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Khaleeji Commercial Bank (KHCB) provided USD 25 m facility to Bukhatir Investment Group

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.

Bahrain-Based Arcapita Bank Downgraded To 'BB-' On High Leverage; Outlook Negative

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 removed them from CreditWatch, where they were first placed on Jan. 28, 2009, with negative implications. At the same time, we affirmed our 'B' short-term rating on Arcapita. The outlook is negative.

The ratings reflect our opinion of Arcapita's stand-alone credit profile and do not include any uplift for extraordinary external support. However, Standard & Poor's recognizes that ongoing support from Arcapita's shareholders has been significant and is incorporated in Arcapita's stand-alone credit profile.

"The rating action reflects our opinion of Arcapita's high leverage in the context of a very difficult economic and investment climate, which has challenged Arcapita's business model, reduced the value of its assets, and put pressure on its financial performance," said Standard & Poor's credit analyst Mohamed Damak.

People leaving Dubai without settling Credit Cards

7Days Dubai reports that one bank faces 2,500 customers leaving per month withou payng off their credit card bills.

Salama appoints CAAM as investment manager

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 Global Equity fund of Islamic funds.

Global MENA Financial Assets Limited published update on defaulted murabaha transactions

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 in the MENA region (including Turkey). Today, the Company announces an update in relation to certain Islamic financing contracts entered into on behalf of the Company and its subsidiaries and referred to in previous announcements.

Thomas Weisel Asset Management LLC teams up With IdealRatings

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 Management, IdealRatings, Inc. will manage the process of achieving individually tailored Shariah compliance for Thomas Weisel Asset Management clients, including supplying software, research tools and scholar support.

IdealRatings, Inc. and Thomas Weisel Asset Management will target Shariah focused investors, Islamic institutions and international family offices.

Islamic finance firm Dar to meet creditors in June

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 down 7 %

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.

Investment Dar files complaint agains Commercial Bank of Kuwait

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.

South Africa: Albaraka Bank Achieves R2 Billion Asset Base

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 another five years to reach the current level.

Chohan said that although Muslims represented only 2% of the population of SA, he believed there were opportunities for other players in the market that could offer greater convenience and more branches.

Istanbul Declaration Adopted By The First Meeting Of The Development And Cooperation Institutions

Istanbul Declaration Adopted By The First Meeting Of The Development And Cooperation Institutions Of The Member States Of The Organisation Of The Islamic Conference (May 13-14, 2009) Istanbul, Republic Of Turkey

Date: 16/05/2009 - View in: Arabic | French - Print

We, the Heads/Representatives of the Development and Cooperation Institutions (DCIs) of the Member States of the Organisation of the Islamic Conference (OIC) and the Heads of Delegations participating in the First Meeting of the Development and Cooperation Institutions of the OIC Member States held in Istanbul, Republic of Turkey on 13-14 May 2009,

Inspired by the OIC Ten-Year Programme of Action, adopted by the Third Extraordinary Islamic Summit held in Makkah Al-Mukarramah in December 2005,

Commending the OIC General Secretariat, the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) and the Turkish International Cooperation and Development Agency (TIKA) for their initiative of convening the First Meeting of the Development and Cooperation Institutions of the OIC Member States,

PT Berlian Laju Tanker Tbk, Indonesia issues Sukuk

Indonesian shipping firm, PT Berlian Laju Tanker Tbk , in a prospectus published in Bisnis Indonesia newspaper, the firm said it plans to sell 400 billion rupiah of conventional bonds and 100 billion rupiah of ijarah sale-and-leaseback sukuk, which will be offered May 20-25.

It has appointed PT Danatama Makmur and PT Andalan Artha Advisindo Sekuritas as underwriters.

Singapore shall focus on Islamic finance and Green Sector

Economists said two sectors which Singapore should focus on as it gears up for a global economic recovery are Islamic Finance and the green sector.

They said the country should also look to regions like the Middle East and Africa for new opportunities.

Mauritius allows Islamic products and aims to become IFSB member

The Bank of Mauritius intends to develop a structure that will deal with commodity markets.The Bank is confident that this new form of banking will help to strengthen the country’s financial sector by tapping into the Gulf financial markets, said BOM Governor, Rundheersing Bheenick. Our aim is to become a full fledged member of the Islamic Financial Services Board and be in a position to tap into the immense financial potential it offers.

CIMB optimistic about Asian Sukuk

Sukuk sales in Asian currencies may jump in the next 6 months as companies compare borrowing costs and investors become more willing to accept risk in addition to favorable USD versus local currency credit spreads, according to CIMB.

Investment Dar denies bail out talks with Central Bank

NO BAILOUT: Investment Dar has denied media reports that it is in talks with the Central Bank of Kuwait over a bailout.

Creation of the Sharia Finance Committee Senegal

A multidisciplinary study group composed of lawyers, tax experts, businessmen, scientists and clerics have decided to build a national and regional promotion body for Islamic finance in Senegal.

Mr Karim Ahmed Al CISSE, President of the 'Comité national Charia Finance Sénégal' has announced this to have officially received the recognition of this body by the Senegal Ministry of the Interior of Senegal. Mr. Karim Ahmed CISSE, sees the committee's mission asessential to participate in the emergence of a legal and fiscal environment conducive to the development of Islamic finance. It is also a part of capacity building for clerics to allow them to play their role in the Shariah Board.

Shariah-compliant SET index has formal launch

The Stock Exchange of Thailand (SET) will formally launch its first index tracking shariahcompliant Southeast Asian stocks on Monday, in a bid to attract Muslim investors. The FTSE SET Shariah Index, which has been available since April 23, comprises 55 stocks from the SET Index, representing 44 % of the SET's market capitalisation.

Prudential Malaysia Records 17 % rie In New Business Sales

Prudential Assurance Malaysia Bhd (PAMB), part of UK-based Prudential Plc, has posted a 17 % growth in new business sales in first quarter 2009 compared to the same period last year. The company's new business annual premium equivalent (APE), which consists of retail life insurance sales and takaful contributions, rose to RM122 million from RM105 million previously.

Mena debt market can grow to $1.6trn

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 Financial Centre (DIFC). Debt securities form just 3 % of of the Mena capital markets, while global capital markets have a ratio of 42 %.

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