Saudi investors are warming to a sale of $2 billion of Islamic bonds by U.S. investment bank Goldman Sachs, banking sources told Reuters, lending support to a sukuk which has run into controversy over whether it complied with Islamic principles.
The bank has also been criticised for naming at least three Islamic scholars as potential advisers on the sukuk even though none had seen the prospectus………………………………………..Full Article: Source

Malaysian mobile phone network operator Maxis Bhd has obtained the approval from the Securities Commission for the proposed issuance of a 2.45 billion Malaysian ringgit ($804.99 million) sukuk, according to a local stock exchange filing on Monday.
Maxis said on Feb 16 it intended to use 1.45 billion ringgit of the 30-years sukuk to refinance its existing loans while the rest will be used for capital expenditure and other operational purposes………………………………………..Full Article: Source

Emirates NBD, the largest bank in the UAE by assets, said Monday that it has mandated Emirates NBD Capital Limited, HSBC and Standard Chartered Bank to arrange investor meetings in Hong Kong and Singapore commencing on February 22.
The bank has plans to raise funds through a CNH (offshore Chinese yuan)-denominated bond under ENBD’s $7.5-billion (Dh27.52 billion) medium-term notes (EMTN) programme. The bank said the bond issue will be subject to market conditions………………………………………..Full Article: Source

Emirates NBD (ENBD), Dubai’s largest bank by market value, has opted to delay a potential Swiss franc-denominated bond sale until more favourable market conditions, two sources familiar with the matter said.
The lender had appointed Credit Suisse and BNP Paribas to assess a potential Swiss bond sale, sources told Reuters last week………………………………………..Full Article: Source

Almarai Co, the Gulf’s biggest dairy firm by market value, plans to start a road show this week to issue a riyal denominated Sukuk, or Islamic bond, the firm said.
“Subject to market conditions, Almarai will hold several meetings this week with interested investors,” the firm said in the statement………………………………………..Full Article: Source

Dar Al Arkan Real Estate Development Co’s Islamic bonds are surging to the highest level since 2007 as the second-biggest Saudi developer by market value improved its ability to repay debt by more than doubling cash holdings.
The price on the Riyadh-based company’s dollar-denominated floating-rate sukuk due in July has gained 5.8 per cent this year to 96.66 cents on the dollar yesterday, according to data compiled by Bloomberg. That outpaced the 0.8 per cent gain in the Dow Jones Citigroup Sukuk Index, which tracks global Islamic bonds………………………………………..Full Article: Source

Al Hilal Bank, a progressive Islamic bank, launched the Middle East’s first ‘Money Station’ branch in Dubai. Customers using the facility will be able to perform essential banking transactions from the convenience of their own cars, said a statement.
The innovative branch was inaugurated at Jumeirah Beach Road by Sheikh Majid bin Mohammed bin Rashid Al Maktoum, chairman of the Dubai Culture and Arts Authority………………………………………..Full Article: Source

Bank of London and The Middle East (BLME) has signed a £14 million leasing deal with Global Marine Systems, the largest independent provider of submarine cable installation, maintenance and engineering services worldwide.
Under the terms of the agreement, BLME will support Global Marine in the purchase and refit of an offshore power cable installation barge. Once completed, the barge will be uniquely suited for the installation of a full range of subsea power cables………………………………………..Full Article: Source

Oman Arab Bank (OAB) will raise the RO10mn it needs for its Islamic banking operations through a rights issue, with the bank’s proposed initial public offer (IPO) expected to take place in the second half of 2012, according to Abdul Kader Askalan, chief executive officer.
The board of directors of Ominvest, which owns a 51 per cent stake in OAB, recently approved the proposed increase in OAB’s share capital by way of a rights issue, the money from which will be set apart for Islamic banking operations. Ominvest’s contribution to OAB’s fresh capital requirements would be RO5.1mn………………………………………..Full Article: Source

National Bank of Oman, the Sultanate’s second-largest lender by assets, is planning to start Islamic banking operations later this year, its chief executive said, to keep up with rivals.
‘We’ve got a whole team working on the Islamic window. We are trying to launch it between the second and third quarter. Of course, the sooner the better for us,’ Salaam bin Said al-Shaksy, told Reuters in an interview………………………………………..Full Article: Source

Cappinova Investment Bank has completed its implementation of the ETHIX Core solution for Islamic banking from International Turnkey Systems (ITS) Group.
The system provides technologies for automated branch management, internet banking, treasury services and Islamic investment management. Cappinova is the Sharia-compliant investment arm of the Bahrain Bank of Kuwait (BBK)………………………………………..Full Article: Source

HSBC Amanah has again been named Best International Islamic Bank by Euromoney in its Islamic Finance Awards 2012. The annual awards are widely considered to be the most high profile accolades in the Islamic finance industry and recognise outstanding performance, quality, service, and innovation in the sector.
Besides Best International Islamic Bank, HSBC Amanah also won the Best Project Finance House award, in recognition of its leading project finance advisory services for government-backed companies and private sector developers in Saudi Arabia, the most developed market for Islamic project financing………………………………………..Full Article: Source

International Islamic (QIIB) has won the “Best Islamic bank in Qatar” award for 2012 from World Finance, a London-based magazine. The award, which was given to QIIB for its “outstanding contributions in business, finance and Islamic banking in Qatar”, was received by chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani.
The ceremony held at the London Stock Exchange was attended among other dignitaries by QIIB Chief Executive officer Abdulbasit Ahmad al-Shaibei. The award was presented by Howard James, president, World Finance………………………………………..Full Article: Source

In a move to make higher education more accessible to local and international students, Canadian University of Dubai (CUD) and Abu Dhabi Islamic Bank (ADIB) have formed an innovative partnership to provide students with flexible new options for education financing.
The partners announced details of the new program at the official signing of a Memorandum of Understanding (MoU) at the CUD Red Theatre between Mr. Buti Saeed Al Ghandi, CUD Chancellor, and Mr. Waheeb Khazraji, Head of HR at ADIB. (Press Release)

Abu Dhabi Equity Partners (ADEP) will be launching its suite of soft commodity-backed investment products at the 11th Annual Islamic Finance Summit 2012 in London on 21 – 22 February 2012.
ADEP Managing Partner, Muneef O. Tarmoom, said, “Primary industry research shows that approximately 24 per cent of leading Islamic banks’ balance sheets are invested in cash or its equivalent - well in excess of conventional banks – often due to no other reason other than sparse availability of alternative liquidity management instruments”……………………………………….Full Article: Source