Retail Banking

4 million child trust funds opened in UK

A total of 4.01 million child trust funds have been opened since the scheme stated. Latest data from HM Revenue & Customs (HMRC) show since January 2005 4.3 million child trust fund vouchers have been issued – but only three-quarters of parents are investing the vouchers. However, parents investing the average GBP 24 a month into an account could provide their offspring with GBP 9,750 at the age of 18, according to estimates from the Children’s Mutual.

Source: 

http://www.myfinances.co.uk/news/investments/child-trust-fund/4m-child-trust-funds-now-open-$1259681.htm

Dow Jones Indexes opens Dubai Office

Talal Malik reported on 14 April in Arabian Business that Dow Jones Indexes opens its first Middle East office in Dubai.

Michael A. Petronella is president of Dow Jones.
Sumeet Nihalani is Dow Jones' senior director of sales for the region.
Imran Vohra is Head of Dubai office.
Rushdi Siddiqui is global director of Dow Jones Islamic Market Indexes.

Source: http://www.arabianbusiness.com/516453-dow-jones-indexes-opens-first-midd...

UK: Takaful coverage for mobile phones

FoneShield UK Ltd, a UK mobile phone insurance provider, is set to launch the first mobile phones takaful coverage.

Though a 'Sharia' compliant standard for ethical insurance has been chosen to meet the upwardly-mobile European Muslim market, it is also believed to be a standard that will have a wider appeal amongst ethical consumers.

FoneShield UK Ltd is an FSA regulated insurance provider, based in London and has been operating since 2005. It is one of the first to offer an online, self-service option to mobile phone dealers and recently launched 'CaShield' to protect mobile phone cashbacks.

Amian Moaven is Director of FoneShield UK Ltd

Source: http://www.freepressreleases.co.uk/Press_Releases/Telecoms_News/Sharia_E...

Rajhi Bank increases profits

Souhail Karam reported on Reuters, 13 April, on the profit rise of 2.1 % of Saudi-based Rajhi Bank in Q1 from core business operations.

Net Income from investment rose 11.5 % to SAR 2.03 bn. Income from banking services increased 18 % to SAR 454 mn. Growth is targeted by diversifying its sources of revenue, developing the investment and corporate banking sectors along with retail banking. According to analysts posted profits could be even higher, but were impacted by the cost of international expansion.

Rajhi plans to add 160 branches in Saudi Arabia by mid-2008.

Chief Executive is Abdullah Sulaiman al-Rajhi.

Source: http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/id...

EIB and Emirates launches Islamic airline co-branded credit card

Business Intelligence reported on 9 April about the Islamic Visa card of Emirates Islamic Bank, Skywards, and Emirates.

The Emirates Islamic Bank Skywards Credit Card will come with a list of benefits and features.

Faisal Aqil is General Manager of Retail Banking at Emirates Islamic Bank. Kamran Siddique is Visa General Manager for the Middle East and North Africa.

Source: http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=19053

Saudi mortgage law awaits confirmation

AME Info reported on 30 March that the long awaited Saudi mortgage law is being considered by Saudi-Arabia's Consultative Council.

Islamic financing will play a promiment role in housing finance and it is expected that also the takaful industry will benefit from this move.

Full Text: http://www.ameinfo.com/151657.html

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