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Eid Mubarak

21 Sep 2009 09:44 IslamicFinance.de wishes Eid Mubarak to all Muslims in the world. May our creator guide us in financial matters and structures and enlarge our knowledge.The EditorMichael Saleh Gassner

New Islamic bank: Warba Bank, Kuwait - shares distributed to Kuwaitis for free

16 Sep 2009 15:45 The Cabinet's approval of a draft decree establishing Warba Bank, with a capital of KD 100 million of which a 76 % stake will be held by citizens and subscribed to on their behalf by the government and 24 % of its stocks held by Kuwait Investment...

Islamic syndicated lending

16 Sep 2009 14:01 The concept of syndicated lending may have been born in the 1960s in the world of conventional finance but it was not until earlier this decade that it found its way into the Islamic finance lexicon. Syndicated loans are quite simply an integral p...

KuveytTürk receives branch license in Germany

09 Sep 2009 15:12 KuveytTürk, the Turkish Islamic bank, has received according to Turkish media a license to operate as a financial service branch.

BNP Paribas aims to raise USD 300 mn for Private Equity Fund

08 Sep 2009 21:12 French bank BNP Paribas may raise as much as USD 300 mn for a Gulf-based private equity fund, according to a Reuters report. The fund has been set up to tap into opportunities arising from the financial crisis.

Tharawat to raise USD 100 mn in 2009 for sukuk fund

08 Sep 2009 21:09 Bahrain-based Islamic investment house Tharawat said it plans to raise USD 100 million by year-end for a sukuk fund it recently launched to focus on bargains on the secondary market.Tharawat was established in July 2008 with a paid-up capital of $...

Kuwait central bank appoints monitor for Investment Dar

08 Sep 2009 21:07 Kuwait's central bank appointed a temporary supervisor to monitor debt restructuring and compilation of financial results at Islamic firm Investment Dar.

NBAD plans first ETF

08 Sep 2009 20:58 National Bank of Abu Dhabi (NBAD) plans to launch the Middle East’s first exchange-traded fund to try to attract more international investors. The fund, known as an ETF, will be listed on the Abu Dhabi Securities Exchange (ADX) in two months, a se...

NBK launched Leasing Fund

08 Sep 2009 20:49 National Bank of Kuwait announced the launch of its “Islamic KD Ijara Fund II”. This fund is the eighteenth edition of the Islamic Ijara funds and the second from the Kuwaiti Dinar series and is will offer Private Banking clients an investment pro...

Updated Report about Sharia Scholars in the GCC and now International - Funds at Work

03 Sep 2009 12:06 Funds at Work, a strategy consultant for the fund industry, updated its analysis on Shariah scholars' engagement in financial service organisations in the GCC countries and now internationally covering companies with 956 (498) Sharia Board positio...

S&P: Sukuk Market Has Continued To Progress In 2009, Despite Some Roadblocks

02 Sep 2009 12:14 Press ReleasePARIS, September 2, 2009--New issuance of sukuk (bonds compliant with Islamic law) topped $9.3 billion in the first seven months of 2009 compared with $11.1 billion during the same period in 2008, said Standard & Poor's Ratings Se...

India's first Islamic bank to start in Kerala by 2010

02 Sep 2009 08:36 The first Islamic bank in India with involvement of the Kerala government is likely to start operations in Kochi next year as the bank’s registration formalities are currently being fulfilled on a war footing, reported George Joseph in Business St...

Islamic venture capital’s guidelines and future

20 Aug 2009 15:28 Anyone serious about setting up an Islamic venture capital fund, or securing venture capital funding, in a Shariah-compliant manner should acquire a copy of the Securities Commission Malaysia document on Guidelines and Best Practices on Islamic Ve...

Islamic venture capital

20 Aug 2009 15:13 If the Islamic private equity industry has failed to live up to its expectations then Islamic venture capital has followed the same path with even less spectacular results. Indeed discussion of Islamic venture capital is largely theoretical becaus...

The origins of Islamic private equity in the Gulf

12 Aug 2009 10:14 The Islamic private equity industry is a very young one and traces its roots back less than a decade. In 2003 Kuwait’s Global Investment House appears to have been one of the first institutions to explore Islamic private equity through the launch...

Islamic private equity: An untapped opportunity

06 Aug 2009 07:58 As the economies of the oil producing countries of the Middle East and North Africa (Mena) region have boomed over recent years most areas of finance have witnessed spectacular growth rates. Islamic private equity, however, has not been a particul...

Islamic private equity: An untapped opportunity

06 Aug 2009 07:58 Covering Shariah compliant money, Islamic banking, Islamic project finance, sukuks, takaful    

Tariq Al Rifai new Director Islamic Indexes for Dow Jones Indexes

30 Jul 2009 12:24 Tariq Al Rifai joined Dow Jones Indexes as Director for Islamic Indexes. He previously worked for Unicorn, a Bahraini investment bank. The former global director, Rushdi Siddiqui, moved on to ThomsonReuters as previously reported, spearheading the...

Harvard Islamic Finance Program publishes short report on Risk Management Seminar

29 Jul 2009 15:35 The workshop was made up of a group of influential Islamic legal scholars, academicians, economists, and bankers, who were welcomed by the Directors of IFP and LSE, Dr. Nazim Ali and Sir Howard Davies, respectively. The inancial crisis, which was...

Professor Buiter: Islamic finance principles to restore policy effectiveness

29 Jul 2009 13:42 Lack of capitalisation of banks, households and the state is a key policy issue according to Professor Willem Buiter, who wrote a blog in the Financial Times online. Instead of defaults and bankruptcy with all its associated costs he suggests to t...

Islamic finance needs to diversify

26 Jul 2009 14:21 The Islamic finance industry is plagued by a lack of solid and reliable data. While the causes of this are the subject of much debate, the consequences are that the industry is largely ignorant of how big it is or how fast it is growing.  ...

Exposure Of Rated Gulf Banks To The Saad And Algosaibi Groups Is Significant But Manageable, S&P Survey Shows

22 Jul 2009 15:16 Press ReleaseDUBAI, July 22, 2009--Standard & Poor's Ratings Services found the exposure to the Saad and Algosaibi groups of 30 commercial banks it rates in Gulf Cooperation Council (GCC) countries to be significant but manageable, according t...

Summary Report "Shariah Scholars in the GCC"

22 Jul 2009 09:59 Funds at Work, a strategy consultant for the fund industry, analysed the Shariah scholars' engagement in financial service organisations in the GCC countries covering 131 companies with 498 Sharia Board positions and 121 scholars from 19 different...

Yasaar Human Capital launched in the DIFC

14 Jul 2009 09:23 Yasaar Human Capital, is launched in the Dubai International Financial Centre, as a specialist executive search and human resources firm working within the Islamic finance sphere. The team behind Yasaar Human Capital focuses on executive search, t...

The new power brokers: How oil, Asia, hedge funds, and private equity are faring in the financial crisis

09 Jul 2009 17:32 A new McKinsey Report is released reviewing the performance of the so-called "new power brokers" being sovereign wealth funds, private equity and hedge funds during the financial crisis.The power brokers' collective performance in the fi...

S&P: Negative Rating Actions Taken On Four Dubai-Based Banks On Expected Asset Quality Deterioration

08 Jul 2009 09:08 Press ReleaseNegative Rating Actions Taken On Four Dubai-Based Banks On Expected Asset Quality DeteriorationStandard & Poor's has concluded its review of Dubai-based banks, which has resulted in various negative rating actions. We are lowering...

German regulator BAFIN organises Islamic finance conference

01 Jul 2009 09:40 The German regulator BAFIN is organising an Islamic finance conference on 29 October 2009. The announcement is in German, but the conference is held in English. The conference shall show different aspects of Islamic finance, and to determine the s...

Bahrain-Based Arcapita Bank 'BB-/B' Ratings Affirmed And Withdrawn At Issuer Request

29 Jun 2009 14:26 S&P: -- We are affirming the ratings on Arcapita. -- The outlook remains negative.-- We are withdrawing the ratings at the issuer request.PARIS (Standard & Poor's) June 29, 2009--Standard & Poor's Ratings Services said today that it a...

VTB Will Sell 3 Sukuk

28 Jun 2009 22:15 VTB Capital said that it has mandates to manage the sale of at least three Sukuk for Russian companies, each of which could raise USD 200 million to USD 500 mn. The sale shall start soon according to Yury Solovyov, VTB Capital's president and chie...

Strong demand expected for SEC Sukuk

28 Jun 2009 22:04 Saudi Electricity Co, the state- controlled power producer, may raise as much as USD 1.87 bn, SAR 7 bn, in the largest sale of Sukuk.The 5-year Sukuk, which is expected to be rated AA- by Fitch rating service, may pay between 90 basis points to 10...

Harvard Islamic Program: Call for Papers

28 Jun 2009 21:56 The Ninth Harvard University Forum on Islamic Finance is scheduled to be held at Harvard Law School in Cambridge, Massachusetts on 27-28 March, 2010.The theme of the conference will be “Building Bridges across Financial Communities.” Papers are re...

Abolition of Commodity Murabaha and/or Tawarruq?

28 Jun 2009 21:41 Mushtak Parker covered the controversy regarding the decision to abolish Organised Tawarruq of the International Council of Fiqh Academy (ICFA) in Arab News. Badlishah Abdul Ghani, CEO of CIMB Islamic Bank seeks further clarification whether the d...

Malaysian scholars declares organised tawarruq permissible

28 Jun 2009 21:33 Organised and reverse tawarruq comply with Sharia, in the opinion of Engku Rabiah Adawiah Engku Ali who advises the central bank of Malaysia provided they involve the actual sale and delivery of goods.

Kuwait's Zain renewing USD 2.5 bn Islamic facility

28 Jun 2009 21:27 Syndication of the two-year murabaha facility has launched to the senior phase of selldown via bookrunners Banque Saudi Fransi, Calyon and Al Rajhi Bank and is being targeted at a small number of close relationship banks including Saudi and intern...

Saad, AHAB to seek USD 10 bn debt restructuring

28 Jun 2009 20:05 Saudi-based Ahmad Hamad Algosaibi & Bros Co (AHAB) said it was about to start talks with creditors, after a newspaper reported it and Saad Group are seeking to restructure USD 10 bn in debt.

AXA announces tie-up with SALAMA for employee benefit plans

28 Jun 2009 19:59 AXA has partnered with SALAMA - Islamic Arab Insurance Company to offer Group Life Solutions to AXA’s clients in the UAE.

Olivant writes down Amiri Capital stake

28 Jun 2009 19:54 Olivant Investments has written down the entire value of its 30 % stake in Amiri Capital, a company offering a Sharia compliant Hedge fund platform.

AgriCap Invest established in Morocco

28 Jun 2009 19:24 Vision3, conceived by Gulf Finance House, Abu Dhabi Investment House and Ithmaar Bank signed an MoU with Morocco's largest bank, Attijariwafa, signaling their intention to establish AgriCap Invest, a specialized food and agriculture focused invest...

Albaraka Bank aims to be listed on Johannesburg Stock Exchange before 2011

19 Jun 2009 06:44 ALBARAKA Bank in South Africa was keen to list on the Johannesburg Stock Exchange, JSE, and would probably do so by the end of next year, Adnan Ahmed Yousif, the chairman said.Al Baraka Banking Group (ABG), the parent company, is listed in Jordan,...

Amara Holdings partners with Chinese investment firm

19 Jun 2009 06:40 Amara Holdings, a Dubai investment firm, and New China Trust Company’s subsidiary, Shanghai Ding Hai Investment Management Company, will identify and evaluate Islamic finance investment opportunities in China for themselves and co-investors and cl...

KFH low exposure to Saad Group

19 Jun 2009 06:37 Kuwait Finance House, has minimal exposure to two troubled Saudi firms, belwo 0.1 % of the total credit portfolio, according to Emad Yousef Al-Monayea, Managing Director of Kuwait Finance's subsidiary, Liquidity House.

S&P sceptical on Sukuk market growth

19 Jun 2009 06:32 Sukuk growth might be limied due to higher costs of structuring, issuing, accounting fees, real estate downturn, and low hydrocarbon prices, says S&P in a report. Nevertheless, it said sukuk-based financing remained the most attractive means o...

Nakheel restructuring efforts will affect other Dubai ratings

19 Jun 2009 06:24 The refinancing of Nakheel’s US$3.5 billion (Dh12.85bn) Sukuk will be of utmost relevance to the credit ratings Moody's has for Dubai entities. Nakheel has not the stand alone capacity to repay the Sukuk reported Paulo Vecina in The National.

TID Global Sukuk I Limited - Financial Restructuring Update

19 Jun 2009 06:20 The Investment Dar Co.The Investment Dar Co.held its latest financial restructuring update meeting in Dubai on Monday 8 June 2009 with its banks and investors. The firm expects its audited results soon. Morgan Stanley is appointed by the steering...

Saad Group Sukuk down at 25 % of nominal value

19 Jun 2009 06:16 Saad Trading Contracting & Financial Services Co.’s debt securities, known as sukuk, are trading for 25 cents on the dollar compared with this year’s high of 79 cents on Feb. 26, data compiled by Bloomberg show. Saad Group on June 2 appointed...

Al Hilal Islamic Bank to be opened in Kazakhstan

19 Jun 2009 06:11 The Governments of Kazakhstan and the United Arab Emirates signed the agreement on opening of Al Hilal Islamic Bank in Kazakhstan; Aigul Tulekbayeva on Kazinform reports. The Bank’s nominal capital will make up over AED 100 mln and it will be open...

Seminar for Charities held in USA

19 Jun 2009 06:05 Noreen S. Ahmed-Ullah reported on 12 June in the Tribune about a seminar for charities to comply with US provisions in their country.The Internal Revenue Service, the MacArthur Foundation and a group of lawyers called Muslim Advocates instructed C...

PT Bank Rakyat Indonesia Syariah aims to double assets by year end

19 Jun 2009 06:02 Indonesian Islamic financer PT Bank Rakyat Indonesia Syariah (BRI Syariah) expects its assets to double to 3 trillion rupiah by the end of the year.

Bahrain Sukuk oversubscribed

14 Jun 2009 17:17 Bahrain's USD 750 mn sovereign sukuk issue attracted an order book of about USD 4 bn and the size was increased to USD 750 mn. The sukuk was priced at the low end of expectations at 340 basis points over US Treasuries. Some 55 % of the issue went...

Kuwait Assets of Saad Group

14 Jun 2009 17:14 Saudi billionaire's firm denies that Kuwaiti assets are frozen; as Kuwaiti newspaper Al Rai had reported previously.

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