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NASDAQ Dubai welcomes its planned acquisition by Dubai Financial Market

07 Jan 2010 18:04 NASDAQ Dubai welcomes the announcement made today by Dubai Financial Market (DFM), by which DFM has made an offer to acquire NASDAQ Dubai, subject to regulatory approvals. Under the new ownership structure, DFM and NASDAQ Dubai will develop closer...

WB for Islamic finance standardisation

06 Jan 2010 17:22 The World Bank plans to support standard-setting bodies of the Islamic finance industry in turning their voluntary standards into binding banking regulations, a bank official said.

Moody's downgrades Tamweel to Baa3/P-3 from Baa1/P-2; negative outlook

06 Jan 2010 17:00 Tamweel's short-term issuer rating was lowered to Prime-3 from Prime-2.

Faisal bank seeks extra client cash-sources

06 Jan 2010 16:54 Geneva-based Faisal Private Bank has warned it could face foreclosure on parts of its real estate portfolio unless investors stump up cash to keep lenders at bay, documents seen by Reuters show.

Saad Group sukuk defaults on repayments

06 Jan 2010 16:46 A subsidiary of Saad Group, a Saudi Arabian conglomerate, has said it is unable to meet repayments on a sukuk (Islamic bonds) issue worth $650 million, which matures in 2012.

IDB co-operates with UN for food aid

06 Jan 2010 16:45 A UN Food Agency is co-operating with Islamic Development Bank (IDB) to help advance agriculture in poor countries.

Salaam Halal insurance fails to attract interest

04 Jan 2010 15:29 Salaam Halal insurance, part of Principle Insurance Holdings and the first independent takaful provider in the UK, has stopped accepting new business, following a failed rights issue. It is now in a ‘solvent run-off’ situation, whereby its existin...

Takaful International, Hannover Retakaful in Takaful Partnership

04 Jan 2010 15:25 Bahrain-listed Takaful International Co. BSC said it has signed an agreement with Hannover Retakaful to increase its family takaful insurance coverage up to US$5 million per individual, aiming to improve its insurance services and portfolio expans...

Regulatory hurdles for facilitation of Islamic financial products in South Korea

04 Jan 2010 15:20 Despite the postponement by South Korea's National Assembly's Strategy and Finance Committee of pushing through a vote to approve a bill aimed at facilitating tax neutrality for the issuance of sukuk at end December 2009, local supporters of the i...

KFH: ‘No legally binding’ pact to buy YNH's RM920mil property

30 Dec 2009 12:28 Kuwait Finance House (M) Bhd (KFH) has refuted YNH Property Bhd’s claim that it is in a legally binding agreement with the latter and can be made liable for backing out of a deal to purchase Menara YNH, a 45-storey office tower worth RM920mil.

SFS Cyprus and Kuwait Finance House launch shipping fund

30 Dec 2009 12:02 Global Shariah Shipping Fund, jointly sponsored by Cyprus-listed SFS Group and Kuwait Finance House (Malaysia) and Global Shipping Investments Management Ltd (equally owned company by SFS and KFHAM), is being launched with the aim of raising $150...

REIT rights and wrongs

27 Dec 2009 10:11 The Singapore stock exchange is poised to welcome the city state’s first Sharia-compliant REIT, in a move that could broaden the real estate investor base and develop the Islamic finance market there. However, it is not clear that the regulator is...

GFH CEO resigns

23 Dec 2009 16:58 Gulf Finance House announced that the Board of Directors has reluctantly accepted Mr. Ahmed Fahour's resignation as a Board Member and Group CEO of the Bank. Mr Fahour has been appointed by the Australian Government as the Managing Director of Aus...

Gulf Finance House forms new investment banking division (GFH Capital) and appoints Group Deputy CEO

23 Dec 2009 11:25 Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank announced today that the Board has appointed Mr. Ted Pretty as Group Deputy CEO of the Bank.

Nakheel repayment has no immediate impact on Dubai GREs ratings, says S&P

23 Dec 2009 11:19 The Government of Dubai announced that, with the backing of the Emirate of Abu Dhabi (AA/Stable/A-1+), it would be providing US$10 billion in financing to Dubai World and its subsidiaries, through its financial support fund.

Dubai sets up tribunal to settle Dubai World financial disputes

23 Dec 2009 11:16 The ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, today announced the setting up of a tribunal to decide the disputes related to the settlement of the financial position of Dubai World and its units reported Bloomberg, citing a statement...

Islamic finance in the Mediterranean gains momentum

23 Dec 2009 11:10 A number of Mediterranean basin countries are promoting themselves as Islamic finance hubs in an effort to attract sukuk, trust and investment funds business.

CMA Approved Saudi Hollandi Bank’s Request for SUKUK Public Offering

23 Dec 2009 10:48 In continuation of its efforts to develop and diversify investment channels in the capital markets via offers of securities, the Capital Market Authority (CMA) approved Saudi Hollandi Bank’s request to offer SUKUK. Of which the value will be deter...

Al Jazeera Finance looks to broaden portfolio

23 Dec 2009 10:45 Al Jazeera Islamic Company, which will be known as Al Jazeera Finance now on, plans to broaden its business portfolio and become a sector leader in Qatar.

Guide to Issuing Sukuk from the DIFC is Published

22 Dec 2009 08:54 The Dubai International Financial Centre Authority released the “DIFC Sukuk Guide” - a comprehensive introduction to various sukuk structures, as well as legal and regulatory information on issuing sukuk from the DIFC and listing sukuk on NASDAQ D...

Dubai agrees with creditors for further standstill and issues new law

22 Dec 2009 08:40 King & Spalding published a briefing on the recent request by Dubai World that all its creditors agree to a standstill on any amounts payable to them until at least 30 May 2010 and the new law issued by the Ruler of Dubai, HH Sheikh Mohammed B...

OIC secretary general calls for concerted multilateral actions for knowledged based economies in Muslim countries

19 Dec 2009 17:24 The Secretary-General of OIC, Professor Ekmeleddin Ihsanoglu has underscored the need for both inter-OIC cooperation and international partnership to enhance the popularization of knowledge-based economies in OIC countries.

Analysis: Sukuk - When is a default not really a default?

19 Dec 2009 17:21 Following recent events in Dubai, there has been a flurry of articles on sukuk defaults, with some commentators suggesting Islamic finance will wane. While many seem sure that defaults will occur, others have suggested sukuk holders’ rights and th...

Moody's downgrades three Dubai-based banks

19 Dec 2009 16:42 Moody's Investors Service has today downgraded the ratings of three Dubai-based banks -- Emirates NBD,Mashreqbank PSC and Dubai Islamic Bank PJSC. These ratings were placed under review in August 2009 in response to a weakening of economic condit...

Khalijia Invest announces the launch of its operations and commencement of activities as a Shari’ah compliant investment company

19 Dec 2009 16:18 Khalijia Invest as one of the recently established investment companies in the region, specializing in Corporate Finance and Asset Management, operating in compliance with Shari’ah guidelines announces the commencement of its operations, under its...

World Bank for Islamic finance standardisation

18 Dec 2009 11:06 The World Bank plans to support standard-setting bodies of the Islamic finance industry in turning their voluntary standards into binding banking regulations.

Kuwait leasing market most active in the region -- report

18 Dec 2009 10:59 The leasing market in Kuwait is the most active in the Middle East and North Africa (MENA) region which abounds in companies leasing autos, furniture, and other goods but sees little activity in the sector

TID Global Sukuk I Limited - comprehensive Restructuring Plan

18 Dec 2009 10:51 The Investment Dar Co. K.S.C.C. ("TID") and the Coordinating Committee of TID's banks and investors ("Coordinating Committee") presented a comprehensive restructuring plan to restructure TID's financial arrangements with its wi...


18 Dec 2009 10:37 Al Mal Bank LLC has agreed to suspend all of its regulated activities conducted in or from the QFC until such time as the current investigation being conducted by the QFC Regulatory Authority into the affairs of the Bank has been concluded.

Dubai market stumbles for the second consecutive session

18 Dec 2009 07:49 Dubai's index DFM faltered for the second session in three, with investors showing little enthusiasm for risking more money in a highly volatile market until fresh news on Dubai World's restructuring emerges.

World Council of Credit Unions gets federal contract

18 Dec 2009 07:39 Madison-based World Council of Credit Unions (WOCCU) has received a $60.5 million federal contract to expand credit union services in southern and eastern Afghanistan.

Islamic Bank of Asia's CEO Vince Cook resigns

18 Dec 2009 07:29 The Islamic Bank of Asia (IBA), a unit of DBS, said its CEO Vince Cook has quit for personal reasons and Friday is his last day with the bank.

Islamic Development Bank plans $850m sukuk issue

18 Dec 2009 07:26 Saudi-based Islamic Development Bank (IDB) plans to issue Islamic bonds, or sukuk, in the first half of next year worth around $850 million.

India Housing Will Escape Dubai-Like Collapse

18 Dec 2009 07:18 India’s property market, where prices have risen as much as 29 percent in major cities, will escape the kind of collapse that afflicted Dubai, the CEO of the Housing Development Finance Corp states.

Reuters Plans Islamic Finance Portal

18 Dec 2009 07:11 The international financial services information company Thompson Reuters is planning to launch a news portal covering information about the Islamic financial industry in early 2010.

Finance: Paris learns to play to the euro’s strengths

18 Dec 2009 07:04 A focus on Islamic finance could also attract sovereign and other funds from oil-rich Gulf states and help provide the investment that France needs.

Islamic syndicated lending

18 Dec 2009 06:57 There has been a significant increase in syndication deals since the start of 2009, with a total of 36 deals announced or closed worth a cumulative total of $9.5bn. If the rest of the year continues as it started it would suggest that total Islami...

Dubai scrambles to restore confidence

18 Dec 2009 06:53 Dubai tries to restore its reputation on Thursday, assuring investors that major property and leisure projects would go ahead and dispatching two top officials on a public relations drive to Washington.

Beltone Financial Holding, EFG-Hermes act as financial advisors in largest syndication to be covered from local banks worth $1.0

17 Dec 2009 14:42 A consortium of four banks namely, National Bank of Egypt, Banque Misr, Arab African International Bank, and Banque du Caire arranged, underwrote and syndicated a facility for the Egyptian Nitrogen Products Company (ENPC).

HSBC Amanah launches the world's first international Islamic premium banking service

17 Dec 2009 14:38 HSBC Amanah today announced the launch of HSBC Amanah Premier - the world's first Islamic banking service aimed at internationally mobile, affluent consumers.

Tamkeen invests in Islamic banking professionals for the future

17 Dec 2009 14:34 Bahrain's emergence as an Islamic banking hub has spurred Tamkeen to put in place an ambitious plan to train 130 Bahraini graduates in Islamic finance and business accounting.

Islamic finance well positioned for GCC recovery

17 Dec 2009 12:45 NCB Capital, the investment banking arm of National Commercial Bank, Saudi Arabia’s largest bank, believes that Islamic finance, an increasingly important element of the GCC financial sector, is well positioned to lead the way in the region’s p...

Bahrain central bank head sees recovery signs

17 Dec 2009 12:17 MANAMA: Despite an early intervention by governments, the global economy has not yet fully recovered. However, the signs of recovery are there and the situation is immeasurably better than a year ago .

Funds distributed for Nakheel bond repayment

17 Dec 2009 12:09 Dubai: Repayment of a $4.1 billion (around Dh15.05 billion) bond issued by Nakheel was set to be completed yesterday, when other Islamic bond issuers reassured investors about their repayment capability in replies to a ‘soundness and health' ch...

Dow Jones Indexes Wins 18th Award for Its Islamic Market Index Series

17 Dec 2009 11:52 The FINANCIAL -- Dow Jones Indexes, a leading global index provider, on December 16 announced that it has been named “Best Index Provider Shari’ah compliant Indexes” by Dubai-based Islamic Business & Finance magazine.

Dubai Financial Support Fund receives USD 10 billion from Abu Dhabi

14 Dec 2009 08:51 The government of Abu Dhabi and the Central Bank of the UAE has announced that it has agreed to provide $10 billion to the Dubai Financial Support Fund.The Dubai Financial Support Fund can therefore enable Nakheel to pay its Sukuk due today.

Nakheel to repay sukuk in next 2 weeks

14 Dec 2009 08:34 Nakheel Development Limited announced via the exchange, Nasdaq Dubai that it aims to repay the Sukuk in the next two weeks. According to the statement it will use funds that will be provided by the Dubai Financial Support Fund.

Westlaw Business Islamic Finance Center expands to include AAOIFI Islamic finance standards

13 Dec 2009 15:32 Westlaw Business, part of Thomson Reuters, and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) today announced their agreement to provide current standards and other Islamic finance industry information for glo...

Dubai Islamic Bank launches Wajaha, exclusive wealth management service

13 Dec 2009 15:06 Dubai Islamic Bank (DIB) announced today the launch of Wajaha, a distinguished wealth management service for ultra high net worth individuals. Tailored to meet the distinct needs of the ultra high net worth clients, Wajaha is an invitation-only se...

CMA's Board of Directors approves creation of arbitration centre and endorses Oman Social Responsibility Initiative

13 Dec 2009 14:56 HE Maqbool Ali Sultan, Minister of Commerce and Industry, Chairman of the Board of Directors of the Capital Market Authority chaired on Saturday the fourth and last meeting of the Board for 2009, which approved a number of proposed amendments to t...


Piero della Francesca, ‘La città ideale’, Italy XVI century