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Ashurst advises Abu Dhabi Islamic Bank and Al Hilal Bank on Emirates Steel's US$1.1 billion project financing agreement

02 Sep 2010 13:46 Ashurst acted as counsel to the Islamic banks. The team was lead by managing partner of Ashurst's Abu Dhabi office, David Wadham, assisted by associate Faris Hadi. Denton Wilde Sapte (Neil Cuthbert) acted as counsel to Emirates Steel and Allen &am...

Qatar's QFIB isn't discussing buying Ihlas - Deputy CEO

02 Sep 2010 13:29 Qatar First Investment Bank isn’t discussing the purchase of Ihlas Finans, the financial arm of Turkey’s Ihlas Holding AS. This statement was given by Emad Mansour.

Shariah experts push for scholar certificates

01 Sep 2010 15:12 Leading Islamic finance scholars are preparing the first global certification for Shariah experts, seeking to bolster the industry’s reputation and make it easier for banks to find qualified advisers. The International Shariah Research Academy for...

IDB gears up to launch sukuk offering under MTN program

01 Sep 2010 14:59 The Jeddah-based Islamic Development Bank (IDB) is gearing up for its latest sukuk offering under its Medium Term Note (MTN) or Trust Certificate Issuance Program. The IDB, according to Mohamed Tariq, senior adviser to the President Ahmad Mohamed...

Kuveyt Turk Plans Second Sukuk as Market Grows: Islamic Finance

01 Sep 2010 14:49 Kuveyt Turk Katilim Bankasi AS is planning a second sale of Shariah-compliant debt for 2012. Kuveyt Turk, the Istanbul-based bank owned by Kuwait Finance House KSC, may sell more than $100 million of five-year sukuk. Islamic bond offerings may acc...

IIT debut sukuk in UK may lead to spate of new issuances

01 Sep 2010 14:30 The recent launching of the first corporate Sukuk out of the UK by Gateshead-based International Innovative Technologies (IIT) may have taken the Islamic capital markets by surprise, but the signs are that a spate of other UK originations may foll...

France eyes top spot in Islamic finance industry

01 Sep 2010 13:12 Islamic finance is a trillion dollar industry and has become part of the global financial system. The rating agency Moody's says that institutional and private investors look to tap into a market that may reach a staggering $5tn. Recently, Paris E...

9/11 effect on Islamic banking overstated

01 Sep 2010 12:42 Patrick Imam and Kangni Kpodar note that the 9/11 attack on the US ‘had a positive impact on assets of Islamic banks, perhaps because Muslim investors, who traditionally invested in the West, were compelled to keep more money at home for fear of e...

Solidarity names Bseisu group chief executive

01 Sep 2010 12:15 The Solidarity Group Holding board has appointed of Ashraf Bseisu as group chief executive officer. Mr Bseisu is a long-standing Solidarity executive and a prominent member of the region's insurance industry. Solidarity Group Holding, one of the l...

Kuwait KIA Rejects Plan To Set Islamic Body To Back Small Projs-Report

01 Sep 2010 12:00 The Kuwait investment Authority, or KIA, has turned down a parliamentary proposal to set up a shariah-compliant specialized entity to support small projects by Kuwaiti nationals. The sovereign wealth fund said that it is engaged in undertakings th...

Turkey’s first Islamic bond offering oversubscribed

30 Aug 2010 16:58 Dubai Kuveyt Turk Katilim Bankasi, a subsidiary of Kuwait Finance House, will pay a coupon of 5.25 per cent on Turkey’s first Islamic bond offering that was oversubscribed, said people close to the transaction. Kuveyt Turk launched the three-year...

Islamic bank injection to help Sharia-compliant products

30 Aug 2010 16:45 A £20m capital injection into Islamic Bank of Britain will help develop more home loans in line with Sharia law, an expert from Defaqto has said. David Black, banking expert from Defaqto, said: “The £20m capital investment will enable the IBB to g...

Indonesia raises 336 bln rph in sukuk private placement

30 Aug 2010 16:25 Indonesia's finance ministry, Agus Martowardojo, sold 336 billion rupiah of sukuk to the religious affairs ministry through a private placement, said the debt office. The bonds will help fund a budget deficit seen at 1.5 percent of gross domestic...

Sovereign Sukuk Beating Company Debt First Time Since May: Islamic Finance

30 Aug 2010 16:21 Sovereign Islamic bonds from Asia to the Persian Gulf are beating returns on corporate sukuk for the first time in three months as accelerating economic growth and rising oil revenue shore up state finances. Malaysia’s Lembaga Tabung Haji fund, Fr...

Moody’s cautious on Islamic banking?

30 Aug 2010 16:07 Bahrain (665km²) is smaller than King Fahd airport (780km²) and has achieved being the biggest centre of Islamic finance in the world, democracy, its very own airline. Moody's, a ratings agency, says it doesn't think Bahrain has sufficient cash to...

IDB's 'AAA' credit rating affirmed

30 Aug 2010 15:59 JEDDAH - Standard & Poor's assigned 'AAA' rating to Islamic Development Bank (IDB) $3.5 billion trust certificate issuance program, IDB said in a statement on Wednesday. Standard & Poor's said the IDB's ratings are underpinned by strong sh...

Jailing Gulf debtors 'morally wrong' - economics academic

25 Aug 2010 10:23 A leading economist says the practice of jailing debtors is morally wrong. In the rest of the world it is the banks’ responsibility to try to assess the credit worthiness of individuals. Prof Batchelor is trying to rebuild Dubai’s image. He thinks...

Saudi mortgage law sparks 'differences of opinion'

25 Aug 2010 10:21 The Shoura Council has completed 12 sittings regarding the draft of the mortgage law and to solve the differences of opinion. However, a timescale for when the draft law would be approved has not been given. The implementation of the Saudi mortgag...

Sukuk pickup seen in H2 - HSBC Amanah

25 Aug 2010 10:20 Razi Fakih, HSBC Amanah deputy chief executive, says the company is optimistic and sukuk is unlikely to fade out. HSBC has already served as Islamic bond manager on 13 sukuk issues in the first half of the year according Reuters Data. Research fir...

Saudi mortgage law delay 'will hit lenders' - BMI

25 Aug 2010 10:16 Saudi Arabia's parliament delays the decision concerning the mortgage law until the members return from summer recess. Saudi Arabia, the Middle East's biggest economy, needs 1.2 million new homes by 2015, says the Deutsche Bank research.

World Congress of Muslim Philanthropists Launches “Pakistan Reconstruction Fund” Marking the Second World Humanitarian Day

20 Aug 2010 08:47 World Congress of Muslim Philanthropists Launches “Pakistan Reconstruction Fund” Marking the Second World Humanitarian Day FOR IMMEDIATE RELEASE: Oak Brook, Illinois, August 19, 2010: The World Congress of Muslim Philanthropists (WCMP) marks today...

Ihsanoglu reiterates his call for a prompt action to contain the catastrophic situation in Pakistan

12 Aug 2010 16:08 Date: 07/08/2010 - OIC Secretary General, Professor Ekmeleddin Ihsanoglu, called, on 07.08.2010, upon OIC member states, its affiliated relief organizations and the international community to take a prompt action in order to contain the catastroph...

Support for Pakistan

12 Aug 2010 12:17 Online Donations via http://www.doctorsworldwide.org/worldpay PRESS RELEASEFor Immediate ReleaseAugust 9th 2010Doctors Worldwide: British Medical Charity opens hospital in Nowshera District to provide medical treatment and aid for flood survivors....

Comments Invited for Policy Brief by Hawkamah’s Task Force on Corporate Governance of Islamic Financial Institutions

12 Aug 2010 06:14 Hawkamah issues a DRAFT Policy Brief for consultation purposes only. Please find the related full document under source.Please submit comments and feedback to Ms. Jahanara Sajjad Ahmad , Program Manager Hawkamah, The Institute For Corporate (jahan...

PWC presents Takaful in Germany

11 Aug 2010 04:49 PricewaterhouseCoopers offers a full day event about Takaful in Germany language. Below more details: PwC Talk Sharia-konforme Lebensversicherungsprodukte 16. September 2010, Köln20. September 2010, MünchenWährend Sharia-konforme Bankprodukte auf...

The journal of strategic thinking in Islamic finance - Issue 3 for free download

14 Jul 2010 04:41 In the current issues the following questions are discussed: How should we recognize excellence in the Islamic finance industry? How do we identify greatness – of bankers and financiers, of lawyers, of consultants, of scholars? How do we discourag...

Gulf Finance House Long-Term Rating Lowered To 'CC'; Outlook Negative; Ratings Withdrawn At GFH's Request

06 Jul 2010 08:33 Press Release Gulf Finance House Long-Term Rating Lowered To 'CC'; Outlook Negative; RatingsWithdrawn At GFH's Request *Gulf Finance House's liquidity is under immediate and severe stress, and the institution has not been able to strengthen it, in...

Dubai's retail debt challenge

05 Jul 2010 10:12 Debt management agency ISDM calculated the average debt load of its customers is AED500,000. The agency has more than 3,000 clients on its books and about 70 percent of its customers are defaulting on consumer rather than business loans. About 5 %...

Trio of firms arrange sale of Addleshaws Middle East HQ

29 Jun 2010 18:31 3 firms arranged for a secretive deal on the sale of Addleshaw ­Goddard’s headquarters to a Middle East investor. The 200,000 square foot ­building was purchased from UBS Asset Management in summer 2009 for £127m by Evans Randall and AlSalam. ­Her...

OSK- UOB IFM To Launch Equity-Based And Asean-Centric Islamic Financial Products

29 Jun 2010 18:16 An equity-based and Asean-centric Islamic financial products will be launched by OSK-UOB Islamic Fund Management Bhd being granted the Capital Markets Services Licence by the Securities Commission. The partnership between UOB Asset Management Ltd...

S&P sees 'major hurdles' for some GCC investment firms

29 Jun 2010 17:42 S&P Rating agency says 'major changes' is an essential for some companies to pursue better ops management.

Ghana Islamic Microfinance an upcoming microfinance institution that seeks to offer ethical micro financing in Ghana

25 Jun 2010 17:11 A microfinance institution called The Ghana Islamic Microfinance will be set up to offer ethical micro financing while campaigning against predatory loan and offer interest free loans for both the Muslim and Non-Muslim community.

Saudi's SABIC gets $1bn credit from Alinma Bank

17 Jun 2010 18:35 Saudi Basic Industries Corp will be granted a $1 billion credit facility by Alinma Bank, plugging a financing gap at the world's biggest petrochemicals group. The facility aims to enhance SABIC's financing performance, boost competitiveness and he...

Jadwa steps up UK investment

17 Jun 2010 18:06 A company part-owned by the Saudi royal family, Jadwa Investment and a European property investor, CIT, have purchased the King's Reach Tower on London's south bank worth £60m and plans to further invest £500m in the UK real estate market. King's...

Pakistan Developing Shariah-Compliant Products for Money Market

17 Jun 2010 17:47 Shariah-compliant products for interbank money market will be developed by the Pakistan's central bank in order to overcome the shortage of investment options which Islamic lenders are facing. Acting Governor Yaseen Anwar said the products “will p...

UAE, Bahrain central bankers call for Islamic finance reforms

15 Jun 2010 18:47 Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank of the United Arab Emirates (UAE) and Rashid Mohammad Al Maraj, Governor of the Central Bank of Bahrain both have called for reforms in improving the foundations of Islamic finance for it...

INCEIF Establishes Special Fund For Scholarships, R&D Activities

15 Jun 2010 18:37 A special fund which receives contributions to be given out for scholarships, research and development activities called the "Dana Khas INCEIF" has been set up by the International Centre for Education in Islamic Finance (INCEIF). Set up...

Tharawat to set up $50-60m Saudi equity fund

15 Jun 2010 18:24 Tharawat plans to invest in a Saudi Arabia real estate project in the third quarter worth $50-$60m. Director of investment Abdulaziz Saad Al Resai said a startegic investor has pledge to invest $30m in an industrial estate in Riyadh.The company is...

Islamic branding: Is Bangladesh ready to cash in?

15 Jun 2010 18:08 Bangladesh has seen the importance of the "halal" branding to its local market. Although Islamic finance started off early in the 90s in Bangladesh, the industry suffers from several imperative foundations such as lack of unified Shariah...

Islamic Finance in Russia: New Scope for Thinking

10 Jun 2010 13:43 Islamic finance seems to be starting to be implemented in Russia, although by very careful steps. The potential size of the market has received various estimates, from a modest 10 percent of the practicing Muslims to the whole ethnic Muslim popula...

Standard Chartered eyes Saudi Arabian Islamic banking market

10 Jun 2010 13:38 Standard Chartered plans to enter the Saudi Arabia, the biggest market in the Gulf to further boost its Islamic banking revenues. The lender expects its total revenues from the Middle East to double within next five years to $4 billion annually. T...

Global Islamic Fund Assets Level at US$ 52 billion in 2009: Ernst & Young

10 Jun 2010 13:31 The 4th annual Ernst & Young Islamic Funds & Investment Report (IFIR 2010) released at the World Islamic Funds and Capital Markets Conference states that global Islamic fund assets stagnated at US$ 52.3 Bn in 2009, remaining at almost the...

National Bank of Kuwait launches Thahabi Islamic Ijara Fund VI

10 Jun 2010 13:27 National Bank of Kuwait (NBK) announced the launch of the "Thahabi Ijara Fund VI", an Islamic Sharia-compliant investment fund in US Dollars, designed specifically to meet the needs of its Thahabi customers for low risk investments that...

Syariah Banks to Receive Incentives

10 Jun 2010 13:21 Bank Indonesia (BI) is attempting to provide tax incentives to the Islamic banking industry. “BI and the Finance Ministry are mapping the tax regulations, discussing which areas to be provided with the incentives,” said Syariah Banking Director Mu...

Al Mal Capital to Expand Range of Activities in Saudi Arabia

09 Jun 2010 18:20 Al Mal Capital announced that it has received approval from the Capital Market Authority (CMA) in Saudi Arabia to expand its range of activities in the Kingdom to include Asset Management and Investment Banking, alongside its existing Brokerage bu...

Islamic finance needs development indicators

09 Jun 2010 18:05 At the International Islamic Finance Forum, under the patronage of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice- President and Prime Minister of the UAE and Ruler of Dubai, an important issue was raised: does Islamic finance need devel...

Kingdom mortgage industry stability hinges on liquidity

09 Jun 2010 17:56 The creation of a mortgage liquidity center is a critical milestone for developing a stable and effective mortgage market. Capitas Group International (CGI), an affiliate of the Islamic Corporation for the Development of the Private Sector (ICD),...

Tamweel, Amlak consider alternatives to government backed merger

09 Jun 2010 17:48 UAE-based mortgage lenders, Tamweel and Amlak are preparing contingency plans and open talks with alternative buyers should their government backed merger be abandoned. This may include the two Islamic lenders merging and then combining with a com...

Kuwait urged to adopt more effective policies to advance industry

09 Jun 2010 17:07 CEO of Kuwait Finance House (KFH) Mohammed Sulaiman Al-Omar said the low cost of production of alternative energy in relation to fossil energy made alternative energy a highly promising investment sector.“The State of Kuwait has to step up efforts...

Indonesia to issue Islamic bond in middle of June

09 Jun 2010 16:58 Indonesian Finance Ministry plans to sell 1 trillion rupiah (over 108 million U.S. dollars) Islamic bonds or "sukuk". The proceeds will be used to plug the state-budget deficit of 2.1 percent of the GDP.The bonds will be sold in five ser...

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