GCC

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.

Islamic Development Bank plans $850m sukuk issue

Saudi-based Islamic Development Bank (IDB) plans to issue Islamic bonds, or sukuk, in the first half of next year worth around $850 million.

Reuters Plans Islamic Finance Portal

The international financial services information company Thompson Reuters is planning to launch a news portal covering information about the Islamic financial industry in early 2010.

Dubai scrambles to restore confidence

Dubai tries to restore its reputation on Thursday, assuring investors that major property and leisure projects would go ahead and dispatching two top officials on a public relations drive to Washington.

HSBC Amanah launches the world's first international Islamic premium banking service

HSBC Amanah today announced the launch of HSBC Amanah Premier - the world's first Islamic banking service aimed at internationally mobile, affluent consumers.

Tamkeen invests in Islamic banking professionals for the future

Bahrain's emergence as an Islamic banking hub has spurred Tamkeen to put in place an ambitious plan to train 130 Bahraini graduates in Islamic finance and business accounting.

Islamic finance well positioned for GCC recovery

NCB Capital, the investment banking arm of National Commercial Bank, Saudi Arabia’s largest bank, believes that Islamic finance, an increasingly important element of the GCC financial sector, is well positioned to lead the way in the region’s pending economic recovery.

Bahrain central bank head sees recovery signs

Despite an early intervention by governments, the global economy has not yet fully recovered. However, the signs of recovery are there and the situation is immeasurably better than a year ago according to the Central Bank of Bahrain.

Funds distributed for Nakheel bond repayment

Repayment of a $4.1 billion (around Dh15.05 billion) bond issued by Nakheel was set to be completed yesterday, when other Islamic bond issuers reassured investors about their repayment capability in replies to a ‘soundness and health' check by Nasdaq Dubai.

Dubai Financial Support Fund receives USD 10 billion from Abu Dhabi

The government of Abu Dhabi and the Central Bank of the UAE has announced that it has agreed to provide $10 billion to the Dubai Financial Support Fund.

The Dubai Financial Support Fund can therefore enable Nakheel to pay its Sukuk due today.

Nakheel to repay sukuk in next 2 weeks

Nakheel Development Limited announced via the exchange, Nasdaq Dubai that it aims to repay the Sukuk in the next two weeks. According to the statement it will use funds that will be provided by the Dubai Financial Support Fund.

Westlaw Business Islamic Finance Center expands to include AAOIFI Islamic finance standards

Westlaw Business, part of Thomson Reuters, and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) today announced their agreement to provide current standards and other Islamic finance industry information for global business law professionals within the Westlaw Business Islamic Finance Centre. Please check the full news at the link provided.

Dubai Islamic Bank launches Wajaha, exclusive wealth management service

Dubai Islamic Bank (DIB) announced today the launch of Wajaha, a distinguished wealth management service for ultra high net worth individuals. Tailored to meet the distinct needs of the ultra high net worth clients, Wajaha is an invitation-only service that offers unparalleled advantages, from unique financial products to personal relationship managers, offered within a private setting in exclusive Wajaha Centres in Abu Dhabi, Dubai and Sharjah.

CMA's Board of Directors approves creation of arbitration centre and endorses Oman Social Responsibility Initiative

HE Maqbool Ali Sultan, Minister of Commerce and Industry, Chairman of the Board of Directors of the Capital Market Authority chaired on Saturday the fourth and last meeting of the Board for 2009, which approved a number of proposed amendments to the Capital Market Law including a new clause on the creation of arbitration centre pertaining to the laws under the jurisdiction of CMA

The full news is available at the link provided.

Islamic finance suffers growing pains

Robin Wigglesworth reported in the Financial Times that although, the Islamic finance industry may have breached the USD 1,000 billion mark in assets, difficulties arise, in spite of claims that the industry’s model is inherently more robust than conventional finance.

Islamic financial institutions have proven equally susceptible to a global economic downturn and property correction as their larger conventional peers. Dubai has been an active issuer of Islamic bonds, known as sukuk, and the exposure of Islamic banks to the emirate’s debt pile has caused the cost of financing to rise greatly during the past two weeks and triggered a rash of credit agency downgrades

Zawya Sukuk Report for Free Download

The Zawya Collaborative Sukuk Report covers the following issues:

  • What is the distribution of current and potential investors and what is their appetite?
  • What is the appetite of the Supply side and what drives their need to issue?
  • What are the challenges faced by the industry, what are the associated developments and what needs to be done to resolve them?

The download is free after providing contact details to Zawya:

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