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Islamic Finance Briefing 22.Mar 2010

Posted on 22 March 2010 by Laxman |  Email|Print

From KUNA: Kuwait banking market is heading on a more Islamic oriented direction with many banks transforming their operations to Sharia-compliant, said Chairman of the Board for Kuwait International Bank (KIB) Abdulwahab Al-Wazzan.

Speaking to the press on the sidelines of the opening of KIB’s new branch in Farwaniya, Al-Wazzan said that banks in Kuwait were looking to develop the country’s status as a financial spot in the region, revealing that more foreign banks are interested in the local operations………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Topnews.in: Islamic finance industry has been looking for reforms in a bid to secure its future growth by attracting investors from the Western World. The finance industry remained under intense pressure in the past due to tough conditions of state-owned Dubai World and its subsidiaries.

The crisis hit Dubai World shocked the financial World by announcing standstill on its loan obligations in November last year. Dubai World is currently under restructuring exercise of a debt worth $26 billion and is in discussions with some key creditors. However, timely help from Abu Dhabi staved off default of Dubai World’s unit Nakheel………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Moneycontrol.com: The trillion dollar Islamic finance industry is looking beyond the troubles of Dubai developer Nakheel at possible reforms that could help draw more interest from Western players.

Dubai World rocked the global markets in November when it asked for a delay in repaying USD 26 billion in debt. A USD 4.1 billion sukuk, or Islamic bond, from its unit Nakheel staved off default thanks to a bailout from Abu Dhabi………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Brudirect.com: Hong Kong is seeking the cooperation and expertise of Brunei Darussalam to work together in putting Islamic Finance on par with conventional finance for the Special Administrative Region (SAR) of the People’s Republic of China.

Financial Secretary of Hong Kong (SAR) of the People’s Republic of China Mr John Tsang Chun-Wah, in an interview, lauded the potential of cooperation especially in the field of Islamic Finance………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Thenational.ae: When the Islamic scholar Taqi Usmani in early 2008 questioned a large number of sukuk, his remarks caused a backlash across the Islamic finance industry and harmed the reputation of Sharia-compliant bonds.

Two years on, it looks like a little noticed ruling by the high court in London could inflict more harm on Sharia-compliant loans and other financial deals………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Gulfnews.com: Al Hilal Bank yesterday said it had received a licence from the Kazakhstan Financial Markets Supervisory Authority to open the country’s first Islamic bank under the name Al Hilal Islamic Bank.

“The new bank is fully owned by Al Hilal Bank with a capital of $36 million (Dh132.1 million). The headquarters is [to be] established in the city of Almaty with a branch in the city of Astana,” Al Hilal Bank said in a statement………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Cpifinancial.net: Unlike other banks in Yemen, which are very much domestic focused (and hence relatively little impacted by the global credit crisis), TIIB has far more international asset exposure, particularly in markets such as the UAE and Saudi Arabia, including real estate and securities.
This has placed pressure on asset quality over the last couple of years………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Albawaba.com: Dubai Islamic Bank (DIB) announced today that it received an impressive four awards at the 2009 Annual Islamic Finance News Awards, including the coveted “Best Islamic Bank in the UAE” award.

During the ceremony on March 8, 2010, at Jumeirah Emirates Towers in Dubai, DIB received awards for “Syndicated Deal of the Year” for its deal with Saudi Bin Ladin Group Multi-Purpose Islamic Credit Facility, which covers multiple guarantee and cash facilities on a Sharia-compliant basis;…………………………………Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Kuwaittimes.net: The Gulf Bank hosted its annual general assembly and announced that the bank is expected to turn a good profit this year. Board Director, Ali Rasheed Al-Badr, announced that the bank’s provision policy will consume the profits of the first half and possibly the third quarter of 2010 as well.

Al-Badr pointed out that the current board policy is based on strengthening the bank’s financial position by locking operating profits to secure the bank’s needs against any possible dangers. He said that this can be achieved relatively quickly if the economic situation recovers without any surprises from customers………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Muslims.net: United Arab Bank (UAB) launched its Islamic banking unit, Shariah compliant banking and financial service.

Chairman Sheikh Faisal bin Sultan bin Salem Al Qassimi said: “Islamic banking is a rapidly growing phenomenon in the financial markets because it answers the call of discerning Muslims who seek a banking system that conforms to their religious beliefs and is Shari’ah compliant.”…………………………………Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Gulfnews.com: The UAE Central Bank is in the final stages of issuing a circular on new provisioning norms, where the cut-off time for personal loans to be classified as sub-standard will be reduced from the current 180 days to 90 days, Al Bayan newspaper reported yesterday.

Existing regulations require banks to classify personal loans as substandard only when payment of principal or interest is in arrears beyond 180 days………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Business24-7.ae: A charitable investment bank (CIB) funded by voluntary interest-free loans and philanthropic investments, including donations and zakat, should be set up to help the less well-off find work and improve living standards, according to an economist in the UAE.

Dr Abdel Fattah M Farah, Economic Advisor to Ajman Chamber of Commerce and Industry (AJCCI), believes there is a great need for such a banking model………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Thepeninsulaqatar.com: Al Jazeera Finance (JF) has completed its policy and procedure manuals project for its departments and sections; one of the most vital and effective projects in the development of the company.

The company has also developed a new organizational structure that is in line with the company’s long-term development and expansion plans, in keeping with the international standards for finance houses………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Thepeninsulaqatar.com: Gulf Investments Group (GIG) has officially announced the appointment of a former QIB executive, Khalid Abdullah Al Naeimi, as its new General Manager.

Al Naeimi joins Gulf Investment Group after considerable experience in the banking sector with Qatar Islamic Bank (QIB), where his career spanned 16 years………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Tradearabia.com: Arab Financial Services Company (AFS), a leading provider of electronic-payments and consumer finance-outsourcing services in the region, has registered a 275 per cent growth in its annual profit which soared to $4.3 million.

The company said that this was achieved on a gross revenue of $17.4 million, up 16 per cent year-on-year, noting that its core card processing business also grew by 16 per cent to $15.8 million………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Business24-7.ae: The Dubai Financial Services Authority (DFSA) may waive its certain rules to allow private property funds, operating within the Dubai International Financial Centre (DIFC), to convert into real estate investment trusts (Reits), according to a top authority official.

“We have had a number of debates with firms and legal representatives who are thinking of starting as private property funds and then metamorphosing into a Reit. But to achieve that we will have to consider certain waivers from our rules, which we might then consider,” Simon Gray, Director Supervision, DFSA, said………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Albawaba.com: An international gathering of Shariah-compliant fund managers takes place in Dubai next month to reward the best performers of 2009 – one of the most challenging years yet for the $35 billion Islamic funds industry.

Fund managers from Saudi Arabia are expected to come out tops in the fifth annual Failaka Islamic Fund Awards which recognises the best performances among the 555 worldwide Shariah-compliant funds, according to organisers. The awards conclude the one-day Amanie-Failaka Symposium on 12 April 2010 at the Emirates Towers Hotel focusing on the issues confronting the Islamic funds industry………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Ameinfo.com: Sultan Bin Saeed Al Mansouri, the UAE’s minister of economy has said that the restructuring plan for Amlak Finance and Tamweel is in its final stages, Al Ittihad has reported.
The plan includes the merger of the two firms and establishing an Islamic bank that will receive the financial support of the government, the daily said.
A ministerial committee in charge of the restructuring process had allocated Dhs2bn ($544.5m), equally divided between the UAE government and the Dubai government, to support the financial solvency of the two companies, the newspaper added………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Thenational.ae: There is renewed confidence in the UAE’s bond market. The news of Dubai World’s US$26 billion debt restructuring in November not only depressed investors in the region but also its bond prices.

Rumours that lenders were being asked to take haircuts on money they were owed pushed their value down further in the ensuing weeks. Now, fresh talk that a restructuring may happen without a haircut has breathed new life into the sluggish trade of UAE bonds………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Cibafi.org: Brunei will have the opportunity to forge a network and learn from professionals and leading institutions of OIC members at the World Islamic Economic Forum (WIEF) 2010, which will be held in Kuala Lumpur, said Sultan Sharif Ali Islamic University’s (Unissa) dean of Faculty of Business and Management Science.

Dr Mohamed Sharif Bashir said that this network will allow the sharing of knowledge, ideas and experiences, allowing Brunei delegates to benefit from the experiences of their international counterparts………………………………….Full Article: Source

Posted on 22 March 2010 by Laxman |  Email|Print

From Voanews.com: An Organization of the Islamic Conference (OIC) donor meeting has raised $850 million in pledges for Darfur reconstruction. The projects are aimed resettling 2.7 million displaced people.
The Organization of the Islamic Conference meeting in Cairo is the start of a projected $2 billion effort to finance better infrastructure in the war-torn Sudanese region………………………………….Full Article: Source

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