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New Central Bank President in Nigeria appointed

08 Jun 2009 22:34 Newly confirmed Central Bank Governor is Sanusi Lamido Sanusi.Sanusi, 47, got his BSc degree in economics from Ahmadu Bello University (ABU) in 1981 and Masters Degree also in economics from the same institution in 1983.He later read Sharia and Is...

Dubai Islamic Bank purchases outstanding Sukuk through cash tender offer

08 Jun 2009 22:30 Dubai Islamic Bank announced that it has purchased USD 50.6 mn from the partial cash tender offer to retire USD 200 mn of outstanding Sukuk. DIB purchased the certificates at 88 % of the face value.

Global to sell stake in Al Salam Bank

08 Jun 2009 22:20 Global Investment House plans to sell a 14.1 % stake in Al-Salam Bank in a June 11 auction to reduce its holdings. The company expects 6.4 million dinar in profit.Global said in January that it defaulted on most of its loan repayments.rg.net

Markaz expects 50 % surge in Saudi demand after mortgage law

08 Jun 2009 22:12 The total demand for residential units in Saudi Arabia will be in the range of 500,000 to 800,000 during the period 2009-13. The currently planned organised supply will provide about 73,000 units during 2009-13 and the rest will be tapped by curre...

Bahraini Saudi Bank takeover approved

08 Jun 2009 22:10 Bahrain's Al Salam Bank has announced that Bahraini Saudi Bank's shareholders had accepted its takeover offer.

CMA Approved Saudi Electricity Company’s Request for SUKUK Public Offering

08 Jun 2009 11:13 The CMA announced on 7 June that Saudi Electricity Company’s request to offer Sukuk in the period from (13/6/2009) G to (28/6/2009) G. More details will be published in the prospectus to the public.

New Certificate in Risk Management for Islamic Financial Institutions

03 Jun 2009 09:19 The Global Association of Risk Professionals and the Banque du Liban recently announced the development of a new program, the Certificate in Risk Management for Islamic Financial Institutions.The explosive growth in, and increasing sophistication...

Saad Group restructures debt

02 Jun 2009 06:53 Andrew England in Abu Dhabi and Abeer Allam in Riyadh reported in the Financial Times about the Saudi conglomerate owned by Maan Al-Sanea.The statement by Saad Group – its first admission that it is facing difficulties – came after bankers said th...

3 Indonesian banks to open Islamic units

02 Jun 2009 06:36 Three national banks are in the process of opening Islamic units to respond to growing demand for sharia banking services, an official was cited in Antara: Bank Central Asia (BCA), Bank Panin and Bank Victoria.

New Islamic bank in Indonesia

02 Jun 2009 06:34 Reuters reported on 18 March that Indonesia's third-largest lender, PT Bank Central Asia Tbk, is planning to launch an Islamic bank in September following its acquisition of a small bank last year, its vice president director said.

Manulife applies for Takaful license

02 Jun 2009 06:32 Insurer Manulife Holdings Bhd will submit an application before the end-October deadline for a takaful licence to tap into the growing Islamic insurance market. The plan by Manulife to seek a takaful licence is in line with the Government’s move t...

Group issues Sukuk in favour of CIMB Islamic Bank

02 Jun 2009 06:29 BUMIPUTRA-Commerce Holdings Bhd, said it received approval from the Securities Commission for the sale of as much as RM 2 bn Sukuk, to be made availabl to CIMB Islamic Bank.

Indonesian PT Bakrieland Development Tbk going to raise Sukuk

02 Jun 2009 06:25 Indonesian property firm PT Bakrieland Development Tbk wants to raise up to 300 billion rupiah from an Sukuk issue, or twice the amount previously indicated. Bakrieland has appointed PT Bahana Securities and PT Madani Securities as underwriters fo...

HwangDBS Investment Management Bhd HwangDBS AIIMAN Sukuk Fund (ASF)

02 Jun 2009 06:23 HwangDBS Investment Management Bhd launched its first local sukuk fund, HwangDBS AIIMAN Sukuk Fund (ASF).

Sukuk fund series: HSBC Amanah starts sales

02 Jun 2009 06:17 HSBC Amanah, the financial group's Islamic division, said it will start marketing its first Islamic Sukuk fund. The HSBC Amanah Sukuk Fund, domiciled in Saudi Arabia, will comprise Sukuk, issued by 12 to 14 companies, mostly in the real estate, co...

Jovian to Partner with UM Financial to Launch Shariah-Compliant Product

02 Jun 2009 06:12 Jovian Capital Corporation announced an agreement with UM Financial Inc. to explore the launch of aco-branded, Shariah-compliant investment product. The product targets Canada's approximately 1 million strong Muslim population, as well as foreign...

Economist magazine on Gulf debt markets

01 Jun 2009 20:33 A recent article in the Economist emphasizes the importance of the nascent debt markets for Gulf countries.

Indonesia' Govt Aims For USD 485 mn Of Sukuk Sold By End Q2

01 Jun 2009 20:29 The government plans to sell up to Rp 5 trillion (USD 485 mn) of Sukuk, to institutional investors in the domestic market by the end of the second quarter.

Islamic banking in Iraq

01 Jun 2009 20:21 Islamic banks first opened in Iraq in the 1990s and seven of the country's 42 banks are now Islamic. The central bank studies a new law for Islamic banks, but there is no time line.Bilad has about 7,000 account holders, whose deposits rose to abou...

Syria receives USD 100 mn finance from IDB

01 Jun 2009 18:36 The Islamic Development Bank and the Syrian government signed an agreement last week stating that the bank would provide a EUR 100 mn finance for the expansion of a power station in Syria.

IDB finances several projects in Turkistan

01 Jun 2009 18:34 The Islamic Development Bank (IDB) granted a USD 31 mn facility to Turkmenistan to finance the purchase of two "river-sea" vessels with the capacity of 7 tons each for transportation of oil and oil products.

Saudi Arabia plans mortgage institutions similar to US

01 Jun 2009 18:31 Saudi Arabia plans to set up a Fannie Mae-style company in conjunction with the upcoming mortgage law to buy mortgages from financial institutions and help develop national sukuk and debt markets, Saudi Arabia's finance minister Ibrahim al-Assaf s...

Iran plan up to USD 12.3 bn in bonds

01 Jun 2009 18:24 Hashem Kalantari reported in Forbes that Iran plans to issue USD 12.3 bn of foreign currency and rial-denominated bonds over the next three years to help finance the development of its major South Pars gas field in the Gulf.

IDB supports Turkish Exporters

01 Jun 2009 18:22 The Islamic Development Bank (IDB) will extend some USD 100 mn with one-year terms to Turkish exporters that have experienced trouble as a result of the ongoing global financial crisis. Officials from Turkey's Eximbank informed the Anatolia news a...

International Investment Bank equity parter of steel mill

01 Jun 2009 18:09 International Investment Bank (IIB), Bahrain, announced the completion of the first Thermo Mechanical Treatment steel rolling mill in Bahrain (UNIROL) earlier this month. IIB is one of the major partners of the project with an equity stake of 35%.

Khaleeji Commercial Bank (KHCB) provided USD 25 m facility to Bukhatir Investment Group

01 Jun 2009 16:56 Khaleeji Commercial Bank (KHCB) announced that it has provided a USD 25 mn banking facility for Bukhatir Investment Group to support expansion projects planned by the Group.

Bahrain-Based Arcapita Bank Downgraded To 'BB-' On High Leverage; Outlook Negative

01 Jun 2009 16:54 Press ReleasePARIS (Standard & Poor's) June 1, 2009--Standard & Poor's Ratings Services said today that it has lowered its long-term counterparty credit ratings on Bahrain-based Arcapita Bank (Arcapita) to 'BB-' from 'BB' and removed them...

People leaving Dubai without settling Credit Cards

29 May 2009 18:34 7Days Dubai reports that one bank faces 2,500 customers leaving per month withou payng off their credit card bills.

Salama appoints CAAM as investment manager

29 May 2009 06:53 SALAMA, the world's largest Takaful and Re-Takaful Group ties up with Crédit Agricole Asset Management Group (CAAM Group), to offer 3 Islamic funds: BRIC (Brazil, Russia, India, China) quantitative fund, an active Asian equities ex-Japan and a Glo...

Global MENA Financial Assets Limited published update on defaulted murabaha transactions

29 May 2009 06:48 Global MENA Financial Assets Limited (the 'Company') is a closed-ended investment company incorporated in Guernsey to make attractive absolute gains through investment in a diversified portfolio of financial sector assets focused predominantly in...

Thomas Weisel Asset Management LLC teams up With IdealRatings

29 May 2009 06:43 Thomas Weisel Asset Management LLC partnered to form an alliance with IdealRatings, Inc. to create funds and separately managed accounts to invest in small and mid-cap U.S. companies. Through an initial investment by Thomas Weisel Asset Management...

Islamic finance firm Dar to meet creditors in June

29 May 2009 06:40 Investment Dar will brief creditors and investors in a meeting for June 8 in the United Arab Emirates on how its restructuring plan is progressing, the firm said in statemnt according to Reuters.

Qatari bank lending down 7 %

29 May 2009 06:36 Qatari bank lending fell 7 % in the first two months of 2009 as credit to the public sector dropped 36 %, central bank data showed, the latest signal Gulf banks are more cautious on new loans.

Investment Dar files complaint agains Commercial Bank of Kuwait

29 May 2009 06:31 A dispute arose between Investment Dar and Commercial Bank of Kuwait regarding the right to buy back from CBK 19.2 % stake in Boubyan, wich Investment Dar sold last year.

South Africa: Albaraka Bank Achieves R2 Billion Asset Base

29 May 2009 06:27 Albaraka Bank, SA's only Islamic financial institution, passed the R2bn asset level. This compares with only R400 000 in 1999 when it was formed. CEO Shabir Chohan said that it had taken the bank 15 years to achieve assets of R1bn and then another...

Istanbul Declaration Adopted By The First Meeting Of The Development And Cooperation Institutions

22 May 2009 23:50 Istanbul Declaration Adopted By The First Meeting Of The Development And Cooperation Institutions Of The Member States Of The Organisation Of The Islamic Conference (May 13-14, 2009) Istanbul, Republic Of TurkeyDate: 16/05/2009 - View in: Arabic |...

PT Berlian Laju Tanker Tbk, Indonesia issues Sukuk

22 May 2009 23:45 Indonesian shipping firm, PT Berlian Laju Tanker Tbk , in a prospectus published in Bisnis Indonesia newspaper, the firm said it plans to sell 400 billion rupiah of conventional bonds and 100 billion rupiah of ijarah sale-and-leaseback sukuk, whic...

Singapore shall focus on Islamic finance and Green Sector

22 May 2009 23:42 Economists said two sectors which Singapore should focus on as it gears up for a global economic recovery are Islamic Finance and the green sector. They said the country should also look to regions like the Middle East and Africa for new opportuni...

Mauritius allows Islamic products and aims to become IFSB member

22 May 2009 23:38 The Bank of Mauritius intends to develop a structure that will deal with commodity markets.The Bank is confident that this new form of banking will help to strengthen the country’s financial sector by tapping into the Gulf financial markets, said...

CIMB optimistic about Asian Sukuk

22 May 2009 23:35 Sukuk sales in Asian currencies may jump in the next 6 months as companies compare borrowing costs and investors become more willing to accept risk in addition to favorable USD versus local currency credit spreads, according to CIMB.

Investment Dar denies bail out talks with Central Bank

22 May 2009 23:32 NO BAILOUT: Investment Dar has denied media reports that it is in talks with the Central Bank of Kuwait over a bailout.

Creation of the Sharia Finance Committee Senegal

22 May 2009 23:25 A multidisciplinary study group composed of lawyers, tax experts, businessmen, scientists and clerics have decided to build a national and regional promotion body for Islamic finance in Senegal. Mr Karim Ahmed Al CISSE, President of the 'Comité na...

Shariah-compliant SET index has formal launch

22 May 2009 23:16 The Stock Exchange of Thailand (SET) will formally launch its first index tracking shariahcompliant Southeast Asian stocks on Monday, in a bid to attract Muslim investors. The FTSE SET Shariah Index, which has been available since April 23, compri...

Prudential Malaysia Records 17 % rie In New Business Sales

22 May 2009 23:11 Prudential Assurance Malaysia Bhd (PAMB), part of UK-based Prudential Plc, has posted a 17 % growth in new business sales in first quarter 2009 compared to the same period last year. The company's new business annual premium equivalent (APE), whic...

Mena debt market can grow to $1.6trn

22 May 2009 23:07 The debt market in the Middle East and North Africa (Mena) has the potential to grow to $USD 1.6 trillion p.a. but currently remains in its nascent stage, according to economic experts speaking at an event organised by the Dubai International Fina...

Malta appointed working group for Islamic finance

22 May 2009 23:00 The Malta Financial Services Authority (MFSA) has set up a five-person working group chaired by its director for strategic development, Dr Michael Xuereb, to identify further necessary legal and regulatory changes and related implementation proced...

QInvest buys 44% stake in 130-year old UK Panmure stockbroking firm

22 May 2009 22:53 QInvest, trumped two other bidders to buy a 44 % stake in Panmure Gordon & Co, investing USD 36.3 mn in the 130-year-old British stockbroking firm. The deal would involve a placing of 67.5 million shares, priced at 34 pence per share a 15 % di...

World Bank analysis on Pakistan's informal and formal financial sector

22 May 2009 22:48 Microcapital sumarized the World Bank report written by Tatiana Nenova, Cecile Thioro Niang and Anjum Ahmad , released May 2009, 187 pages, available at: http://go.worldbank.org/0KKMYAT130 :This World Bank report measures and describes the curren...

Joint Africa program of develoment banks

22 May 2009 22:43 MICROCAPITAL STORY: African Development Bank Group, Agence Française de Développement Group, European Investment Bank, Development Bank of Southern Africa, KfW Bankengruppe, Islamic Development Bank Group, and World Bank Group Launch USD 15bn Join...

Saad Group And Related Entities Outlook To Negative On Increased Real Estate Exposure; 'BBB+' Long-Term Rating Affirmed

22 May 2009 22:33 Press ReleaseLONDON (Standard & Poor's) May 22, 2009--Standard & Poor's Ratings Services said today that it revised to negative from stable its outlook on Saudi Arabia-based Saad Group and related entities, owing to our view of its increas...

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