News

Call for Manuscripts and Papers: Impact Philanthropy and Investing

Call for Manuscripts and Papers

Volume-I

Impact Philanthropy and Investing

Connecting Innovation with Ground Realities*

A volume in the Academy of Philanthropy

International Perspectives on Philanthropy Series

La Zakat et les Banques

La Zakat et les Banques
Ecole de Management Strasbourg
26 mai 2012
Dans le cadre du programme de recherche « Banques
et Finance Islamique » soutenu par l’Agence Nationale
de la recherche, un colloque « La Zakat et...

NBAD launches Sukuk Income Fund

The National Bank of Abu Dhabi (NBAD) has launched its Sukuk Income Fund, a unique product investing in Sharia'h-compliant investment instruments that provides investors attractive returns with low levels of risk.
The NBAD Sukuk Income F...

Sukuk fuels economic expansion in Saudi Arabia

Animated by the global economic turmoil, global deleveraging leads to a reduction in global bank credit available for Saudi companies and projects. But funds are neccessary and the government is correctly hesitant to offer it directly.
R...

Islamic banks need to tackle slowing growth rates, says A.T. Kearney

According to A.T. Kearney, the modifying market dynamics are showing a new trend, with two key indicators giving cause for reflection: slowing growth rates and eroding profitability.
Descending growth rates are coming up in key geographie...

Meethaq Sharia board endorses RO 150m capital for Islamic banking window

The Shariah board of ‘Meethaq’ Islamic banking gave the approval for RO 150 million capital assigned by BankMuscat for its Islamic banking window operations awaiting regulatory approval. The board from Shariah perspective authorized the authen...

Islamic banks 'facing market challenges'

Despite the fact that islamic banks have outperformed their conventional peers in most markets, a closer look presents the market dynamics are changing, revealing a new trend.
Two key indicators are cause for reflection: slowing growth r...

Indonesia Debt Drops Most in 8 Months on Fuel: Islamic Finance

Indonesian two-year sukuk dropped last month, raising up yields by the most since September, as Standard & Poor's.
S&P didn’t associate with Moody’s Investors Service and Fitch Ratings, which have allowed Indonesia investment-grad...

lnterest Free Microfinance through Cooperatives

The Sahulat Microfinance Society, a National NGO working for the financial inclusion through cooperative based microfinance, will lead a national consultation on “lnterest Free Microfinance through Cooperatives: Challenges and opportunities”.<...

Temenos Continues to Show Strength in Islamic Banking

Temenos revealed that United Installment Sales Co. Ltd. (UIS) and Lexus & Daihatsu in Saudi Arabia, has signed an agreement to utilise Temenos’ market leading core banking solution, T24, for its Islamic Real Estate Financing & Vehicle...

Ex-CEO loses civil case against Bahrain's Bank Alkhair

The former chief executive and founder of Bahrain's Bank Alkhair has lost a civil court allegation in the kingdom which chased to strike down his dismissal by the bank, the latest round of a legal battle between the two parties.
The judge...

Shariah Funds: Will they rise and shine?

An interesting concept, slowly gaining momentum in the Indian mutual fund industry, is mutual Fund houses launching specific schemes catering to philosophies reproduced by a particular community.
There are currently 3 Shariah compliant f...

Muslims on Wall Street: Pragmatic over dogmatic

Despite the fact that they have been around for many years, they are only now being noticed because of a variety of factors.
The difference between then and now is that there are more Muslims in the financial sector and non-Muslim collea...

NETWORK FOR MIDDLE EAST FAMILY BUSINESSES LAUNCHED

Family businesses are estimated in the Middle East at around 90% of all companies in the region controlled by families. Furthermore, its importance was underlined with the launch of the Family Business Network GCC, the first of its kind in the...

AAOIFI to convene its Annual Shari'a Conference

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will arrange its Annual Shari'a Conference on 7 and 8 May 2012 in Manama, Kingdom of Bahrain. The conference will be held under the patronage of the Central Bank...

Islamic finance - the social paradigm

The first home purchase plan approved by the Financial Services Authority (FSA) for the mainstream UK market is the genie out of a modern day bottle. It shows that the religious principles underlying Islamic products are important in the ethic...

Investment of $100 million for MENA region

The IFC and the Islamic Development Bank (IDB) will support the construction of major infrastructure projects across the Middle East and North Africa through an investment of up to $100 million.
The investment is an attempt to stimulate...

JCorp sukuk may yield less than AAA issuers

According to MCIS Zurich Insurance Bhd and Bangkok Bank Bhd, Johor Corp will apparently pay less than AAA issuers to sell US$976 million of sukuk on local-government guarantees.
They say that Johor Corp could price the 10-year Islamic not...

Qatar may list bonds, sukuk this year

Qatar is searching to deepen its debt market. Regarding this aspect, it may list local-currency government bonds and sukuk on the country's bourse this year.
Qatar began to sell treasury bills in May to achieve excess funds in the bankin...

UMNO's Islamic finance expert slams PTPTN's un-Islamic practice

An UMNO-linked Muslim scholar and economist has characterized the study loans supplied by the National Higher Education Fund Corporation as un-Islamic.
Dr Asyraf Wajdi Dusuki, head of research at the International Shariah Research Academ...

Islamic finance industry grew by 24.4% & global Sukuk issuance increased by more than 60% in 2011

The National Commercial Bank has recently cooperated in the Islamic Finance Forum coordinated by Harvard University in the United States of America. The forum is a praised annual event that gathers top scholars, researchers and analysts, with...

Qatar Islamic 1st-Quarter Profit Jumps 21%; Beats Estimates

Qatar Islamic Bank's first-quarter profits jumped 21% on higher fee and commission revenue, beating analysts estimations.
Qatar’s banks improved lending as the country raised spending on infrastructure including a new airport, seaport, ro...

Allen & Overy advises on Saudi Electricity Company Sukuk

Allen & Overy, associated with local law firm Abdulaziz AlGasim Law Firm, advised Saudi Electricity Company (SEC), on the successful closure of its $1.75 billion dual-series Sukuk issue. The transaction represents SEC's first international...

Egypt’s Corporate Social Responsibility

The Supreme Council of the Armed Forces seminar titled ‘January Revolution and Horizons of Economic Growth' has the strong oppinion that Egypt’s economy is at risk.
The statement was based on the unprecedented decline of economic conditi...

Slower takaful growth prompts strategy rethink

Takaful statistics reveal that the growth of the business is slowing, amplifying pressure on the sector to boost efficiency, roll out new products and try out new markets.
According to Shyam Sankar, regional head of insurance sales throug...

Banque Saudi Fransi Sets Up $2 Billion Islamic Bond Program

Banque Saudi Fransi arranged a $2 billion Islamic bond program as part of the Riyadh-based lender’s plans to mix up its sources of financing.
Islamic bond sales in Saudi Arabia, the world’s largest oil exporter, progressed to a record $6...

Gilmore speaks of aim to develop Ireland's involvement in Islamic finance

Tánaiste Eamon Gilmore addressed a seminar on the Government’s purpose to make Ireland a European hub for Islamic finance.
He announced the International Fiscal Association Ireland seminar that Ireland is currently the location for an eva...

Edbiz Consulting publishes third Global Islamic Finance Report

The third annual Global Islamic Finance Report (GIFR) 2012 was made in association with the Saudi-based National Commercial Bank and Malaysian-based CIMB Islamic and some other partners in Islamic banking and finance industry. The report is co...

Islamic finance accounting changes proposed

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has suggested more specific accounting standards for real estate while increasing disclosure for Islamic banks’ investment accounts.
The move made by th...

Islamic finance makes its mark in banking

Dr Ali Mohiyuddin Al Quradaghi, chairman, Shariah Supervisory Board of Al Hilal Islamic Banking Services, ahlibank Oman, and the Secretary-General of the International Union of Muslim Scholars , stated that Islamic finance industry is making m...

DIB repays $750m sukuk from own resources

Dubai Islamic Bank (DIB) has repaid in full a $750 million (Dh2.75 billion) five-year sukuk which matured on March 22 from its own sources, prooving the bank’s financial strength and comfortable liquidity position.
The sukuk was launched...

Expat family lands up in vicious debt trap

Indian expat KM is a typical example of a dream gone very wrong.
Initially, their dream was safe. Her husband earned enough and even bought a property in Goa, after borrowing from a local bank and an Indian bank.
But once the reces...

Natural Capital Declaration a statement by the financial sector demonstrating itscommitment at the Rio+20 Earth Summit

Who will be the first Islamic financial institution to become signatory of the Natural Capital Declaration? "The Natural Capital Declaration is a statement by the financial sector demonstrating our commitment at the Rio+20 Earth Summit to...

TCW Lands an International Partnership

TCW will oversee NCB Capitals international equity funds and expand distribution of NCB products and services internationally.
TCW was selected from a field of other contending US asset managers for its leadership in US markets.
TCW...

National Australia Bank mulls Sukuk sale

It seems that National Australia Bank (NAB) is taking into consideration a sale of up to $500 million of Sukuk as Australian investors request less risky investments.
According to two people familiar with the deal, the bank is considerin...

Arcapita Bank Wins Permission to Manage Cash, Pay Wages

Arcapita Bank BSC was given permission to use cash within a budget and pay employees in bankruptcy.
U.S. Bankruptcy Judge Sean Lane in Manhattan certified Arcapita’s requests on an interim basis to escape “irreparable harm” being done to...

Goldman advisor says completed work on sukuk

Dar Al Istithmar finished receiving the approval of Islamic scholars for the issue and the next move is depending from now on on Goldman.
Goldman's plan was to become one of the first top Western banks to gather money through Islamic bon...

Specialist proposes fatwa bypass on Islamic products

Trevor Norman, director of Jersey-based fiduciary specialist Volaw Trust and Corporate Services, noted that UK investors and their advisers should be given permission to research products themselves instead of having to obtain a fatwa, or judg...

Islamic Development Bank insured deals worth $3bn in 2011

The export credit and investment insurance arm of the Islamic Development Bank (IDB) has secured more than $3bn (Dhs11.02bn) of business deals in 2011. The value of deals insured bounced 63% from 2010.
The flow was ascribed to the launch...

Dar Al Arkan Confident Can Repay $1 Billion Sukuk, Arabian Says

Dar Al Arkan Real Estate Development Co. (ALARKAN) is certain that it will be able to repay a $1 billion Islamic bond maturing in July.
Saudi Arabia’s largest property developer has been developing cash reserves to repay the bond and can...

VC Legal Guide to Catalyse MENA VC Deals

The MENA Private Equity Association has launched a VC legal documentation guide constructed to give entrepreneurs a practical understanding of the basic terms involved in a venture capital transaction.
The guide has the target on issues s...

Oman-based Bank Nizwa to install Path Solutions’ iMAL

Bank Nizwa chose Path Solutions’ iMAL for its entire Islamic core banking solutions needs. The agreement was signed in Muscat between the Chairman of the Founding Committee of Bank Nizwa, Ahmed Saif Al Rawahi, and Path Solutions’ Group Chairma...

Indonesia Islamic Insurance Assets Reach $1 Billion in 2011

The data from Capital Market and Financial Supervisory Agency shows that Indonesia’s Shariah-compliant insurance assets increased by 32 percent to 9.2 trillion rupiah ($1 billion) in 2011 comparing to the year before.
The agency stated t...

BLME completes first Islamic banking deal in the renewable energy space in the UK

Bank of London and The Middle East plc (BLME) signed a £14 million leasing deal with Global Marine Systems Ltd.
According to the agreement, BLME will support Global Marine in the acquisition and refit of an offshore power cable installati...

Bloomberg Brief Launches Islamic Finance Weekly

Bloomberg Brief revealed the launch of its Islamic Finance weekly newsletter, which offers global investors and financial advisors critical data and analytics to remain ahead of the developments and trends in the world of Shariah-compliant fin...

IILM Plans First Islamic Dollar Bill Sale of Up to $1 Billion

It appears that International Islamic Liquidity Management Corp. plans to sell $1 billion of the first global Shariah-compliant dollar bills by the middle of the year.
The Kuala Lumpur-based Islamic Financial Services Board forsees a gro...

Annual General Meeting of Al Baraka Banking Group Approves Cash Dividend Payouts and Bonus Shares to Shareholders of US$ 175.36

The Ordinary and Extra-ordinary General Meetings of Al Baraka Banking Group took place on Wednesday 21st March 2012 in Manama, the capital of Bahrain. Discussions included: the report submitted by the Board of Directors on the Group's activiti...

Standard Chartered and Noor Islamic Bank arrange USD 175 million for Stanford Marine Group

Standard Chartered Bank and Noor Islamic Bank operated jointly as Initial Mandate Lead Arrangers and Structuring Banks for a five years USD 175Mn Senior Secured Club Facility for Stanford Marine Group. The proceeds of the term loan have partly...

New standards for UNPRI

Among the 1000 UN responsible investment signatories that will face new mandatory requirements next year are Colonial First State Global Asset Management, Local Government Super Scheme, Telstra Super, AMP Capital and TWUSUPER.
Dr James Gi...

Capivest acquires 9% of Naseej and cash in deal totaling over $30m

Bahrain-based Capivest successfully closed $30m plus deal with Cemena Holding Company B.S.C. and now owns 9% of Naseej—a fully-integrated real estate and infrastructure Development Company to focus on mega projects in the Middle East and North...