There is a buzz about the prospects for Islamic finance in parts of the Middle East and North Africa region (MENA). News reports are suggesting that as a consequence of change in public policy, the market share of Islamic banking in Egypt will grow to “35 per cent in five years from 5 per cent now”.
Much attention in Islamic finance circles is also falling on the relatively smaller markets, such as Oman and Morocco. Observers, such as researchers from Credit Suisse, are also pointing to Islamic finance as a potential source of spurring economic growth in the Arab Spring countries. A question arising out of all this buzz is this: Will the rise of Islamic finance address the problem of high unemployment among the Arab youth?……………………………………….Full Article: Source

It’s official: By end of November, Dubai Bank will be rebranded as Emirates Islamic Bank (EIB). Following the transition, EIB will become the third largest Islamic bank in the country after Dubai Islamic Bank and Abu Dhabi Islamic Bank.
In a letter sent to its customers, Jamal bin Ghalaita, CEO, Dubai Bank, said: “Emirates NBD Group is bringing together its two Islamic banking holdings to create a stronger, more resilient proposition for its customers under the Emirates Islamic Bank brand. By the end of November, you will begin to see your branches, ATMs, cash deposit machines (CDMs) and other related materials reflecting the Emirates Islamic Bank brand.”……………………………………….Full Article: Source

Islamic retail bank Ithmaar Bank announced that it will merge with one of its Bahrain-based associates, First Leasing Bank. The announcement, which follows the approval of the shareholders of both banks during separate Extraordinary General Meetings, is subject to final regulatory and legal approvals.
Ithmaar Bank Board Member Khalid Abdulla-Janahi, who chaired the Ithmaar Bank EGM, said the merger is in line with the bank’s commitment to concentrating on further developing its core business and continuing its growth………………………………………..Full Article: Source

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, signed Saturday at the Jeddah Chamber of Commerce and Industry ( JCCI ) headquarters a Memorandum of Understanding (MOU) with the National Commercial Bank ( NCB ) in encouraging small and medium enterprises (SMEs) in Saudi Arabia to export. The agreement also calls for cooperation among the signatories to provide solutions to meet the funding problems of SMEs.
The signing of agreement was held under the auspices of Sheikh Saleh Abdullah Kamel, Chairman of the JCCI , and under the supervision of Abdulaziz Nasser Al-Sorayai, Chairman of the Industrial Committee of the Chamber, and in the presence of a large number of Saudi businessmen………………………………………..Full Article: Source

Emirates NBD, Dubai’s largest bank by market value, on Monday said third-quarter net profit more than tripled on the back of lower provisioning for bad loans and higher non-interest income, beating analysts’ forecasts.
Dubai Bank, which ENBD was obliged to take over last year after the Islamic bank buckled under the weight of its bad loans, will be fully integrated by year-end, with branches rebranded as ENBD’s own Islamic arm, Emirates Islamic Bank………………………………………..Full Article: Source

State-owned lender Bank Negara Indonesia plans to open a second branch in Saudi Arabia by the end of the year as part of a push to tap the Middle East banking industry.
BNI, Indonesia’s fourth-largest bank by assets, plans to open a branch in Jeddah, said Adi Setianto, director for treasury and finance. The bank plans to open additional branches in Mecca and Medina. BNI currently operates a single location in Riyadh, as well as branches in Qatar, the United Arab Emirates and Kuwait………………………………………..Full Article: Source

Jordan Islamic Bank (JIB), one of the subsidiaries of the Al Baraka Banking Group (ABG) reported net profits, after tax, reaching $39.92 million compared to about $29.62 million in the same period in 2011.
Adnan Ahmad Yousif, Chairman of the Board of JIB , CEO of AlBaraka Banking Group Bahrain indicated that the growth in the third quarter net profits of 2012 resulted from the continuation of growth in different financial indicators in spite of the economic and political crises……………………………………….Full Article: Source

No financial institution has operated regularly in Somalia since the collapse of the central government in 1991, but a new law passed in Somaliland earlier this month established the framework from which privately owned institutions can open and operate banks in the region.
Somaliland President Ahmed Mohamed Silanyo signed the Islamic Banking Bill on October 4th after it was approved by regional parliament in September. The law had been in the works since 2007………………………………………..Full Article: Source

Turkey is making significant efforts to develop education in Islamic finance based on Malaysia’s experience, the International Centre for Education in Islamic Finance (INCEIF) said.
Its president/chief executive officer, Daud Vicary Abdullah, said the country was looking at collaborating with INCEIF as well as at the government, regulatory and university levels to achieve this objective………………………………………..Full Article: Source

Saudi-based Savola Group will seek shareholder approval for plans to issue Islamic bonds, or sukuk, the company said in a statement to the kingdom’s bourse on Monday.
The firm, which owns the Middle East’s biggest sugar refining business, will propose the plans at an Extraordinary General Meeting (EGM), the date of which will be announced once regulatory approvals for the move have been granted, the statement said. The proposal includes the company’s right to issue sukuk or any other securities, through one or more tranches or a series of issues under one or more program………………………………………..Full Article: Source

The outlook on the rating is stable. The affirmed rating and outlook reflect an unconditional and irrevocable guarantee provided by Danajamin Nasional Berhad (Danajamin) on the Sukuk obligations. MARC’s current AAA/stable rating for Danajamin is based on its strong capital base, ample liquidity and its status as a government-sponsored financial guarantee insurer.
Senari Synergy is an investment holding company with eight operating subsidiaries involved in the operation of oil terminals, port facilities and palm oil refineries, and property development. Senari Synergy’s operations are concentrated in two complexes, Assar Senari Industrial Complex I (ASIC I) in Kuching, Sarawak, and Assar Senari Industrial Complex II (ASIC II) in Tanjung Manis, Sarawak………………………………………..Full Article: Source

Prudential BSN Takaful Bhd’s (PruBSN) total New Business Sales rose 23% to RM129mil in the first half of 2012 from RM105mil a year ago. Its CEO Azim Mithani said PruBSN had delivered another strong performance which has enabled it to maintain its leading position among the Takaful operators in Malaysia.
“Our record annual contribution equivalent (ACE) of RM129mil in the first half of this year has given us a greater market share of 28%, an increase from the 27% we recorded in 2011,” he said on Monday………………………………………..Full Article: Source

Net Profit during the third quarter before Zakat was SAR 2,800 thousand compared to a loss of SAR 6,357 thousand for the same quarter in the previous year, and compared to SAR 867 thousand for the previous quarter, an increase of 223 per cent.
Also the net profit during the third quarter after Zakat 2,800 thousand compared to loss SAR 6,991 thousand riyals for the same quarter in the previous year, and compared to SAR 867 thousand riyals for the previous quarter, an increase of 223 per cent………………………………………..Full Article: Source

Tamweel PJSC, the UAE Islamic home finance provider, on Monday reported an operating income of Dh452 million in the first nine months of 2012, compared with Dh446 million in the corresponding period for 2011. Operating income was higher than recorded in the corresponding period despite competition on profit rates.
Net profit stood at Dh45 million, compared with Dh71 million in the same period last year. Net profit was lower in the current reporting period mainly due to provisions and higher funding costs………………………………………..Full Article: Source