Europe

#Moody's: Bidding deadline for #Bank Asya Katilim Bankasi will end uncertainty

The bidding process for Asya Katilim Bankasi A.S. - with a June 23 deadline - will end uncertainty over the future of the bank, but creditors face either its successful sale or its liquidation, says Moody's Investors Service in a report published today.
Bank Asya's creditors face two outcomes -- either a transfer of ownership to a successful bidder or the bank is liquidated and its banking license withdrawn," says Irakli Pipia, a VP - Senior Credit Officer at Moody's.
Moody's notes that the bidding process is nevertheless a positivedevelopment for creditors, as it provides a potential upside scenario.In the event of a winning bid by a new owner committed to recapitalizingthe bank, the rating agency would expect a rapid recovery in its credit profile.
"An acquisition of Bank Asya by a well-established player is likely to restore customer confidence in the bank and turn around the outflow of deposits," explains Mr. Pipia. "However, the likelihood of such an outcome is impossible to assess given the limited information about potential interest from bidders."

#Turkey's Banking Regulation and #Supervision Agency BRSA" officially an Institutional Member of #AAOIFI

The important role of the Republic of Turkey in the global Islamic finance industry as well as its distinct standing both at the official and popular levels, the steady growth both of Islamic banks and financial institutions operating there, in addition to the parallel evolution of its regulatory and supervisory framework, the AAOIFI has been keen to strengthen professional and technical ties with this country. This was translated into an official visit by AAOIFI to a number of banking regulatory and supervisory bodies as well as a number of Islamic banks and financial institutions, professional entities and academic institutions.

World’s leading financial institutions in Hall of Shame for #investments in #cluster munitions producers

From Canada, CI Financial, Manulife Financial, Royal Bank of Canada and Sun Life Financial are also included in the Hall of Shame. Jointly, these Canadian financial institutions invested US$565 million in cluster munitions producers between June 2012 and April 2016.

The report by Dutch peace organisation PAX was released today in Ottawa, together with the Cluster Munition Coalition and Mines Action Canada, to put pressure on Canada and other governments to put an end to these investments.

“It is an absolute outrage that financial institutions are investing billions into companies that produce weapons which are banned under international law”, says Suzanne Oosterwijk, author of the PAX report. “Canada has also banned these weapons. It is time for financial institutions to stop disregarding the international norm with these explosive investments into producers of illegal weapons that maim and kill civilians.”

London Stock Exchange welcomes ICD, a member of the Islamic Development Bank Group

London Stock Exchange welcomes ICD to mark the listing of its MTN Programme and inaugural $300 million five year Sukuk. ICD will use the proceeds of the Sukuk to support investments in private sector projects. The MTN program, which is a Wakala structure, will serve as ICD’s main funding platform for regular issuance of Sukuk. HSBC was the arranger for the MTN Program and the syndicate group for the Sukuk included 13 international and regional banks.

Islamic finance becomes popular for affordable #housing schemes

Home financing resembling Islamic finance structures is becoming popular to solve the housing affordability crisis in Western countries. Housing cooperatives began using profit-and-risk-sharing schemes modelled after ijara or musharaka to help home buyers purchase properties. In the UK the idea based on the Islamic contract of ijara came up in 2015. The rent-to-own scheme was proposed by the Liberal Democrats party and involves an Islamic bank or another intermediary, who purchases the property for a customer. In Canada various cooperative frameworks are providing home financing loans to members of their cooperatives in a Shariah-compliant manner. In the US the Ijara Community Development provides Shariah-compliant home financing for both US clients and customers in Canada.

Swiss Bank Is Charged Over #1MDB Dealings

Authorities in #Switzerland and #Singapore took action against Swiss private bank BSI for failing to prevent money laundering and bribery related to its dealings with Malaysian development fund 1MDB. Switzerland's Attorney General opened criminal proceedings against the bank. The country's Financial Market Supervisory Authority ordered BSI to pay back 95 mn Swiss franks Swiss Bank Is Charged Over ($96 mn). Singapore’s central bank revoked BSI’s banking license there and fined it 13.3 mn Singapore dollars ($9.7 mn). The cross-border investigation related to 1MDB involves at least seven countries.

Gassner's picture

#Education #Crowdfunding - A direct and effective way of #Giving with #Givology

Dear Reader,

For some time I did private research on crowdfunding and fintech for the social good. Only recently I found the long existing platform givology.org - it allows to donate specifically for education to individual pupils in poorer countries and getting in touch with them! Personally this one of the causes important to me, because it ensures that the funds are being spent on education, and therewith building a future.

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In case you wish to receive further updates on Givology please register your email here: https://www.givology.org/register/

Are #UK universities mis-selling Islamic finance masters' degrees?

Where UK based students are led to take Islamic finance masters' degrees as a route to an Islamic finance career, mis-selling may be taking place. In world rankings, many UK universities rank relatively highly, and such a UK degree can enhance the promotion prospects of foreign students in their home country. However, many UK origin students are persuaded to take a master's degree in Islamic finance immediately after graduating. Unfortunately, the number of available positions in Islamic finance in the UK is very limited. Also UK Islamic financial institutions are too small to train people, and typically only hire experienced Islamic bankers.

Sharia #studentloans that do not conflict with the rules of Islam to be offered for the first time in drive to get more Muslims to university

Sharia student loans will be set up for the first time in Britain as part of a drive to boost the number of young Muslims applying to university. The government vowed to tackle the issue by creating a Takaful model, which is Sharia-compliant. Although no interest would be charged, the government said that repayments would be structured so that the total paid back would be the same as that paid by a student with a regular loan.

Zurich Insurance moves into takaful with Malaysia buy

Zurich Insurance is set to take full ownership of Malaysia's MAA Takaful after the deal received regulatory approval, giving Europe's fifth-biggest insurer a foothold in the world's second largest Islamic insurance market. MAA Group said it had received central bank approval for the sale, a deal which was first proposed in November of last year. No size for the transaction was given. MAA Takaful held 1.2 billion ringgit ($306.7 million) worth of assets as of June 2015, a 5 percent increase from a year earlier.

United States Tops Philanthropic Giving According to the 2016 BNP Paribas Individual Philanthropy Index

According to the fourth annual BNP Paribas Individual Philanthropy Index by Forbes Insights, the United States remains the leader globally in personal philanthropy. Europe comes in as a close second, followed by Asia, with the Middle East achieving the sharpest increase in philanthropic giving. Almost all countries were focused on Health as the top area of philanthropic giving (United States at 60%), while Asia as a region chose Environment.

An interview with the Eurozone’s first Islamic bank

KT Bank AG, a subsidiary of Kuveyt Türk Katilim Bankasi A.S., is the first Islamic bank in the Eurozone. CEO Kemal Ozan said his bank has officially established a previously unknown business model in this region. As location for the registered office he chose Germany where only 5% of the German Muslim population adheres to Islamic banking. When this is measured against the number of more than four million Muslims in Germany, a huge growth potential can be anticipated. The economic exchange between Germany and the Gulf region opens new opportunities for the mid-tier segment with regard to sales markets, and for Europe as a recipient for Arabic investors. In this respect KT Bank AG wants to serve as a bridge between Germany and the MENA region.

'Greater Paris' woos Qatari investors

Paris is wooing potential Qatari investors to be the part of a huge infrastructure development project, 'Greater Paris', to which the government of France has already committed €50bn. Chiara Corazzara, Managing Director of the Greater Paris Investment Agency said the state-sponsored investment in infrastructures is designed to trigger €80bn private investment and the response that they get from Qatari investors is really encouraging.

Prêt halal sur 20 ans : l'offre financière de 570 easi qui pourrait changer la donne

L'agence 570 easi, pionnière en finance islamique en France vient de proposer une nouvelle offre de crédit halal permettant au client d’effectuer un achat immobilier sans avoir à contracter un emprunt portant un intérêt, selon le principe murabaha. L'offre actuelle est désormais disponible sur 20 ans, un crédit inédit en France. Le Conseil de la fatwa de l’Union des Organisation Islamique de France (UOIF) avait émis un avis juridique dans lequel il exemptait sous conditions, au nom du concept de nécessité, l’emprunteur musulman de l’interdiction de recourir au prêt bancaire à intérêt lorsque l’investissement vise l’achat d’une résidence principale.

Bank of England fines QIB’s UK unit nearly $2m

The Bank of England has fined Qatar Islamic Bank’s UK, a subsidiary of Qatar Islamic Bank, for failings in reporting its financial resources to the regulator in 2011 and 2012. The Bank’s Prudential Regulatory Authority (PRA) imposed a fine of 1.385 million pounds ($1.95 million) on QIB for failing to undertake a regular assessment of its capital. Guy Priestley, QIB UK’s interim chief executive, said the problems identified by the PRA have been remedied.

Turkish central banker is social scientist with roots in Islamic finance

Turkey's cabinet has approved Murat Cetinkaya as the next central bank head, giving some initial relief to investors who had feared a battle between Erdogan, who equates high interest rates with treason, and Prime Minister Ahmet Davutoglu's more orthodox economic team. Despite the initial relief in markets, the 40-year-old Cetinkaya remains something of an unknown quantity, lacking the experience of his predecessor, Erdem Basci, an engineer turned economics Ph.D. whose term as governor expires next week. The new Central bank governor must now convince investors that he can tame inflation while resisting political pressure to cut rates.

Investcorp hosts leadership program for young Arab business leaders at University of Oxford

Investcorp organised its annual Investcorp Leadership Program at the University of Oxford’s Saïd Business School. The four-day program, held between 29 March and one April 2016, was attended by 41 aspiring young business leaders from the GCC. The program officially began with a keynote address by Mohammed Al Ardhi, Executive Chairman of Investcorp, who spoke about the importance of innovation and entrepreneurship. Faculty from Oxford Saïd delivered a series of interactive sessions on shaping the markets in which companies operate, embedding entrepreneurship in organizations and scaling family businesses. Demonstrations of the latest research in bioresearch and microscopy were also organised at the University’s Advanced Bioimaging Unit.

Gatehouse launches residential property finance offering

Gatehouse Bank plc has announced its entry into the residential property finance market. With a focus on greater London, Gatehouse will offer Shariah-compliant financing solutions for clients seeking to acquire or refinance residential properties. This new product was developed following strong client demand for residential property finance solutions. Gatehouse will offer clients bespoke property finance products, from simple single residential investment finance to more complex company structures including property portfolio and short lease finance. Abdulaziz AlDuweesh, Chief Investment Officer of Gatehouse sees significant opportunities to grow Gatehouse's presence in this market.

GFH signs £100 million deal for Northacre's 1 palace street

GFH Financial Group (GFH) has signed an agreement with Palace Revive Developments Limited worth £100 million to be a partner in the No. 1 Palace Street development in central London, a project being developed by Northacre. Under the agreement, GFH will become an anchor partner for more than 30% of the units in the development, which is located opposite Buckingham Palace. Located in Buckingham Gate, No. 1 Palace Street includes 271,051 square feet of space adjacent to Buckingham Palace in the area between St James's, Mayfair and Belgravia, the development of 72 luxury apartments, a restaurant and health centre. The development is expected to be completed in 2018.

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