Germany

#NCB Capital #launches Pan European #Real #Estate #Fund

NCB Capital, Saudi Arabia’s leading provider of wealth management and investment services, and the Kingdom’s largest asset manager, has announced the launch of its Pan European Real Estate Fund with more than $150 million raised through a private placement.
NCB Capital has partnered with Fidelity International, a leading global asset manager, to invest in commercial properties, including office, retail, logistics/industrial and mixed use, located in key European property markets including France, Germany, Benelux and the United Kingdom. Favorable currency conversion rates, robust legal and regulatory environments, coupled with consistent growth expectations of the core European economies make this an opportune time to invest in a solid real estate market.

Certified Expert in Islamic Microfinance

in September 2016:

In the growing area of Islamic microfinance, a diverse skillset is required. Professionals have to be knowledgeable in traditional retail banking, in the ethics of Islamic finance and in the relevant compliance and regulation issues. In order to provide you with the necessary skills and know-how to become a well-rounded Islamic microfinance professional, we have designed the certification course ‘Certified Expert in Islamic Microfinance’. This e-learning course was jointly developed by a team of experts from the Frankfurt School of Finance and Management, Islamic Relief Worldwide, and the Islamic Relief Academy. This combination of expertise provides you with the opportunity to have a rich learning experience based on the broad knowledge of diverse, highly qualified professionals.

This 6-month certification course is designed to be a part-time training, offering you the flexibility to follow your own schedule and the ability to combine daily work with your professional development.

The "Certified Expert in Islamic Microfinance" was funded with UK aid from the UK government.

Governing Islamic financial institutions

The financial services industry is a highly-regulated industry due to the mobilisation of investors, depositors and policyholders, that is, public funds. Significant public trust demands proper supervision and monitoring of financial services and, hence, the promulgation of statutes, statutory provisions, guidelines and circulars with direct supervision from financial authorities. Soundness and stability of the financial system are the universal concern of all financial authorities, as specified by World Bank Financial Soundness Indicators (FSIs). With regards to regulation of Islamic financial institutions and services, various jurisdictions present different forms of regulatory framework. Variations of such framework are attributed to a country’s specific approach to the adoption of Islamic financial institutions, in particular, and embracing of the Islamic financial system, in general. A social choice to regulate significantly depends on the types of government financial systems and their perspectives on financial liberation, as well as either having a banking (such as Germany) or capital market (such as the United States) orientation.

An interview with the Eurozone’s first Islamic bank

KT Bank AG, a subsidiary of Kuveyt Türk Katilim Bankasi A.S., is the first Islamic bank in the Eurozone. CEO Kemal Ozan said his bank has officially established a previously unknown business model in this region. As location for the registered office he chose Germany where only 5% of the German Muslim population adheres to Islamic banking. When this is measured against the number of more than four million Muslims in Germany, a huge growth potential can be anticipated. The economic exchange between Germany and the Gulf region opens new opportunities for the mid-tier segment with regard to sales markets, and for Europe as a recipient for Arabic investors. In this respect KT Bank AG wants to serve as a bridge between Germany and the MENA region.

QInvest net profit up 69 percent in third quarter

QInvest, Qatar’s leading investment group and one of the most prominent Islamic financial institutions globally, yesterday announced that its net profit for the third quarter grew 69 % to $33.8m while revenues jumped 37 % to $78.7m.

“We are very encouraged by our performance during the third quarter of 2015. With our commitment to drive growth and innovation across the business, we have continued to source new opportunities, strengthen our brand and deliver positive returns. Whilst we expect on-going market volatility and economic challenges to remain present, we are confident on the outlook for the business. We have an exciting active pipeline of deal flow and a unique market position to leverage investment opportunities across the GCC region and selected markets in Europe, Asia and the US” said Tamim Hamad Al Kawari, CEO of QInvest.

QInvest net profit up 69 % in third quarter

QInvest, Qatar’s leading investment group and one of the most prominent Islamic financial institutions globally, yesterday announced that its net profit for the third quarter grew 69 % to $33.8m while revenues jumped 37 % to $78.7m.

“We are very encouraged by our performance during the third quarter of 2015. With our commitment to drive growth and innovation across the business, we have continued to source new opportunities, strengthen our brand and deliver positive returns. Whilst we expect on-going market volatility and economic challenges to remain present, we are confident on the outlook for the business. We have an exciting active pipeline of deal flow and a unique market position to leverage investment opportunities across the GCC region and selected markets in Europe, Asia and the US” said Tamim Hamad Al Kawari, CEO of QInvest.

University for refugees launches crowdfunding campaign

Kiron University, a social enterprise company headquartered in Berlin, will offer refugees a two-year online programme in partnership with providers of Moocs (massive open online courses), followed by one or two years at a partner institution. Students will be awarded a double degree, from both institutions. Several universities in Germany have signed up to the initiative. The organisation is in the process of seeking more partners in the UK, before rolling it out to other countries in Europe. It is targeting about 400,000 refugees in Europe, and so far 15,000 have signed up to start the programme in October.

pbb provides Sharia compliant investment facility for Sedco

pbb Deutsche Pfandbriefbank has agreed a € 76 million medium-term refinancing facility for Sedco Capital, advised by LaSalle Investment Management, for a mixed-use portfolio located predominately in Berlin. pbb is acting as sole lender and hedge provider for the facility. The mixed-use portfolio consists of eight German assets with a total lettable area of 65,770 sqm. Four of the largest assets, in terms of value, are located in Berlin and represent 75% of the portfolio's value.

MICROFINANCE EVENT: Women’s World Banking (WWB) Presents Making Finance Work for Women Summit, November 11-12, 2015, Berlin, Germany

The event "Women’s World Banking (WWB) Presents Making Finance Work for Women Summit, November 11-12, 2015, Berlin, Germany" is going to take place on November 11-12, 2015 in Berlin, Germany. The Making Finance Work for Women Summit is a two-day event that will focus on how women’s access to financial services relates to economic opportunity and macroeconomic growth. Sessions will cover best practices to serve the women’s market for financial services. The fee to attend the event is USD 500.Find more information on http://www.womensworldbanking.org/summit/.

Iran, Germany to establish joint banking committee

The German and Iranian governments have decided to establish a joint banking committee. Officials from Berlin and Tehran will come together in September for the first meeting of the committee. The decision came after Iran and the five permanent members of the U.N. together with Germany came to an understanding in the nuclear negotiations on July 14. Additionally, the U.N. Security Council unanimously accepted the draft resolution, which approves the nuclear agreement and stipulates the U.N. sanctions on Iran will be gradually lifted. $700 million of Iran's frozen assets abroad will be released every month after the sanctions are lifted. It is estimated that the total amount is around $150 billion.

Kuveyt Turk starts operation in Frankfurt

Kuwait Turkey Bank (Kuveyt Turk) opened a branch in the German city of Frankfurt on Tuesday to be the first Islamic financial institution in the Eurozone. Hamad Al-Marzouq, Board Chairman of Kuwait Finance House (KFH), which owns the largest share in Kuveyt Turk, said he was proud to see the first Islamic bank operational in the eurozone. Kuveyt Turk seeks to encourage five million Muslims as well as non-Muslim clients in Germany to use the bank's services, he said. Kuveyt Turk was active in the German market since 2004 but was only capable of practicing partial banking operation in 2010. It was allowed to carry out full banking services in Germany last year.

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IslamicFinance.de congratulates KuveytTürk Germany for obtaining full banking license

Kuveyt Türk Participation Bank has been licensed by the Federal Financial Supervisory Authority (BaFin) to offer banking services in Germany. Thus, the first bank based on an interest-free Islamic business model is licensed in Germany.

Kuveyt Türk has obtained its license from the Federal Financial Supervisory Authority (BaFin) to provide fully-fledged banking services in Germany according to the interest-free Islamic banking principles. Kuveyt Türk is the first Islamic bank that has been fully licensed to operate its deposit and debt business in Germany. With this license, Kuveyt Türk is the pioneer that introduces the Islamic banking model in Germany.

KT Bank AG with headquarters in Frankfurt am Main and as a 100 percent subsidiary of Kuveyt Türk Participation Bank, will start to offer its reliable, high-quality, fast and user-friendly services from July 01, 2015 onwards. KT Bank AG will provide its private and commercial clients with products and services according to interest-free Islamic banking principles.

“KT Bank AG is an ethical, innovative and socially responsible bank”

Germany's GIZ looks to break Islamic microfinance shortfall

A series of German-funded studies and pilot projects aims to bridge the gap between Islamic finance and microcredit, to the benefit of communities in developing countries. Expanding the appeal of Islamic microfinance is crucial for an estimated 650 million Muslims who live on less than $2 a day, according to the Washington-based Consultative Group to Assist the Poor (CGAP). The German government's international development agency GIZ is helping to develop regulations, education and training for Islamic microfinance in developing countries. A study of Islamic microfinance products by GIZ and CGAP aims to identify ways to lower costs, while a separate GIZ study is exploring demand factors.

Battle for Shar’ia Money

Such is the hype of activity about Shari’a-compliant product at the moment that even The Grand Duchy of Luxembourg has now moved a step closer towards the issuance of a debut sukuk. The government presented a draft bill to parliament that could get deal going, proposing the issuance of a €200m-equivalent sovereign sukuk denominated. Euros or US-Dollars, both are welcome. Additionally, the Luxembourg government has also identified three real estate assets to underpin the transaction.

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Relaunch IslamicFinance.de Newsletter - Free Download

Dear Reader,

On the occasion of the 10th anniversary of IslamicFinance.de please find at the hyperlink below the relaunch of the newsletter.

http://www.islamicfinance.de/files/20140529%20IslamicFinance%20dot%20de%...

Any new issues will be announced to our registered users of IslamicFinance.de and to the members of the related LinkedIn Group of IslamicFinance.de.

If you wish to register please go to http://www.islamicfinance.de/?q=newsletter/subscriptions or become member of the LinkedIn Group: http://www.linkedin.com/groups?mostRecent=&gid=147616&trk=my_groups-tile...

Enjoy reading! And if you do, please consider sharing the free newsletter with your friends & colleagues by forwarding or subscribing an internal email address to forward it your entire firm.

NB: I appreciate feedback to improve the content and better understand what readers are looking for. Please allow time for reply, which I may not be able to give to all enquiries after sending out the newsletter.

All the best,

Michael Saleh Gassner

Frankfurt MENA Finance Conference - "What does Germany gain through Islamic Finance?"

Ladies and gentlemen,

One of the highlights of this year’s Euro Finance Week is the Frankfurt MENA Finance Conference on November, 21st 2013.

The speakers of the panel ‘What does Germany gain through Islamic Finance?’ are:

Dr. R. Ahmet Albayrak, Executive Vice President, Kuveyt Türk Participation Bank Inc.

Horst Bennin, Founding Managing Partner, Alp View Capital Partners GmbH

Dr. Manfred Dirrheimer, Chairman of the Board, FWU AG

Dr. Johannes Engels, Banking Supervisor for International Cooperation, BaFin

Dr. Ivo Schwartzkopff, Member of the Board, StarCapital AG

The host of this panel will be Zaid el Mogaddedi, Founder and Managing Director, Institute of Islamic Banking and Finance (IFIBAF).

Dr. R. Ahmet Albayrak will deliver a speech about ‘Opportunities in the European Financial Markets’ beforehand in the conference.

The conference language is English.

The event is without charge.

Location:

Congress Center Messe Frankfurt
Ludwig-Erhard-Anlage 1
60327 Frankfurt am Main

If you are interested to participate, please send an e-mail (company/name/e-mail address) to info@kuveytturk.de

Germany's FWU issues rare asset-backed sukuk

FWU Group, a Munich-based financial services company, has issued a $20 million five-year Islamic bond backed by insurance policies. FWU, which offers takaful solutions, used a structure known as wakala. The sukuk is the first tranche of a $100 million programme rated BBB- by Fitch, and arranged by EIIB-Rasmala. Proceeds of FWU's sukuk, which carries a profit rate of 7 percent, will be used to fund a set of re-takaful transactions for its Luxembourg-based unit Atlanticlux, which is the ultimate obligor under the programme. The assets for the transaction are the beneficial rights of insurance policies; ownership is transferred to a Guernsey-based company which is in turn managed by AON PLC, which acts as the agent.

Islamic Finance in Germany: Roundtable Report

On 4 June 2013, Rüdiger von Hülst and Matthias Grund of the Berlin and Frankfurt offices of international law firm K&L Gates hosted a roundtable in relation to the future role of Islamic finance in the German economy. Represented at the roundtable were representatives from the investment management, banking, legal, academic and diplomatic communities. One of the general findings was that there has been an increasing depth and breadth of experience in the UK from which Germany could benefit. However, current activity in Islamic finance in Germany is still nascent. There are several possible areas for the expansion of Islamic finance in Germany, such as investments in the healthcare sector and municipal owned real estate. Islamic finance would offer various advantages like diversification of financing sources, or attracting foreign direct investments. For more information on the roundtable, please see the attachment.

RPT-Fitch Assigns ATLANTICLUX's Salam III Sukuk Programme 'BBB-(EXP)' Rating

Fitch Ratings has assigned Salam III Limited's USD100m insurance-linked Sukuk programme an expected rating of 'BBB-(EXP)'. Fitch has also assigned a rating of 'BBB-(EXP)' to the proposed first USD20m tranche under the programme. ATLANTICLUX Lebensversicherung S.A. (ATL) acts as ultimate obligor in the programme, which is sponsored by ATL's parent company FWU AG. The Sukuk programme's rating is the same as ATL's Long-term Issuer Default Rating (IDR). Each tranche of the Salam III Sukuk programme will have its final payment date five years after its issuance. The first tranche of USD20m is currently planned to be issued in September 2013. Proceeds from the programme will be used to finance upfront acquisition costs of new business. The Sukuk programme has no material impact on ATL's credit fundamentals such as financial leverage or capitalisation.

European Central Bank published research about Islamic finance

European Central Bank, Occasional Paper No 146, June 2013

ABSTRACT

Islamic finance is based on ethical principles in line with Islamic religious law. Despite its low
share of the global financial market, Islamic fi nance has been one of this sector’s fastest growing
components over the last decades and has gained further momentum in the wake of the financial
crisis.

The paper examines the development of and possible prospects for Islamic finance, with a special
focus on Europe. It compares Islamic and conventional finance, particularly as concerns risks
associated with the operations of respective institutions, as well as corporate governance. The paper
also analyses empirical evidence comparing Islamic and conventional financial institutions with
regard to their: (i) efficiency and profitability; and (ii) stability and resilience. Finally, the paper
considers the conduct of monetary policy in an Islamic banking context. This is not uncomplicated
given the fact that interest rates – normally a cornerstone of monetary policy – are prohibited under
Islamic finance. Liquidity management issues are thus discussed here, with particular reference to
the euro area.

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