Saudi billionaire's firm denies that Kuwaiti assets are frozen; as Kuwaiti newspaper Al Rai had reported previously.
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 we...
To speed up the development of infrastructure projects, the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) have agreed to set up Asia's first major multi-country USD 500 mn Islamic infrastructure fund.
The 12 targeted...
Sharia scholar Mohammad Akram Laldin rules organised tawarruq as not violating Islamic law principles.
Saudi Arabia needs 1 million new houses by 2014 to meet the needs of its growing population but house prices are seen falling in the short term due to the global credit crisis, HSBC said in a report. The bank forecast a 15 % decline in house pr...
The first onshore Shariah-compliant real estate fund in the Australian market, The LM Australian Alif Fund, was officially launched at end of May in Bahrain. The fund is managed by LM Investment Management Ltd., a specialist Australian income f...
Saudi Arabia said it launches its new market for Islamic bonds, or sukuk, and bonds.Tadawul currently trades Islamic bond issues by only two listed firms - Saudi Basic Industries Corp and Saudi Electricity, which will launch sukuk on Saturday w...
Bahrain's Al Baraka Banking Group plans to spend up to USD 120 mn on acquisitions this year as asset valuations drop amid a global financial crisis.
Tamweel says that it does not agree with media report rejected a media report saying it needed USD 1.55 bn to restart its financing operations.
The CMA announced on 7 June that Saudi Electricity Company’s request to offer Sukuk in the period from (13/6/2009) G to (28/6/2009) G. More details will be published in the prospectus to the public.
The total demand for residential units in Saudi Arabia will be in the range of 500,000 to 800,000 during the period 2009-13. The currently planned organised supply will provide about 73,000 units during 2009-13 and the rest will be tapped by cu...
Bahrain's Al Salam Bank has announced that Bahraini Saudi Bank's shareholders had accepted its takeover offer.
Global Investment House plans to sell a 14.1 % stake in Al-Salam Bank in a June 11 auction to reduce its holdings. The company expects 6.4 million dinar in profit.
Global said in January that it defaulted on most of its loan repayments.rg...
Dubai Islamic Bank announced that it has purchased USD 50.6 mn from the partial cash tender offer to retire USD 200 mn of outstanding Sukuk. DIB purchased the certificates at 88 % of the face value.
Newly confirmed Central Bank Governor is Sanusi Lamido Sanusi.
Sanusi, 47, got his BSc degree in economics from Ahmadu Bello University (ABU) in 1981 and Masters Degree also in economics from the same institution in 1983.
He later r...
The Global Association of Risk Professionals and the Banque du Liban recently announced the development of a new program, the Certificate in Risk Management for Islamic Financial Institutions.
The explosive growth in, and increasing sophi...
HSBC Amanah, the financial group's Islamic division, said it will start marketing its first Islamic Sukuk fund.
The HSBC Amanah Sukuk Fund, domiciled in Saudi Arabia, will comprise Sukuk, issued by 12 to 14 companies, mostly in the real...
Jovian Capital Corporation announced an agreement with UM Financial Inc. to explore the launch of a
co-branded, Shariah-compliant investment product. The product targets Canada's approximately 1 million strong Muslim population, as well a...
BUMIPUTRA-Commerce Holdings Bhd, said it received approval from the Securities Commission for the sale of as much as RM 2 bn Sukuk, to be made availabl to CIMB Islamic Bank.
Indonesian property firm PT Bakrieland Development Tbk wants to raise up to 300 billion rupiah from an Sukuk issue, or twice the amount previously indicated. Bakrieland has appointed PT Bahana Securities and PT Madani Securities as underwriters...
HwangDBS Investment Management Bhd launched its first local sukuk fund, HwangDBS AIIMAN Sukuk Fund (ASF).
Three national banks are in the process of opening Islamic units to respond to growing demand for sharia banking services, an official was cited in Antara: Bank Central Asia (BCA), Bank Panin and Bank Victoria.
Reuters reported on 18 March that Indonesia's third-largest lender, PT Bank Central Asia Tbk, is planning to launch an Islamic bank in September following its acquisition of a small bank last year, its vice president director said.
Insurer Manulife Holdings Bhd will submit an application before the end-October deadline for a takaful licence to tap into the growing Islamic insurance market. The plan by Manulife to seek a takaful licence is in line with the Government’s mov...
Andrew England in Abu Dhabi and Abeer Allam in Riyadh reported in the Financial Times about the Saudi conglomerate owned by Maan Al-Sanea.
The statement by Saad Group – its first admission that it is facing difficulties – came after banke...
Khaleeji Commercial Bank (KHCB) announced that it has provided a USD 25 mn banking facility for Bukhatir Investment Group to support expansion projects planned by the Group.
Press Release
PARIS (Standard & Poor's) June 1, 2009--Standard & Poor's Ratings Services said today that it has lowered its long-term counterparty credit ratings on Bahrain-based Arcapita Bank (Arcapita) to 'BB-' from 'BB' and rem...
Hashem Kalantari reported in Forbes that Iran plans to issue USD 12.3 bn of foreign currency and rial-denominated bonds over the next three years to help finance the development of its major South Pars gas field in the Gulf.
The Islamic Development Bank (IDB) will extend some USD 100 mn with one-year terms to Turkish exporters that have experienced trouble as a result of the ongoing global financial crisis. Officials from Turkey's Eximbank informed the Anatolia new...
International Investment Bank (IIB), Bahrain, announced the completion of the first Thermo Mechanical Treatment steel rolling mill in Bahrain (UNIROL) earlier this month. IIB is one of the major partners of the project with an equity stake of 3...
The Islamic Development Bank and the Syrian government signed an agreement last week stating that the bank would provide a EUR 100 mn finance for the expansion of a power station in Syria.
The Islamic Development Bank (IDB) granted a USD 31 mn facility to Turkmenistan to finance the purchase of two "river-sea" vessels with the capacity of 7 tons each for transportation of oil and oil products.
Saudi Arabia plans to set up a Fannie Mae-style company in conjunction with the upcoming mortgage law to buy mortgages from financial institutions and help develop national sukuk and debt markets, Saudi Arabia's finance minister Ibrahim al-Assa...
Islamic banks first opened in Iraq in the 1990s and seven of the country's 42 banks are now Islamic. The central bank studies a new law for Islamic banks, but there is no time line.
Bilad has about 7,000 account holders, whose deposits ro...
The government plans to sell up to Rp 5 trillion (USD 485 mn) of Sukuk, to institutional investors in the domestic market by the end of the second quarter.
A recent article in the Economist emphasizes the importance of the nascent debt markets for Gulf countries.
7Days Dubai reports that one bank faces 2,500 customers leaving per month withou payng off their credit card bills.
Albaraka Bank, SA's only Islamic financial institution, passed the R2bn asset level. This compares with only R400 000 in 1999 when it was formed. CEO Shabir Chohan said that it had taken the bank 15 years to achieve assets of R1bn and then anot...
Investment Dar will brief creditors and investors in a meeting for June 8 in the United Arab Emirates on how its restructuring plan is progressing, the firm said in statemnt according to Reuters.
Qatari bank lending fell 7 % in the first two months of 2009 as credit to the public sector dropped 36 %, central bank data showed, the latest signal Gulf banks are more cautious on new loans.
A dispute arose between Investment Dar and Commercial Bank of Kuwait regarding the right to buy back from CBK 19.2 % stake in Boubyan, wich Investment Dar sold last year.
Thomas Weisel Asset Management LLC partnered to form an alliance with IdealRatings, Inc. to create funds and separately managed accounts to invest in small and mid-cap U.S. companies.
Through an initial investment by Thomas Weisel Asset...
Global MENA Financial Assets Limited (the 'Company') is a closed-ended investment company incorporated in Guernsey to make attractive absolute gains through investment in a diversified portfolio of financial sector assets focused predominantly...
SALAMA, the world's largest Takaful and Re-Takaful Group ties up with Crédit Agricole Asset Management Group (CAAM Group), to offer 3 Islamic funds: BRIC (Brazil, Russia, India, China) quantitative fund, an active Asian equities ex-Japan and a...
Microcapital sumarized the World Bank report written by Tatiana Nenova, Cecile Thioro Niang and Anjum Ahmad , released May 2009, 187 pages, available at: http...
MICROCAPITAL STORY: African Development Bank Group, Agence Française de Développement Group, European Investment Bank, Development Bank of Southern Africa, KfW Bankengruppe, Islamic Development Bank Group, and World Bank Group Launch USD 15bn J...
Press Release
LONDON (Standard & Poor's) May 22, 2009--Standard & Poor's Ratings Services said today that it revised to negative from stable its outlook on Saudi Arabia-based Saad Group and related entities, owing to our view of i...
The debt market in the Middle East and North Africa (Mena) has the potential to grow to $USD 1.6 trillion p.a. but currently remains in its nascent stage, according to economic experts speaking at an event organised by the Dubai International F...
The Malta Financial Services Authority (MFSA) has set up a five-person working group chaired by its director for strategic development, Dr Michael Xuereb, to identify further necessary legal and regulatory changes and related implementation pro...
QInvest, trumped two other bidders to buy a 44 % stake in Panmure Gordon & Co, investing USD 36.3 mn in the 130-year-old British stockbroking firm. The deal would involve a placing of 67.5 million shares, priced at 34 pence per share a 15 %...