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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.

ADIH starts work on $400m Indian project

Abu Dhabi Investment House (ADIH) has begun enabling works and site facilities for its $400 million India Entertainment City (IEC) development in Navi Mumbai.

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.

Aston Business School launches first Islamic finance centre in Europe

Aston Business School in Birmingham, UK launched an Islamic Finance and Business Centre – the first of its kind in Europe.

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Calling Islamic financial institutions to become member of the United Nations Finance Initiative

IslamicFinance.de 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:
http://www.unepfi.org/fileadmin/forms/MembershipInformationPack.pdf

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.

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 Dar Receives Support and approval of more than 2/3 of the Banks and investors for the Restructuring Plan

The Investment Dar Co. K.S.C.C. ("TID") and the Coordinating Committee of banks and investors ("Coordinating Committee") of TID and the Investment Dar Bank ("IDB") are pleased to announce that they have received the support of over 2/3 of TID and IDB banks and investors for the restructuring plan presented in Kuwait City and Dubai on November 24 and 25. As a result, TID and the Coordinating Committee are proceeding with the final implementation of the proposed restructuring plan and are aiming to complete this process as quickly as possible.

GCC Infrastructure Projects Need New Fund Sources

Infrastructure spending is still a major growth driver in the Gulf Co-operation Council countries, with current projects valued at a whopping $2.6 trillion, but alternative funding schemes need to be explored as the global economic crisis is stifling commercial lenders, experts said.

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.

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.

KFH: ‘No legally binding’ pact to buy YNH's RM920mil property

Kuwait Finance House (M) Bhd (KFH) has refuted YNH Property Bhd’s claim that it is in a legally binding agreement with the latter and can be made liable for backing out of a deal to purchase Menara YNH, a 45-storey office tower worth RM920mil.

Gulf Finance House forms new investment banking division (GFH Capital) and appoints Group Deputy CEO

Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank announced today that the Board has appointed Mr. Ted Pretty as Group Deputy CEO of the Bank.

Dubai sets up tribunal to settle Dubai World financial disputes

The ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, today announced the setting up of a tribunal to decide the disputes related to the settlement of the financial position of Dubai World and its units reported Bloomberg, citing a statement from his the ruler's press office.

OIC secretary general calls for concerted multilateral actions for knowledged based economies in Muslim countries

The Secretary-General of OIC, Professor Ekmeleddin Ihsanoglu has underscored the need for both inter-OIC cooperation and international partnership to enhance the popularization of knowledge-based economies in OIC countries.

World Bank for Islamic finance standardisation

The World Bank plans to support standard-setting bodies of the Islamic finance industry in turning their voluntary standards into binding banking regulations.

Tamkeen invests in Islamic banking professionals for the future

Bahrain's emergence as an Islamic banking hub has spurred Tamkeen to put in place an ambitious plan to train 130 Bahraini graduates in Islamic finance and business accounting.

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