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REIT rights and wrongs

The Singapore stock exchange is poised to welcome the city state’s first Sharia-compliant REIT, in a move that could broaden the real estate investor base and develop the Islamic finance market there. However, it is not clear that the regulator is ready for the new asset class. Daniel Stanton reports.

GFH CEO resigns

Gulf Finance House announced that the Board of Directors has reluctantly accepted Mr. Ahmed Fahour's resignation as a Board Member and Group CEO of the Bank. Mr Fahour has been appointed by the Australian Government as the Managing Director of Australia Post. Dr Janahi announced the departure of Ahmed Fahour and the appointment with immediate effect of Ted Pretty as Acting CEO of GFHGFH

Gulf Finance House forms new investment banking division (GFH Capital) and appoints Group Deputy CEO

Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank announced today that the Board has appointed Mr. Ted Pretty as Group Deputy CEO of the Bank.

Nakheel repayment has no immediate impact on Dubai GREs ratings, says S&P

The Government of Dubai announced that, with the backing of the Emirate of Abu Dhabi (AA/Stable/A-1+), it would be providing US$10 billion in financing to Dubai World and its subsidiaries, through its financial support fund.

Dubai sets up tribunal to settle Dubai World financial disputes

The ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, today announced the setting up of a tribunal to decide the disputes related to the settlement of the financial position of Dubai World and its units reported Bloomberg, citing a statement from his the ruler's press office.

Islamic finance in the Mediterranean gains momentum

A number of Mediterranean basin countries are promoting themselves as Islamic finance hubs in an effort to attract sukuk, trust and investment funds business.

CMA Approved Saudi Hollandi Bank’s Request for SUKUK Public Offering

In continuation of its efforts to develop and diversify investment channels in the capital markets via offers of securities, the Capital Market Authority (CMA) approved Saudi Hollandi Bank’s request to offer SUKUK. Of which the value will be determined at a later stage by the company.

Source: 

http://www.tadawul.com.sa/wps/portal/!ut/p/c1/04_SB8K8xLLM9MSSzPy8xBz9CP0os3gDAxN3D0NnN19nAzMPzxDDEEsDKND388jPTdUPTizSL8h2VAQA-9_m7g!!/dl2/d1/L0lHSkovd0RNQUZrQUVnQSEhL1lCWncvZW4!/?x=1&PRESS_REL_NO=2207

Al Jazeera Finance looks to broaden portfolio

Al Jazeera Islamic Company, which will be known as Al Jazeera Finance now on, plans to broaden its business portfolio and become a sector leader in Qatar.

Guide to Issuing Sukuk from the DIFC is Published

The Dubai International Financial Centre Authority released the “DIFC Sukuk Guide” - a comprehensive introduction to various sukuk structures, as well as legal and regulatory information on issuing sukuk from the DIFC and listing sukuk on NASDAQ Dubai. Prepared by Clifford Chance, Amanie Consulting, the DFSA and the DIFC Authority, the guide provides a summary of sukuk structures and information on issuing sukuk in DIFC.

The full report is for download at the link below:

Dubai agrees with creditors for further standstill and issues new law

King & Spalding published a briefing on the recent request by Dubai World that all its creditors agree to a standstill on any amounts payable to them until at least 30 May 2010 and the new law issued by the Ruler of Dubai, HH Sheikh Mohammed Bin Rashid Al Maktoum, setting out what will occur in the event that Dubai World or any of its subsidiaries are in an insolvency situation.

The briefing is authored by Michael Rainey and Sara Carmody of King & Spalding London and Dubai offices.

OIC secretary general calls for concerted multilateral actions for knowledged based economies in Muslim countries

The Secretary-General of OIC, Professor Ekmeleddin Ihsanoglu has underscored the need for both inter-OIC cooperation and international partnership to enhance the popularization of knowledge-based economies in OIC countries.

Analysis: Sukuk - When is a default not really a default?

Following recent events in Dubai, there has been a flurry of articles on sukuk defaults, with some commentators suggesting Islamic finance will wane. While many seem sure that defaults will occur, others have suggested sukuk holders’ rights and the resolution options available to them are no different from conventional bondholders’. Oliver Ali Agha and Claire Grainger offer a counter-argument to that perception.

Moody's downgrades three Dubai-based banks

Moody's Investors Service has today downgraded the ratings of three Dubai-based banks -- Emirates NBD,
Mashreqbank PSC and Dubai Islamic Bank PJSC. These ratings were placed under review in August 2009 in response to a weakening of economic conditions in Dubai.

Khalijia Invest announces the launch of its operations and commencement of activities as a Shari’ah compliant investment company

Khalijia Invest as one of the recently established investment companies in the region, specializing in Corporate Finance and Asset Management, operating in compliance with Shari’ah guidelines announces the commencement of its operations, under its five licenses awarded by the Saudi Capital Market Authority.

World Bank for Islamic finance standardisation

The World Bank plans to support standard-setting bodies of the Islamic finance industry in turning their voluntary standards into binding banking regulations.

Kuwait leasing market most active in the region -- report

The leasing market in Kuwait is the most active in the Middle East and North Africa (MENA) region which abounds in companies leasing autos, furniture, and other goods but sees little activity in the sector

TID Global Sukuk I Limited - comprehensive Restructuring Plan

The Investment Dar Co. K.S.C.C. ("TID") and the Coordinating Committee of TID's banks and investors ("Coordinating Committee") presented a comprehensive restructuring plan to restructure TID's financial arrangements with its wider bank and investor group in Kuwait and Dubai on 24 and 25 November, respectively.

AL MAL BANK LLC'S STATEMENT ON SUSPENSION

Al Mal Bank LLC has agreed to suspend all of its regulated activities conducted in or from the QFC until such time as the current investigation being conducted by the QFC Regulatory Authority into the affairs of the Bank has been concluded.

Dubai market stumbles for the second consecutive session

Dubai's index DFM faltered for the second session in three, with investors showing little enthusiasm for risking more money in a highly volatile market until fresh news on Dubai World's restructuring emerges.

World Council of Credit Unions gets federal contract

Madison-based World Council of Credit Unions (WOCCU) has received a $60.5 million federal contract to expand credit union services in southern and eastern Afghanistan.

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