News

Dr Jaroudi named chief executive of Bank Nizwa

Dr Jamil el Jaroudi was named chief executive officer at Bank Nizwa.
Ahmed Saif al Rawahi, chairman of the Bank Nizwa Founding Committee, announced with pleasure this appointment, adding that Dr Jamil el Jaroudi brings many years of comm...

Arcapita Files for Bankruptcy Protection as Debt Talks Fail

Arcapita Bank BSC categorized for bankruptcy in the U.S. after failing to reach an agreement with creditors. The bank and five affiliates chased Chapter 11 protection in U.S. Bankruptcy Court in Manhattan, listing assets of $3.06 billion and l...

Al Hilal to invest 1.5 billion tenge in Kazpost

Al Hilal Islamic Bank and Kazpost JSC signed a general agreement on investment worth 1.5 billion tenge.
It seems that Al Hilal Bank wants to invest 1.5 billion tenge in Kazpost. This is the first contract of this kind in Kazakhstan.

Amlak debt slashed by Dh4 billion

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, has disclosed that the government cut off Dubai-based mortgage provider Amlak Finance’s debt by Dh4 billion.
The debt was reduced through delaying debt as well as through the sale of...

Capivest acquires 9% of Naseej and cash in deal totaling over $30m

Bahrain-based Capivest successfully closed $30m plus deal with Cemena Holding Company B.S.C. and now owns 9% of Naseej—a fully-integrated real estate and infrastructure Development Company to focus on mega projects in the Middle East and North...

IIFM and ISDA Launch Mubadalatul Arbaah (MA) Profit Rate Swap (PRS) Product Standard

The International Islamic Financial Market (IIFM) and the International Swaps and Derivatives Association, Inc. (ISDA) are pleased to announce the launch of the ISDA/IIFM Mubadalatul Arbaah (Profit Rate Swap) product standard to be used for Isl...

Masraf Al Rayan, Qatar Red Crescent sign agreement for launch of charity card

Masraf Al Rayan signed a partnership agreement with Qatar Red Crescent Society [QRCS] to launch its charity card to help people benefit from the services of QRCS. The card can be used only for Qatar Red Crescent activities.
Mr Adel Musta...

Microangels and Microequity: The Missing Ingredients of Microfinance

Microfinance has delivered to the poor and unbanked, the availability of micro loans and micro-insurance in exchange for micro-savings. Although its results as a tool to fight against poverty are sometimes controversial, it probably still miss...

Sukuk studied to fund Emirates Glass expansion

Dubai Investments is in talks with investors and financial institutions to fund a second phase of the Mussafah manufacturing unit of Emirates Float Glass.
Sultan Bin Saeed Al Mansouri, Minister of Economy, officially inaugurated the upgra...

The Transfer Window: latest moves including BLP, Mayer Brown and DLA

Simmons & Simmons has hired another partner from Berwin Leighton Paisner (BLP) in London. John Kelsey,recruitment of real estate specialist, took the number of partners the firm has hired from BLP to seven in less than a year. The hire fol...

UCITS tapped for Islamic funds distribution

Potential for marketing Islamic funds cross-border in the Asia-Pacific and Asean is starting to be seen through the UCITS (undertakings for collective investment in transferable securities) platform. Despite the fact that it has already been u...

EU Confirms Financial Transactions Ban With Listed Iran Banks

The European Union banished any kind of financial transactions with blacklisted Iranian financial firms, but U.S. officials made clear they would maintain the pressure for the EU to go further.
The Belgium-based Society for Worldwide Int...

Malaysian Islamic Insurers Eyeing Indonesian Market

Malaysia’s biggest Islamic insurers plan to develop in Indonesia, taking advantage of industry growth that is almost three times the pace of their home market and ampplyfying the wealth in the world’s most populous Muslim country.
It seem...

Islamic Bank to invest $98 million in bilingual-Quranic education in Nigeria

The Islamic Development Bank (IDB) revealed some plans to invest $98 million for the implementation of bilingual education in Nigeria.
The funds will be used in supplying support for the integration of Quranic schools into western educat...

Interest-free microfinance hope for poor Muslims

It seems that the Human Welfare Foundation will now provide loans in the form of interest-free microfinance to the poor across the country including Hyderabad.
Besides interest-free loans, a support system for human welfare containing a n...

Dubai Investments mulls $272m Islamic bond issue: chief exec

Conglomerate Dubai Investments could look to gather up to 1 billion dirhams ($272.3 million) in 2012 through sale of a sukuk to finance the expansion of its manufacturing units and repay debt.
The company is already in discussions with a...

NBD Islamic finance portfolio grows 24 per cent in 2011

The National Bank for Development (NBD) together with Abu Dhabi Islamic Bank (ADIB) revealed its 2011 financial results, which showed positive indicators despite the circumstances the Egyptian economy faced during the past year.
Nevine Lo...

Tunisia sets up Islamic finance working group

It seems that the Tunisian government has assembled a working group that will analyze how to develop Islamic finance in the country and that will look at the country's legal framework.
The group contains representatives from the central b...

Omar Shaikh: Islamic banking could be perfect fit for Scotland

The Tods Murray/Islamic Finance Council UK (IFC) ethical finance forum will analyze the practical challenges relating to marketing and distribution and talk about methods for measuring social returns.
Over the last few weeks, these discu...

A New Tool for Scaling Impact: How Social Impact Bonds Can Mobilize Private Capital to Advance Social Good

Social Finance, Ltd. created a bond with social impact. Background on this project is provided free for download and could be a good base for innovation in the Islamic finance industry:

"In September 2010, our sister organization, So...

IslamicFinance.de aims to raise USD 2'500 for quarterly running costs

Dear Reader,

IslamicFinance.de is privately funded for many years. Now, for the first time, you have the possibility to make a contribution, from one Dollar upwards!

The technical details, and the money transfer via paypal is organi...

SC And OCIS Conclude Third Roundtable On Islamic Finance

The Securities Commission Malaysia (SC) and the Oxford Centre for Islamic Studies (OCIS) determined the two-day third SC-OCIS Roundtable on Islamic Finance, a closed-door forum for Islamic finance experts, syariah advisers and scholars from ar...

Mideast bond sales soar to record as turmoil fades

Middle East bond sales are departing to a record start this year after political unrest that swept through some nations in 2011 decreased and as concern wanished that Europe’s debt crisis would disturb the request for regional debt.
Regi...

Gulf Holding Company role for Austin

Matthew Austin was appointed general manager of Gulf Holding Company (GHC) and its subsidiaries in a move addressed to push forward stalled projects.
Mr Austin will begin the process of reviewing and restructuring the company's operation...

Emirates NBD requests withdrawal of Dubai Bank's ratings

Emirates NBD from Dubai has asked Fitch Ratings and Moody's Investors Service to withdraw their ratings on Dubai Bank PJSC.
After the accomplishment of the takeover of Dubai Bank by Emirates NBD, all capital and medium-term funding claims...

German banking regulator BAFIN organised 2nd Conference on Islamic Finance

On 10 May 2012 BaFin will hold its second conference on Islamic financial services in Frankfurt. The agenda includes sharia-compliant capital market products and the opportunities and challenges they present.

The presenters at the confer...

Mideast investors active players in global real estate markets: Report

The research note by Alan Robertson, CEO, Jones Lang LaSalle MENA, prooves that Middle Eastern investors have been strong net buyers in overseas markets in recent years.
Considering the capital transactions across the world's commercial...

Alinma to manage Tokio Marine IPO

Tokio Marine Saudi Arabia appointed Alinma Investment as lead manager and underwriter for the initial public offering (IPO) of 30 percent of its stocks (20,000,000 shares).
The share capital amount of the company will be SR200,000,000. T...

Interest-free microfinance hope for poor Muslims

The Human Welfare Foundation will now provide loans in the form of interest-free microfinance to the poor across the country including Hyderabad, making microfinance a more humane approach.
Besides the interest-free loans, a support syste...

Green Faith Raises Provocative Questions

Green Faith got together over 100 people to debate religiously inspired eco-consciousness and interfaith activism around environmental issues.
The evening began with a short video clip and discussion by UW-Madison Associate Professor Anna...

Govt may up-size retail Islamic bond issuance on strong demand

The government is thinking about up sizing the issuance of the nation’s fourth ever retail Islamic debt papers (sukuk) after seeing strong request from local individual investors.
About 14,000 investors have ordered Rp 11.1 trillion wort...

UAE Banks Lose Billions of Dollars after Cutting Ties with Iran

The Islamic Bank has lost aproximatly 48 billion dollars only last year.
According to a report published by Saudi Al-Eqtisadiah (The Economy) newspaper, revealing AUE banks to such scrutiny and interrogations represented a distortion to...

Cambodia Muslims Dream of Islamic Finance

Aiming a better standard of living, Cambodia's Muslims are hoping of introducing the Islamic finance to the Buddhist country to lure investments from the Muslims-majority states in the Middle East and Asia.
Cambodian Muslims hope that by...

7 Material Issues for the GRI to Consider

GRI's latest Sustainability Report for 2010/2011 at Application Level A, catching the financial year 1 July 2010 to 30 June 2011, includes a summary of prioritized material problems based on a stakeholder survey.
The report contains 33 p...

Focus on good governance

According to Prof. Rob Melville, a visiting faculty member of Cass Business School Dubai, a key factor for listed companies in Gulf region to reach performance objectives is good corporate practices.
He added that the relationship betwee...

OIC Conference of Ministers Responsible for Water adopts the OIC Water Vision: “Working Together for a Water Secure Future”

The OIC Ministers Responsible for Water embraced the OIC Water Vision at the conclusion of their Conference which was held in Istanbul, Turkey, from 5 to 6 March 2012.
The host of the conference was the Ministry of Forestry and Water Aff...

Waqf Promotes Singapore Islamic Education

It seems that the Singaporean government is considering an endowment fund to promote Islamic education in the south-eastern Asian country.
The three-million-dollar fund will be developed by the Islamic Religious Council of Singapore (MUI...

Islamic finance offers comprehensive and competitive solution, says Zeti

In order to comply with the needs of the real economy, Islamic finance offers a complete and competitive solution in meeting funding and investment requirements of businesses.
Tan Sri Dr Zeti Akhtar Aziz, the Governor of Bank Negara Mala...

Saudi's Almarai raises $267 mln from debut sukuk

Almarai Co. raised 1 billion riyals ($266.6 million) through a sukuk, or Islamic bond, launched on March 7. It is the first time that Almarai has launched public debt, having started roadshows for the offering last month.
The arranger of...

Nigeria/IDB: Nigeria to Host IDB Business Forum

The Islamic Development Bank (IDB) Group, based in Jeddah, Saudi Arabia, will be hosting a two-day business forum under the title “IDB Group-Nigeria Business Forum” in cooperation with the Federal Ministry of Finance of Nigeria and the Nigeria...

Bank Sohar signs agreement for Islamic banking consultancy

Bank Sohar signed an agreement with Dar al Sharia Legal & Financial Consultancy of Dubai, to help it with all the main aspects of launching its Islamic banking window.
Since then, the bank has been working on introducing authentic, Sh...

Abu Dhabi report: Islamic finance sector showing resilience

Abu Dhabi Islamic Bank stated that it will launch The Report: Abu Dhabi 2012.
The report will offer detailed coverage of the resilience that the Islamic finance sector is revealing against a backdrop of global economic uncertainty, bucki...

European Islamic Investment Bank Plc : Non-Executive Director Appointment

Mr. John Robertson Wright was appointed Non-Executive Director of EIIB by the Board of EIIB.
Mr. Wright is a career Banker with important experience in UK and international markets including assignments in India, Sri Lanka, West Africa, C...

First Islamic bank from July

It is possible that Bank Nizwa will begin its branch operations in July this year. The bank has an ambitious plan to reach in every part of the Sultanate in near future to offer Islamic banking products to citizens and residents.
The Musc...

Gulf Investment to exit from Parsoli

Gulf Investment Services (GIC) Holding took the decision to end its investment in India-based Parsoli Corporation.
GIC and Baader Bank of Germany have invested in Parsoli Corporation in 2006. The investment didn't end well because of imp...

DIBP record profit of Rs 316m

Dubai Islamic Bank Pakistan Limited (DIBPL) has annlounced a record pre-tax profit of Rs 316 million for the year ending December 31, 2011.
The year 2011 pointed numerous achievements for DIBPL and the bank opened 39 new branches in a sh...

Nigeria to Host Islamic Development Bank Group Business Forum

The Islamic Development Bank (IsDB) Group, based in Jeddah, Saudi Arabia, will host a two day business forum under the title "IsDB Group-Nigeria Business Forum" in cooperation with the Federal Ministry of Finance of Nigeria and the N...

Hawkamah Institute for Corporate Governance formalises relationship with Institute of Risk Management

The Hawkamah Institute for Corporate Governance and the Institute of Risk Management (IRM) formalized a partnership agreement to offer risk management tools and know-how to Gulf Cooperation Council (GCC) executives and boards.
According t...

Al Baraka planning to buy bank stake

Bahraini Islamic bank Al Baraka Banking Group set its purpose for 15% growth in net profit this year and wants to buy a 75pc stake in an unlisted Indonesian bank as part of its global expansion plan.
Adnan Ahmed Yousif, Al Baraka's chief...

Jafza in talks over $2bn debt

It appears that Dubai's Jebel Ali Free Zone is discussing with banks how to repay its Dh7.5 billion ($2bn) Islamic bond until November, with most of the liability set to be given up by using a syndicated loan and a new sukuk. The banks that ar...