesday citing bankers.
The new entity will have a capital of 5 billion dirhams ($1.36 billion), doubling the 1.5 billion dirham capital of Tamweel and the one billion dirham capital of Amlak, Al-Khaleej said………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Businessday.co.za: Durban-based Al Baraka Bank this week officially launched its second branch in the city, growing its national footprint to six retail facilities and four corporate offices.
Further branches are due to be launched in Limpopo and Mpumalanga over the next two years, extending the bank’s presence throughout the country, CE Shabir Chohan said yesterday………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Khaleejtimes.com: There was a flurry of submissions by the banks listed on the Abu Dhabi Securities Exchange, or ADX, on Wednesday after a directive from the market regulator, the Securities and Commodities Authority, to provide details of their exposure to troubled Saudi conglomerates Saad Group and Al Gosaibi.
Similarly, the Dubai Financial Market, or DFM, has also asked the banks listed on its exchange to disclose the provisions taken in their third quarter financial statements………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Gulf-daily-news.com: The Central Bank of Bahrain (CBB) plans to implement an overhaul of its liquidity management rules for banks during the fourth quarter, and will offer grace periods to banks to comply, an official said yesterday.
The CBB, which oversees a regional banking centre catering mostly to the oil wealth accumulated in the region, is currently in a consultation process with banks on the new rules………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Arabfinance.com: Saudi Arabian banks’ third-quarter net income will be under pressure due to the higher amount of money banks set aside to cover bad loans and on subdued fee income, Morgan Stanley said.
Saudi bank’s third-quarter earnings may be flat to down sequentially, as higher provisions offset increased pre-provision income, analysts Daniel Cowan and Magdalena Stoklosa said, and forecast an average increase of 40 basis points in loan-loss provisions this quarter………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Maktoob.com: Some of Investment Dar’s lenders have refused to join a debt standstill proposal and are taking legal actions against the firm, a Kuwaiti newspaper said, citing financial sources.
National Investments Co and clients of Kuwait Investment Co have refused to join the agreement and are going ahead with legal actions against Dar for the debt it owes them, daily al-Qabas said on Wednesday………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Tradearabia.com: Abu Dhabi Islamic Bank said on Wednesday that it had booked 836 million dirhams ($227.6 million) in provisions as of June 30 but declined to specify how much of that is related to troubled Saudi firms Saad Group and Algosaibi.
The bank also said it was in compliance with central bank guidelines on provisions for non-performing exposures both within the United Arab Emirates and outside it………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Bloomberg: Sharjah Islamic Bank, a lender complying with Muslim banking rules in the United Arab Emirates, is owed 55.4 million dirhams ($15.1 million) by Saudi Arabia’s Algosaibi group.
Sharjah Islamic has already taken provisions of up to 50 percent of that amount, the Sharjah-based bank said in a statement to the Abu Dhabi bourse today………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Isfmagazine.com: Malaysia’s World Zakat Fund is looking to raise $750 million from high-net-worth Muslims in its first year.
Malaysia’s World Zakat Fund is looking to raise $750 million from high-net-worth Muslims in its first year, Reuters reports………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Ameinfo.com: Standard & Poor’s Ratings Services said today that it has lowered its long-term counterparty credit and insurer financial strength ratings on Kuwait-based Wethaq Takaful Insurance Co. K.S.C. (Closed) to ‘BB’ from ‘BB+’.
At the same time, we removed these ratings from CreditWatch with negative implications, where they were placed on May 27, 2009. The outlook is negative………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Thestar.com.my: Malaysia and Saudi Arabia have entered a new era of economic cooperation with the setting up of a US$2.5bil (RM8.7bil) joint-venture company that will spearhead the flow of foreign direct investments from the Middle-East as well as make strategic investments in high-impact projects in Malaysia.
The joint-venture company is the result of a partnership between 1Malaysia Development Berhad (1MDB) and PetroSaudi International Limited (PSI)………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Arabnews.com: The Gulf Arab rail network will cost between $20 billion and $25 billion, up from $14 billion, as the six oil producers seek to create a similar model to Europe’s Eurostar, a regional official said on Wednesday.
Mohammed Obaid Al-Mazrouie, assistant secretary general for economic affairs at the Gulf Cooperation Council (GCC), told Reuters he expected a detailed study for the project to be completed this year and construction to begin by 2010 or 2011………………..Full Article: Source
Posted on 01 October 2009 by Laxman | Email|Print
From Istockanalyst.com: Noor Islamic Bank PJSC will feature prominently at an international Islamic banking conference scheduled for later this year, which will discuss the opportunities for global expansion available to Islamic banks.
Noor Islamic Bank is a Platinum sponsor of the World Islamic Retail Banking Conference, which will be held in Dubai from 12-14 October 2009. There is also a marked shift occurring on the global business landscape, with Shari’ah compliant banking services increasingly becoming part of the banking mainstream………………..Full Article: Source
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