IslamicFinance.de

Dubai Group has set up two bank committees to speed up the process of restructuring.
A source close to the restructuring talks told Gulf News that the two committees are working closely with Dubai Group to reschedule the loans.

Qatar Central Bank has ordered conventional lenders operating in the gas-rich Gulf Arab state to shut down Islamic finance activities by the end of 2011, in a move that could curb an important source of income for many banks.
From the move will benefit players such as Masraf Al Rayan and Qatar Islamic Bank, whose shares rose 10% and 8.4% respectively.

Bahrain's Unicorn Investment Bank has dropped plans to buy Dubai Group's 40 percent stake in Malaysia's Bank Islam.
Dubai Group said in October 2009 it was reviewing options for the stake in Malaysia's second-largest Islamic bank as it shifts its focus closer to home.

Sharjah Islamic Bank has signed a Memorandum of Understanding (MoU) with the Corporate Leasing Company Egypt (CORPLEASE), to establish a joint venture 'CORPLEASE UAE', a UAE-based company that will provide a plethora of lease facilities.
The ceremony was attended by Mohammed Abdullah, CEO of Sharjah Islamic Bank and Tarek Azmy, Managing Director of CORPLEASE, who signed the MoU on behalf of their respective organisations.

The Gulf Bond and Sukuk Association (GBSA), the trade association representing the Arabian Gulf fixed income market, is pleased to announce that it has filled a series of key committee positions for 2011. GBSA works through its topical sub-committees to promote a deep and transparent market for securities issued from the region.
Through its targeted sub committees, GBSA will discuss the issues that are likely to affect the future of the industry and create industry positions that will influence the direction and growth of the debt capital market in the Gulf region.

The books for Emaar Properties' planned Islamic bond, or sukuk, sale are now open and the price whisper is in the 8.625% area.
The Dubai-based real-estate developer last week said it appointed HSBC, RBS and Standard Chartered to arrange investor meetings targeting fixed-income investors starting Jan. 21. The meetings were arranged in Asia, Europe and the six-member Gulf Cooperation Council states.

Before joining Dubai Islamic Bank, Al-Gebali served as the CFO at Boubyan Bank, Kuwait. During his 23 years of professional experience, Al-Gebali has held senior positions at Global Investment House, Gulf Investment House, Kuwait Financial Center and International Financial Advisors.

Although prices are still expected to drop further, confidence is returning to specific locations and developments in the Dubai real estate market with the re-emergence of key lenders.
Projects such as The Old Town, Dubai Marina, Palm Jumeirah, The Meadows and The Greens are proving to be more resilient in both the sales and leasing market.
The reports points out that buyers now have the financial option to upgrade to better quality units in more desirable locations. These improvements on efficiency and quality can only enhance the reputation of the real estate market in Dubai.

The Dubai property developer behind the emirate's manmade islands said it will tap government support funds to repay more than $800 million in debt due next month as it pushes ahead with restructuring talks.
Nakheel announced plans to use funds from the Dubai Financial Support Fund to repay the sukuk, a type of Islamic bond, in a regulatory filing to the Nasdaq Dubai stock exchange.

Moody's withdrew its ratings on Saudi Arabia's largest property developer Dar al Arkan, having its own reasons.
The agency's withdrawal policy says that under certain circumstances, Moody's will withdraw a rating for an issuer or an obligation for reasons unrelated to the adequacy of information, or bankruptcy or reorganization status of the credit.

Kuwait's indebted The Investment Dar Company held its first face-to-face meeting with the reconstituted Coordinating Committee last Thursday in Dubai.
At the meeting, the documentation relating to the official engagement of the committee was finalised, it said, and added that committee membership now includes Jordan International Bank, ABC Islamic Bank, Lloyds TSB Middle East, Al Rajhi Bank, the Islamic Development Bank, Bank of Bahrain and Kuwait.

The cost of insuring five-year Dubai debt against default fell to around 400 basis points (bp) as the emirate’s corporates, supported by its government, steadily chip away the debt.
Spreads on Dubai’s five-year CDS soared to nearly 1,000bp in February 2009, as investors grew increasingly concerned about the government’s willingness to meet the repayment schedule in 2009-10, particularly in quasi-sovereign debt.

Nakheel, the real-estate unit of Dubai government-owned conglomerate Dubai World, said the Dubai Financial Support Fund has given it enough money to repay its $750 million Islamic bond, or Sukuk, that matures on Jan. 16.

Dubai developer seems to be working towards achieving the required 95% approval for restructuring.
Nakheel has achieved 91 per cent acceptance from its trade creditors for restructuring its debts and is working to reach the threshold limit of 95 per cent.

The construction and real estate sectors in Dubai have seen a decrease of almost 5%.
Opportunistic investment funds see a 6 month window to capitalize on Dubai's growing inventory of distressed commercial and residential property, often sold below original purchase price.
The property and construction sectors are the worst hit in the emirate by the global economic downturn.

Kuwaiti Islamic firm Investment Dar appointed a new panel of creditors to negotiate its debt restructuring after a previous committee quit over a disagreement.
Four banks from the previous group remain on the coordinating committee and will be joined by two new lenders after a dispute over the terms of the restructuring led to a breakdown in negotiations in November.

International Islamic Financial Market wishes to announce the appointment of Mr. Mahmoud AbuShamma as its first Chief Executive Officer (CEO) for a three-year tenure effective 1 February 2011.
Mr. Mahmoud will lead a team of Islamic finance experts and professionals to operationalise the IILM's Mr. Mahmoud has served as the Global Head of HSBC Amanah Coverage at HSBC Bank Middle East Limited, Dubai in charge of critical HSBC Amanah relationships globally, including Governments, high networth individuals and top corporate clients.

A new REIT was established Dubai this week, and is likely to list in London within the next 18 months.
The REIT is a collaboration between Dubai Islamic Bank and Eiffel Management.
Before undertaking a dual listing in the next 18 months, Emirates REIT will initially list on the Dubai Nasdaq stock exchange.

Ratings agency Standard & Poor’s have upgraded the outlook of Dubai-based takaful insurer Aman from negative to stable.
According to S&P, Aman has displayed resilience during the downturn and has produced a good underwriting performance.

Companies within the industry are continuing to debate the standards that need to be met to be considered a "Sharia-compliant" hotel.
One such company is Shaza Hotels. The luxury operator, which is a joint venture between Kempinski Hotels and Guidance Hotel Investment Company, based in Paris, is aiming to open hotels that are alcohol-free and "display the values and cultures of the Middle East and North Africa".
Shaza announced plans to manage a luxury hotel in Karbala, Iraq, which is being developed by Range Hospitality, based in Dubai.