Yemen

Tadhamon International Islamic Bank ratings affirmed

Capital Intelligence Ratings has affirmed the credit ratings of Tadhamon International Islamic Bank (TIIB), based in Sana'a, Yemen. The Bank’s Long- and Short-Term Foreign Currency Ratings (FCRs) are both maintained at 'C', reflecting the volatile operating environment and devastated economy. TIIB has confirmed to CI Ratings that it is not currently in default of any obligations. All ratings remain on a 'Negative' Outlook. The rating is supported by adequate liquidity. Real estate and other investments outside of Yemen represent around 40% of the balance sheet. The Support Rating is adjusted to '5' from '4' based on the low likelihood of support from shareholders and the authorities, and their ability to provide timely assistance.

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Unprecedented spread of cholera in Yemen as health workers race against time to save children

"SANAA/DJIBOUTI/AMMAN, 2 June, 2017 – “I have just concluded a trip to Yemen to oversee UNICEF’s response to the unprecedented cholera outbreak that is gripping the country."

Just today UNICEF updated the world on the cholera outbreak in Yemen. In order to send response teams for such events and save children's lives we have to give.

On 10th June I join the Crans-Montana Cycling for Children event. Please donate for all what needs to be done urgently:

https://www.unicef.ch/en/cycling-for-children/action/michael-gassner

ICD and KIMB signed a MoU to cooperate in Islamic #Microfinance

The Islamic Corporation for the Development of the Private Sector (ICD) and Al Kuraimi Islamic Microfinance Bank (KIMB) have entered into a Joint Strategic Collaboration to implement Islamic Microfinance Institutions. The memorandum was signed by the CEO of ICD, Mr Khaled Al Aboodi and the CEO of KIMB, Mr. Yousuf Al Kuraimi. The collaboration will focus on the implementation of Islamic Microfinance Institutions and Banks. KIMB will make equity investments conditioned upon ICD and its affiliates co-investing alongside. Special focus is on the provision of required technical and advisory services by ICD for the global expansion and diversification of KIMB’s current operations beyond Yemen.

#UNICEF Needs $860 Million to Save 18 Million Children in #Yemen and #Syria

The United Nations Children’s Emergency Fund (UNICEF) has revealed the urgent need to provide humanitarian aid to 8 million of Syria’s children, who are suffering from the ravaging civil war. The aid is estimated to be around $800 million and according to UNICEF there are more than 14 million children in war zones in the MENA region. Furthermore, there are around 10 million Yemeni children who are in need for urgent humanitarian aid. UNICEF spokesperson Juliette Touma pointed out that Saudi Arabia has donated $30 million to aid Yemeni children, but there is still a $60 million shortage of humanitarian funding.

CI: Tadhamon International Islamic Bank’s ratings downgraded

Capital Intelligence Ratings announced that it has downgraded the ratings of Tadhamon International Islamic Bank (TIIB), based in Yemen. TIIB’s Financial Strength Rating (FSR) was downgraded to 'B-' from 'B' due to the extremely challenging local operating environment and the attendant risk to the Bank’s financials, and continued pressure on earnings and associated volatility. The Bank’s Long-Term Foreign Currency Rating (FCR) is downgraded to 'C' (from 'C+') due to sovereign risk factors and the operating environment. The Short-Term FCR is maintained at 'C'. All ratings remain on a 'Negative' Outlook.

Islamic Development Bank looks to sukuk for Yemen reconstruction

The Islamic Development Bank wants to use Islamic bonds to help finance the reconstruction of countries ravaged by conflict, with the World Bank as a potential joint issuer, the head of the multilateral lender said.
Refugee and reconstruction financing is a priority for the Jeddah-based IDB, which last month launched an initiative with the World Bank and United Nations to help more than 15 million people displaced across the region.
Work is now underway to identify specific projects for the initiative, with a priority on war torn Yemen, which could see the IDB and World Bank as issuers of the sukuk.
"We need to finalize this with the World Bank, but most likely it will be a joint issuance", IDB president Ahmad Mohamed Ali said on the sidelines of an industry conference in Kuwait.
The IDB, which operates to promote economic development in Muslim communities, has 56 member countries including Saudi Arabia, Libya and Iran as its largest shareholders.

Tadhamon International Islamic Bank - Ratings Downgraded

Capital Intelligence (CI) has downgraded the ratings of Tadhamon International Islamic Bank's (TIIB), based in Sana'a, Yemen. TIIB's Financial Strength Rating (FSR) is downgraded to 'B' from 'B', and the Outlook for the FSR is downgraded to 'Negative'. The Outlook for TIIB's Foreign Currency Ratings, which are affirmed at 'C' Long-Term and 'C' Short-Term, are downgraded to 'Negative' as is the case with all CI-rated Yemeni banks, reflecting the current turmoil and severe economic weakness. The Support Rating is maintained at '4', reflecting the limited capacity of support. Non-performing loans (NPLs) and assets are expected to rise, which will require additional provisioning, thereby hitting profitability.

IDB Provides US$ 50 Million Youth Employment Support to Yemen

Last week, the Chairman of the IDB Group, Dr. Ahmad Mohamed Ali, signed a US$ 50 million agreement with Dr. Mohammed Saeed Al-Sa’adi, Yemeni Minister of Planning and International Cooperation and IDB Governor for Yemen. The agreement aims to provide economic empowerment to the needy Yemeni youth and families by contributing to capacity building and providing them with production inputs for job creation in various fields such as construction of rural roads, coffee cultivation etc. The financing arrangement is expected to pay great attention to employment of less-privileged females as well as the youth who will be employed in these projects. The agreement comes within the framework of the US$ 250 million Youth Employment Support (YES) Program launched by the IDB in 2011.

Source: 

http://isfd.isdb.org/EN/NewsandCalendar/ISFD-news/Pages/IDB-Provides-US$-50-Million-Youth-Employment-Support-to-Yemen-.aspx

Tadhamon International Islamic Bank appoints new CEO at Tadhamon Capital BSC

Tadhamon International Islamic Bank, a Sharia'a-compliant Bank licensed by the Central Bank of Yemen, has announced management changes in its investment arm in Bahrain, Tadhamon Capital BSC, by appointing Mr. Ahmed Hatam Sultan as its new Chief Executive Officer. In addition and as part of Tadhamon Capital's new changes, the company has appointed Mr. Hesham Al Gassab as the Executive Director of Investments overlooking the investment portfolio managed by the company and Mr. Maisarh Yaseen Omar as Director of the Treasury Department. Tadhamon Capital specializes in structuring and managing new investments and products across its business lines, consisting of Real Estate, Alternative Investments, Treasury & Capital Markets and Investor Relations.

Yemen’s Rich Club: Social responsibility

While 40% of its population has been classified as at food risk by World Food Bank for two consecutive years (2012-2013), Yemen is also home to many billionaires’ businessmen, a reality which had many activists ponder over the principles of social responsibility and social ethic. Hayel Saeed Anam multi-national corporation, for example, is by far one of Yemen’s most visible local benefactors with a series of working social, educational and sports programs. Moreover, Hamid al-Ahmar, a billionaire entrepreneur with significant political influence, runs charitable programs, mainly directed to orphans and the most vulnerable (distribution of food, medicine and other necessities). While it would be wrong to deny that Yemen’ super-rich have indeed given back to the lesser fortunate, one could hope that its billionaires would somehow step in where the central government has failed.

Yemen may issue sukuk to fund oil product imports

Yemen's government may issue a local-currency Islamic bond this year to finance its imports of petroleum products, its central bank governor Mohammed Awad bin Hamam said. The sukuk could be worth about 50 billion Yemeni rials ($233 million) and use a salam structure. The interest rate is expected to be around 10 percent, with a maturity of three or five years. Yemen's recovery plans are heavily dependent on foreign aid, but the recovery is fragile. The International Monetary Fund expected Yemen's gross domestic product to grow around 6 percent this year.

Islamic Microfinance research study initiated in Yemen

AlHuda Center of Islamic banking and economics (CIBE) Initiated a Islamic Microfinance research study for Yemen Microfinance Network (YMN) in Yemen. This study will be conducted in Yemen's capital Sana'a including Taiz, Adan and Almoukla, so that the Islamic Microfinance products can be examined broadly and further Islamic Microfinance products can be developed with the compatibility of the existing structure. The share of Islamic Microfinance in Yemen's Microfinance sector is approximately 90% and the remaining 10% are also converting their portfolio into Islamic Microfinance. The increased outreach of the Microfinance sector is expected to help eradicate poverty.

Islamic Microfinance in Yemen: Challenges and Opportunities

In an effort to foster hope and stability among Yemen’s por, Al-Amal Microfinance Bank is working to introduce a range of Sharia-compliant microfinance products aimed at reaching the unbanked. However, demand for Islamic financial products can far exceed the capacity of existing microfinance institutions to provide them. That’s why institutions like Al-Amal are often forced to limit their suite of Sharia-compliant products to one or more products that are relatively simple to administer and offer a clear return. In Al-Amal’s case, the signature Islamic product is murabaha. The mark-up ranges between 14.5% (for purchases more than $5,000) and 24% (for purchases below $5,000). Further development of Al-Amal’s murabaha offering and the introduction of other Sharia-compliant products, will hinge on the bank’s ability to reach Yemen’s rural poor, who represent some 80 percent of the country’s population

Alwaleed Foundation supports UNICEF education project in Yemen

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Alwaleed Bin Talal Foundation-Global and Dr. Ibrahim El-Ziq, The United Nations Children's Fund (UNICEF) Representative to the Gulf Area, signed a memorandum of understanding “MOU” on Sunday 24th March 2013, which works for children's rights, their survival, development and protection, to support a UNICEF project to provide quality basic education for girls in Yemen. Under the agreement, Alwaleed Bin Talal Foundation – Global will donate US$250,000 to 15 schools. According to the one year agreement, the targeted schools will be become more child friendly, with new educational policies at local and national levels.

Tadhamon International Islamic Bank downgraded by CI

The Financial Strength Rating of Tadhamon International Islamic Bank (TIIB) has been downgraded to 'b+' from 'BB-' by Capital Intelligence (CI). The downward change of the rating reflects the deterioration in TIIB's financial profile. The ratings of TIIB's Long- and Short-Term Foreign Currency are 'b-' and 'c' respectively. Weakening asset quality and a subsequent large provision charge were the reason why the bank recorded a loss last year.

Two Islamic banks seeking expansion in Somalia

Saba Islamic Bank of Yemen and Dahabshil Bank of Djibouti are making plans to engage in operations in Somalia in the coming year. Basel Haj-Issa, the new CEO of Saba Islamic Bank, said at the Islamic Banking Summit Africa in Djibouti that the reason for the bank's expansion into Somalia is the client demand. Since trade between Djibouti and Somalia is quite intensive, many clients of the bank need Islamic banking services in the country.

Yemen to host international workshop on Islamic Microfinance

As Islamic Microfinance gains popularity in Arab countries, AlHuda Centre of Islamic Banking and Finance and Yemen Microfinance Network plan a two-day training workshop on Islamic Microfinance. It will take place on 16th & 17th September, 2012 in Yemen's capital city Sana'a. The event's goal is to increase the reach of Microfinance Institutions. Topics such as the proper utilization of Islamic Microfinance for alleviation of poverty in poor countries, Islamic Microfinance Products and their structure, Shari'ah principles of Microfinance and MicroTakaful are part of the programme.

Yemen’s Islamic banks welcome GCC-brokered deal

Bankers embraced the GCC backed peace deal after nine months of sometimes viciously violent fighting in Yemen’s own take on the ‘Arab Spring’, a new government of reconciliation being sworn in to replace President Saleh’s regime in Yemen.
It’s still too early for the Islamic banks to talk about improoving full operations, but Saeed al-Qurashi, head of research at Saba stated that business is picking up as the unrest fades away and the reconstruction begins.

Yemen’s Islamic banks reopen

It seems that things will have a positive outlook for Yemen’s Islamic banks.
When pitched battles between pro- and anti-Saleh forces erupted in downtown Sana’a, the banking sector froze.
Tadhamon International Islamic Bank and the Islamic Bank of Yemen for Finance and Investment have still 80% of the banking sector’s activities paralyzed.
The GCC deal is centered on rebuilding the country, which has been crippled by 10 months of unrest.

The Arab World’s Social Accountability - From Shouting to Counting

With the help of social accountability, citizens in the Arab world are holding public institutions accountable for delivering public services and improving the welfare of citizens. The citizens therefor work with governments in a productive, meaningful way by using evidence-based analysis and advocacy.
The World Bank and CARE Egypt helped organizing the Affiliated Network for Social Accountability (ANSA)-Arab World Regional Strategic Planning and Social Accountability Workshop in Amman, Jordan from June 5-9, 2011. At the the five-day workshop in Jordan there were over 40 representatives from government, CSOs, media, and private sector from seven Arab countries – Jordan, Egypt, Lebanon, Yemen, West Bank and Gaza, Morocco and Tunisia that attended.

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