Zawya

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.

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.

AgriCap Invest established in Morocco

Vision3, conceived by Gulf Finance House, Abu Dhabi Investment House and Ithmaar Bank signed an MoU with Morocco's largest bank, Attijariwafa, signaling their intention to establish AgriCap Invest, a specialized food and agriculture focused investment institution in the Kingdom of Morocco. The new firm will offer intelligent financial solutions to agricultural initiatives in the Kingdom of Morocco and across North and Sub-Saharan Africa, the Mediterranean and the broader MENA region.

TID Global Sukuk I Limited - Financial Restructuring Update

The Investment Dar Co.The Investment Dar Co.held its latest financial restructuring update meeting in Dubai on Monday 8 June 2009 with its banks and investors. The firm expects its audited results soon. Morgan Stanley is appointed by the steering committee for debt restructuring as their financial advisor.

Kuwait Assets of Saad Group

Saudi billionaire's firm denies that Kuwaiti assets are frozen; as Kuwaiti newspaper Al Rai had reported previously.

Albaraka puts USD 120 mn for acquisitions aside

Bahrain's Al Baraka Banking Group plans to spend up to USD 120 mn on acquisitions this year as asset valuations drop amid a global financial crisis.

International Investment Bank equity parter of steel mill

International Investment Bank (IIB), Bahrain, announced the completion of the first Thermo Mechanical Treatment steel rolling mill in Bahrain (UNIROL) earlier this month. IIB is one of the major partners of the project with an equity stake of 35%.

People leaving Dubai without settling Credit Cards

7Days Dubai reports that one bank faces 2,500 customers leaving per month withou payng off their credit card bills.

Mena debt market can grow to $1.6trn

The debt market in the Middle East and North Africa (Mena) has the potential to grow to $USD 1.6 trillion p.a. but currently remains in its nascent stage, according to economic experts speaking at an event organised by the Dubai International Financial Centre (DIFC). Debt securities form just 3 % of of the Mena capital markets, while global capital markets have a ratio of 42 %.

Central Bank of Iran Supports Cooperatives Bank

Governor of Central Bank of Iran (CBI)Central Bank of Iran (CBI) Mahmoud Bahmani has promised to supply the initial capital for the establishment of Cooperatives Development Bank. Managing Director of Cooperatives Fund Mashallah Azimi told Mehr News Agency that the proposed bank would start operation this year.

Dubai Financial Market finalising standard for Sukuk listing

The Dubai Financial Market has finalised comprehensive standards to be established for the issuance of Sukuk and awaiting approval of authorities.

Noor Islamic Bank keeps Rep Office in Tunis open

Noor Islamic Bank PJSC issued a statement saying that their Tunisian representative office is operational and that they continue to explore market opportunities in North Africa, while assessing regional market trends and having to readjust plans to reflect the reality of the slowdown.

The statement followed news announcing the closure of the rep office by some media.

Mawarid and Al Arabiya launching portal for Islamic economics

Mawarid Finance announced in cooperation with Al Aswaq Al Arabiya of Al Arabiya News Channel the launch of an e-portal dedicated to Islamic economics. The new e-portal features a database of Islamic financial companies and institutions in addition to fatwas related to Islamic financial transactions, products, updates on Islamic financing.

A link was provided in the Press Release.

Fitch has affirmed Al-Rajhi A+

Fitch Ratings affirmed Al-Rajhi's long-term issuer default rating (IDR) at "A+" with a stable outlook. Its short-term IDR at "F1", individual rating at "B/C" and support rating at '1'. The bank continues to dominate the Islamic market segment and retail banking, which has been historically its main focus. The bank's long-term IDR is unlikely to change unless the sovereign rating changes.

Islamic National Bank in Gaza as sign of divide

The new Islamic National Bank is regarded as sign of divide between the Palestinians. The Palestinian Monethariy Authority refused the license, being the recognised body according to the Oslo agreement in 1993 and Paris economic agreement on 1994 between the Palestinians and Israelis. Alternatively the bank has sent its establishing papers to the Prime Minister's office in Gaza and they have given it authorisation to start banking activities in Gaza.

Unlike other banks, it has no global serial number (swift code) which makes it impossible to work with other banks around the world or even in the Palestinian territories. The main clientele of the bank are Gaza Government employees, approximately 31,000.

Azerbaijan is reaching out to Islamic finance

Azerbaijan, the oil-rich Caspian country with a population of about 9 million and a member of the Jeddah-based Islamic Development Bank (IDB), is reaching out to Islamic finance. Faig Mammdov, special adviser to the chairman of the International Bank of Azerbaijan (IBA), Jahangir Hajiyev, focuses on the current developments and future prospects for Islamic finance in the country and region and gave an interview to Mushtak Parker, Arab News. Currently there is no specific regulation and no stand alone Islamic banks, but some products, as well as Islamic microfinance.

Barwa considers acquisitions in Qatar

Barwa is studying acquisition of a number of financial and investment companies in Qatar, under the umbrella of Barwa Bank, including "The First Finance", "The First Investor" and "The First for Renting" companies.

Malaysia's retail sukuk a success

Malaysia's retail Sukuk was a success and oversubscribed, now a second tranche is in preparation.

Danga Capital Sukuk raised MYR 1.6 bn

Danga Capital Bhd., a special purpose vehicle set up by the Malaysia government, raised a Sukuk, offering to MYR 1.6 bn (USD 443 mn) from MYR 1 bn. The 5-year tranche was priced at 4.22 % and the 7-year tranche at 4.49 % at the higher-end of the price guidance.

RAM Ratings has a AAA rating on Danga's planned MYR10 billion program with a long-term stable outlook.

CIMB Investment Bank Bhd. and AmInvestment Bank Bhd. are the joint lead managers and lead arrangers for the issue.

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