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Islamic Finance Briefing 30.Mar 2010

Posted on 30 March 2010 by Laxman |  Email|Print

From Tradearabia.com: Emirates NBD, the largest banking group in the Middle East in terms of assets, has launched a daily dealing Sharia-compliant open ended fund domiciled in Jersey.

The Emirates Islamic Money Market Fund (the Fund),aims to achieve higher profit return than comparative Sharia-compliant bank deposits, predominantly from a diversified portfolio of Sharia-compliant money market instruments………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Business24-7.ae: Emirates NBD, the largest bank in the country, and Mashreq are said to be eyeing the UAE retail operations of Royal Bank of Scotland (RBS), according to informed sources.

Emirates NBD Chief Executive Officer Rick Pudner said the bank is really interested in that asset………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Gulf-times.com: A Qatar Islamic Bank-led joint venture will become the trendsetter for selling Shariah-based retail banking products in France, the bank’s chief executive officer Salah Mohamed al-Jaidah has said.
For the first time, about 4mn Muslims living in France will be able to choose ‘alternative banking products of their choice’ from numerous outlets of QIB-BPCE joint venture, scheduled to be opened across the European country later this year………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Businessneweurope.eu: The United Arab Emirates state-owned Al Hilal Bank is close to obtaining a banking licence to operate on the Kazakh market, its directors have confirmed. The first Islamic bank to set up in the Central Asian country, Al Hilal plans to invest $1bn over the next four years.

According to Prasad Abraham, chairman of the board of Al Hilal in Kazakhstan, the bank is “within the final few metres of the finish line” in receiving its licence, and this could happen by the end of March………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Tradearabia.com: Bahraini Saudi Bank has rebranded itself as Bahraini Saudi as part of its transition to a fully Sharia-compliant Islamic bank.

The move comes as a result of Al Salam Bank acquiring 90.31 per cent of its equity last year in a two-for-one share swap deal………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Globalarabnetwork.com: Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed Qatar International Islamic Bank’s (QIIB) long-term foreign currency rating of ‘BBB+’, its short-term foreign currency rating of ‘A2′ and its financial strength rating of ‘BBB+’.
All ratings carry a ‘Stable’ outlook. At the same time CI affirms the support rating of 2………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Tradearabia.com: Dubai Islamic Bank (DIB) said it has successfully arranged a multi-purpose financing deal worth Dh790 million ($215 million) for Kharafi National, a Kuwait-based leading construction group in the Middle East and Africa.

Kharafi National is one of the leading electromechanical contractors in the Gulf and Middle East, and has strong track record of executing large projects in the UAE………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Philstar.com: The Al Amanah Islamic Investment Bank of the Philippines (Amanah Islamic Bank) and Petron Corp. is jointly offering a dealership program to small and medium entrepreneurs.

Amanah Islamic Bank is a first and only Islamic bank in the Philippines. It is a subsidiary of the Development Bank of the Philippines (DBP) with a capital base of P1 billion………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Ameinfo.com: The board of directors of Jordan-headquartered Arab Bank has approved the distribution of 200 Jordanian fils ($0.28 cents) per share dividend for last year.
The lender’s net profits fell 31.4% in 2009 to $575.5m as it set aside $204m in provisions for non-performing loans, up from $40m in 2008………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been over subscribed.
Subscriptions worth BD47m were received for the BD12m issue, which carries a maturity of 91 days………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Arabianbusiness.com: Dubai World, the state owned holding company seeking to restructure $14.2 billion of debt, offered creditors a so called shortfall guarantee as part of a repayment plan, a person close to the Dubai government said.

If the sale of Dubai World’s assets does not generate sufficient cash to repay loans, the government will make up the shortfall up to a certain level, said the person, who declined to be identified because the discussions are private………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Thenational.ae: The Government of Dubai has hit back at criticism from some bank creditors that are unhappy with the terms of the US$24.8 billion (Dh91.08bn) restructuring proposal by Dubai World.

A source close to the Government said the banks, which were owed $14.2bn of unsecured debt, were being offered previously undisclosed concessions in the form of guarantees and deferred interest payments………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Thestar.com.my: The ongoing due diligence audit at Kuwait Finance House (M) Bhd (KFH Malaysia) has not interfered with the bank’s aim to step up its investment portfolio in Malaysia.

A delegation from its parent company, led by Kuwait Finance House Group chief executive officer Mohammed Sulaiman Al Omar, recently met Prime Minister Datuk Seri Najib Razak and his deputy Tan Sri Muhyiddin Yassin to discuss the group’s intention for further investment in the country………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Efinancialcareers-gulf.com: The fact that Bahrain ended 2009 with more financial services jobs than it started with has been heralded as a triumph in the face of the global financial crisis. However, the raw statistics may not be truly representative of the situation in the kingdom currently.

Figures from the Central Bank of Bahrain show that there were 14,137 people employed in Bahrain’s financial sector at the end of last year – a rise of 1.5% on 2008………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Arabianbusiness.com: Central bank governors from four Gulf states will focus on how to push monetary union forward at a meeting in Saudi Arabia starting Tuesday, rather than how to bring back the UAE and Oman, analysts say.

Gulf rulers have endorsed a much delayed plan for monetary union in the world’s top oil exporting region despite the absence of the UAE - the bloc’s second biggest economy after Saudi Arabia - and Oman………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Business24-7.ae: From international legislative commitments to NGOs dedicated to women’s welfare, Saudi Arabia’s policies and programmes are promising steps towards full participation of women in its labour market.

However, with less than 15 per cent of its national labour force comprising women, the Kingdom has still an enormous source of untapped potential for its labour force………………………………..Full Article: Source

Posted on 30 March 2010 by Laxman |  Email|Print

From Huffingtonpost.com: Throughout the current economic and financial crisis one contrarian statistic has stood out. Financial assets offered by the Islamic Financial Services Industry (IFSI) and generally classified as “Shariah-compliant,” were less affected by the crisis.
Economist Loretta Napoleoni during a lecture at the University of New Mexico proclaimed, “Islamic finance … [a] system [that] could help us to get out of the current crisis.” Writing in the influential Turkish daily Today’s Zaman, columnist Ibrahim Ozturk declared, “Islamic finance has entered a bright new stage of development, emerging after the global financial crisis as a more equitable and efficient alternative to the Western approach.”……………………………….Full Article: Source

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