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Abu Dhabi-based Tourism Development & Investment Company (TDIC) received cash injection of over Dh2 billion from the government in 2013, Fitch Ratings said. The state has consistently provided TDIC with substantial direct financial support, including the provision of free land, recognised by TDIC as equity contributions. In 2013, the government provided cash contribution of more than Dh2bn, according to the ratings agency. Fitch also affirmed TDIC rating with stable outlook. The ratings are aligned with the Abu Dhabi sovereign (AA/Stable/F1+), reflecting strong ties with the sovereign. Fitch said TDIC is unaffected by the emirate's recently approved public debt policy.

Arcapita Bank is suing Saudi Arabia's Al Baraka Banking Group BSC and Bahrain-based Alubaf Arab International Bank to recover a total of $45.3 million the investment firm transferred to them just before its 2012 bankruptcy filing. Arcapita is suing two units of Al Baraka for a total of $35.3 million and is going after Alubaf for $10 million in a separate suit. The suits are the biggest of 59 lawsuits Arcapita has filed seeking money it shelled out within 90 days before its March 2012 bankruptcy filing. The rest of the suits are mostly against law firms, consulting groups and vendors such as information services the company paid for. Most of those are for $200,000 or less.

Arcapita Bank is suing two Arab banks to recover a total of $45.3 million the investment firm transferred to them just before its 2012 bankruptcy filing. The suits, filed by the Bahrain-based bank against Saudi Arabia's Al Baraka Banking Group BSC and Bahrain-based Alubaf Arab International Bank BSC, are the biggest of 59 lawsuits Arcapita filed on Monday seeking money it shelled out within 90 days before its March 2012 bankruptcy filing. Arcapita is suing two units of Al Baraka for a total of $35.3 million and is going after Alubaf for $10 million in a separate suit.

Khaleeji Commercial Bank (KHCB), a Bahrain-based Islamic retail bank, has completed due diligence on a proposed merger with Bank Alkhair, a Bahrain-based Islamic wholesale bank. KHCB shareholders were told by chairman Dr Fuad Al Omar that the matter was under discussion and no decision had been taken yet. When compared with 2012 levels, the bank's total assets grew by 14.6 per cent to BD542.2 million last year with the consumer finance portfolio increasing by 66.7pc. However, the provision of an aggregate amount of BD17.7m in impairment provisions and marked to market losses resulted in net loss of BD19.2m. Dr Al Omar said the bank continued to improve its profitability with increase in revenue from core operations and control of costs. On future plans, he said KHCB would launch new products based on customer needs.

The board of Bahrain-based Ithmaar Bank has initiated several measures aimed at reducing costs this year. The initiatives include a combination of increased revenue, improved margins and cost reductions across Ithmaar Group which are expected to result in savings in the range of $25-$35 million annually. The bank now plans to leverage existing resources and share information technology systems and infrastructure between Ithmaar Bank in Bahrain and its subsidiaries, mainly Faysal Bank (FBL) in Pakistan. Moreover, the lender has identified areas to reduce costs, including staff and other overheads, and now wants to realise the full potential of these cost synergies through rationalisation of human resources and IT infrastructure.

Bahrain-based Gulf Finance House will seek shareholder approval later this month for a potential reduction in share capital and to issue a convertible sukuk of up to $500 million to restructure debt and fund new projects. Under the proposal, GFH will reduce the nominal value of its shares by 13.8 percent to $0.265 per share from $0.3075, according to a notice on GFH's website. As a result, paid-up capital will be cut to $837 million from $972 million. GFH also aims to issue convertible sukuk worth up to $500 million to restructure current liabilities, develop projects and fund possible future acquisitions, subject to shareholder and regulatory approval. No timeframe was indicated for the potential offering. The proposals will be discussed during its annual general meeting on March 31.

Dubai’s government will consider establishing the world’s first fully Shariah-compliant export-import bank to promote the emirate’s foreign trade. The bank would provide financing to companies involved in trade while helping them to reduce their risks and gain market access, the Department of Economic Development said in a statement without giving details of the proposed institution’s structure or financing. Noor Investment Group will advise on the project, the department added, but did not give a time frame. Last month the Export-Import Bank of Malaysia said it had issued the world’s first US dollar-denominated Islamic bond issue from an export-import bank; the $300mn, five-year sukuk attracted $3.2bn of investor orders.

Standard Chartered Bank sees great potential for Islamic banking in Kenya with only two percent penetration to the total banking business. Standard Chartered Bank’s Global Head of Islamic Banking Wasim Saif says with the population of Muslims being 10 percent in the country Islamic banking could grow to a double digit number in the next five years. That's why the bank launched its Islamic banking offering in Kenya under the brand name Saadiq. Saadiq becomes the first market of Standard Chartered’s African footprint for Islamic banking, and is considered a platform to enter in other African markets that include Tanzania, Uganda, and Nigeria in two to three years. The new window will offer Shariah compliant products that include personal banking, home financing, as well as business and corporate banking.

A two-day forum with the participation of over 470 businessmen, foreign investors, managers of international companies, federal and regional agencies representatives was held at the Kazan Ski Resort in the Republic of Tatarstan. «Invest in Tatarstan» was organized by Tatarstan Investment Development Agency with the participation of Tatarstan Development Corporation and Tatarstan Export Corporation. Discussions of region’s attractiveness for the foreign companies and business development in the first half of the day continued with several round tables, likec health care, real estate market, and halal industry. The forum not only demonstrates investment opportunities of the region, but also gives an opportunity to discuss specific issues directly with the leadership of the republic.

Japan’s three-biggest lenders have won licenses to offer Islamic banking services in Malaysia. Sumitomo Mitsui Banking Corp Malaysia Bhd obtained approval to operate in the Southeast Asian nation on February 10. The lender expects to provide foreign-currency financing to local companies in the form of Murabaha and commodity. Bank of Tokyo-Mitsubishi UFJ Malaysia Bhd offers Islamic loans and guarantees among its services after obtaining approval in 2008, while Mizuho Financial Group Inc provides Shariah trade financing since getting a license in 2012. Japanese entities have also chosen Malaysia as a place to raise funds via the Islamic debt market.

Kuwait’s Noor Financial Investment Company said the proposed sale of its stake in Karachi-based Meezan Bank had been blocked by Pakistan’s central bank, which felt the prospective buyer had not met its standards for suitability. Little is known about the prospective buyer, identified only as Vision Financial Holdings Limited in a separate filing by Meezan Bank. Noor Financial said the prospective buyer would continue to seek approval from the regulator, with the offer set to expire on April 15, 2014. However, ownership of Meezan Bank may be a sensitive issue for regulators as they seek to develop Islamic banking in the country. Last December, Noor Financial said it planned to sell its 49.1% stake in Meezan for $190 million and expected to book a $24 million profit.

Saudi investment and asset management firm Alkhabeer Capital has hosted a roundtable on ‘Family Businesses and Private Equity’ in Jeddah. The event was attended by clients, partners and a select group of prominent industry leaders and was chaired by keynote speaker, Dr. Benoit Leleux, a professor of Entrepreneurship and Finance at IMD Business School in Switzerland. Dr. Leleux presented two key sessions which addressed the relationship between private equity and family businesses, the first titled “Family Business and Private Equity – Valuable Partnership or Conflicts of Interest” and the second addressed “The Impact of Governance and Presence of Non-Family Executives on Family Businesses’ Entrepreneurial Wealth Creation”.

Dubai Islamic Bank plans to expand its operations into Asian and African countries as it emerges from a period of consolidation, the bank's chief executive Adnan Chilwan said. The lender, which currently makes some 95 percent of its revenue within the United Arab Emirates, says it is entering a growth phase domestically and internationally. It is exploring opportunities in Indonesia, Kenya and surrounding countries in Africa, the Indian subcontinent and the GCC. Expansion could be realized via acquisition, a Joint Venture, a finance company or a greenfield operation as long as DIB keeps management control and operates under its brand, Chilwan added. However, Chilwan said the bank also expected strong growth in its domestic market, so the balance between local and international business would not change radically.

Jamal Darwiche, acting CEO of alizz islamic bank, has resigned from his position for personal reasons. The bank said that the board is engaged in filling this role permanently, but added that Saif al Yarubi will take on this responsibility during the interim period. Before joining alizz islamic bank in July 2012, Darwiche held the position of chief operating officer and general manager of retail banking at Masraf Al Rayan Bank in Qatar. Saif al Yarubi was appointed as chief financial officer at alizz islamic bank in September 2013. He joined alizz islamic bank after serving five years as finance director at Investment Corporation of Dubai (ICD).

GFH Capital has successfully placed its newly acquired prime central London residential property with GCC investors. The placement was oversubscribed by investors seeking attractive opportunities in the UK real estate market. The luxury property, which is located in Kensington, is a five unit Grade II listed building overlooking the Queens Gate Gardens. The investment is expected to deliver above average capital appreciation over the medium term for the bank and its investors. GFH Capital continues to assess other similar opportunities in the UK and US real estate markets where it sees value and upside potential. GFH Capital announced the acquisition of its Queens Gate Gardens property in early January 2014.

Islamic Bank of Britain is hosting an information evening in London dedicated to improving the local community’s understanding of Sharia compliant savings. The event will take place on Thursday 20th March 2014 at Islamic Bank of Britain, 97-99 Whitechapel Road, London, E1 1DT, from 6.30 pm – 8.00 pm. The evening will consist of a brief presentation about how customers can maximise the returns from their savings in a tax-efficient and Sharia compliant way. This will be followed by an informal Q&A and discussion session, and will cover IBB’s future plans since becoming part of the Masraf Al Rayan Q.S.C. (MAR) group, Qatar’s largest Sharia compliant bank. IBB is holding the event following its launch of the UK’s only Sharia compliant Notice Cash Individual Savings Account, with an expected profit rate of 1.8% (per annum).

Dubai Islamic Bank has revealed plans to expand its operations to Africa as well as Asia, as it seeks growth for its domestic and international business. According to DIB’s chief executive Adnan Chilwan, the bank is exploring opportunities in Indonesia, Kenya and surrounding countries in Africa, the Indian subcontinent and the GCC, with the hope of doing this via acquisition, Joint Venture, establishment of a finance company, or through a greenfield operation startup. Given a five-year scenario, the bank expects a decent franchise spread across these countries with stable and solid yields across all sectors. International business is estimated getting at best 10 to 15 percent of the overall group numbers in about six to eight years.

GFH Capital has announced the appointment of Jinesh Patel as its Senior Executive Officer to lead the Dubai based investment bank. In his new role, Mr. Patel has been tasked with further building and growing the business. Mr. Patel is a senior business professional with almost two decades of international experience in the financial services arena spanning Europe, the Middle East and Asia and brings to his role extensive experience in originating, structuring and executing private equity, debt and capital market transactions. Prior to joining GFH Capital, he was the Chief Financial Officer of Ammalay Commodities - Dubai. He holds an MBA from the University of Brighton and BA (Hons) in Business Economics and Finance.

Bahrain's Gulf Finance House (GFH) will start building a $3bn financial park and real estate development north of Tunisia's capital, a project that had been suspended for five years. The project will be one of the largest private foreign investments in the North African state. GFH's project was scheduled to begin in 2009, but financial difficulties at the Islamic bank and Tunisia's 2011 uprising froze several large-scale projects. The $3bn project will start on 15 March, and an agreement has been signed with the Tunisian contracting companies to start practical implementation of the project in a few days, according to Lotfi Zar, the executive director of the project.

The Islamic Development Bank (IDB) Group and the Republic of Chad have signed an agreement worth 3.14 million US Dollars to support a dual Arabic-French education development project in the first level of secondary education. The project will be financed through a loan from the IDB and the Islamic Solidarity Fund for Development affiliated to the IDB. The agreement was signed by the Chairman of the Islamic Development Bank, IDB, Group, Dr. Ahmad Mohamed Ali, and Mariam Mohamed, Minister of Economy, Planning and International Cooperation and Governor the Islamic Development Bank branch in Chad. The meeting discussed relations with the IDB Group and ways of boosting them and the features of the programme of the strategic partnership between the two sides, which will be launched soon.