Posted on 07 January 2010 by Laxman | Email|Print
The new headquarters of Sharjah Islamic Bank (SIB) has been officially opened by H.H. Sheikh Dr Sultan bin Mohammed Al Qassimi, Member of the Supreme Council and Ruler of Sharjah, who praised the development of the Islamic banking sector and the vital role played by SIB in increasing economic growth to new levels of performance and competitiveness.
The opening of the new headquarters forms part of SIB’s expansion strategy, which aims to meet the requirements of a growing market and further improve its retail and corporate banking services, thereby pushing wheel of national economic development forward…………………………………….Full Press Release: Source
Posted on 07 January 2010 by Laxman | Email|Print
Ethos Consultancy’s 5th Annual UAE Service Quality Bank Benchmarking Study has revealed Islamic banks are outperforming non-Islamic banks in all three service quality channels; branch, call centre and website.
Seven Islamic banks were included in this year’s study which tested the service quality performance of 27 banks across the UAE. Five of the seven Islamic banks included claimed a place within the top 10 performance ranking table…………………………………….Full Press Release: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Business24-7.ae: Sharjah Islamic Bank (SIB) said it made fewer provisions in 2009 than the previous year and faced few defaulting cases but rescheduled the financing, according to its chief executive officer.
“We had a few cases and we have managed them all. We have discussed with defaulters way of solving the problem. Most of them have agreed on rescheduling their financing, whereas a few have committed to resume payments,” Mohammed Abdullah said…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Bernama: Bank Islam Malaysia Bhd is going to be the first Islamic bank to be appointed as adviser for the initial public offerings (IPOs) of two local companies.
Its director of corporate investment banking, Mashitah Osman, said on Wednesday that the bank had been given the mandate to be adviser for the IPOs involving the companies in the manufacturing and services industries…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Saudigazette.com.sa: The Islamic Development Bank (IsDB) announced that Standard & Poor’s, one of the leading rating agencies in the world, has reaffirmed IsDB’s ‘AAA’ long term and ‘A-1+’ short term issuer ratings with a “stable” outlook.
Standard & Poor’s said the IsDB’s ratings are supported by very strong capitalization and liquidity, a good asset portfolio and preferred-creditor treatment and other shareholders’ support…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
The Islamic Financial Services Board (IFSB) is organising its 7th Summit on 4 - 5 May 2010 in Manama, Bahrain. The Central Bank of Bahrain is hosting the Summit, which is themed: “Global Financial Architecture: Challenges for Islamic Finance”.
The financial crisis has augmented global awareness and interest in the Islamic financial services industry (IFSI). As the global financial community considers the lessons of the crisis and how best to respond to the new financial landscape that it confronts, it is vital for the IFSI to be alert and responsive to the unique challenges ahead…………………………………….Full Press Release: Source
Posted on 07 January 2010 by Laxman | Email|Print
From KUNA: The Arab fund for supporting small and medium-sized development projects has now received $1.25 billion in contributions out of the targeted $2 billion, the Arab League said.
The fund was launched during the first Arab Economic and Social Development Summit held in Kuwait in January 2009…………………………………….Full Article: Source
More stories about: Funds
Posted on 07 January 2010 by Laxman | Email|Print
From Bernama: CMS Trust Management Bhd has declared income distributions for four funds for the financial year ended Dec 31, 2009.
The funds are the CMS Premier Fund, CMS Balanced Fund, CMS Islamic Fund and CMS Islamic Balanced Fund…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Khaleejtimes.com: The total economic volume of the four-member Gulf Cooperation Council (GCC) Monetary Council is estimated at about $751 billion, according to Muhammad Al Jasser, governor of the Saudi Arabian Monetary Agency.
The Arabic business daily Al Eqtesadiyyah quoted Al Jasser as saying that the monetary council would strengthen the GCC economies and boost their economic and commercial relations…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Tradearabia.com: A single Gulf currency could be launched in 2015 if countries from the Gulf Cooperation Council (GCC) speed up the process, a senior official from the bloc’s secretariat said on Wednesday.
Rulers from the world’s top oil exporting region endorsed the much-delayed monetary union last month despite the pullout of the United Arab Emirates — the bloc’s second-largest economy — and Oman…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Tradearabia.com: Kuwait’s parliament approved on Wednesday a bailout bill worth up to 6.7 billion dinars ($23 billion) for its indebted citizens, despite the government’s opposition.
The vote represents the latest in a series of confrontations between the assembly and the government in the world’s fourth-largest oil exporter…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Efinancialcareers-gulf.com: Citi says that the Middle East remains a “priority growth region” despite losing ground in the investment banking space last year. And, in the wake of appointing a new chief executive for the region, has suggested that an expansion is on the cards.
Investment banking revenues in the Middle East slipped from $848m in 2008 to $660m last year, according to figures from Dealogic, and Citi’s share of the pie shrunk substantially. It generated just $16m in 2009, compared to $50m in 2008, and slipped from second to eighth in the rankings…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Maktoob.com: Global Investment House said that it was in initial talks with Cairo-based Arab African International Bank (AAIB), to sell a stake in an investment in Egypt, but not as part of its debt settlement plan.
Global, one of the country’s biggest investment firms, reached a deal with creditors in December to reschedule $1.7 billion in debt, and entered into new three-year facilities with each of its 53 lending banks…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Khaleejtimes.com: The UAE Central Bank is still discussing a plan to provide government guarantees for bonds sold by local lenders.
“It’s an issue that’s being discussed by the board of directors of the central bank,” Governor Sultan bin Nasser Al Suwaidi told reporters in Sharjah on Wednesday…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Ameinfo.com: Bahrain-based Sakana Holistic Housing Solutions the innovative Islamic mortgage finance provider has announced a reduction in its retail mortgage base rate by 0.25% (25 basis points) with effect from 3 January 2010, taking its new bench mark retail financing rate to 9.25% on a reducing balance basis.
This is the 2nd rate reduction in the last 4 months totaling to 0.50% (50 basis points)…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Abc.az: The Islamic Development Bank (IDB) has opened process of nomination for prize “Islamic Banking and Finance 2010”.
IDB informed that the prize consists of certificates carrying the IDB’s emblem and cash award worth 30,000 Islamic Dinars (equivalent to US$ 40,000)…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Saudigazette.com.sa: Thailand’s Securities and Exchange Commission expects to finalize rules for Sukuk instruments some time over the next several months.
Authorities hope that Islamic bonds will help draw capital from the cash-rich Middle East and other markets…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Nytimes.com: Port operator DP World, part of troubled group Dubai World, said on Wednesday it is to seek a London listing for its shares following disappointment with its market valuation in Dubai.
The company, whose shares currently trade on the Nasdaq Dubai market, could list on the LSE as soon as the second quarter of this year, it said in a statement on the bourse website…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From AFP: France’s opposition Socialists on Wednesday came out against calls for a law banning the full Islamic veil but said Muslim women must be discouraged from wearing the burqa.
The announcement by the Socialists came after President Nicolas Sarkozy left open the prospect of legislation to ban the veil and ahead of a much-awaited parliament report on the loaded issue to be released at the end of the month…………………………………….Full Article: Source
Posted on 07 January 2010 by Laxman | Email|Print
From Cnbc.com: Discussing the merits of Islamic finance, Hossein Askari, professor of international business of George Washington University says the recent problems in Dubai show that the importance of risk-sharing - a key part in Islamic banking - has been forgotten.
He speaks to Kirby Daley, senior strategist at Newedge Group and CNBC’s Martin Soong…………………………………….Full Article: Source
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