#Islamic institutions and yield seekers push up #sukuk demand

On the demand side, the institutional demand for high quality liquid assets are expected to keep sukuk demand high. As we get closer to the deadline of Basel III implementation, the lack of liquidity management instruments in Islamic finance is pushing this issue to the forefront.
Among the global economic developments, one positive driver for sukuk issuance could be the European Central Bank’s quantitative easing that might prompt some European investors to take positions on higher-yielding but riskier emerging-markets assets such as sukuk. Negative interest rates in Europe and Japan also are likely to attract investor of Gulf sukuk issues.
In 2015, the market saw $11.3 bn (17% to the total) in sukuk issuance for liquidity management purposes. The International Islamic Liquidity Management Corp. alone issued $6.4 bn and is actively working on providing solutions to the market. Other stakeholders such as sovereign and central banks are now conscious of the role they have to play. In 2015, the market also saw another $4.9 bn issued in form of capital-boosting sukuk by financial institutions in the GCC and Malaysia.

DP World to list new $1.2bn #sukuk on Nasdaq #Dubai

DP World has raised $1.2 billion in a new seven-year sukuk which is set to be listed on Nasdaq Dubai. The issue received strong investor interest and was 2x oversubscribed receiving more than $2bn in bids. The new sukuk is priced at a fixed coupon rate of 3.91% maturing in 2023, replacing over $1.1bn of the 2017 6.25% coupon sukuk. Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World said Nasdaq Dubai gives this new listing global visibility to position Dubai as the capital of the Islamic economy globally.

Saudi Sipchem says to begin investor meetings in May for sukuk issue

Saudi International Petrochemical Company (Sipchem) will begin investors meetings in May for a potential issue of sharia-compliant bonds, the firm said on Sunday.
Sipchem has appointed Riyad Capital and NCB Capital as managers of the possible sukuk, the value of which "will be determined based on market conditions", according to a Riyadh bourse filing.
On March 28, Sipchem announced its board had approved issuing sukuk.

Bahrain's Arcapita acquires $100m logistics park in Dubai

Global investment management firm Arcapita has acquired a logistics park in Dubai for a total transaction value of approximately $100 million.The investment comprises nine freehold plots of land in the Al Quoz Industrial area covering an area of approximately 630,000 square feet, located next to Al Khail Road. The site will consist of 10 completed warehousing facilities that will be under a long term master lease with a UAE conglomerate. Martin Tan, Arcapita’s chief investment officer, expects Dubai’s logistics market to experience growth, driven by its geographical location and legislation.

Dubai set to become world’s Islamic economy capital

Dubai has the resources to become the capital of the world’s Islamic economy following an initiative by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister, and Ruler of Dubai, according to Mohammed Al Gergawi, chairman of the Dubai Islamic Economy Development Centre (DIEDC). Gergawi added that Islamic economy is expected to have a potential value of nearly seven trillion (Dh25 trillion) in 2020. In his opinion Dubai possesses the resources that make it the capital of the world’s Islamic economy, such as experience, the strategic location and the necessary infrastructure.

Dubai Islamic Bank picks arrangers for potential tier 1 sukuk

Dubai Islamic Bank said on Tuesday it picked eight banks to arrange fixed income investor meetings from Thursday for a potential benchmark size dollar-denominated capital-boosting sukuk issue. These banks, as well as Al Hilal Bank, Emirates NBD, National Bank of Abu Dhabi, Noor Bank, Sharjah Islamic Bank will arrange the roadshows. The meetings will be held in Asia, the Middle East, and Europe and a sukuk transaction which enhances its Tier 1, or core, capital may follow subject to market conditions.

Denton advises BTMU

Dentons has advised Bank of Tokyo-Mitsubishi UFJ (Malaysia) on an Islamic commodity murabahah facility of US$100 million to the Islamic Corporation for the Development of the Private Sector. Qasim Aslam, Partner and the Head of Islamic Finance - Middle East, commented: "This marks another example of the significant efforts leading Japanese financial institutions are making to work together in making Islamic finance available across borders. We are very proud to have assisted BTMU on this landmark transaction." The Dentons team was led by Qasim Aslam and senior associate Tien Tai based in Dubai

DIFC introduces new fund to target wealthy investors

The Dubai International Financial Centre has launched the Qualified Investor Fund (QIF) targeting wealthy investors. It requires a registration process of 48 hours. QIFs offer a short time to market solution for asset managers. The DIFC houses over 400 regulated entities and over a 1,000 companies with over 80 firms managing assets and over 2,000 funds marketed from the DIFC.

Dubai Islamic Bank settles Tamweels liabilities

Dubai Islamic Bank announced that it has settled all bilateral liabilities of mortgage provider Tamweel, two years ahead of scheduled maturity. The outstanding liabilities were part of a five-year moratorium. The bank cited “robust capitalisation and ample liquidity” as the reasons for early repayment.

Assistant Manager - FATCA Compliance Quality Assurance

Job Objective:

Responsible for managing the Foreign Account Tax Compliance Act (FATCA) quality assurance and due diligence functions for all DIB customers in order to properly identify those who hold USA citizenship from others and new onboard.

Job Description:

Perform the Enhanced Due Diligence process for all new and existing clients within DIB in order to analyze the gaps between the current state and the desired state.

Conduct ongoing EDD for non-USA customers to properly identify those who became USA citizen afterwards, as well as for USA citizens who are no more classified as USA citizens.

Work within the regulatory framework laid for FATCA, and coordinating the development of due diligence and processes to ensure optimum compliance.

Control assessment methodologies, conduct independent reviews and assist with the remediation of findings from regulators.

Manage due diligence remediation efforts in response to regulator and internal audit findings, enforcement action assistance, creating action plans for remediation activities.

Monitoring and implementing due diligence remediation activities, and reporting to and interfacing with regulators.

Assistant Manager - Policy review

Job Description

Job Objective:

To review the bank’s new product programs, policies, procedures, cycles re-engineering, and any amendments thereof to ensure efficiency & effectiveness of processes & controls.

Job Responsibilities:

Represent RMG in the committees formed for launching new products, process cycle re-engineering, new policies & procedures development, and any subsequent amendments thereof in order to share proposals and concerns as well as suggestions to mitigate the identified risks.

Review drafted new product programs, policies, procedures, proposed memos in order to highlight gaps in controls & inefficiency in process flows.

Liaise with stakeholders in order to discuss areas of concerns, assess overall residual risks of unresolved concerns & recommend for enhancement.

Follow up with the concerned departments for the revision of the policies & procedures in order to present changes for stakeholders’ review and document changes through the Policy & Procedures Dept.

Assist Risk Management in identifying the inherent risks that exists in the bank’s processes in order to share them with stakeholders.

Manager - Syndication Agency & FI Administration

Job Responsibilities:

Manage the daily activities and responsibilities of staff involved in the Syndicate/Agency functions & facility set up.

Maintain effective diary system so that all time bound actions are taken without any lapse.

Maintain all real and shadow accounts related to syndication operation with full details.

To supervise the processes of Asset Distribution transactions

Authorize/approve release of facilities as a authorizer.

Arrange to set up various Escrow, project, collection, incomes accounts to manage structured facilities. Review daily reports/exceptions/irregularity and inform the manager of any deviations for corrective actions.

Monitor performance of team and exercise appropriate control measures.

Assist in monitoring and valuing the security/collateral on a regular basis to ensure that any shortfall in security is immediately recognized and reported for rectification by Business Departments.

Manage and resolve the operational problems by probing into the issues and corrective steps to avoid reoccurrence.

Within delegated authority, authorize to approve release of limit in system.

Relationship Manager - Large Corporate

Job Description

Deliver assigned financial objectives (Revenue, Assets (funded and non funded) and Deposits targets)
Develop sustainable and economically feasible relationships with customers
Enhance share of wallet for the existing relationships
To solicit & develop Corporate banking relationship customer base.
Deepening customer Relationship by providing financial solutions & banking services required to meet individual customer’s business needs.
Ensuring prudent & profitable customer portfolio for the bank.
Understanding of customer’s business & industry trends, that would help identify adversities and its implication to the bank.

Legal Counsel

Job Objective:

To provide under the supervision and guidance of the Head of Legal and Line Manager in depth legal advice and support to the Bank and its subsidiaries in the achievement of their daily business requirements.

Job Responsibilities:

Advice internal clients on the best possible legal structure of a transaction, participate in the negotiation with counterparties, structure the deal and prepare documentation, drafting and reviewing contracts, agreements, powers of attorney and all other legal documents.

Provide legal support and service to the business units under the guidance and direction of HOD and Line Manager.

Relationship Officer - Personal Finance

Identify potential customers through databases, cold calling, follow up leads and telephone/personal contacts etc.
To sell Personal finance products to the specified target customers/segments and meet monthly sales targets.
To contact potential customers and convince them about the bank’s product offerings.
Major accountability for a Relationship Officer is to ensure that business is solicited as per the Shariah guidelines/process.
Ensuring that the conclusions on all the business sourced on Telesales leads, should be reported to ARM/RM.

Officer - Credit Policy & Portfolio Management

To assist in formulation/implementation of credit policies by maintaining a log of all policy related changes/amendments, preparation of various MIS reports/presentation, conducting policy trainings to sales channels, target market enlistment & record maintenance, conducting quality assessment review as per bank’s policy and procedures.

Legal Counsel

Under the supervision of the HOL, the Legal Counsel will be in charge of:
-Reviewing, drafting, negotiating and advising on the structuring and developing of master legal documentation for Islamic derivative products, including but not limited to, structured Islamic options, profit rate swaps, cross currency swaps, FX swap, FX options and other derivative products. This will involve working directly with the business teams, Islamic banking team and with other legal teams (some of which are located outside of the Gulf region).

Director, Head of Institutional Sales

An Islamic Investment Bank based in the DIFC, Dubai is seeking to hire a Head of Institutional Sales to promote, market and sell the bank's products and services to institutional clients across the GCC.

Treasury and Investment Management

The Treasury & Investment Manager is involved in managing treasury activities and in reviewing real estate developments. The role reports into the Chief Financial Officer. There is currently one subordinate, the Assistant Investment Manager, with a mandate to further grow the team as required.


Islamic Banking - Product & Marketing Head

You will be responsible to develop, launch and run Sharjah compliant retail products for the Islamic Banking arm. You will also provide leadership and hands on guidance to the team to achieve pre-set financial / non financial targets.


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