Doha

Qatar may list bonds, sukuk this year

Qatar is searching to deepen its debt market. Regarding this aspect, it may list local-currency government bonds and sukuk on the country's bourse this year.
Qatar began to sell treasury bills in May to achieve excess funds in the banking sector and set benchmark rates for companies to issue local-currency debt.
Moreover, the country could spend close to $100 billion (Dh367 billion) in "the medium-term" on projects, involving the completion of a port and airport, a metro system and roads.

Islamic finance accounting changes proposed

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has suggested more specific accounting standards for real estate while increasing disclosure for Islamic banks’ investment accounts.
The move made by the Bahrain-based AAOIFI submits it is responding to the same kind of pressure to tighten standards that has been noticed in the conventional finance industry since the global financial crisis discharged in 2008.
Both suggestions were discussed at a public hearing for industry participants in Manama and there will be another hearing in Doha on April 12.

Saudi proposal for GCC Consumer Protection Council gets approval

A major GCC workshop on consumer protection has authorized Saudi Arabia’s proposal to set up Supreme Council for Consumer Protection in the GCC states. According to Dr. Nasser Al-Tuwaim, chairman of the Saudi Consumer Protection Association (CPA), the recommendations of the workshop, recently concluded in Doha, will be introduced to the next summit meeting of the Supreme Council of GCC leaders for approval.
Al-Tuwaim made the proposals while addressing the workshop on best practices to distinguish between original and counterfeit products that closed in Doha. The four-day event was set up by the Consumer Protection Department (CPD) under the Qatari Ministry of Business and Trade.

QIB signs Project Financing deal for AL MILLION SERVICES TRAD. & CONT. CO. W.L.L

Qatar Islamic Bank (QIB) has presented a project financing agreement with Al Million Services Trading and Contracting Co. W.L.L. in order to fund the purchase and operation of 500 new taxi vehicles. The financing will be put in action as per the Islamic finance methods of Murabaha, Wikala, and Istisnaa.
Abdul Kader Mydeen, Managing Director of Al Million Services Trading and Contracting Co. W.L.L., stated that the agreement completed with QIB will help the purchase and operation of the taxi cars asked by the company in order to meet the goals of MOWASALAT.

OIC plans single board of trustees for funds

The formation of a single board of trustee including all donors and the establishment was advised to the Boards of Trustees of the Funds (BTF) of the Organisation of Islamic Conference (OIC) in Bosnia and Herzegovina, Sierra Leone, Afghanistan and Niger.
Sheikh Abdul Aziz bin Abdul Rahman Al Thani, Chairman of the OIC BTF, held the OIC BTF meeting.

Call for Papers: SUSTAINABLE GROWTH AND INCLUSIVE ECONOMIC DEVELOPMENT FROM AN ISLAMIC PERSPECTIVE

EIGHTH INTERNATIONAL CONFERENCE ON ISLAMIC ECONOMICS AND FINANCE

SUSTAINABLE GROWTH AND INCLUSIVE ECONOMIC DEVELOPMENT FROM AN ISLAMIC PERSPECTIVE

Doha, Qatar - December 25-27, 2011

CALL FOR PAPERS

The global economy continues to face the perennial problems of poverty, persistent youth unemployment, excessive inequalities of income and wealth, high levels of inflation, large macroeconomic and budgetary imbalances, exorbitant debt-servicing burdens, inadequate and aging public utilities and infrastructure, skyrocketing energy prices, and growing food insecurity. The reoccurring regional and global financial crises further intensify and magnify these problems particularly for the underprivileged segments of the world population. As a result, many countries are at the risk of failing to achieve the Millennium Development Goals (MDGs) set by the United Nations. However, some countries also present optimistic experiences to share, and from which useful lessons can be drawn for shaping the future economic scene in other countries.

Islamic banks need to be competitive: Ex-QCB chief

Conventional banks were allowed to have Islamic operations to help them have diversified sources of revenue and make the local banking industry more competitive.
Islamic banks in the country had small capital base then and that was another reason why their conventional counterparts were permitted to offer Islamic banking services.
Abdullah bin Khalid Al Attiyah thinks that the banks dispensing credit should rely more on their own judgment and risk managing abilities than on the directives of the QCB.

QFC Regulatory Authority authorises 'Takaful International Company - QFC Branch'

Qatar Financial Centre Regulatory Authority has authorised Takaful International Company BSC ("TIC") to establish a branch within the Qatar Financial Centre.

First Finance CEO hails QCB move on Islamic banking

The Chief Executive Officer of First Finance Company agrees with the Qatar Central Bank to impose greater regulation on conventional banks offering Islamic services over concerns that "unhealthy competition could lead to over-aggressive practices".
Khalid bin Ibrahim Al-Sulaiti, who is also Vice Chairman of IFS consultancy Bait Al Mushara, told Oxford Business Group (OBG), the global publishing, research and consultancy firm, that the constraints of Qatar's market also highlighted the likelihood of consolidation within the sector.

Qatar sees risks in mixing Islamic, conventional banks

The Qatar central bank appears to see higher risks from conventional lenders operating Islamic units, clarifying a recent ruling which asked commercial banks in the Gulf state to close their sharia-compliant operations. Qatar's central bank earlier in the week asked conventional lenders to close down their Islamic operations amid worries of overlap between the two, in a surprise move that boosted shares of Islamic lenders in the country.

Barwa Bank distributes shares certificates

Barwa Bank announced the distribution, by mail, of share certificates. This represents the final step in the completion of the acquisition of The First Investor, First Finance Company and First Leasing Company by Barwa Bank.
Barwa Bank shareholders can update their data through one of the following channels:
By e-mail : send the template and required attachments to Investor and Shareholder Relations Department's email, investors@barwabank.com
By post : send the template and required attachments by mail to: Investor and Shareholder Relations Department at Barwa Bank, P.O.Box 27778, Doha, Qatar.
By fax : send the template and required attachments by fax to 44488676.

First Finance Company Q.S.C. (FFCK) - Financial and Strategic SWOT Analysis Review - new company profile published

First Finance Company Q.S.C. (First Finance) carries out its financing activities through various Islamic modes of financing including Murabaha, Mudaraba, Musharaka, Musawama, and Istisna. It provides finance for numerous products including cars and vehicles, real estate, construction and building materials, heavy machinery, marine equipment, furniture, education, weddings, jewelry, travel tickets, Istisna, corporate finance, and medical services. The company is headquartered in Doha, Qatar.

Fitch affirms QIB's rating as 'A'

Fitch Ratings has affirmed Qatar Islamic Bank's (QIB) ratings as Long-term Issuer Default (IDR) 'A' with Stable Outlook, Short-term IDR 'F1,' Individual 'C,' Support '1' and Support Rating Floor 'A.'
The Individual Rating (or stand-alone strength) reflects QIB's position as the leading Islamic franchise with a nearly 50 percent share of Islamic assets and a nine percent overall market share of system assets, in addition to the Bank's high earnings power from core banking and healthy capital ratios.

Hospitality management firm begins operations

Manazil Hospitality, a new company specialising in hospitality was launched in Qatar recently.
The firm is looking for opportunities at managing hotel properties, especially in the region by extending superior hospitality services while preserving the culture and tradition of the country.
Presently, Manazil is managing a successful business-corporate hotel in Doha and have been in the hospitality trade for the past decade while being Shariah-compliant.
Manazil is readying their second property, a new hotel which is expected to open in the first quarter of next year. The group is also negotiating with a couple of other hotel owners in managing their properties.

Pak-Qatar Family Takaful to issue rights shares

The Board of Directors of Pak-Qatar Family Takaful (PQFTL) has decided to further invest in the company by issuing right shares up to 33 percent of the base capital. This was decided at the Board of Directors meeting of Pak-Qatar Family Takaful held in Doha recently.
The meeting was chaired by Sheikh Ali bin Abdullah Al Thani, Chairman and was attended by all the members.
PQFTL CEO, P Ahmed appraised the board on the company's position and presented the progress report. Sheikh Ali and other members of the board expressed their appreciation for the company's performance despite the difficult socio-economic conditions of the country.

BARWA Bank annouces new Board of Directors

BARWA Bank is pleased to announce the appointment of its Board of Directors (the "Board"). The nine strong Board will be chaired by H.E. Sheikh Mohammed Bin Hamad Bin Jassim Al-Thani, and consists of the following members:Chairman: H.E. Sheikh Mohammed Bin Hamad Bin Jassim Al-Thani
Deputy Chairman & Managing Director: Mr. Mohammed Abdul-Aziz Al-Saad
Board Member: Dr. Hassan Lahdan Al-Mohannadi
Board Member: Mr. Ahmed Yousef Kamal
Board Member: Mr. Ali Mohammed Sabah Al-Assiry
Board Member: Mr. Jamal A. Rahman Senan Al Muslmani
Board Member: Mr. Khalid Mubarak Al-Dulaimi
Board Member: Mr. Thani Al-Rahman Al-Kuwari
Board Member: Ms. Aisha Mohammed Al-Naoimi
The Board of Directors will meet at least 6 times per year and ad hoc as required.

First Finance posts QR29.2m net profit

First Finance Company has disclosed its financial statements for the year ended December 31, 2009 which is net profit of QR 29.2m in 2009 versus QR 110.8m in 2008.

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