IslamicFinance.de

The ratings of IBANK are a reflection of Fitch's view that support from the Thai government is very probable. The main reasons for that are the country's high effective ownership of 93.7% and close control, the bank's legal status as a specialised financial institution (SFI), strong linkages between the bank and the state, and historical financial support from the government. Also, the bank's role in terms of public policy is not to underestimate. The bank's rating is lower than the one of the other three Fitch-rated SFIs since its direct government ownership is lower and the government commitment for support stated in its establishment act is less explicit.

Read more on: http://www.reuters.com/article/2012/10/18/idUSWLA491720121018

Just as HSBC Holdings announced it would shrink its Islamic banking operations in a number of countries, the National Bank of Abu Dhabi made plans to increase the contribution of its Shariah-compliant operations three times over the next eight years. Thus, it becomes clear that HSBC's move is nothing but a sign of its own priorities. While it is set to continue its operations mainly in Malaysia and Saudi Arabia with a limited presence in Indonesia, local banks have the opportunity to step in for it.

Read more on: http://thepeninsulaqatar.com/business/211368-gulf-islamic-banks-ready-to...

The latest takeover bid for the Birmingham based Islamic Bank of Britain by its majority shareholder, Qatar International Islamic Bank, has not had any success. QIIB's scheme was recently voted down at a shareholder meeting. Meanwhile, Marsaf Al Rayan has become a potential bidder for IBB. The ofer by QIIB from September 6 was worth £35.5 million.

Read more on: http://www.birminghampost.net/birmingham-business/birmingham-business-ne...

New client escaping from the debt crisis in Spain and the crisis in the Middle East turn to assets under the management of banks in Geneva. The outlook of difficulty for Swiss banks does not scare them. Thus, the amount of funds under management has grown due to inflow of foreign money, in particular from Spain and the Middle East. Geneva's banks are seen as shelter.

Read more on: http://uk.reuters.com/article/2012/10/17/geneva-banks-idUKL5E8LHGCI20121017

QInvest LLC, which is forming a joint venture with Egyptian EFG-Hermes Holding SAE, issaid to be cutting jobs at its brokerage and asset management divisions. 13 people will have to leave. The reductions, however, have not been made public yet. In the joint venture, QInvest LLC plans to take 60% of the new entity while EFG-Hermes Holding SAE receives the remaining 40%.

Read more on: http://www.bloomberg.com/news/2012-10-10/qinvest-said-to-cut-jobs-at-bro...

According to Arqaam Capital Ltd, EFG-Hermes Holding SAE plans to sell its 40% stake in 2013 in the investment bank it is forming with QInvest. Thus, it will turn into a holding company. EFG-Hermes' assets will be held in Lebanese unit Credit Libanais SAL and in a private equity unit managing $980 million (Dh3.6 billion).

Read more on: http://gulfnews.com/business/markets/efg-to-sell-qinvest-joint-venture-s...

A consultation paper released this week announces a proposal by Qatar's regulator for extending its ban on onshore banks operating Islamic windows in order to make financial institutions part of the Qatar Financial Centre (QFC). Islamic windows enable conventional banks to offer Islamic financial services. The only prerequisite is that clients' money is segregated from the rest of the bank. An extension of the ban is expected to prevent conventional banks from taking advantage of the QFC.

Read more on: http://www.reuters.com/article/2012/10/11/islamic-finance-qatar-idUSL6E8...

Bank Burj's results for the first half of 2012 (until June 30th) are out. The bank registeres a profit before tax as high as Rs147 million. The results are a reflection of a turnaround of Burj Bank which caused continuous earning for the first two quarters of the year. The growth of the bank's total deposits lies at 57% reaching Rs 32b for the period. In spite of political and economical problems, the bank demonstrated excellent half yearly performance.

Read more on: http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/bu...

The International Islamic Trade Finance Corporation, which is affiliated with the Islamic Development Bank, is giving Egypt a loan worth US$1.2 billion in total. The loan aims to provide basic and strategic commodities. The second part of this loan, US$330 million, is being prepared by several local and regional banks. It is intended to be used for importing wheat and food commodities.

Read more on: http://www.egyptindependent.com/news/islamic-development-bank-lend-egypt...

Bahrain investment firm Arcapita Bank has time until Dec. 14 to submit a reorganization plan without the threat of rival proposals. The company shall not seek any further extensions after that date. The extension was approved by judge Sean H. Lane of U.S. Bankruptcy Court in Manhattan. The decision was made possible by the satisfaction of an objection from Arcapita's official committee of unsecured creditors. Arcapita considers a standalone plan as well as a plan involving new money from a third party.

Read more on: http://www.nasdaq.com/article/arcapita-to-file-chapter-11-plan-by-dec-14...

King & Spalding, Norton Rose and Jones Day have advised on Shariah-compliant financing of £400m which is to be used for the redevelopment of King's Reach Tower on London's South Bank. Investor company Mohammed Al Subeaei & Sons Investment Company (MASIC) from Saudi Arabia provided a £145m mezzanine tranche. The company was advised by a London team from King & Spalding.

Read more on: http://www.legalweek.com/legal-week/news/2215332/norton-rose-and-jones-d...

Bank Negara has given its consent on negotiations between BIMB Holdings Bhd on one side and Dubai Financial Group LLC (DFG) and Lembaga Tabung Haji (LTH) on the other on the topic of BIMB Holdings Bhd's proposal to acquire DFG's stake in Bank Islam Malaysia Bhd. The negotiations are to be competed no later than March 31, 2013. According to BIMB, all partiesfirst need to receive approval from the Minister of Finance before entering into any agreement.

Read more on: http://biz.thestar.com.my/news/story.asp?file=/2012/10/9/business/121436...

According to GFH Capital, it wants to buy the football club Leeds for itself and is not acting on behalf of a third party. The bank plans to acquire all 100% of Leeds City Holdings Limited's equity in an all-cash deal. In case of a successful bid, the chairman and owner of the club - Ken Bates - would sever all ties with the club. Even though discussions about the transaction have started about half a year ago, it is still not certain where the bank would find the cash to finance the deal. The sum is estimated at about $81m. The bank's parent - Gulf Finance House - claims to be short of finance.

Read more on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

The central bank of Bahrain has given its confirmation to the merge of Capivest, Elaf Bank and Capital Management House (CMH). The three Islamic lenders will merge into a $400m asset base and $350m shareholder equity entity will get underway before the end of 2012. Ratification of the decision of the three banks by the apex lender and the industry and commerce ministry is expected in June.

More on: http://www.ameinfo.com/bahraini-islamic-banks-merger-2012-end-313053

According to an announcement by Al Baraka Islamic Bank, Abdul Rahman Abdullah Mohammed has joined the bank's board. This was made possible by Central Bank of Bahrain's approval. Abdul Rahman Abdullah Mohammed is an expert in banking business with over 36 years experience in numerous institutions including NBB banking group where he was general manager until recently.

More on: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=338525

Ridge Islamic Capital announced it had $100 million which will be used to raise the company's capital and invest in funds over the next two years. Thus, it aims to tap a growing market for Islamic finance. The launch of Ridge Islamic Capital took place after Ridge Solutions International Holdings acquired El Rashad.

More on: http://english.ahram.org.eg/NewsContent/3/12/53336/Business/Economy/Egyp...

A bourse filing says that Central Bank of Kuwait (CBK) intends to liquidate its investment unit. According to the bank, closing CBK Capital would not affect the bank's financial position in a negative way. It is said the bank has a capital of 15 million dinars ($53.5 million) and has undergone some restructuring. Activities have been reduced for a number of years.

More on: http://gulfbusiness.com/2012/09/kuwaits-commercial-bank-to-liquidate-inv...

The increase in bank robberies and fraud cases in Syria deepens the country's state of trouble. Already there are alerts to the country's stock exchange about major robberies in separate filings by foreign-backed lenders. A robbery in Homsled to the loss of 75.2 million Syrian pounds (Dh4.12m) which is a huge sum compared with 200m pounds profit the bank made last year. Unfortunately, the frequency of such incidents only gets higher.

More on: http://www.thenational.ae/thenationalconversation/industry-insights/econ...

The BNP Paribas-INCEIF Centre for Islamic Wealth Management was recently opened. It was established by BNP Paribas Malaysia Berhad and the International Center for Education in Islamic Finance (INCEIF) and is situated on INCEIF's Campus in Kuala Lumpur. The opening took place at the same time as the biannual Global Islamic Finance Forum, thus attracting a vast audience consisting of participants from Malaysia as well as international ones.

More on:http://www.investmenteurope.net/investment-europe/news/2206560/bnp-paribas-partners-for-islamic-finance-centre-in-malaysia

According to its Managing Director/Chief Executive - Mallam Mohammed Bintube - Jaiz Bank Plc is ready for the acquisition of a a national banking license in the following year. The required minimum capital is already raised usong private placement. Mallam Mohammed Bintube pointed out that it took as little as three months for all shares on offer to be fully subscribed.

More on: http://www.thisdaylive.com/articles/jaiz-bank-to-acquire-national-bankin...