Dana Gas PJSC may restructure its $1 billion Islamic bonds maturing in October as the payment deadline approaches, HSBC Holdings Plc said.
The restructuring of the debt “appears increasingly likely as the October 2012 maturity draws closer while cash collections remain weak,” Riyadh-based analyst John Tottie wrote in note to investors dated Jan. 30. “A resolution to liquidity woes should help re-focus attention on attractive asset value,” including Northern Iraq, he said………………………………………..Full Article: Source

Islamic bond issuance last year surpassed pre-crisis levels for the first time – after more than doubling in volume – while one bookrunner predicted momentum will continue with a further 50% rise in 2012.
The volume of sukuks, or bonds that are Shariah-compliant, issued during the year rose to $32.6bn, from $14.9bn in 2010, with roughly half the volume of deals occurring in the fourth quarter, according to data from Dealogic. It was the first time volume surpassed pre-crisis levels………………………………………..Full Article: Source

On Jan. 18, the Saudi General Authority of Civil Aviation’s (GACA) successfully closed a SR15 billion sukuk offering guaranteed by the Ministry of Finance (Saudi Arabia, Aa3 stable). Given the scarcity in recent years of Saudi government debt issuance, particularly Shariah-compliant instruments, Moody’s believes that this transaction is credit-positive for local Islamic financial institutions (IFIs).
This sizable issuance will offer a profitability boost to local IFIs as they will have an opportunity to invest their excess cash into this profit-yielding instrument………………………………………..Full Article: Source

The state Islamic Bank of Thailand (IBank) has adopted a multi-layer marketing (MLM) strategy to help it achieve a target of at least 50,000 members by the end of this year. Deputy Finance Minister Wirun Techapaiboon said IBank is the first bank in the country to adopt such a strategy to expand its customer base.
“Through this strategy, we could easily meet the 50,000-member target. We can even double that goal to 100,000 members by the end of this year,” said Mr Viroon………………………………………..Full Article: Source

HSBC Qatar said yesterday it has converted its Islamic branches into conventional ones as directed by Qatar Central Bank (QCB) but declined to divulge details about customer accounts of the now-closed Islamic windows.
Fadi Fattal, head of commercial banking of HSBC, said: “We would prefer not to comment on the issue as it’s a bit of a sensitive issue at this stage. But we gave options to our ‘Amanah’ (the bank’s Islamic banking operations) customers. Whoever wanted to convert their account into conventional one has done that and those who did not, have closed their accounts with us.”……………………………………….Full Article: Source

Abu Dhabi Islamic Bank (Adib) plans to further increase its Emiratisation rate of 48 percent (as of 2011) at Tawdheef 2012 career fair where the bank is also a sponsor.
Over 20,000 candidates and graduates from leading universities in the UAE who are expected to attend the event across three days………………………………………..Full Article: Source

Ahli Bank SAOG announced its unaudited results for the year ended December 31, 2011. The Bank has clocked a 29% surge in net profit for the year ended December 31,, 2011.
The net profit rose from Rial 14.10 million in 2010 to Rial 18.22 million in 2011, demonstrating continued growth in the bank’s core operations. “ahlibank has performed strongly in 2011 achieving continued growth in its chosen market segments following the strategic realignment of its Corporate and Retail businesses. ……………………………………….Full Article: Source

The report revealed that the UAE Islamic financial services sector represented 30% of the global Islamic banking industry in 2011 and due to the growing demand for Islamic financial services among different customer segments within the UAE.
The report showed that Islamic banks have played a major role in financing UAE infrastructure projects, residential properties for UAE nationals and development of the human capital market through training of national talent………………………………………..Full Article: Source

Bank of London and The Middle East (BLME), whose main shareholders are Boubyan Bank and the Public Institution for Social Security, announced that it has competed the largest Islamic financing in the healthcare sector in the UK, a £11.5m Murabaha financing for Healthcare Properties Limited, a wholly owned subsidiary of the real estate specialist Public Service Properties Investments Limited (PSP”).
The transaction is the first Islamic financing for PSPI. Healthcare Properties Limited required a fixed term financing with certainty of funding which Murabaha financing provides. (Press Release)

First Gulf Bank (FGB) announced that it posted a net profit of Dh3,707 million for 2011, eight per cent higher than it did last year.
The net profit for the fourth quarter amounted to Dh1,022m, 18 per cent higher than same quarter of 2010 at Dh865m, and 11 per cent higher than the third quarter of 2011. FGB has achieved consistent growth in net profit for the sixth consecutive quarter………………………………………..Full Article: Source

UAE Exchange, one of the largest foreign exchange firms in the United Arab Emirates, has sold a 40-per cent stake to Centurion Investment, the companies said on Tuesday, in a deal said to be worth $2 billion.
‘Centurion has acquired a 40 percent stake in UAE Exchange to expand its business in the financial sector,’ a statement from Abu Dhabi-based Centurion said, without giving a value for the deal. A source directly involved in the sale told Reuters: ‘The deal is valued at $2 billion.’……………………………………….Full Article: Source

Dow Jones Indexes, a leading global index provider, today announced it has been named “Best Islamic Index Provider in Malaysia” by Asia Asset Management, adding to the list of awards bestowed upon the Dow Jones Islamic Market Indexes in 2011.
Since its launch in 1999, the Dow Jones Islamic Market Indexes have won a total of 28 industry awards from various organizations, research institutions and financial publications around the world. The previously announced 2011 awards include:……………………………………….Full Article: Source