MENA

Shariah compliant green fund launched

Hedge Fund Review reported on 22 December about the Falcon Fund launched by Da Vinci Invest of Zurich, aiming to invest in the carbon markets and forestry.

The fund will actively trade the carbon markets on a short-term basis and invest in forestry for the long term. Da Vinci Invest expects this strategy provide consistent value growth, diversification and an environmental benefit. Rainforest Invest, Forest Finance and Miller Forest will source opportunities in Panama, Costa Rica and Paraguay.

Only land formerly used for agricultural will be planted. No rainforest will be cut to farm the plantations. The Da Vinci Green Falcon Fund will charge a 2% management fee and a 20% incentive fee.

Da Vinci Invest, incorporated in 2004 as a UK company, is based in Zug.

Islamic Microfinance

Dear All,

Please post here any information, concepts and ideas to foster Islamic Microfinance.

Best regards,

IslamicFinance.de

Jordan Islamic Bank well rated and positioned

Arab News reported 28 April about Jordan Islamic Bank (JIB), being one of the oldest establishments along with Dubai Islamic Bank and Kuwait Finance House. Fitch Ratings end March 2008 assigned a 'BB-' foreign currency long-term issuer default rating (IDR) and a 'B' foreign currency short-term IDR to JIB with a long-term stable outlook.

JIB is a subsidiary of the Al-Baraka Banking Group (ABG), which is incorporated in Bahrain and is the restructured holding company of the financial services division of Jeddah-based Dallah Al-Baraka Group (DAG) headed by Saleh Kamel.

Musa Shihadeh is the general manager of JIB.

Source: http://www.menafn.com/qn_news_story_s.asp?StoryId=1093194499

Syndication markets still suffering

Christopher Mangham reported on Arabian Business 19 April that Syndication markets for Mideast borrowers are increasingly difficult to price with higher margins coming up, while also country limits are often reached. The market remains, however, active with USD 37 bn in Mideast awaiting launch or are under syndication. It becomes more common that bank committments are held flexible in pricing and margins supposed to be increased.

Corporate lending in the Gulf, which did not exist in 2001-2002, totalled USD 67 bn in 2007.

Source: http://www.arabianbusiness.com/516908-loan-market-drying-up

Dubai Islamic Bank and DIC in talks to open bank in Jordan

Business 24/7 reported on 16 April that Dubai International Capital (DIC) talks with Dubai Islamic Bank about setting up a Shariah-compliant Islamic bank in Jordan.

Sameer Al Ansari heads Dubai International Capital. DIC manages a $500 million (Dh1.8 billion) fund investing in Jordan.

Source: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=...

"First Persia Fund" to invest in Iranian Stock Exchange

Business Intelligence reported on 14 April that the "First Persia Equity Fund", opened its second-phase of subscription and it aims to raise Euro 250 m, the fund was established in July 2007 with Euro 34 mn.

Shares listed on the Teheran Stock Exchange, TEPIX, which advanced 3.9% so far this year, trade at an average of 4 or 5 times earnings. That compares to a multiple of 15 for the MSCI GCC Countries Index, a measure of more than 140 companies in six GCC states.

Stephen Austen is the fund's Managing Director. The fund is said to have outperformed the benchmark so far.

Source: http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=19192

Academic Research Papers

Dear Members,

Please share your opinion about the following proposal in regard to

- Academic Research Papers

This forum could facilitate to publish your research papers and having them rated by peers afterwards. This would speed up the time from production to publishing tremendously compared to traditional journals.

It also gives a chance to see unusual papers published, however, a good number of submissions might be of lower quality at the same time.

The action question: Is there interest in the community to use such a platform in this way???

Please comment!!!

New IFSB documents on Capital Adequacy and Liquidity Management

The Islamic Financial Services Board (IFSB) released on 1 April that the IFSB Council adopted two documents to further facilitate efforts towards enhancing the soundness and stability of the Islamic financial services industry.

In its 12th meeting held at the Islamic Development Bank's (IDB) headquarters in Jeddah on March 26th 2008, the Council of the Islamic Financial Services Board (IFSB) resolved to approve two documents that aim to further facilitate efforts towards enhancing the soundness and stability of the Islamic financial services industry. The two documents are:

Guidance Note in Connection with the Capital Adequacy Standard: Recognition of Ratings by External Credit Assessment Institutions (ECAI) on Shari'ah-Compliant Financial Instruments (Guidance Note)

Technical Note on Issues in Strengthening Liquidity Management of Institutions Offering Islamic Financial Services: The Development of Islamic Money Markets (Technical Notes)

Guidance Note in Connection with the Capital Adequacy Standard: Recognition of Ratings by External Credit Assessment Institutions (ECAI) on Shari'ah-Compliant Financial Instruments (Guidance Note)

n/a

Qatar Islamic Bank studies expansion into Egypt and Turkey

Matthew Martin reported on 18 March that Qatar Islamic Bank (QIB) is evaluating opportunities to acquire a conventional Egyptian bank and convert it into an Islamic bank, and is also applying for a banking licence in Turkey.
Qatar Islamic Bank will likely follow its strategy of independent brands, like before in regard to European Finance House in London, Asian Finance House in Malaysia and Arab Finance House in Lebanon.

Source: meed.com

Fitch rates Jordan Islamic Bank for Finance and Investment IDR 'BB-'

AME Info published a press release on 18th March stating that Fitch Ratings has today assigned ratings to Amman-based Jordan Islamic Bank for Finance and Investment (JIB) of Long-term Issuer Default (IDR) 'BB-' (BB minus), Short-term IDR 'B', Individual 'C/D', Support '3' and Support Rating Floor 'BB-' (BB minus). The Outlook is Stable.

Source: http://www.ameinfo.com/150487.html

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