Islamic Banking

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Malaysia and UK sign off on uniform wakala

Malaysian and the United Kingdom Islamic banks signed off on a standardised wakala deposit agreement, which some bankers said could help the industry reduce its reliance on the controversial commodity Murabaha structure.

DIB launches new Takaful scheme

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has launched a comprehensive accidental death and disability insurance plan offered at a very affordable annual premium, a statement said.

Dubai Bank signs MoU with Community Development Authority

Dubai Bank announced today the signing of a Memorandum of Understanding (MoU) with the Community Development Authority (CDA). The MoU marks a significant step forward in the bank's Corporate Social Responsibility (CSR) programme, and is in line with its commitment to support educational causes through its CSR activities.

Saudi Al Jazira Bank Q4 loss up, ANB profit falls

Saudi's Al Jazira Bank widened its losses for the fourth quarter by 189 percent while smaller rival Arab National Bank saw net profit falling 31.8 percent, the lenders said.

Wade urges Islamic banks to fight poverty

Bank - The Senegalese president, Abdoulaye Wade, on Monday in Dakar urged Islamic banks to help fight poverty in Islamic or predominantly Muslim countries.

Gassner's picture

Calling Islamic financial institutions to become member of the United Nations Finance Initiative is calling Islamic financial institutions to become member of the UNEP Finance Inititiave to learn and contribute to international best practice in ethical and faith based finance:

"UNEP FI is a global partnership between UNEP and the financial sector. Over 180 institutions, including banks, insurers and fund managers, work with UNEP to understand the impacts of environmental and social considerations on financial performance."

membership information package:

SFS Cyprus, Kuwait Finance House launch $150million shipping investment fund

Sharelink Financial Services Group (SFS) and Kuwait Finance House Asset Management Sdn Bhd (KFHAM) have launched a shipping venture that aims to raise 150 million dollars of investment for modern vessels.

Abu Dhabi Islamic Bank inks Emcredit deal

Abu Dhabi Islamic Bank (ADIB) and Emcredit, the UAE's government-backed credit bureau, have signed an agreement to provide credit information services in supporting the bank's financing activities.

Dubai Islamic Bank says no deposit withdrawals -TV

Dubai Islamic Bank DISB.DU has not witnessed any significant withdrawals by despositors after news of Dubai World restructuring shook global markets, the lender's financial chief said on Tuesday.

Faisal Private Bank appoints new CEO

Geneva-based Faisal Private Bank announced it had appointed Swiss national Mark Koch to replace outgoing Chief Executive Marco Rochat from Jan. 1 with a mandate to broaden the Islamic finance focus of the bank.

Najd Investments Receives Licence To Operate From The Dubai International Financial Centre - Boutique Advisory's DIFC Office To

Najd Investments Ltd today announced the opening of its Dubai office following the award of a licence by the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC).

Ajman Bank Appoints Head of Finance Division

Ajman Bank, the emirate’s first Islamic commercial bank, has officially announced the appointment of their new Head of Finance Division, Seifeldin Abdelkareem. With a career in the financial field spanning twenty eight years, Abdelkareem has a multitude of experience to contribute as new Head of Finance.

Investment in Islamic banking swells to Rs64.7b in July-Sept

Total investments in the Islamic Banking Institutions (IBIs) swelled to Rs 64.7 billion during the third quarter (July-Sept) of current calendar year 2009 as against Rs 53.5 billion in April-June this year.

GFH buys back Sukuk

Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank announced Tuesday that it has bought back US$ 9 million of its sukuk during the 4th quarter of the year.

Adoption of Shariah Standards Issued by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

In order to standardize and harmonize Shariah compliance mechanism in IBIs, it has been decided that above AAOIFI
Shariah Standards are adopted in Pakistan. In the first phase, AAOIFI’s Shariah Standards No.3 (Default in Payment by a Debtor), No.8 (Murabaha to the Purchase Orderer), No.9 (Ijarah & Ijarah Muntahia Bittamleek) and No.13 (Mudaraba) have been reviewed and are hereby adopted for IBIs in Pakistan. The adoption of these Standards shall, however, be subject to certain clarifications and amendments as given in the attached Appendix- A. IBIs are also advised to be prepared for adoption of other AAOIFI’s Shariah Standards in next phases.

CIMB launches Islamic commodities fund

CIMB-Principal Asset Management Bhd today launched it's CIMB Islamic Global Commodities Equity Fund, with a fund size of 600 million units, to tap into the tremendous growth opportunities in the commodities sector.

Fraud is major concern at Mideast banks - survey

An online survey by ReadiMinds has revealed that internal frauds in the banking sector remain a major source of concern in the Middle East region.

Gulf countries, IDB give Turkmenistan $1billion loan

Turkmenistan, Central Asia's largest gas producer, is getting $1 billion loan from a group of state-run funds from the GCC countries and the Islamic Development Bank (IDB), to finance infrastructure projects in the country, Reuters reported.

Proclamation of Al Baraka Bank Syria and the Election of its First Board of Directors

The Constituent General Meeting of Al Baraka Bank Syria was held in Damascus on 16 December 2009 in the presence of the founding shareholders or their representatives and representatives from the Ministry of Economy and Commerce, Central Bank of Syria, the Commission for Securities and Financial Markets and other representatives of concerned public authorities and bodies.

Islamic finance in the Mediterranean gains momentum

A number of Mediterranean basin countries are promoting themselves as Islamic finance hubs in an effort to attract sukuk, trust and investment funds business.

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