IslamicFinance.de

The National Commercial Bank has recently cooperated in the Islamic Finance Forum coordinated by Harvard University in the United States of America. The forum is a praised annual event that gathers top scholars, researchers and analysts, with economists and industry leaders in Islamic Finance from around the world.
Being at its tenth session this year, the forum's agenda was centered on discussing the role of Islamic finance in the global economic development, underlining the latest challenges facing the growth of the industry and defining the competitiveness and opportunities inherent in Islamic finance as a potential alternative for the conventional financial system.

National Shipping Company of Saudi Arabia (NSCSA) has signed a Murabaha financing agreement with the Saudi British Bank (SABB) and the National Commercial Bank for SR822.6 million ($219 million). The money will be used to finance 80% of the cost of constructing two general cargo ships and 20% will be financed by the company and optional two ships that were contracted with Hyundai MIPO Shipyard in South Korea earlier this year.
Repayment will start after three months from taking delivery of the ships and will be repaid in equal quarterly installments and a balloon payment at the end of the tenor of about (30 %) of the contract value.

Emirates Post has decided to abandon plans for a public listing after toying with the idea for past few years.
A National Commercial Bank report said that the "much anticipated" issue was of Emirates Post which was expected to raise more than $270 million.
Government support has been critically important for IPO activity in the GCC during the crisis.

The following borrowers are expected to sell Islamic bonds: MALAYSIA, YEMEN, DUBAI, GULF INVESTMENT CORP., FRANCE, SAUDI INTERNATIONAL PETROCHEMICAL CO., GENERAL ELECTRIC CO., PALESTINE MONETARY AUTHORITY, NAKHEEL PJSC, SABAH CREDIT CORP., CREDIT AGRICOLE SA, NOOR ISLAMIC BANK, NATIONAL COMMERCIAL BANK, KPJ HEALTHCARE BHD., EMIRATES TELECOMMUNICATIONS CORP., SENEGAL, ALBARAKA BANKING GROUP., ISLAMIC DEVELOPMENT BANK, THAILAND, KNM GROUP BHD., CAGAMAS BHD., SAUDI ARABIAN OIL CO., GAMUDA BHD., EGYPT, PT BANK MUAMALAT INDONESIA, SENAI-DESARU EXPRESSWAY BHD., MALAYSIA DEBT VENTURES BHD, INDONESIA, TURKEY, KAZAKHSTAN, PHILIPPINES, SAUDI ELECTRICITY CO., EMIRATES INTEGRATED TELECOMMUNICATIONS CO., LAFARGE MALAYAN CEMENT BHD..

Etihad Etisalat Company secured a SAR 1.2 billion facility through short-term Islamic financing at a competitive Murabah rate for 12 months through a consortium of five banks: Samba Financial Group, National Commercial Bank, Riyadh Bank, the Saudi Arabian British Bank and Saudi Fransi Bank.
The new financing will be used to expand and upgrade Mobily's current data communication infrastructure to grow Mobily's mobile and fixed broadband business in line with the company's strategic Growth, Efficiency and Differentiation (GED) objectives.

Saudi Electricity Co (SEC) has finalised an Islamic financing worth 5 billion riyals ($1.33 billion) with four local banks to finance projects in the kingdom.
The 15-year murabaha financing was provided by Saudi Arabia's largest lender by assets, the National Commercial Bank, alongside Saudi British Bank 1060.SE (SABB), Samba Financial Group 1090.SE and Banque Saudi Fransi 1050.SE.

National Commercial Bank are among five borrowers in the Persian Gulf that may offer Islamic bonds next year after sales dropped 40 percent in 2010.
There is a good opportunity to take advantage of the liquidity level among Islamic investors, which has remained high due to the shortage of sukuk sales this year.
Global sales of sukuk dropped 31 percent this year because of the concern about defaults prompted investors to demand higher returns from property-related issuers.

The National Commercial Bank Chief Executive Officer Abdulkareem Abu Alnasr has been named Islamic Banker of the Year 2010 at the World Islamic Banking Conference (WIBC).
Alnasr received the award from the governor of the Central Bank of Bahrain in recognition of NCB's strong leadership and commitment to Islamic Banking.

Jabal Omar Development Company the leading planner and developer of the Jabal Omar mountain area, has received agreements for bridge funding collectively worth SR1.35 billion from five national banks, namely Al Rajhi Bank, National Commercial Bank, Bank Al Jazira, Saudi British Bank (SABB) and Saudi Hollandi Bank.
The bridge loan provides immediate cash flow that would serve as a working capital until the round of funding goes through and acts to bridge the gap between times when financing is needed.
The Jabal Omar development in Makkah project calls for construction of residential and commercial center in area close to the Grand Mosque in Makkah. The master plan of development covers 230,000 square meters.
The development consists of 39 commercial and residential towers, notable of which is the 50-storey Twin Tower.
The project has led other developers to follow our lead in improving and urbanizing the central area surrounding the Mosque.

The Saudi joint stock company's focus on the real estate sector stems from the fact that this sector is among the most promising ones in the Kingdom, a team of Alawwal executives told a press conference at Hilton's Qasr Al Sharq hotel on Sunday.
The real estate sector is capable of absorbing more capital injections locally and from overseas. Market studies reveal that the Kingdom requires over 200,000 housing units annually.
To achieve the fund's objectives, the expertise of Ulayya Real Estate Development has been called on. It is one of the pioneers in land development and is represented by Hamad Bin Seaidan who has over 30 years of real experience in the field.
The participation in the fund is open to both citizens and resident expatriates through its head office in Jeddah and branches in Riyadh and the Eastern Province. To facilitate participation in the fund, the company has formed a specialized team and has reached an agreement of cooperation with Samba and the National Commercial Bank.

The Gulf Opportunity Fund made it's second investment by taking a 70% stake in L'azurde, the world's fourth largest manufacturer of gold and jewellery and leading Middle East brand. The Fund is led by Investcorp and its consortium partners Eastgate Capital Group, is the private equity investment arm of NCB group of Saudi Arabia, and The National Investor.