the United Arab Emirates

#Qatar# Islamic #Bank #offers #certificates of deposit after Q2 outflow – Nasdaq

The Qatar Islamic Bank aims to boost its deposit base by offering certificates of deposit in Qatari riyals and US$, after it was hit by an outflow of money due to sanctions against Qatar by its neighbouring Gulf countries. The bank said this weekend, that it was offering 1 and 2 year CDs in its 2nd series of such papers. Its first series was launched End of 2015. Saudi Arabia, the United Arab Emirates and Bahrain cut diplomatic and transport ties with Qatar beginning of June this year, accusing the country of supporting terrorism. This prompted some firms and individuals from those states to pull money out of the Qatari banks. As a result, deposits in the Qatari banks shrank 1.8 % from the previous month in June. Qatar Islamic Bank was particularly hard hit, with its customer deposits falling to US$26.6 billion at end of June, according to its financial statements.

Tamweel repays $300m sukuk

Tamweel today announced that it had repaid in full a $300 million five-year Sukuk, which was issued in early 2008 and matured in January 2013. The proceeds were used for general Islamic financing and corporate purposes. The timely repayment of the Sukuk demonstrates the financial strength of Tamweel and its majority shareholder Dubai Islamic Bank (DIB).

UCITS tapped for Islamic funds distribution

Potential for marketing Islamic funds cross-border in the Asia-Pacific and Asean is starting to be seen through the UCITS (undertakings for collective investment in transferable securities) platform. Despite the fact that it has already been used in Europe, it's the first time that it's being used in this region.
On January 16 2012 Kuala Lumpur-based CIMB declared the launch of three Islamic UCITS funds designed for cross-border distribution in Asia.
These funds will be registered and allocated in seven jurisdictions including the UK, Switzerland, Germany, Saudi Arabia, Bahrain, the United Arab Emirates and Singapore.

Media and public relations — the missing link in Islamic finance

When it comes to public relations and marketing, the industry has a very big hole that is expanding day by day.
Although expanding their mandate to include marketing and public relations for a geographically- dispersed and fragmented industry at various stages of development would be unreasonable, the continued negative headlines will not go away even if they are ignored.
After determining a need for an industry body to promote and educate Islamic finance, the funding question should be asked. Fortunately, the experience of AAOFI, IFSB, IIFM, etc, suggests the stakeholders could include the Islamic Development Bank (IDB), Islamic financial institutions, forward-looking governments like Malaysia, the United Arab Emirates, and possibly the existing industry bodies (to include their technical message).

Egypt Rekindles Interest in Islamic Finance

Egypt has renewed interest in the growing sector of Islamic banking and finance in an effort to rebuild the economy of the country using internal methods of financing.
Part of the country's pursuit will be to launch a sovereign Sukuk, or bond, program within months. It would be Egypt's first sovereign Sukuk, ahead of country states including Saudi Arabia, Kuwait, the United Arab Emirates, Turkey and Jordan aditionally mature markets such as Great Britain and France.

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