IslamicFinance.de

Khazanah Nasional Berhad has mandated Barclays, CIMB, Morgan Stanley and UBS to arrange a series of investor meetings for a US dollar sukuk offering. The roadshow will take place in Dubai on Sunday, Hong Kong on Monday, Singapore on Tuesday and London on Wednesday. The Reg S offering will be unrated and issued off the Multi-currency Islamic Securities Issuance Programme established by Danga Capital Berhad. Danga Capital is a special purpose financing vehicle initiated by Khazanah, the sovereign wealth fund of the government of Malaysia.

Big-time criminals engaging in major financial crimes that effectively involve the theft of billions of dollars from the public aren’t being prosecuted. Today we learned of yet another huge settlement by five of the largest banks operating in our country. The list includes JPMorgan Chase, Citigroup, Barclays, the Royal Bank of Scotland UBS. Each of these banks admitted to engaging in criminal activity. But banks don’t commit crimes. People working for banks commit crime. And when people working for banks commit crime, it’s the responsibility of our Justice Department to indict them.

Richard Clare has been appointed as new Lending Manager at Saffron Building Society. He will take responsibility for assessment and preparation of mortgage cases as the underwriting capability.
Besides their rainge of Everyday and Special Situations Mortgages, Saffron Building Society will also consider more complex cases which are in need for bespoke lending solutions.
Richard Clare has more than 20 years of experience in financial services gained with organizations including UBS, Coutts, Ahli United Bank, United Trust Bank, Clayton Euro Risk, Pure Bridging Ltd, Rooftop Mortgages, SPML and Halifax plc. His considerable experience is as a senior lending manager.

UBS recently closed the bank account of Islamic Relief. Because of nervousness about counter-terrorist regulations, the charity organisation is under constant scrutiny by other banks. Incoming as well as outgoing transactions are stopped on a daily basis. It is yet not known whether this is a temporary measure or a permanent one. Since 9/11, Islamic Relief and other similar charities have been object of high scrutiny and had to explain themselves at every juncture.

Tamweel took the decision to delay the sale of a $235 million Shariah-compliant asset-backed securitisation after receiving feedback from the market. It seems that the deal structure was too complex by regional standards, which has only ever seen one previous Islamic asset-backed transaction.
Lead managers on the deal were: Abu Dhabi Commercial Bank, UBS and Emirates NBD.

Armen Papazian said he was named to the post head of Islamic finance by UBS Investment Bank 2-1/2 weeks ago with a global mandate to hire staff and design innovative products and as sign of commitment, that UBS believes in the growth sector.