Islamic Business & Finance

Dubai Islamic Bank confirms #merger and #acquisition prospects

Dubai Islamic Bank is looking at acquisitions among other options as part of its expansion strategy. A potential acquisition of Noor Bank by DIB would create a lender with AED 275 billion in assets if completed. The Investment Corporation of Dubai (ICD) is the biggest shareholder in DIB with a 28.4% stake, and it also owns 22.9% of Noor Bank. The Middle East’s financial industry is witnessing a wave of consolidation as banks seek ways to improve competitiveness and boost capital. Abu Dhabi is in the process of merging Abu Dhabi Commercial Bank (ADCB), Union National Bank (UNB) and Al Hilal Bank after the consolidation of First Gulf Bank and National Bank of Abu Dhabi to create First Abu Dhabi Bank (FAB) in 2017.

Azerbaijan looks to new Islamic bank as sector rules progress

Azerbaijan could see the launch of its first standalone Islamic bank as early as next year as the government makes progress to introduce legislation to facilitate interest-free finance. Azerbaijan, alongside Kazakhstan and Tajikistan, are among several central Asian countries creating a more welcoming framework for sharia-compliant banking with the help of the Jeddah-based Islamic Development Bank. A working group of cabinet minsters and the IDB is making progress on the legislation, which would allow the proposed Islamic bank to launch next year, said Behnam Gurbanzada, chief executive of Islamic finance consultancy BEST Solutions.

Sukuk Defaults Bring Innovative Restructuring Approaches to the Islamic Finance Industry

"Stand & Default: An exclusive detailed insight to sukuk restructuring after defaults. The author brings for the first time the three approved structuring approaches: 1) Debt/Equity SWAP 2) Extending Maturity, 3) Haircut "

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