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Islamic Bank of Asia aims to localise Tawarruq transactions

20 May 2009 23:55 The Islamic Bank of Asia, (IBA) a venture of Singapore’s DBS Group Holdings Ltd., aims to stop using London Metal Exchange transactions.The bank is in talks with Olam International Ltd. to use its trading in commodities such as rice, coffee, cotto...

Qatar Financial Centre (QFC) Authority and Paris EUROPLACE signed a Memorandum of Understanding

20 May 2009 23:39 The Qatar Financial Centre (QFC) Authority and Paris EUROPLACE signed a Memorandum of Understanding defining the range of cooperation. Mrs Christine LAGARDE, Minister of economy, industry and employment sees the MoU to improve the relations betwee...

International Investment Bank's total income USD 1.8 mn, loss USD 900.000

20 May 2009 23:31 Bahrain-based International Investment Bank's (IIB) total income reached USD 1.8 mn in Q1. This was mainly derived from investment banking fees generated from the structuring, underwriting and placement of new investments, together with profit ear...

UK government still interested in issuing Sukuk when market recovers

20 May 2009 23:18 The UK government could turn to Islamic investors to finance part of its debt if market conditions improve, Business Minister Ian Pearson told Reuters in an interview wrote Cecilia Valente.The UK government was expected to announce an Islamic-comp...

Dubai Islamic Insurance and Reinsurance Co released its Q1 results for 2009 being AED 10 mn

20 May 2009 23:09 Dubai Islamic Insurance and Reinsurance Co released its Q1 results for 2009 being AED 10 mn, a 68 % increase.

OIC ruled Organised Tawarruq impermissible

16 May 2009 18:03 The contemporary definition on organized tawarruq is: when a person (mustawriq) buys a merchandise from a local or international market on deferred price basis. The financier arranges the sale agreement either himself or through his agent. Simulta...

Islamic finance enters Spain retail market

13 May 2009 22:44 Islamic finance is coming to Spain, where it estimates it will find a potential market of two million clients reported Paola Del Vecchio on Ansamed. According to financial newspaper Negocios, the Halal Institute - the centre of Islamic quality cer...

Qinvest set to launch USD 250 mn equity fund

13 May 2009 22:22 QInvest will soon launch a USD 250 mn private equity fund and another sector-specific fund as well as two other funds by the third quarter of this year reported Santhosh V Perumal in Gulf TimesThe Qatar Financial Centre-based firm, whose principal...

Investment Dar Co. defaults on Sukuk

12 May 2009 22:55 Investment Dar failed to pay a “periodic distribution” due on April 27 to holders of its Sukuk maturing in 2010.

Central Bank of Iran Supports Cooperatives Bank

12 May 2009 22:52 Governor of Central Bank of Iran (CBI)Central Bank of Iran (CBI) Mahmoud Bahmani has promised to supply the initial capital for the establishment of Cooperatives Development Bank. Managing Director of Cooperatives Fund Mashallah Azimi told Mehr Ne...

Islamic finance contract will be tested in courts due to increasing defaults

12 May 2009 22:45 Increasing number of defaults will lead to test the legal framework and stability of the Islamic finance structures in centres such as Dubai, Bahrain and Malaysia. Judges will have to weigh conventional law and sharia (Islamic law) used in contrac...

Dubai Financial Market finalising standard for Sukuk listing

12 May 2009 22:09 The Dubai Financial Market has finalised comprehensive standards to be established for the issuance of Sukuk and awaiting approval of authorities.

International Bank Qatar launched a new branch Al Yusr Islamic banking

12 May 2009 22:04 International Bank Qatar launched a new branch Al Yusr Islamic banking to offer consumer, personal finance and corporate anking.

Ambank enters Brunei market

12 May 2009 21:58 Ambank Group entered the market of Brunei Darussalam with the opening of its subsidiary called AmCapital (B) Sdn Bhd. Ambank has regional expansion plans to bring its expertise in funds management, Islamic finance and investment advisory to the Su...

Dubai’s Nakheel receives bail-out cash

12 May 2009 21:53 Dubai’s Nakheel receives bail-out cash, but the amount is not disclosed, reported Simeon Kerr in the Financial Times; it is also said that Nakheel was restructuring some payment plans with suppliers. Contractors say developers such as Nakheel have...

Noor Islamic Bank keeps Rep Office in Tunis open

12 May 2009 21:46 Noor Islamic Bank PJSC issued a statement saying that their Tunisian representative office is operational and that they continue to explore market opportunities in North Africa, while assessing regional market trends and having to readjust plans t...

Faith in Capitalism - 16th June 2009, 09:30 – 12:30, London

12 May 2009 21:27 "SAVE THE DATE" 16th June 2009, 09:30 – 12:30 Islamic Cultural Centre - London Central Mosque, RegentsPark, London Faith in Capitalism A ground-breaking conference for financial representatives of faith institutions and thoughtful inves...

Standard & Poor’s Publishes Islamic Finance Outlook 2009

12 May 2009 12:52 The new yearbook includes Standard & Poor’s latest analysis and rating methodologies on almost 40 rated Islamic debt issues and issuers, and an overview of its suite of global benchmark and investable Sharia indices.While total global sukuk is...

OIC Member States' Stock Exchanges Forum in Teheran took place

10 May 2009 22:19 Beginning of May the OIC Member States' Stock Exchanges Forum took place in Teheran, which was themed: enhancing cooperation among the Islamic countries' Exchanges.

RHB Bank opens Islamic unit in Singapore

10 May 2009 22:17 RHB Banking Group is extending its Islamic banking services to Singapore reported Gabriel Chen on asiaone business.

First Islamic bank in France already in June?

10 May 2009 22:07 Gilles Saint-Marc, a Paris based lawyer is cited that the first Islamic bank in France may start already in June 2009.

Malaysia to Seek Large Islamic Banks for International Reach

10 May 2009 22:01 Malaysian Governor Zeti Akhtar Aziz said to Bloomberg, that an international Islamic financial institution of a large size that can take international business, whether business in Europe, or South Korea or any part of the world is wanted to be se...

Amlak Finance will halve its s take in a property investment

10 May 2009 21:56 Amlak Finance will halve its investment in Sky Gardens, a tower located near the Dubai International Financial Centre (DIFC). Amlak had purchased properties in various parts of Dubai to sell them to potential purchasers. As buyers have become fewe...

Mawarid and Al Arabiya launching portal for Islamic economics

10 May 2009 21:40 Mawarid Finance announced in cooperation with Al Aswaq Al Arabiya of Al Arabiya News Channel the launch of an e-portal dedicated to Islamic economics. The new e-portal features a database of Islamic financial companies and institutions in addition...

Stress testing Islamic finance

10 May 2009 21:24 Ayah el Said and Rachel Ziemba discussed risk management considerations comparing stress testing in conventional finance and the Islamic finance industry on RGEMonitor.For Islamic financial institutions, a plausible scenario means factoring in pos...

Lead Manager Bahrain Sukuk

09 May 2009 22:10 Bahrain’s central bank confirmed that it has appointed Deutsche Bank, HSBC Bank and Calyon as lead managers for its upcoming sale of the sovereign USD 500 mn 5-year Sukuk.It will also issue 3-year debt in local currency to raise a further 250 mn B...

Dubai Islamic Bank offers to buy back Sukuk up to USD 200 mn

09 May 2009 22:07 Dubai Islamic Bank offered to buy back up to USD 200 mn of sukuk. Pricing shall be at least 86 % of face value, but not more than 90 % determined by an auction.Dubai Islamic has USD 750 mn of sukuk due 2012.

Noor Islamic Bank closes Rep Office in Tunisia

09 May 2009 22:02 Noor Islamic Bank closes its representative office in Tunis. The decision shall be taken as expansion plans have been revisited towards focussing on the Gulf region.

New Islamic brokerage firm in Kazakhstan

09 May 2009 21:56 Fattah Finance was launched in March, immediately after Kazakhstan's law on Islamic finance came into force.A subsidiary of Almaty-based financial services provider Almaty Financial Centre, Fattah currently offers only brokerage services, but pla...

New consultancy founded "Quantis"

09 May 2009 21:51 Quantis was founded recently to provide expertise in responsible Islamic finance combined with quantitative methods by Marwan Muhammad and others. http://www.quantislam.com

Fitch has affirmed Al-Rajhi A+

09 May 2009 21:45 Fitch Ratings affirmed Al-Rajhi's long-term issuer default rating (IDR) at "A+" with a stable outlook. Its short-term IDR at "F1", individual rating at "B/C" and support rating at '1'. The bank continues to dominate t...

ABC International Bank plc ("ABCIB") has appointed Faisal Alshowaikh as Head of Islamic Financial Services

09 May 2009 21:04 ABC International Bank plc ("ABCIB") has appointed Faisal Alshowaikh as Head of Islamic Financial Services, based in London, to grow and develop its Islamic finance business, which was first established in late 1999, and includes Real Es...

Gatehouse and SAM launching Water Fund

09 May 2009 18:35 Gatehouse Bank launches with Sustainable Assets Management (SAM) an Islamic compliant mutual fund focussing on sustainability-oriented companies that offer technologies, products and services throughout the entire value chain of the water industry.

Concept of Sharia-Compliant Hotels explained

06 May 2009 15:46 Paul Rosenberg and Hala Matar Choufany are giving in a contribution to 4hoteliers a set of criteria for Sharia compliant hotels, distinguishing it from merely alcohol free, "dry" hotels:In order for a hotel to be fully Sharia-compliant,...

Middle East covers more than half of the Islamic Finance market

06 May 2009 14:44 Research conducted by Shariah-Fortune screened around 810 companies in 50 countries worldwide offering Shariah compliant financial services. The Middle East covers more than half (around 56 %) of the Islamic Finance market. Around 450 companies ar...

Azerbaijan is reaching out to Islamic finance

06 May 2009 14:16 Azerbaijan, the oil-rich Caspian country with a population of about 9 million and a member of the Jeddah-based Islamic Development Bank (IDB), is reaching out to Islamic finance. Faig Mammdov, special adviser to the chairman of the International B...

Islamic Arab Insurance Co (Salama) is looking for acquisitions in a number of markets including Turkey

06 May 2009 14:08 Islamic Arab Insurance Co (Salama) is looking for acquisitions in a number of markets including Turkey.

Islamic Bank of Asia launches its first liquidity product

06 May 2009 14:03 The USD Islamic Placement is similar to a conventional fixed deposit, except it is based on the Shariah principle of Murabaha, with a minimum of USD 500.000.

Gulf debt issues expected to grow

06 May 2009 13:28 Sara Hamdan reported on The National that market participants interviewed seeing the Gulf Corporate bond sales to grow, specifically as recent sovereign issues have completed a yield curve previously not avalaibe to benchmark against.

Islamic Bank of Asia considers license in Malaysia

06 May 2009 13:22 Islamic Bank of Asia reacts positive on the announcement that Malaysia would issue up to 6 new licences for foreign institutions.

Barwa considers acquisitions in Qatar

06 May 2009 13:19 Barwa is studying acquisition of a number of financial and investment companies in Qatar, under the umbrella of Barwa Bank, including "The First Finance", "The First Investor" and "The First for Renting" companies.

SFS and Kuwait Finance House to launch shipping fund

06 May 2009 13:14 Cyprus listed SFS Group and Kuwait Finance House (Malaysia) aim to launch a USD 150 mn fund. Fund's objective is to invest directly in shipping assets and primarily in vessels to be chartered out on a long-term basis to top league charterers. The...

First Islamic window in Mauritius by HSBC

06 May 2009 13:07 HSBC launches its Amanah Islamic banking services in Mauritius, being the first Islamic window provider. The new services is primarily for international business clients in the offshore sector. Local clients may follow later.Sandeep Uppal is the C...

FT Special on Islamic finance

06 May 2009 11:01 FT has today a 4 page special on Islamic finance. The link below leads to its pdf version (size 10 MB), discussing standardisation issues, credit crunch and other topics.

IIFM held 20th board meeting - looking forward to more standardised contracts

05 May 2009 23:09 International Islamic Financial Market (IIFM) held its 20th board meeting and discussed the achievement of last year, the Master Agreements for Treasury Placement (MATP), and the new project of the IIFM-ISDA "Tahawwut" (Hedging) Master A...

S&P: Ratings On Dubai Government-Related Entities Put On Creditwatch Negative

30 Apr 2009 15:15 Press ReleaseDUBAI, April 30, 2009--Standard & Poor's Ratings Services today said it had placed the ratings on the following Dubai-based government-related entities (GREs) on CreditWatch with negative implications: DIFC Investments LLC, DP Wor...

Creditworthiness Of Gulf Banks Is Likely To Weaken In 2009, S&P says

29 Apr 2009 22:13 Press ReleaseLONDON, April 29, 2009--The credit profile of Gulf banks will likely deteriorate this year, notably because of the tougher operating environment, lower business volumes, tighter liquidity, and the region's stock market slump since the...

S&P: Saudi Arabian Insurance Markets Withstand Regulatory Restructuring And The Global Economic Downturn

29 Apr 2009 21:43 Press ReleaseLONDON, April 29, 2009--In the spring of 2009, uncertainty remains the dominant theme for insurance companies and banks across the Gulf Cooperation Council (GCC) region, as it does internationally, Standard & Poor's Ratings Servic...

Dow Jones Islamic Market Indexes in April: The new dawn?

29 Apr 2009 09:36 April was a good month for investors. Moreover, it was a good month for those who invested in Shariah-compliant stocks in emerging markets.    

S&P: High Financing Costs May Crimp Future Issuance Of Project And Infrastructure Sukuk In The Gulf

28 Apr 2009 18:39 High Financing Costs May Crimp Future Issuance Of Project And Infrastructure Sukuk In The GulfLONDON, April 28, 2009--The global slowdown, along with local macroeconomic factors, appears to have curtailed the anticipated growth of sukuk (including...

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