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Opening Ceyhan Bank for Islamic Investment and Development in Iraq

18 Apr 2009 19:26 The Minister of Finance in the Government of Kurdistan province, Baez Talabani has opened Ceyhan Bank for Islamic Investment and Development. The chairman of Ceyhan sets as goal of opening this bank to provide qualified and new services, on the ba...

New UBS Head of Islamic finance sees further growth

18 Apr 2009 17:40 Armen Papazian said he was named to the post head of Islamic finance by UBS Investment Bank 2-1/2 weeks ago with a global mandate to hire staff and design innovative products and as sign of commitment, that UBS believes in the growth sector.

CEO Faisal Private Bank ask for harmonization of Sharia standards

18 Apr 2009 17:32 Faisal Private Bank's Chief Executive, Marco Rochat, said the absence of a global set of harmonised rules on sharia compliance created an unlevel playing field, reported Martin de Sa'Pinto on Reuters. Faisal Private Bank adivses on nearly USD 500 mn.

Al Safi platform considers to launche private equity fund

18 Apr 2009 17:25 The hedge fund platform Al Safi set up by Barclays Capital is planning Private Equity funds, reported Pratima Desai and Cecilia Valente on Reuters.

Kuwait and Saudi need to improve Sukuk regulation, expert says

18 Apr 2009 17:09 A lack of legislation is seriously hampering domestic issues of Sukuk in Kuwait, forcing companies to go abroad, Abdulkader Thomas, president of consultancy Shape Financial Corp said to Ulf Laessing and Raissa Kasolowsky published on Reuters. A mi...

Indonesian USD 650 mn Sukuk Al Ijara ahead

18 Apr 2009 17:00 Indonesia began gauging interest this week for its maiden global sukuk that is expected to raise up to USD 650 mn. Sri Mulyani Indrawati, finance minister, confirmed that the offering circular for the Sukuk Al Ijara reported John Aglionby in the F...

BMB Islamic adviced on the Sharia compliant SRI fund of F&C

18 Apr 2009 16:52 BMB Islamic adviced on the Sharia compliant F&C fund observing social responsible investing rules as well.

GFH plans UK property fund and Sukuk fund

18 Apr 2009 16:40 Gulf Finance House plans to launch a GBP 50 mn UK commercial property fund and a USD 50 mn Sukuk fund in the GCC. The USD 50 mn sukuk fund, to launch in the next two weeks pending regulatory approval, would focus on government, quasi-government, o...

Unicorn Investment Bank looks for mergers and acquisitions

18 Apr 2009 16:29 Unicorn Investment Bank consider mergers in the Gulf, and acquisitions of about USD 2 bn in the Gulf, Europa and Asia. It plans a Sukuk Al Ijara about USD 425 mn in Q3 to fund its expansion reported Ulf Laessing and Raissa Kasolowsky on Reuters. C...

E&Y sees takaful contributions grow to USD 7.7 bn by 2012

18 Apr 2009 16:25 Ernst & Young released a report saying that the takaful market may reach USD 7.7 bn contributions by 2012, compared to USD 2.5 bn in 2006 and USD 3.4 bn in 2007.

BLME forced to delay fund launches

18 Apr 2009 14:20 Bank of London and the Middle East (BLME), has delayed one global equity tracker and one emerging markets equities fund as the financial crisis constrains clients in the Middle East according to the CEO, reported Cecilia Valente and Daryl Loo on R...

Algebra Capital sees the Mideast asset management grow from USD 80 bn to USD 300 bn

18 Apr 2009 14:14 Algebra Capital sees the Mideast asset management sector to grow by 15 % from USD 80-100 bn to USD 300 bn by 2014. Fixed-income, which contributes less than 2-3 % of regional assets compared with a majority in equity investments, could provide a &...

Follow IslamicFinance.de with Twitter

18 Apr 2009 12:27 IslamicFinance.de installed on 18 April a new service to keep you updated with Islamic finance news by sending its content to a Twitter account allowing to follow news even by mobile phone, Wikipedia the online encyclopedia explains Twitter as fol...

Lloyd's of London consider Takaful syndicate

18 Apr 2009 00:04 Cecilia Valente reported on Reuters that Lloyd's of London is examining the viability of an Islamic reinsurance, or takaful, syndicate with interested parties planning capacity of up to GBP 200 mn (USD 294.5 mn) according toMohammad Khan, directo...

Prospects of Takaful Growth

18 Apr 2009 00:00 Growth in the takaful industry, has slowed slightly as a result of the global economic crisis but is still outpacing the Islamic finance sector as a whole, Peter Hodgins, partner at international law firm Clyde & Co told Reuters: "In perc...

Emirates NBD appoints Robbert Jan Voogt as the General Manager of Private Banking

17 Apr 2009 23:44 Emirates NBD, the largest bank in the region in terms of assets, announces the appointment of Robbert Jan Voogt as the General Manager of Private Banking.The new General Manager of Private Banking, Robbert Jan Voogt brings financial expertise from...

ACR ReTakaful SEA aims strategic alliance with an Islamic reinsurer in Malaysia

17 Apr 2009 23:38 Kuala Lumpur-based Islamic reinsurer ACR ReTakaful SEA expects to grow its business in Malaysia, Brunei and Indonesia. The company is interested in specialized risk, including special liabilities, offshore energy, aviation and satellite and space...

Islamic insurer t'azur is looking to make acquisitions

17 Apr 2009 23:35 Islamic insurer t'azur is looking to make acquisitions in the Gulf Arab and Middle East regions, in particular Saudi-Arabia.T'azur, which offers family and general insurance, started operations in Bahrain and Kuwait last year and has an initial au...

Royal Bank of Scotland sees big growth opportunities in Islamic investment banking

17 Apr 2009 21:54 Royal Bank of Scotland sees big growth opportunities in Islamic investment banking, expecting asset growth rates to remain 15-20 percent annually and profitability levels to increase, Navid Goraya, RBS' global head of Islamic banking said.

GFH aims to raise USD 600 mn for energy projects in Libya and Kazakhstan

17 Apr 2009 21:27 Bahrain-based Gulf Finance House is seeking to raise USD 600 mn for energy projects in Libya and Kazakhstan this year.

PT Matahari Putra Prima Tbk raised bonds and Sukuk

17 Apr 2009 21:21 Indonesian retailer PT Matahari Putra Prima Tbk raised a bigger-than-targeted 528 billion rupiah ($46.68 million) from a bonds issuance to help finance business expansion. Matahari appointed PT HSBC Securities Indonesia, PT Indo Premier Securities...

Yemen receives USD 120 mn from IDB for grain silos

17 Apr 2009 21:13 Yemen is to sign USD 120 mn agreement with the Islamic Development Bank (IDB) to finance a project of Grain Silos in Salif area of Hodeidah governorate.

New brand identity for KFH Bahrain leasing card

17 Apr 2009 21:09 Kuwait Finance House – Bahrain (KFH-Bahrain), has unveiled its new brand identity for ' Baytik Ijara Card', the first Islamic financing card that allows cardholders to acquire durable goods on a lease-to-own basis.KFH-Bahrain's first Ijara card wa...

Fitch Ratings had affirmed Kuwait International Bank "A-"

17 Apr 2009 20:37 Fitch Ratings had affirmed Kuwait International Bank (KIB)'s Long-term Issuer Default Rating (IDR) at "A-", Short-term IDR at "F2", Individual Rating at "C/D", Support Rating at "1" and Support Rating Floor...

Liquidity Management House combines 7 global banks in financing KFH-Turkey

17 Apr 2009 20:24 Liquidity Management House, which is a wholly owned subsidiary of Kuwait Finance has succeeded in making a combined global 1-year Murabaha finance deal about USD 115 million for KFH-Turkey, after attracting 7 global and regional banks: Halk Bank-T...

Mali and the Islamic Development Bank (IDB) have signed a grant agreement of 789 million CFA francs

17 Apr 2009 20:18 Mali and the Islamic Development Bank (IDB) have signed a grant agreement of 789 million CFA francs (about USD 1.578 million) aimed at supporting the revival of agriculture. The grant complements two funding agreements recently approved by IDB's B...

New license: Tunisia's first domestic Islamic finance bank

17 Apr 2009 20:13 Tunisian President Zine al-Abidine Ben Ali's son-in-law recently won a license to begin operating an Islamic bank, which would be Tunisia's first domestic Islamic finance bank.

USD 347 mn SYNDICATED Facility arranged FOR Al Ghurair Center LLC

17 Apr 2009 20:06 Badr Al-Islami, the Islamic Banking Division of Mashreq, and Standard Chartered Saadiq along with Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank, Emirates NBD, First Gulf Bank, Ajman Bank and Arab African International Bank have successfully arra...

S&P: Arcapita Bank Long-Term Rating Lowered To 'BB'; Remains On CreditWatch Negative; 'B' Short-Term Affirmed

06 Apr 2009 19:20 Press ReleasePARIS April 6, 2009--Standard & Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on Bahrain-based Arcapita Bank to 'BB' from 'BB+' and kept the rating on CreditWatch with negative implica...

Dubai raises USD 635 mn to refinance debt - Chinese and local banks involved

05 Apr 2009 16:01 Simeon Kerr reported in The Financial times on 5 April that the Dubai government raised aUSD 635 mn Islamic finance to help retire a USD 1 bn in civil aviation authority debt maturing later this month. The lease-based Islamic facilty syndication,...

Delay of annual reports - The Investment Dar

05 Apr 2009 15:53 The Investment Dar announces that the release of its financial results for the year ended 31 December 2008 has been delayed as a result of additional reporting requirements from the Company's subsidiaries and associates. The Company has been in di...

European Finance House USD 200 mn Sukuk fund

05 Apr 2009 15:45 Esteban Duarte and Neil Unmack reported on Bloomberg on 30 March that European Finance House Ltd. in London, a subsidiary of Qatar Islamic Bank seeks is planning the EFH Global Sukuk Plus Fund, managed by Aleksandar Devic, a former Lehman Brothers...

Global finance structures must be revamped, says UN expert panel

05 Apr 2009 15:28 International finance structures must be drastically overhauled in the face of the current global economic crisis, a panel of experts convened by the United Nations General Assembly chaired by Joseph Stiglitz, winner of the 2001 Nobel Prize for Ec...

KFH plans USD 133.3 mn Saudi investment branch

05 Apr 2009 15:22 The Kuwait Finance House (KFH) is set to open an investment bank in Saudi Arabia with a capital of SAR 500 mn (USD 133.3 mn). KFH is further looking into investment opportunities in the UAE, Oman and Qatar.

Fitch partially downgrades Kuwait Finance House

03 Apr 2009 15:41 Fitch Ratings affirmed Kuwait Finance House's (KFH) Long-term Issuer Default Rating (IDR) at 'A+' and Short-term IDR at 'F1'. KFH’s Individual Rating was downgraded to 'C/D' from 'C' and placed on Rating Watch Negative (RWN). KFH's Support '1' and...

Abu Dhabi's Hilal Bank sets up Kazakh unit

03 Apr 2009 15:25 Stanley Carvalho reported on 31 March on Reuters that Abu Dhabi's government-owned Al Hilal Bank will set up an Islamic bank in Kazakhstan. Al Hilal will headquarter the new bank in the central Asian state's capital Almaty, opening in the second h...

HSBC Gets Approval For Selling Sukuk In Hong Kong

03 Apr 2009 15:23 HSBC has received approval from the Hong Kong Monetary Authority to sell Sukuk (Islamic Bonds) in Hong Kong, the first local bank in the territory to do so. Bruno Lee is head of liabilities business and wealth management.

French management school offers Islamic finance course

03 Apr 2009 15:21 Grande Ecole Sup de Co Reims (Groupe Reims Management School) suggests a new course specialising on Islamic finance, which is coordinated by Ghassen Bouslama and offered in English.

Bahrain's Albaraka sees '09 profit growth at 7 %

03 Apr 2009 15:19 The chairman of Bahrain-based Islamic lender Al Baraka Banking Group BARKA.BH expects a 7 % rise in profit this year.

Waad is legally binding for compensation, says scholar

03 Apr 2009 15:04 Shariah scholar Abdulazeem Abozaid is cited in the Qatari newspaper The Peninsula to say that promises are binding in Islamic finance structuring to the degree of compensation for loss but not for entering into the contract.

Real Estate firms - good and bad news

03 Apr 2009 14:44 Emaar Economic City in Riyadh, as subsidiary of Emaar Properties Dubai, announced that it has so far earned SAR 2 bn from the sale of the first phase of residential units.http://archive.gulfnews.com/business/Real_Estate_Property/10300746.html Nakh...

Egon Zehnder executive search assigned to find new EON Bank head

03 Apr 2009 14:42 Yap Leng Kuen reported in the The Star that the International search firm Egon Zehnder International has been appointed to find a replacement for former EON Bank CEO Albert Lau Yiong.

Islamic Bank of Britain launches mortgage product in Scotland

03 Apr 2009 14:39 Jane Bradley reported in the Scotsman on 3 April that Islamic Bank of Britain is introducting its mortgage product to Scotland. It is understood the launch is just the beginning of a wider push into Scotland – which is likely to include the openin...

Brunei short term Sukuk

03 Apr 2009 14:37 The Ministry of Finance, Brunei Darussalam announced the successful pricing of its 24th, 25th, 26th and 27th issuance of short-term Sukuk Al-Ijarah securities. The accumulated total of these four Sukuk issuance was B$ 165 million; B$ 31 million fo...

Sustainability, Islamic Finance and Managing Risk While Seizing Opportunities

01 Apr 2009 09:11 I just published an article with the Dow Jones Islamic Market Indexes Newsletter, giving an overview about the lines of arguments regarding performance and ethical screens, be it Islamic or Sustainability and what empiricial findings have been pub...

Projections for Takaful - Views of Best RE CEO

31 Mar 2009 13:36 Nopporn Wong-Anan wrote in Arabianbusiness on 30 March that Saleh Malaikah, chairman of Islamic reinsurance operator BEST Re sees the takaful business growing by 17 % over the next 3 years. The growth prospects lying in the fact that insurance cov...

Allianz has seen robust performance in Muslim markets

31 Mar 2009 13:24 Allianz Indonesia grew by 8.5 % and is the fourth biggest life insurer in the country. In 2008 the MENA region has proven to be one of Allianz's growth powerhouses. Revenues from the region grew to 2.4 billion euros, an increase of 40 percent from...

Inovest offers water technology investment

31 Mar 2009 13:16 Inovest (previously Al Khaleej Development Company – Tameer), a Bahrain-based shariah compliant investment company, has launched a new water technology venture in partnership with a US company.The project size is USD 32 mn, from which USD 24 mn wi...

Two Islamic banks in Kenya founded, but first year of operations not yet profitable

31 Mar 2009 13:12 James Makau reported in Business Daily on 31 March that the Gulf African Bank and First Community Bank became the first fully fledged Islamic banks in Kenya but both had to record losses in their first year of operations as operating expenses and...

Sukuk sales may reach record on Gulf demand

31 Mar 2009 13:05 Sukuk sales may rebound and reach a record this year, with the Gulf accounting for about two-thirds of the debt issued as higher yields attract investors according to NCB Capital. There is an estimated ‘pipeline’ of about USD 39.3 bn of so-called...

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