Posted on 23 February 2010 by Laxman | Email|Print
From Reuters: Dubai World which is in talks to restructure some $22 billion debt, is unlikely to pay off developer Nakheel’s $980 million Islamic bond, a source familiar with the matter said on Monday, and all options are open.
“It is very unlikely that the bond will be paid off,” the source. “Incredibly unlikely.” The person, who spoke on condition of anonymity, said all options are on the table for the issue which comes due May 13………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Zawya.com: Iran Daily: Bahrain will establish the world’s biggest Islamic bank within the next 6 to 12 months. The creation of a planned Islamic investment megabank is in “fairly advanced stages” and it will likely be launched in the next 6 to 12 months, an executive at a firm advising on the project said this week, Barcelona News wrote.
A plan to form the world’s largest Sharia-compliant lender, which is being promoted by Chairman of Al Baraka Banking Group Sheikh Saleh Abdullah Kamel, has been in the works for some years………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Bernama: Local Islamic banks need to innovate more to remain competitive within the industry following the government’s move to liberalise the financial services sector.
“I think it is a question of survival for competitors. Local players need to buck up and innovative more to effectively compete………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Theedgemalaysia.com: Bank Islam Malaysia Bhd targets to open another 10 branches nationwide, bringing its total network to 110 branches by year-end, said its managing director Datuk Seri Zukri Samat.
He said Bank Islam would spend an average of RM700,000 to set up a new branch with an estimated floor area of 5,000 sq ft. The nation’s first Islamic bank currently has 100 branches and more than 700 self-service terminals………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Business24-7.ae: Shariah-compliant Ajman Bank will announce better-than-expected results for the full year as it has started building up provisions in line with the UAE Central Bank guidelines, its deputy CEO said.
Ali E Alshqoosh Al Mueen said the bank was financially sound and had substantially increased its customer deposits. The bank will announce the results following the meeting of the Board of Directors today………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Maktoob.com: Investors from Kuwait and other Gulf states plan to set up in South Africa an Islamic investment bank with a capital of about $1 billion, Kuwait’s Al Anbaa newspaper reported Monday, citing the investors’ legal advisor.
The investors, who weren’t named, plan to approach the South African authorities next week to present an official application to create the bank, said Saad Al Rayyes, the paper reported………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Albawaba.com: IBQ, the strategic partner of NBK in Qatar, announced today its financial results for 2009, achieving the second highest growth rate in earnings for Qatar based banks. Net profits increased 12% to reach QAR 342 million as compared to QAR 305 million in 2008 due to a 15% rise in Annual Operating Income.
This increase was achieved against the backdrop of the international economic crisis and is a further indicator of the strength of the local economy and the robust business performance of the bank………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Gulf-times.com: Doha Bank is focusing on strengthening its financial position through doubling and diversifying the assets while maintaining operating results and achieving sustainable growth in its core income.
The bank, with the help of its Shariah Controlling Authority, had launched fresh Islamic banking products and services as well as improving the existing ones, before December last year………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Arabianbusiness.com: National Bank of Abu Dhabi has begun commercial banking operations in Jordan and will use it as a base to expand in neighbouring markets, bank officials said on Monday.
Abu Dhabi’s largest bank by market value was granted approval by the Central Bank of Jordan (CBJ) last August to set up a subsidiary with a minimum capital of $71 million, as stipulated by the country’s banking regulations………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Business24-7.ae: Most of the UAE banks continue to maintain a loan-to-deposit (LTD) ratio higher than prescribed by the UAE Central Bank and analysts expect this gap, which is estimated at $10 billion (Dh36.7bn), will narrow in the coming period.
In spite of restricted lending that helped the ratio to improve since the last quarter of 2008, analysis of banks’ data by Emirates Business showed that several banks far exceeded the recommended level………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Reuters: Dubai will present an “equitable” plan to Dubai World creditors next month that does not give preferential treatment to the government but banks are unlikely to warm to the proposal, a source familiar with the matter said.
Dubai World, the debt-laden conglomerate whose property units built iconic landmarks in the Gulf Arab emirate, is in talks with creditors over restructuring $22 billion in debt………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Arabnews.com: The Saudi mortgage law, which has been in planning stages for almost a decade, is likely to be passed in a few months from now. The implementation of the mortgage law is expected to drive Saudi housing demand and prices as more people access the market.
Experts say if the law is finally put into place, it could usher in a new boom period for mortgage financing in Saudi Arabia - an area traditionally avoided by financial institutions due to a lack of proper regulation………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Thenational.ae: It is good news for existing shareholders that the mortgage provider Tamweel is preparing to petition the Emirates Securities and Commodities Authority to allow trading of its shares to resume.
They would finally be able to salvage some of their investments locked in the shares for more than a year. Sheikh Khaled bin Zayed Al Nehayan, the chairman of Tamweel, told Reuters on Sunday that he expects to request as early as next month that trading resume, once Tamweel’s full financial report is released………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Gulfbase.com: Gulf Capital, one of the largest Middle Eastern private equity firms, announced today the final closing of its latest private equity fund, GC Equity Partners II. The Fund was heavily oversubscribed with final commitments totaling approximately AED 2 billion (US$ 533 million), making it the largest private equity fund raised in the region in 2009.
In a marked departure, GC Equity Partners II was the first ever regional private equity Fund to derive the majority of its investors from international markets including the USA, Europe and Asia. The composition of the investor base includes some of the largest and most prestigious global and regional sovereign wealth funds, pension funds, endowments, banks and insurance companies………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Bloomberg: Mubadala Development Company PJSC, the Abu Dhabi government-owned investor that holds a stake in Ferrari SpA, will get more government funding this year.
The United Arab Emirates government approved 21 billion dirhams ($5.7 billion) in capital contributions to the group in 2009, of which Mubadala used 8.8 billion dirhams in the first half of last year, the newspaper said, citing Matthew Hurn, the company’s executive director of group treasury………………………Full Article: Source
More stories about: Funds
Posted on 23 February 2010 by Laxman | Email|Print
From Tradearabia.com: The Qatar Exchange is planning the launch of a bond trading platform by September as part of its efforts to begin a new universal trading system, the bourse’s chief executive said on Monday.
“We are investigating the possibilities of a bond market right now. The next step would be to move to issuers in the broader community deliverable in September,” Andre Went told reporters in Doha………………………Full Article: Source
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