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Shariah-compliant loans available for oil business

12 Feb 2010 18:27 The limited availability of capital through conventional sources makes it all the more important that the oil and gas industry, in particular, consider alternative financing products. Shariah-compliant finance has the potential to unlock largely u...

Saudi Alinma Bank sees Q4 net profit fall

12 Feb 2010 18:18 Newly launched Saudi bank Alinma said on Saturday its fourth quarter net profit fell 85 percent from the previous quarter due to increased operational costs.

PQFTL, EGIBL & FWU AG launch BancaTakaful product

12 Feb 2010 18:15 Emirates Global Islamic Bank has launched a BancaTakaful product ‘Sarparast Family Takaful Plan’ in collaboration with Pak-Qatar Family Takaful and FWU AG a global facilitator of BancaTakaful.

Statement from Dubai Bank

12 Feb 2010 18:13 Dubai Bank confirmed today that its current Chief Executive Officer, Salaam Al Shaksy, will be leaving the Dubai-based Shari'a-compliant financial institution to assume the role of Chief Executive Officer at National Bank of Oman.

Zamil Industrial Signs Murabaha Facility with NCB for one of its Subsidiaries

12 Feb 2010 17:59 Eastern District Cooling Co. Ltd., a wholly-owned subsidiary of Zamil Industrial Investment Company (Zamil Industrial), has signed with The National Commercial Bank (NCB), the first non-recourse project financing done in the region for a district...

Sime lists RM4.5b sukuk programme

12 Feb 2010 17:54 Sime Darby Bhd yesterday listed its Ringgit Malaysia Sukuk Programme on Bursa Malaysia with a combined master limit of RM4.5bil under the Exempt Regime.

Moody's downgrades Aldar to Baa2, ratings kept on review

12 Feb 2010 17:51 Moody's Investors Service today downgraded the ratings for Aldar Properties PJSC (Aldar), the Trust Certificates (sukuk) issued by Sukuk Funding (No. 2) Limited and the guaranteed Notes issued by Atlantic Finance Limited, to Baa2 from A3. Ratings...

The World's Sukuk Markets are good medium-term growth prospects, says S&P

12 Feb 2010 17:48 Medium-term growth prospects for the world's sukuk market are good, said Standard & Poor's Ratings Services in a report published today. In addition, we understand from unofficial market sources that about US$10 billion more could potentially...

Brunei Battles Credit Card Debt With Tighter Rules

12 Feb 2010 17:42 Financial regulators in Brunei have placed restrictions on how small the amounts credit card issuers can set for monthly repayment of credit card debts, according to a directive from the country’s Ministry of Finance. Cardholder incomes also will...

India banking reforms focus on Islamic finance

12 Feb 2010 17:33 India is planning to overhaul regulation of its financial system to attract investments from the Gulf and to encourage its largely unbanked Muslim population to save money in a way compliant with their religion, a senior government adviser has sai...

Saudi's Al Rajhi Bank wins first place in 'Competitiveness for Responsibility' awards

12 Feb 2010 17:30 For the second year in a row Al Rajhi Bank has achieved first place ahead of 80 other large Saudi companies participating at the Saudi "Competitiveness for Responsibility" awards. Held as part of the Global Competitiveness Forum activiti...

S&P lowers rating of Gulf Finance House To 'SD/SD' (Selective Default) On Partial Debt Extension

11 Feb 2010 11:48 Press ReleaseBahrain-Based Gulf Finance House Lowered To 'SD/SD' (Selective Default) On Partial Debt Extension *Bahrain-based Gulf Finance House (GFH) yesterday extended the maturity of $100 million of its $300 million syndicated loan by six month...

Al Baraka in talks for Bank Muamalat stake - CEO

08 Feb 2010 16:59 Bahrain-based Islamic lender Al Baraka is in talks to buy a stake in Malaysia's Bank Muamalat, its chief executive said, with a source adding it could buy up to 49 percent in the lender.

Noor units set to launch online social forum

08 Feb 2010 16:55 Noor Investment Group's Noor Islamic Bank and Noor Takaful announced the creation of a new social media online forum shapeyourcountry.com to connect people living in the UAE across nationalities, age and econ-omic status, as well as Emiratis resid...

King & Spalding advises Jadwa in beverage firm stake buy

08 Feb 2010 16:39 King & Spalding, a leading international law firm, said it had advised Riyadh-based Jadwa Investment Company in the acquisition of a significant equity stake in Gulf Union Foods Company (GUFC), a top producer of juices and beverages in Saudi A...

Faysal Bank Plans to Compete for Purchase of RBS Pakistan Unit

08 Feb 2010 16:36 Faysal Bank Ltd., a Pakistani lender, plans to participate in the process to acquire a majority stake in the Pakistan unit of Royal Bank of Scotland Plc, according to a notice issued today.

ICD to set up Islamic bank

08 Feb 2010 16:33 The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IDB), said it was committed to ensure that its plan to set up an Islamic bank in the Maldives in partnership with the...

UK sovereign sukuk? Yes, no, maybe …

07 Feb 2010 07:56 The United Kingdom government is deciding to issue sukuk which would: * Diversify its investor base- not a bad prospect for an indebted country- standing a chance to attract further liquidity. * Show it is not complacent and really means business...

First Islamic Finance pilot tentative by Bank of Ningxia

07 Feb 2010 07:15 Islamic Finance Expert reported that Ningxia Bank has been identified by the relevant ministries in China to develop a pilot project in Islamic finance.

UPDATE 1-Indonesia retail sukuk priced at 8.70 pct

06 Feb 2010 17:33 Indonesia has set the yield on the retail sukuk due to be issued next month at 8.70 percent. Indonesia, which has the world's largest Muslim population and wants to develop the domestic Islamic finance market, plans to sell 3 trillion rupiah ($321...

Key Islamic finance standards published

06 Feb 2010 17:29 Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the international standard-setting organisation for Islamic finance, has published its new standards publications. It is entitled Sharia Standards 2010 and Accountin...

Fitch: 2010 Outlook for Saudi Banks more positive after mixed 2009

06 Feb 2010 17:25 Fitch Ratings says that 2009 proved to be, as anticipated by Fitch, a challenging year for banks in Saudi Arabia as the full impact of the global economic crisis caught up with the region, reflected in rising loan impairments and a rapid slowdown...

Grameen-type bank opens in Bahrain

04 Feb 2010 17:46 Nobel Laureate Professor Muhammad Yunus and the Chairman of the Board of Trustees of the Royal Charities Organization, Prince Shaikh Nasser bin Hamad Al Khalifa inaugurated the Family Bank, a microfinance bank licensed by the Central Bank of Bahra...

Malaysia likely to give Islamic licence to Abu Dhabi bank

04 Feb 2010 17:44 The government is likely to approve an Islamic banking licence for the National Bank of Abu Dhabi. The move comes before the administration unveils its new economic model in which the services sector, and in particular Islamic finance, is given mo...

Legal & General Gulf Takaful B.S.C (c) Launches in Bahrain

04 Feb 2010 17:40 Legal & General Gulf Takaful B.S.C (c), a wholly owned subsidiary of Legal & General Gulf B.S.C (c), a joint venture between UK-based Legal & General Group Plc and Ahli United Bank Group (AUB), announced the launch of its retail busine...

Thomson Reuters unveils risk management solution for Islamic Banking

04 Feb 2010 17:38 INTERNATIONAL. Thomson Reuters today announced the launch of a risk management system specifically tailored for Islamic banking.Kondor+ Suite for Islamic Banking is a real time trade and risk management solution, which will provide full front-to-b...

Bank Negara pressing ahead with Shariah parameters

04 Feb 2010 17:23 Bank Negara Malaysia (BNM), the central bank, is pressing ahead with developing a series of Shariah parameters that would provide a standard guidance on applying the respective Shariah contracts in Islamic finance. In fact, BNM in December 2009 p...

Strategic tie up between "Sharjah Islamic Bank" and "Noor Takaful"

04 Feb 2010 17:20 Sharjah Islamic Bank (SIB) has signed an agreement with Noor Takaful according to which the Bank will offer Noor Takaful Motor Takaful Insurance to all SIB customers through its network of 23 branches. This strategic partnership will enable SIB cu...

Takafulhous Announces "Ayman Yousif Al Ajmi" New Chief Executive Officer

04 Feb 2010 17:15 "Takafulhous" subsidiary of Mawarid Finance, the leading Islamic insurance company in Dubai, announced appointment of the new CEO Mr. Ayman Yousif Al Ajmi.

Dewa plans to issue bonds worth $1.5 billion in April to fund expansion

04 Feb 2010 17:08 Dubai Electricity and Water Authority (Dewa) will issue $1.5 billion (Dh5.5bn) worth of bonds in April to fund its ongoing expansion plans. When sold, Dewa would have raised nearly Dh10bn from international markets over the period of 12 months. De...

QIIB lends a helping hand here

04 Feb 2010 17:02 Qatar International Islamic (QIIB) Bank has made a donation to support the programmes of the Centre for Educational Perspectives, Qatar.

Building a Viable Microfinance Sector in Afghanistan

04 Feb 2010 16:59 The microfinance sector in Afghanistan is going through a period of reform which is largely due to the consequence of an early emphasis on rapidly achieving operational sustainability.AREU researched on the impact of microcredit on informal credit...

Report on Social Responsibility Trends at Islamic Financial Institutions

02 Feb 2010 10:46 The report on Social Responsibility Trends at Islamic Financial Institutions presents the results of an extensive survey on Social Responsibility at Islamic Financial Institutions (IFIs) carried out during summer and fall of 2009 by DinarStandard...

Philippines to miss Islamic finance boom in Asia this year

02 Feb 2010 10:04 DEBT WATCHER Standard & Poor’s said Islamic finance growth will stay strong this year, as demand for financial products that comply with Islamic or Sharia law continues to increase with Southeast Asia driving expansion.The Al-Amanah Islamic In...

Jamsostek's subsidiary to acquire local sharia banks

02 Feb 2010 09:51 State insurance company PT Jamsostek plans to acquire stakes in two local sharia banks this year through a joint agreement with the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD).The new investment arm of the comp...

Khurshid backs Islamic banking concept of Kerala

26 Jan 2010 18:00 The Centre has offered a helping hand to Kerala in revoking a stay order by the state high court against setting up of an Islamic bank.Noting that the court order could hamper investment opportunities in the country, Union minority affairs ministe...

Sharia banking grows strong in Indonesia

26 Jan 2010 17:50 The people of West Java also showed their support by injecting Rp 106 billion into the bank. Although its business was not too bright in its early days, the bank recorded a profit of Rp 372.5 billion in the second quarter of 2009. The achievement...

Is foreign investment the answer to Iraq's banking needs?

26 Jan 2010 17:40 A muscular banking sector will make or break whether Iraq is to rebuild and prosper.Iraq's financial architecture to support a growing, privatised economy is a bottom-up operation. The country remains a cash economy with a thriving black market. P...

Sharia-Compliant Hedge Fund Launched in USA

23 Jan 2010 17:26 Palisades Park Capital started a multi-strategy hedge fund in November. Justin Doff and Omar Haroon manage the fund. The fund is a computer-based long-short equity strategy.

Waqf Projects to be Launched in Makkah

23 Jan 2010 17:21 The International Islamic Relief Organisation-Saudi Arabia (IIROSA) is to launch six endowment (waqf) projects in Makkah at a cost of over SR470 million, with annual returns of about SR45 million that will be used to finance the organisation’s rel...

Templeton May Set Up Shariah-Compliant Equity Fund

23 Jan 2010 17:17 Mark Mobius, who oversees $33 billion in emerging-market securities as chairman of Templeton Asset Management Ltd., said he’s looking into setting up a Malaysia-based stock fund that’s compliant with Islamic law.

Sakana - BMI Bank in Islamic Financing deal

23 Jan 2010 16:30 Bahrain-based Sakana Holistic Housing Solutions and BMI Bank (BMI), an associate of Bank Muscat, signed a Commodity Murabaha Islamic Financing facility whereby BMI Bank provided BD 3 Million funding for 1 year to Sakana towards working capital req...

Alrajhi Bank has achieved the highest profits among all Saudi Banks

23 Jan 2010 11:27 Mr. Abdullah Bin Sulaiman Al Rajhi, Managing Director and Chief Executive Officer of Al Rajhi Bank announced that the bank has achieved a net profit for 2009 amounted to SAR 6,767 million ($1,804 million) compared to SAR 6,525 million ($1740 milli...

France seeks Islamic financial system

23 Jan 2010 11:21 The laicist French government seeks to make amendments to laws improving Islamic finance investors access to France. Although a relevant draft law was turned down by the Constitutional Council in form, but not in content, French Minister of Econom...

Alinma profit plunges 85%

23 Jan 2010 11:19 Alinma Bank's profit fell by 85 percent in the fourth quarter of 2009 as its net income amounted to SR5.6 million ($1.49 million), compared to SR38.6 million ($10.29 million) for the previous quarter, according to a posting on the Saudi stock mark...

Barwa Bank announces acquisition of The First Investor (TFI)

23 Jan 2010 11:14 Barwa Bank, a major new Qatari financial services provider, today announces the approved acquisition of Qatari based investment shareholding company, The First Investor. The acquisition by Barwa Bank has received full approval from the Qatar Centr...

Ingress gets 6-mth sukuk extension

23 Jan 2010 11:10 Ingress Sukuk Bhd has obtained its sukuk holders’ approval to extend the maturity date of about RM48 million in Islamic bonds, the company said today.

KFH plans expansion in US, Canada

23 Jan 2010 11:00 Kuwait Finance House (KFH) has revealed plans to expand into the US and Canada in 2010.

Benzinga Snapshot On Islamic Bonds (Sukuk): Going Strong In 2010?

23 Jan 2010 10:51 The sukuk market, which has been gaining ground since the second half of 2009, is expected to chart stronger growth in 2010, buoyed by the global economic recovery, low interest rates and the Government's pump-priming initiatives.

Islamic banks outperform non-Islamic banks in UAE quality bank benchmarking study

23 Jan 2010 10:26 Seven Islamic banks were included in this year's study which tested the service quality performance of 27 banks across the UAE. Five of the seven Islamic banks included claimed a place within the top 10 performance ranking table.

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