IslamicFinance.de

TBLI CONFERENCE has partnered with Nexus Network to increase awareness of, and create greater money flows toward, sustainable investing. The partnership will launch at TBLI CONFERENCE EUROPE in Zurich on 14-15 November, where TBLI and Nexus will present a special workshop called “Next Generation Dialogue”. Members of Nexus Network representing different generations will discuss their views and experience in responsible investing. According to Robert Rubinstein, founder and CEO of TBLI GROUP, the interest of Nexus’ members lies mainly in further exploring opportunities in impact investing and philanthropy. Beyond the partnership for TBLI CONFERENCE EUROPE this fall, TBLI and Nexus Network are in the planning stages for a series of smaller events hosted throughout Europe and abroad, focused on ESG and Impact Investing. These events will continue the dialogue and will help achieve TBLI’s and Nexus Network’s vision of creating a sustainable economy based upon well being. For more information please see attached file.

Oman's Alizz Islamic bank has announced the completion of its comprehensive training plan, as part of preparations for to launch operations in the fourth quarter of the year. The training programme introduced branch, call centre and operational staff to the Shari'ah-compliant lender's full range of Islamic products and services and its corporate values.

Abu Dhabi-based Islamic lender Al Hilal Bank plans to launch a $500m sukuk by the end of the year. The bond is expected to be used for general business purposes such as liquidity management and to form the first tranche of a $2.5bn bond programme.

Saudi dairy firm Almarai is said to be looking to sell Perpetual Sukuk, the first from an issuer in the Kingdom of Saudi Arabia. This will be senior Sukuk that does not mature which means that from a credit point of view it is treated as equity rather than debt. BNP Paribas, HSBC Saudi Arabia, Saudi Fransi Capital and Standard Chartered are said to the joint lead managers for the Perpetual Sukuk. Almarai already sold SAR1.3bn of five- and seven- year Sukuk in March of this year.

Bahrain's Al Salam Bank has agreed to acquire fellow Bahraini lender BMI Bank , an affiliate of Oman's Bank Muscat , through a share-swap deal. Al Salam will exchange 11 of its shares for each BMI Bank share to create the kingdom's fourth-largest commercial bank. The tie-up is still subject to shareholder approval, with meetings to vote on assent due to be held in either September or October. Shares in Al Salam were 5.9 percent higher at 0726 GMT in muted trading. The tie-up will create a bank with assets worth BD1.79bn ($4.75bn), according to second-quarter results from both institutions.

Dubai-based GFH Capital is snapping up central London property in search of attractive yields and may launch technology funds with a U.S.-based partner as it seeks to capitalize on business startups in the GCC. GFH Capital has been buying London properties with values between $15 million and $50 million. It is currently looking at purchasing a pair of properties for about GBP20 million, according to chief executive David Haigh. Those investments aim to exploit good prospects for returns on luxury flats in central London. In addition to its London property strategy, GFH Capital is looking at launching private equity funds that seed startups in the region. Besides, the investment in Leeds, Haigh said, was doing well.

The Islamic Development (IDB) has approved financing of projects worth $747 million in various countries. The projects include $200 million aid for Rades Electric and Gas station project in Tunis for the development of energy sector in Tunisia , projects worth $190 million in six Iranian cities and $110 million irrigation projects in Egypt aimed to increase agricultural production in rural communities. The IDB is also providing $100 million to build an airport in Burkina Faso. The educational aid granted by the bank includes $72.5 million for development of the Lebanese University in Beirut, and $10 million for Arabic and French bilingual education project in Chad. Moreover, the bank approved several other projects in member and non-member countries. IDB's executive directors also reviewed the arrangements for the celebration of the 40th founding anniversary of the bank next year.

As the White House considers taking military action against Syria for its use of chemical weapons against civilians, the president should also consider using an additional tool to force the Syrian regime to change course: stepping up economic warfare against Syrian banks and institutions that do business with them. This type of effort can have measurable impact for a simple reason: the Assad government needs money. Without hard currency and access to the international market, the regime will find it far more difficult to fund its military and its ability to purchase Russian weapons will be limited. Syria is vulnerable to economic warfare, which would hurt the regime where it is weakest: its pocketbook.

In a setback for the United States’ attempts to isolate Iran, the General Court in Brussels threw out sanctions Friday on seven Iranian companies, including four banks, rejecting arguments that they were acting as front companies to bypass the punitive measures. The United States Treasury took the opposite tack on Friday, imposing restrictions on a network of six individuals and four businesses for links to oil sales. These actions represent a renewed crackdown to curb the use of front companies, financial institutions and businesspeople to conceal the direct involvement of the Iranian government and entities like the National Iranian Oil Company and the Naftiran Intertrade Company. European officials are expected to hold initial discussions on whether to appeal on Tuesday.

The New York Department of Financial Services (DFS) has asked half a dozen European banks to submit their official records pertaining to their financial dealings with Turkey's Uzan family. The six banks covered by the order are France based BNP Paribas, Societe Generale and Credit Agricole; Commerzbank and Deutsche Bank of Germany and Standard Chartered. The state banking regulator is investigating the case over the illegal business dealings with Uzans. Standard Chartered assured its full co-operation with the regulators, while representatives of the other European banks either declined to comment or did not respond to requests for comment.

Dubai Duty Free (DDF) has picked Abu Dhabi Commercial Bank, Emirates NBD, and Standard Chartered to arrange a $750 million loan to fund the company’s expansion at the world’s second-busiest airport and improve its capital structure. DDF’s new dollar-denominated transaction will be priced at 225 basis points (bps) over the London interbank offered rate (Libor). This is 25 bps inside the revised pricing on the dollar tranche of the previous loan. No lifespan for the facility, which will be arranged. The loan is structured so that banks can commit to either a conventional tranche or one compliant with Islamic principles.

Telekom Malaysia will issue a sukuk, of up to 3 billion ringgit ($907.72 million) in nominal value to fund its working capital. Telekom, in which the Malaysian government owns a 68.6 percent stake, is supported by its dominance in the fixed-lined telephone sector and the nation's low penetration rate of 30 percent for household broadband services, said RAM Ratings.

Nominations are now open for Campden’s second annual Middle East Philanthropy Awards, which celebrate exceptional philanthropic contributions by individuals and organisations in the Arabic region of the Middle East and North Africa. The finalists and winners of the awards will be recognised in an award ceremony in Abu Dhabi to be held on December 10. To nominate an individual, foundation or initiative that is worthy of such recognition, please submit details through the online forms on the website. Nominations will close on November 10.

Saudi Arabian food company Almarai plans to sell perpetual Islamic bonds, the first from an issuer in the kingdom. Almarai will meet domestic investors in the next two weeks to privately place of 1.7 billion Saudi riyals of senior sukuk that do not mature. BNP Paribas, HSBC Saudi Arabia, Saudi Fransi Capital and Standard Chartered have been mandated as joint lead managers for the perpetual offering. Almarai, which sold 1.3bn riyals of five- and seven- year sukuk in March, is raising funds for a 15.7bn-riyal four-year investment program. The ability to raise cash without disturbing a company's share structure is a key benefit, therefore this might be especially interesting for the region's family-owned businesses.

The Securities Commission (SC) aims to position Malaysia as an Islamic wealth management centre, a target that is highly feasible because of the country's high savings rate. Steps are being taken to create a certain number of intermediaries in the area. As of July 2013, there were 19 licensed Islamic fund management companies in Malaysia. The country's assets under management of Islamic funds are expected to hit RM322 billion by 2020 from RM80 billion end-2012. Generating broader approach with regional countries can help Malaysia to continue innovating and expanding the Islamic market place.

Following the introduction of the Islamic Banking Regulatory Framework (IBRF) in December 2012, Omani banks are now allowed to offer Islamic banking services. Moody's views this as credit positive for the banks as expansion into Islamic banking has the potential to strengthen their franchises and diversify revenue generation, particularly for the largest banks in the system, which will be able to leverage their existing infrastructure and networks.

Turkey’s large infrastructure investments may boost the country’s Islamic finance sector. Turkey’s mega projects like bridges, airports, and Kanal Istanbul are compatible with the Islamic financing structure, according to ?brahim Turhan, chairman of Turkey’s stock exchange Borsa Istanbul. Moreover, the private sector’s sukuk export needs are believed to increase due to the large infrastructure investments on the agenda. Bank Asya is planning to export at least 125 million Turkish Liras of additional sukuk before the year ended, while Albaraka Türk is mulling exporting over $200 million worth of sukuk within the last quarter or at the beginning of next year. Non-interest financial tools are accorded a great importance in Turkey’s bid to make Istanbul a global financial center as well.

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) yesterday announced that the certification granted to Islamic banking and finance information systems offered by Path Solutions has been withdrawn with effect from September 1. Therefore, AAOIFI no longer certifies that the Islamic banking and finance information systems offered by Path Solutions as being compliant to AAOIFI standards, and bears no responsibility on the Sharia compliance of their systems.

Indonesia’s finance ministry sold Rp 1.055 trillion ($96.22 million) of shariah bonds at an auction on Tuesday, with yields mixed. The country sold 700 billion rupiah of 6-month shariah T-bills, at a yield of 6.71615 percent, down from 6.75000 percent on Aug. 20. It also sold 355 billion rupiah of 30-year project-based sukuk, while its yield rose to 9.43750 percent from 9.24943 percent. Total bids were 9.308 trillion rupiah and the highest bid-to-cover ratio was 12.53 from 6-month shariah T-bills.

The total value of new issuances in the Aggregate Gulf Cooperation Council (“GCC”) Bonds and Sukuk market, during the first half of 2013 (“H1 2013”) was USD 45.5 billion, a 4.6% increase in comparisonto the respective period of 2012 (“H1 2012”).