News
UAE Islamic banks and Dubai Group debt
15 Nov 2011 10:34Reuters published a report that stated that Dubai Group has not made any interest payments, worth hundreds of millions of dollars, on $10bn of its outstanding debt since August 2010. The report added that no financial support from Dubai author...
HK still legislating for Islamic finance
15 Nov 2011 10:41
It seems that Hong Kong’s government plans to go ahead with moves to transform the city into a “vibrant” centre for Islamic finance.
The government was currently working on legislation to make a level playing field for Sukuk and conventio...
UAE Sukuk market review
15 Nov 2011 10:45
Zawya Investor lists 64 UAE domiciled Sukuk going back to the $100m Tabreed Sukuk issued in March 2004. Forty-six of these have been issued, with 17 Sukuk that have already reached maturity.
There are also six Sukuk that have been announc...
UAE pension fund promise
15 Nov 2011 10:47
It seems that there is the possibility that the UAE might be thinking to set up a pension or superannuation scheme for the 90% plus of its more than 8m strong population.
At this point, there is a system in operation whereby expatriates w...
Islamic Finance Mandates in Turkey By Noor Islamic Bank Leads US $1.4bn
15 Nov 2011 10:52
Noor Islamic Bank has been assigned to arrange and lead manage more than US $1.4 billion Islamic finance capital market deals in Turkey in the last 18 months, making it the most active UAE bank in the republic.
Noor revealed details of i...
Islamic Agri Finance can uplift rural areas
15 Nov 2011 10:56It seems that Islamic Agricultural and Rural Finance can bring the genuine green revolution to an economy. As Islamic Finance has made a lot of progressive research in Agricultural finance bringing a number of pragmatic and useful choices whic...
Egypt gets $400 mln from Islamic trade financier
15 Nov 2011 10:58
It appears that the trade financing arm of the Islamic Development Bank (IDB) has offered $400 million to help Egypt finance imports of petroleum products, wheat and other foodstuffs.
The funds were given by IDB's International Islamic Tr...
Dubai Islamic Bank to open 25 new branches
15 Nov 2011 11:01
Dubai Islamic Bank Pakistan Limited (DIBPL) has planned to open 25 new branches in various cities of Pakistan by next year.
Junaid Ahmed, President and CEO DIBPL, stated that since starting operation in Pakistan in 2006, the bank has 72 b...
Turkish Central Bank Appoints Islamic Economist, Credit Expert to Board
15 Nov 2011 11:03
Ahmet Faruk Aysan and Sabri Orman, a specialist in Islamic economics, were elected by Turkey’s central bank as members to the bank’s board.
The board is formed from the governor and six members and makes decisions on monetary policy and s...
Libyan revolution opens door for Islamic finance
14 Nov 2011 07:37
Although Libya’s civil war destroyed its economy and banking system, it has created conditions for strong growth of an industry which made little headway under former Gaddafi: Islamic finance.
The head of the new government promoted Islam...
Charity of the month: UNESCO - Call for Donation
11 Nov 2011 09:19UNESCO works in education, the sciences, culture and communication and information. Recently it lost a substantial portion of funding as the newspapers reported (see for details:
It seems that the Autoriti Monetari Brunei Darussalam (AMBD) has gathered $691 million from nine syariah-compliant bond issuances.Brunei raises $691m from nine sukuk issuances
11 Nov 2011 11:45
AMBD stated that it has drifted sukuk nine times between April 21 and October 13 this year. The statement r...
Libya legislating for Islamic borrowing
09 Nov 2011 11:10
Although Libya is Africa's biggest oil producer, it will still have to borrow money for the reconstruction of its infrastructure and one source the new government is considering to be the Islamic capital markets.
Bloomberg stated that the...
Turkey may become major sukuk source for Gulf investors
08 Nov 2011 13:13
A strong demand for a sukuk launched by Turkish bank Kuveyt Turk last month underlines how Turkey has the chance to become a major source of Islamic bonds for Gulf investors who are looking to diversify geographically.
The $350 million s...
Aldar will repay $ 1bn sukuk say investors
08 Nov 2011 16:20
Investors in Aldar Properties' $ 1.1 billion sukuk are gambling on the fact that the indebted developer will repay the issue even if it means more aid from Abu Dhabi which the company out this year.
The sukuk was established as an exchang...
Tatarstan is a good proposition for Muslim investors
06 Nov 2011 10:50
The Muslim-majority region of Tatarstan seems to be an attractive investment destination for funds – for both Russian Muslims and foreign investors based in Muslim countries.
Two Islamic funds have recently launched operations in Tatarst...
DRB- Hicom To Undertake Sukuk Programme Worth RM1.8 Billion
06 Nov 2011 15:38
DRB-HICOM Bhd will attempt an Islamic medium-term notes (sukuk) programme of up to RM1.8 billion.
Maybank Investment Bank Bhd was assigned principal adviser, lead arranger and lead manager for the programme.
The company stated that...
Brunei prices sukuk totalling B$691 millio
06 Nov 2011 15:42The Brunei Monetary Authority has successfully estimated nine Islamic sukuk series totalling B$691 million ($540.6 million). The sukuks were priced betwwn 0.1-0.35 percent.
DFSA slams complex Islamic structures
06 Nov 2011 15:50
Overly-complex Islamic finance structures such as the Nakheel sukuk jeopardize the potential for disruptive behavior.
Complex Islamic finance structures which look to replicate conventional products often need a large number of complex ag...
Bahrain says still planning to sell Islamic bonds
03 Nov 2011 09:50
Sheikh Salman bin Isa Al Khalifa, executive director of banking operations at Bahrain's Central Bank, stated that Bahrain is still planning to sell sukuk.
It seems that Bahrain has hired Citigroup Inc., BNP Paribas SA and Standard Charter...
Financial Statements of Palestine Islamic Bank for the 3rd Quarter of 2011
03 Nov 2011 09:55The Palestine Exchange (PEX) obtained the unaudited interim condensed financial statements from Palestine Islamic Bank( ISBK). Their disclosure has been published on the PEX website and contains: the Statement of Financial Position, the Income...
Takaful players set to enhance UAE's insurance industry
03 Nov 2011 13:24
The Takaful industry in the UAE has had a remarkable growth over the last five years, with seven Takaful companies currently operating in the UAE and five new Takaful providers set to launch shortly.
Experts from the local Takaful indust...
Investment Dar fulfils its first payment to Investors
03 Nov 2011 13:26The Investment Dar K.S.C.C. has fulfilled the first payment to its Investors. All individual creditors holding stipulated judgments with payment dated for 31 December 2011 were invited to collect their cheques and sign the necessary documentati...
Jordan Islamic Bank announces financial results for the third quarter of 2011
01 Nov 2011 13:50
The profit for Jordan Islamic bank ( JIB) for ninth months ending on 30 /9/2011 reached about JD21.1m ($29.8m) compared to about JD20.7m ($29.2m) for the same period in the last year with an increase by 2%.
Fitch Ratings set the bank's cr...
NAICOM, German Agency Conduct Study Of Micro, Takaful Insurances
01 Nov 2011 13:45It seems that the National Insurance Commission (NAICOM) set an agreement with a German agency, GIZ, to conduct a study of micro and Takaful (Islamic) insurance products in Nigeria. The statement came from Mr. Fola Daniel, NAICOM Commissioner...
Sultan: Islamic Financial Institutions Should Find Ways To Develop Waqaf
01 Nov 2011 14:01
Islamic financial institutions such as banks, insurance and property development should play an active role in finding ways on how waqaf, zakat and sadaqah could be exploited as intruments in the economic transformation of the Muslim ummah.
Saudi Al-Rajhi remains biggest Islamic bank
01 Nov 2011 14:14
Three banks from UAE are among 10 largest Arab Islamic banks.
Saudi Arabia’s Al-Rajhi group remained at the same position as the world’s largest Islamic bank at the end of 2010 while four in the UAE were among the 10 top Shariah-complian...
Sukuk sales double in October
01 Nov 2011 14:21
Global sales of Islamic bonds were almost double in October as progress toward a resolution to Europe’s debt crisis helps push yields to a one-month low.
Khazanah Nasional Bhd., a Malaysian state-owned investment company, Kuala Lumpur-bas...
5th Pakistan Microfinance Forum
01 Nov 2011 14:18
SHAMROCK Conferences International has announced that the 5th Annual Pakistan Micro-finance Country Forum 2011 is going to be held on 24th of November, 2011 in Karachi.
The theme of the forum is named “Stretching out to the unreached” and...
Freshfields turns to A&O for first Islamic finance head
01 Nov 2011 14:23
Freshfields Bruckhaus Deringer has hired an Allen & Overy lawyer as its first-ever global head of Islamic finance.
Tarek El-Assra is the new counsel in the firm’s Dubai office.
The appointment comes after the news less than a mo...
Libya Plans Law to Pave Way for Islamic Bond Sales: Arab Credit
01 Nov 2011 14:28
Libya’s central bank is arranging a law to give permission to lenders and issuers to sell Islamic bonds as part of its efforts to evolve banking services after the fall of Muammar Qaddafi.
Mustafa Abdel Jalil, an Islamic jurist and forme...
Oman may issue Sukuk, central bank says
01 Nov 2011 14:33
Hamood Sangour Al-Zadjali, the country's central bank head, stated that Oman may in future consider launching sukuk. He added that inflation in Oman was stable and would be around four percent this year.
Oman accepted Islamic banking in M...
Qatar First Investment Bank highlights changing trends of Islamic Private Equity
01 Nov 2011 14:41
Because of the recent global financial crises appetite for Islamic Private Equity has surfaced.
Joined by over 50 expert regional and global speakers, Ihab Asali, QFIB Head of Private Equity embraces the global rise of Islamic Private Eq...
GCC issues $3.2b sukuk in third quarter
01 Nov 2011 15:17
A study conducted by National Commercial Bank (NCB) showes that Gulf Cooperation Council member countries launched bonds worth around $20.9 billion in the first nine months of 2011, slightly lower than their value in the same period of 2010.
Elaf Bank forms joint venture with Ohad Trust in M'sia
01 Nov 2011 15:24
Elaf Bank B.S.C. and Ohad Trust B.S.C. have formed a joint venture in Labuan, the result being the fact that Labuan Financial Services Authorities (LFSA) has granted a "trust" licence under Ohad Trust (Labuan) Bhd (Ohad Labuan).
National Bonds celebrates World Savings Day
01 Nov 2011 15:37
National Bonds Corporation PJSC celebrated World Savings Day, which falls on Monday October 31, with a host of activities with the purpose at engaging the public and spreading awareness on the importance of savings.
The popular scheme hel...
Turkey's bank Albaraka will improve its bottom line by 38.7% in 3Q11-Erste
02 Nov 2011 10:47
It is anticipated that the bank will improve its bottom line by 38.7% in 3Q11 to TRY 42mn. It is also expacted a 5% quarterly growth in total loans.
On the other side, the bank raised USD 100mn Murabaha syndication in the quarter, and an...
Islamic Finance Talent Development Program (IFTDP)
02 Nov 2011 15:30The Islamic Finance Talent Development Program (IFTDP) is a talent development program with the sole objective of building a pool of highly talented young Islamic Finance executives who are capable of leading the Islamic Finance Industry in the...
Islamic Investor for iPhone
31 Oct 2011 15:12IdealRatings® Islamic Investor™ is the only iPhone application that tells you if a stock is Shariah compliant or not, gives you a detailed report explaining why, and alerts you if it changes status, it is designed for personal use by individual...
ABG acquires Al-Tawfeek shares
28 Oct 2011 10:43
Albaraka Banking Group BSC (ABG) has purchased 60 percent of the issued shares of Al-Tawfeek Financial Group through its subsidiary in Bahrain, Al-Baraka Islamic Bank.
Adnan Ahmed Yousif, president and chief executive of ABG, stated that...
UAE: ADIB posts Dh319m profit
28 Oct 2011 10:53
Abu Dhabi Islamic Bank gained a record net profit of Dh319.1 million for the quarter ended September 30, an increase of 3.2 per cent over the corresponding period on higher income.
Inspite of difficult market conditions and continued glo...
The National Industries Co.(K.S.C) successfully settled its US$ 100 Million Sukuk
28 Oct 2011 11:04The US$ 100 million Sukuk for The Building Materials Company has been successfully arranged and paid for in full on its Maturity date 18 October, 2011. Kuwait Finance House, Liquidity Management Centre, Gulf International Bank and Standard Ban...
Kingdom, Qatar set to lead growth of Islamic mortgage market
27 Oct 2011 10:46Key to the growth of the housing sector in the Gulf Cooperation Council (GCC) countries is the development of mortgage finance. Because of the demography of the region where some 65 per cent of the population is under 30 years old, demand for...
CBB's governor: Islamic financial institutions to adopt good risk managment
27 Oct 2011 11:02Rasheed Al-Mi’raj, the Central Bank of Bahrain’s (CBB’s) governor, stated that Islamic financial institutions should learn from the experience of conventional banking institutions from the international financial crunch, increase understanding...
Sukuk Issuance - Bank Asya
27 Oct 2011 11:05Citigroup Global Markets Limited and UBS AG have been licensed for Sukuk launch in international markets maximum term of 5 years up to USD 300 million. The reason for this decision is that Bank Asya's resources from abroad must be diversified...
European Islamic Investment Bank to cut jobs
27 Oct 2011 11:11
It seems that European Islamic Investment Bank will cut dozens of jobs and will close a representative office in Bahrain as part of a restructuring.
The number of employees will be reduced to 17 from 35.
EIIB Chairman Shabir Randere...
Turkey's Kuveyt Turk has priced its $350m five-year sukuk
27 Oct 2011 11:08Kuveyt Turk has given a price to its $350m five-year sukuk. It seems that the paper priced at par with an expansion of 447.5 basis points over midswaps and had a profit rate of 5.875 percent.
Oman Islamic Economic Forum in Dec
27 Oct 2011 11:15A two-day Oman Islamic Economic Forum will take place on December 17 at Al Bustan Palace Hotel. Amjad Group of Companies will organize the forum. The forum ha sthe purpose to underline the steps needed by the Sultanate to expand its capabiliti...
Majid Al Futtaim, Albaraka, Asya Katilim: Islamic Bond Alert
27 Oct 2011 11:22The following borrowers are anticipated to sell Islamic bonds, which use asset returns to pay investors to acceed with the religion’s ban on interest: MAJID AL FUTTAIM HOLDING LLC, ALBARAKA TURK KATILIM BANKASI AS (ALBRK), ASYA KATILIM BANKASI...
Institute of Islamic Culture desperate for funding
27 Oct 2011 11:31
It seems that the Institute of Islamic Culture needs funds desperate.
Although the institute gets grants of Rs0.5 million each from the Punjab and federal governments, and generates about Rs1.2 million from book sales, only the staff sal...