Zawya

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.

Fitch Ratings had affirmed Kuwait International Bank "A-"

Fitch Ratings had affirmed Kuwait International Bank (KIB)'s Long-term Issuer Default Rating (IDR) at "A-", Short-term IDR at "F2", Individual Rating at "C/D", Support Rating at "1" and Support Rating Floor at "A-". It said the outlook on the Long-term IDR was stable, adding that the bank's IDRs and Support Rating "reflected the extremely high probability of support that could be expected from the Kuwaiti authorities in case of need, based on the state's history of support for local banks during past systemic crises." It also said that the successful conversion into an Islamic bank and the many structural improvements to its business since the July 2007 conversion.

Liquidity Management House combines 7 global banks in financing KFH-Turkey

Liquidity Management House, which is a wholly owned subsidiary of Kuwait Finance has succeeded in making a combined global 1-year Murabaha finance deal about USD 115 million for KFH-Turkey, after attracting 7 global and regional banks: Halk Bank-Turkey, Islamic Development Bank, Citibank, Garanti Bank International-Holland, Gatehouse Bank-UK, NBK International PLC, Standard Chartered Bank.

KFH-Turkey Chief Executive Officer is Ufuk Iwan.

Delay of annual reports - The Investment Dar

The Investment Dar announces that the release of its financial results for the year ended 31 December 2008 has been delayed as a result of additional reporting requirements from the Company's subsidiaries and associates. The Company has been in dialogue with the Kuwaiti regulatory authorities regarding this issue.

As of 1 April 2009, the Kuwait Stock Exchange suspended trading in the companie's shares until further notice as a result of the postponement of the release of its full year financial results for the year ended 31 December 2008. The same action was taken for a number of other Kuwait Stock Exchange listed companies.

Saudi CMA aims to develop bond and Sukuk markets

The Saudi Capital Market Authority aims to promote the bond and Sukuk markets said its chairman Chairman Abdulrahman Al Tuwaijri according to Arabiya.

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