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Wealth creation is faster in Middle East: HNWIs

19 Giu 2013 17:14 A majority of high net worth individuals (HNWIs) in the Middle East believe wealth creation is faster today than in the past, according to the latest report of Barclays Wealth Insights. Over half (60%) of respondents in the Middle East agreed that...

Saudi banks to benefit from strong sukuk market growth

19 Giu 2013 17:19 According to a new special report published by Moody's Investors Service, the Saudi sukuk market will continue to grow over the next 12-18 months. Strong sukuk issuance has continued in 2013, with SR 11.6 billion already issued during Q1, leading...

Deloitte releases global Takaful market report

18 Giu 2013 16:40 Deloitte released its new Takaful report titled "The global Takaful insurance market: charting the road to mass markets". The report studies the emerging regulatory and practice challenges that will impact the Takaful industry, as well a...

Financial Engineering for Low-Income Households

18 Giu 2013 16:50 Bindu Ananth and Amit Shah recently published the book "Financial Engineering for Low-Income Households". The motivation of this book is to systematically compile principles from finance and economics theory and apply them to the context...

Dubai Chamber newsletter focuses on the growing profile of the Sustainability Network

18 Giu 2013 16:54 The second issue of the quarterly CSR Al Youm newsletter, released by Dubai Chamber of Commerce and Industry 's Centre for Responsible Business (CRB), marks the Sustainability Network's membership reaching 50 from just 2 in 2010. It also focuses o...

Fitch Affirms HSBC Amanah Takaful at 'A-'; Withdraws Rating

17 Giu 2013 17:37 Fitch Ratings has affirmed HSBC Amanah Takaful (Malaysia) Sdn Bhd's (HSBCAT) Insurer Financial Strength (IFS) rating at 'A-' with Stable Outlook and has simultaneously withdrawn the rating. The rating of HSBCAT is no longer considered by Fitch to...

Dubai Exports promotes Dubai's expertise in Islamic economy to Canadian firms in Vancouver and Toronto

17 Giu 2013 17:32 Dubai Exports , the export promotion agency of the Department of Economic Development (DED), recently showcased the emirate's expertise and resources in Islamic economic services to the business community in Toronto and Vancouver across a series o...

Venture Capital Bank secures the acquisition of a prime residential development in Central London

17 Giu 2013 17:57 Venture Capital Bank successfully secured the acquisition of a prime boutique new-build freehold residential development in Mayfair Chambers, one of London's most eminent residential districts.. This investment opportunity comprises of a building...

Tunisia gets $1.2 bn funding from Islamic Development Bank

17 Giu 2013 17:52 Tunisia has won $1.2 billion in funding from the Islamic Development Bank (IDB), aimed at backing industrial, agricultural and trade projects. The IDB funding line will include loans and grants, and will be for three years, with disbursements of $...

Islamic finance in Tunisia could reach 25-40% share of sector

17 Giu 2013 17:48 Tunisia's fledgling Islamic finance industry could take a 25 to 40 percent share of the country's financial sector in five years' time if necessary rules, consumer education and private investment plans materialize, according to a Thomson Reuters...

Al Madina Insurance plans IPO to convert itself into takaful firm

17 Giu 2013 17:43 Al Madina Insurance Company is planning to float an initial public offering (IPO) in the fourth quarter of this year in an attempt to change its status to a Sharia-compliant takaful firm. As per the draft takaful regulation, insurance companies ha...

Alkhabeer Capital appoints Tariq Hayat as Chief Corporate Communication Officer

17 Giu 2013 18:00 Alkhabeer Capital, a leading asset management and investment banking firm headquartered in Jeddah, Saudi Arabia, announced the appointment of Tariq Hayat as Chief Corporate Communication Officer. Tariq joins Alkhabeer Capital from Arcapita Bank wh...

King Khalid Foundation, NCB support four charity projects

17 Giu 2013 18:03 The National Commercial Bank (NCB) recently signed an agreement with King Khalid Foundation to give financial donations to the best charity foundations that were able present a plan of a charity project. The aim of this initiative is to support tr...

Tunisians Look to Islamic Finance To Address Economic Woes

14 Giu 2013 18:14 In Tunisia, the development of Islamic banking and Islamic insurance primarily depends on the introduction of a law that is more in line with market needs and expectations. Still, Mahfoudh Barouni, an expert in banking and finance, believes that t...

Sharia-Compliant Finance for MSMEs in Algeria

14 Giu 2013 18:25 Algeria hopes to stem high unemployment rates among its young population by promoting the development of micro, small and medium sized enterprises (MSMEs). Key to that effort, of course, is the provision of financial services. Therefore, the Alger...

'Shariah' Bankruptcy Gets An OK

14 Giu 2013 18:18 A U.S. judge Tuesday approved Arcapita Bank B.S.C.'s plan to gradually liquidate itself in a process that conforms with Islamic Shariah law, which generally prohibits borrowing money with interest. The Bahrain-based investment firm entered bankrup...

A National Experiment: Sharia-Compliant Finance in Sudan

14 Giu 2013 18:35 In Sudan, Sharia-compliant microfinance is the government-mandated rule, not the exception. That’s because the country’s banking system went fully Islamic in the 1980s, legislating Sharia principles. In 2007, the Central Bank of Sudan established...

BH also wants in on Islamic insurance

13 Giu 2013 17:22 With strong support from a government dominated by the Ennahda party, Islamic finance has become an El Dorado of sorts for Tunisia’s financial establishments. And this despite the fact the constituent parliament hasn't yet adopted the least regula...

MBSB: RHB Islamic a takeover option

13 Giu 2013 17:09 In the possible merger between Malaysia Building Society Bhd (MBSB) and RHB Capital Bhd (RHBCap), MBSB president and chief executive officer Datuk Ahmad Zaini Othman said MBSB is capable of taking over RHB Islamic. MBSB itself has more than RM30 b...

‘Leaked’ memo warns Iran could lose control over banking system

13 Giu 2013 17:45 A memo of Iran's Supreme National Security Council marked as “secret”, was obtained and distributed by the Iranian opposition movement “Green Wave”. The memo said Iran’s financial institutions are on the verge of bankruptcy and the country could l...

IRU - International Road Transport Union : Islamic Development Bank, Arab transport industry and IRU pool resources for more growth and prosperity i...

13 Giu 2013 17:35 At the 7th IRU Euro-Asian Road Transport Conference, the IRU, the Islamic Development Bank (IDB) and the Arab Union of Land Transport (AULT) unveiled the results of their 18-month joint project, aimed at achieving more trade and profitability, saf...

Tunisia: Co-Operation Agreement to Be Signed Between Tunisia and IDB

13 Giu 2013 17:28 Chairman of the Islamic Development Bank (IDB) Ahmed Mohamed Ali said that the group is expected to sign, on Thursday, a strategic co-operation agreement with Tunisia. This agreement will reportedly open new co-operation prospects between Tunisia...

Saudi Civil Aviation Hires HSBC, NCB, StanChart for Sukuk

13 Giu 2013 17:59 Saudi Arabia’s General Authority of Civil Aviation hired three banks for a local-currency sukuk. The Saudi Arabian affiliate of HSBC Holdings Plc (HSBA), National Commercial Bank’s investment banking unit and Standard Chartered Plc will manage the...

Arcapita Bank Judge Greenlights Ch. 11 Plan

13 Giu 2013 17:52 Arcapita Bank on Tuesday secured a New York bankruptcy judge’s approval of Chapter 11 reorganization plan, allowing it to exit bankruptcy, pay off its creditors and turn over its assets to a new entity that will manage and dispose of them over tim...

IDB partners with Abdul Latif Jameel Poverty Action Lab to train development professionals

13 Giu 2013 17:49 The Islamic Development Bank, in collaboration with the Abdul Latif Jameel Poverty Action Lab (J-PAL) of Massachusetts Institute of Technology (MIT), USA organized a high-level training course on Impact Evaluation of Development Programs taking pl...

Bahrain Bank Al Khair Eyes Retail Push With Khaleeji Merger

13 Giu 2013 18:06 Islamic banks Al Khair and Khaleeji have set up a committee to study the feasibility of a merger, with any agreement subject to due diligence and approvals by shareholders and the regulator. Bank Al Khair, a Bahrain-based investment bank, expects...

Malaysia's BIMB starts talks with Tabung Haji for Bank Islam stake

13 Giu 2013 18:02 Malaysia's BIMB Holdings Bhd has received approval from the country's central bank to begin talks with Lembaga Tabung Haji for the latter's 18.5 percent stake in Bank Islam, the country's oldest Islamic bank. BIMB, which presently owns 51 percent...

Shariah compliant mutual funds yet to catch investors fancy

13 Giu 2013 18:12 In India, there are only two fund houses, namely Tata MF and Taurus MF, which offer Shariah-compliant funds. Industry experts say that the major challenge in ethical funds is product awareness and its marginal market demand. These funds only cater...

IDB: Young Professionals Program (YPP)

12 Giu 2013 15:45 ABOUT YPP: The Young Professionals Program (YPP) is the strategic talent pipeline for the professional career in the Islamic Development Bank (IDB) Group. The Program is designed for outstanding young graduates who can significantly help the IDB G...

Citigroup Inc : Citi and Bahrain Association of Banks Host ‘Women in Banking’ Roundtable

11 Giu 2013 17:19 Citi Bahrain and the Bahrain Association of Banks (BAB) recently organized a 'Women in Banking' roundtable that determined that there is a need to establish a forum to support and empower women working in Bahrain's banking and financial sector. Fe...

Islamic Finance is Growing Fast but Faces the Form-Versus-Substance Debate (Video)

11 Giu 2013 17:38 Speaking at the Middle East Investment Conference in Dubai, Ibrahim Warde, adjunct professor at Tufts University in the United States and a noted author on Islamic finance, argued that since the 1990s Islamic finance has gained much more internati...

Need to Strengthen Islamic Social Finance Sector

11 Giu 2013 17:35 Issues raised and discussed at length during “International Workshop on Zakat, Waqf and Islamic Microfinance” and the idea of “Strengthening Islamic Social Finance Sector” were presented by Arshad Ajmal, Vice President of Sahulat Microfinance Soci...

IIFM Publishes Global Standard Documentation on Islamic Inter-Bank Unrestricted Master Investment Wakalah Agreement

11 Giu 2013 17:28 At the 4th Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2013) in Singapore, Bahrain based international standard-setting body the International Islamic Financial Market (IIFM) announced the launch of IIFM Inter-Bank Unrestricted...

Dubai World makes first major asset sale since crisis

11 Giu 2013 17:24 Dubai World has sold one of its UK assets as part of its efforts to repay creditors. A unit of Toronto-based investment company Brookfield Asset Management has bought logistics warehouse developer Gazeley from Dubai World subsidiary Economic Zones...

OIC holds a workshop on challenges of humanitarian action in Islamic jurisprudence and international humanitarian law

11 Giu 2013 17:42 The headquarters of the General Secretariat of the Organisation of Islamic Cooperation in Jeddah hosts, on 10–11 June 2013, a workshop entitled: "Humanitarian Action in Today’s World: reality and challenges in the context of Islamic jurisprud...

Chad's Islamic finance moves get ICD involvement

10 Giu 2013 16:09 The Islamic Corporation for the Development of the Private Sector ( ICD ) and Chad's Ministry of Finance and Budget have signed a partnership agreement aiming at the creation of a local leasing company (ijara) and a local Islamic bank compliant to...

Lessons in Islamic finance for Korean banking professionals

10 Giu 2013 16:04 Ten executives from six banking organisations in Korea recently participated in a training course on Islamic finance in collaboration with Qatar Central Bank (QCB). It was intended to enhance the understanding of Islamic finance so that it could b...

Takaful: Amana Takaful distributes surplus to policyholders

10 Giu 2013 16:01 ICMIF member Amana Takaful, Sri Lanka, recently announced a payment of surplus to its general insurance customers. This means Takaful policyholders will receive a proportionate rate from the surplus of the risk fund. Non-claimant Takaful policyhol...

Islamic Economy Higher Committee tackles plans

10 Giu 2013 16:13 The initiative to transform Dubai into the world’s capital of the Islamic economy is progressing steadily towards the goals as scheduled, said Mohammed Abdullah Al Gergawi, Chairman of Dubai’s Islamic Economy Higher Committee. During its meeting,...

Thai Islamic bank plans to up capital and sukuk

06 Giu 2013 17:05 State-owned Islamic Bank of Thailand plans to increase its capital by 7.11 billion baht (US$234.9mil) and issue a 5 billion baht sukuk, the country's first-ever Islamic bond. The bank plans to issue the 5billion-baht subordinated sukuk to increase...

Islamic banks leading house financing

06 Giu 2013 16:58 According to World Bank, on an average, annual housing need in Pakistan is 1.1 million units which require an annual funding of around Rs3.3 trillion per year. While conventional banks/DFIs are stepping away from the housing finance, the share of...

UPDATE: Arcapita Creditors Want to Go After Millions in Claims

06 Giu 2013 17:23 In a Tuesday filing with U.S. Bankruptcy Court in Manhattan, Arcapita's official committee of unsecured creditors said it wants to challenge three sets of claims that it says could unlock millions of dollars for creditors of the liquidating firm....

Venture Capital posts net profit of $20.2m

06 Giu 2013 17:18 Bahrain-based Venture Capital Bank reported a fifth consecutive quarter of profitable performance. The Islamic investment bank posted a net profit of $20.2 million on total revenue of $39.6m for the 15 months ended March 2013. For the quarter ende...

Growth potential for Islamic finance in Singapore still strong: experts

06 Giu 2013 17:11 Experts say the growth potential for Islamic finance in Singapore is still strong. Sukuk or Islamic bond issuances totalled US$137 billion in 2012, up from US$92b in 2011. Yet there is still a gap to fill in the Islamic capital market. According t...

Al Hilal Bank goes 'dark' for World Environment Day 2013

06 Giu 2013 17:28 Al Hilal Bank has announced that it will continue its sustainability efforts of switching off the lights in its branches and offices after working hours and will add a new green initiative in commemoration of World Environment Day on June 5, 2013....

Mashreq Al Islami launches solutions for SMEs

06 Giu 2013 17:33 Mashreq Al Islami recently launched a range of Islamic banking solutions for business banking clients. In addition to personal banking products, the bank now offers flexible business solutions to small and medium sized enterprises (SMEs) across al...

Goldman Breaks Drought With Saudi Property Bond: Islamic Finance

05 Giu 2013 18:51 Goldman Sachs Group Inc. (GS) led its first sukuk in more than three years after helping a Saudi property developer raise $450 million. The bank was a lead arranger on Dar Al Arkan Real Estate Development Co. (ALARKAN)’s sukuk on May 21, reforging...

Indonesia's Bank Muamalat Plans to Sell Over 30% Stake by July -CEO

05 Giu 2013 18:47 Indonesia's Bank Muamalat plans to sell more than 30% by July through an initial public offering and private placements, Chief Executive Arviyan Arifin told reporters Wednesday. Shareholders of the country's first Shariah-compliant lender sought t...

Bahrain's Khaleeji Commercial Bank And Bank Al Khair In Merger Talks

05 Giu 2013 18:54 Khaleeji Commercial Bank and Bank Al Khair, a pair of Bahraini banks, are in talks over a potential merger. The banks have signed an agreement to explore the feasibility of a merger and are forming a steering committee to do due diligence and exec...

The appeal of Islamic banking

03 Giu 2013 17:08 Although Islamic banking has been gaining worldwide popularity in recent years, it still faces considerable challenges in raising profitability. Last year, a record US$144 billion worth of new Sukuk, or Islamic bonds, were issued worldwide and exp...

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