Barclays Bank

Africa turns towards sharia bonds

Islamic finance products are more and more being seen as a mainstream source of financing for governments and not as a niche product for Muslim communities. In December, Kenya banned fifteen NGOs accused of funding terrorism, as the country struggles to defend itself from attacks by the al-Shabaab terror militia based in neighboring Somalia. In 2013 a similar crackdown in the UK had 250 money transfer companies put on notice by Barclays Bank as part of a move to meet stricter money laundering rules. Somalia to date as no formal banking system and therefore relies on companies from abroad to send remittances.

European Islamic Investment Bank Sells Arcapita Facility for $8.1 Million

The European Islamic Investment Bank PLC (EIIB.LN) said Tuesday it has sold a financing facility provided to Arcapita for $8.1 million in cash to Barclays Bank. The facility, dating from 2007, formed part of a syndicated loan facility which was due for repayment in March 2012. However, Arcapita defaulted on its payment obligations and in early 2012 announced that it had filed for Chapter 11 protection in the U.S. The sale will result in a total charge of $6.9 million in the results to December 2012.

Bank unveils Sharia product

A further Sharia-compliant product for corporate customers was recently launched by Barclays bank. It is called La Riba Asset Finance and serves customers to buy assets locally as well as internationally. The product is meant for Muslim clients.

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Barclays Weighs Islamic Finance Products in Egypt to Boost Sales

According to a senior bank official, Barclays Bank Egypt SAE discusses involving in the Egyptian Islamic banking market and to increase loans to small and medium businesses. Thus, the bank intends to implement new ways to generate revenue. Replication of its South African Islamic products in Egypt is one of the main topics considered. Since SMEs provide 70% of the country's economic growth, Barclays Bank have been examining in detail lending to SMEs for the last two years.

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Barclays opens Islamic window in DIFC

Barclays Bank has gained approval to perform an Islamic Window in the Dubai International Financial Centre (DIFC), authorizing it to base its global Islamic products team in the DIFC, and to offer Islamic financial products and services from there.
This licence endorsement was given by Dubai Financial Services Authority (DFSA) and it offers the posibilty to expand.

MOVES-Barclays names director for Islamic products

British lender Barclays Bank has appointed Dominic Selwood as a director responsible for its Islamic products services.
Selwood joins Barclays as a director in the Financial Institutional Structuring Group (FISG) and is currently based in London.

Barclays launches sharia-compliant financing facility

But about 10 per cent of the Dubai’s US$80 billion debt load is estimated to comply with Shariah, casting the spot light on the credibility pedestal Islamic financing has ridden on over the years. Islamic banking experts at IIBI say that Islamic finance as a viable solution to get rid of the weaknesses of conventional finance is mainly limited to theoretical debate.

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