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Albaraka plans to enter France

27 Apr 2009 16:45 Al Baraka Banking Group said it planned to enter the French market to tap into Western Europe's largest Muslim community reported Will Waterman in Arabianbusiness. Further Al Baraka's units in North Africa are planning tie-ups with French partners...

Moody's: Sukuk market revitalised by Asian Sukuk

27 Apr 2009 15:46 New sales of Islamic bonds or sukuk, by Asian governments such as Indonesia are revitalising the market, ratings agency Moody’s said in a report, wrote Uta Harnischfeger in The National. Last week, the government of Indonesia issued its first inte...

Fitch affirms Jordan Islamic Bank for Finance and Investment at 'BB-'; outlook stable

26 Apr 2009 15:51 Fitch Ratings has today affirmed Jordan Islamic Bank for Finance and Investment's (JIB) ratings at Long-term Issuer Default (IDR) 'BB-' (BB minus) with stable outlook, Short-term IDR 'B', Individual 'C/D' and Support '3'.

Iran allows foreign bank branches: Citibank and Goldman Sachs among the first applicants

26 Apr 2009 15:47 Iran welcomes foreign banks to establish branches in the country and engage in normal banking operations. According to Presstv, Article 44 of the Constitution had heretofore placed banking activities exclusively in the hands of government. In tand...

Arthur D. Little: Shariah-Compliant Banking is an Increasingly Attractive Option for Western Players

26 Apr 2009 15:40 A new report released today by management consultancy Arthur D. Little entitled “Islamic Finance Comes of Age” has identified a surge in activity around Islamic finance as a promising opportunity for the global financial services industry as it em...

Gaza: Islamic National Bank founded in controversy

26 Apr 2009 15:23 In Gaza a new "Islamic National Bank" was started with a capital of USD 20 mn reported Kifah Zaboun in Asharq Al-Awsat. The bank is licensed by Gaza without the consent of the Palestinian Monetary Agency.The chairman of the bank, Ala Al-...

Saudi insurance companies incl takaful operators going IPO

21 Apr 2009 09:47 Four Saudi insurance firms launched on Saturday initial public offerings to raise a total SAR 260 mn. Axa Cooperative Insurance Co and Wiqaya Takaful Insurance and Re-insurance Co will offer a 40 % stake, or 8 mn shares each. Ace Arabia Cooperativ...

Indonesia's Global Sukuk 'Ba3 ' by Moody's

21 Apr 2009 09:42 Indonesia's forthcoming Global Sukuk has been assigned a foreign currency rating of Ba3 with a stable outlook by Moody's Investors Service.

Chase bank in Kenya has launched Shariah compliant products

21 Apr 2009 09:35 Chase bank in Kenya has launched Shariah compliant products writes Mwaniki Wahome in the Daily Nation. Known as Imam Banking, products are tailored for corporate, small-and-medium enterprises, as well as individuals. The accounts will include curr...

Sukuk to be traded in Saudi this year

21 Apr 2009 09:31 Sukuk trading is about to start this year in Saudi according to the chairman of the capital market authority, Dr Abdulrahman Al Tuwaijri.

Danga Capital Sukuk raised MYR 1.6 bn

19 Apr 2009 15:52 Danga Capital Bhd., a special purpose vehicle set up by the Malaysia government, raised a Sukuk, offering to MYR 1.6 bn (USD 443 mn) from MYR 1 bn. The 5-year tranche was priced at 4.22 % and the 7-year tranche at 4.49 % at the higher-end of the p...

Arcapita had raised more than two-thirds of a USD 400 mn rights issue

19 Apr 2009 10:52 Arcapita had raised more than two-thirds of a USD 400 mn rights issue from existing shareholders and hoped to conclude the deal by the end of this month according to the CEO. Arcapita has a number of deals ahead, such as 2 acquisitions in Asian in...

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.

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