IslamicFinance.de

HH Sheikh Ahmed bin Mohammad bin Rashid Al Maktoum has been appointed Chairman of the Board of Directors of Noor Islamic Bank (NIB) and therefore replaced Sheikh Ahmed bin Saeed Al Maktoum.
Sheikh Ahmed bin Saeed Al Maktoum replaced in exchange Ahmed Humaid Al Tayer as the head of the UAE’s biggest bank by assets Emirates NBD.
The question is what could be the motive behind this. Bankers like Mashreq Capital CEO Kadir Hussein say that “People change senior management and board because they want things to move in another strategic direction.”

After a landmark sharia REIT and local currency sukuk from Malaysia's Khazanah Nasional stirred the city-state's interest in wholesale Islamic banking, more Singapore companies are willing to raise Islamic financing.
Companies are looking for sukuk and Islamic private equity deals as an avenue to reach a broader class of investors, including those who can only put their money in assets that comply with religious principles. OCBC Al-Amin's chief executive, Syed Abdull Aziz Syed Kechik, added that these include Middle Eastern investors and government funds that invest according to Islamic tenets, such as Malaysia's Pilgrims Fund.

Dubai Islamic Bank (DIB) stated that it will launch a new Sharia opportunity fund in the region with exposure to equity markets across the Asia-Pacific region.
Prudential Asset Management Limited is the one offering the fund. It will search to invest in Sharia-compliant companies in the APAC region excluding Japan. It will also try to capitalise on the sustained economic growth and increasing wealth across the APAC region.

KFH Research Limited (KFHR) is planned to be the world's first Islamic investment research arm to be established by an Islamic bank (Kuwait Finance House).
KFHR's core strength is in its Islamic finance research and advisory works. It works closely with the Central Bank of Malaysia (BNM), IFSB, various Government linked organisations in Malaysia and the GCC; and are also exploring common research with the IMF.

Central Bank of Kuwait (CBK) Governor Sheikh Salem Abdelaziz Al-Sabah stated that the planned single Arabian Gulf currency is a goal, rather than a hope. He also underlined the fact that key steps would be taken ahead of the issuance of the Gulf currency, chiefly the launching of a uniform Gulf central bank as a congenial legal and institutional ground.
He added that the Gulf Monetary Council is facing diverse challenges, primarily a necessary strong and sound legislative, financial and institutional infrastructure.

His Highness Shaikh Mohammed bin Rashid Al Maktoum has appointed Shaikh Ahmed bin Saeed Al Maktoum as the chairman of Emirates NBD, and Shaikh Ahmed bin Mohammed bin Rashid Al Maktoum as the chairman of Noor Islamic Bank.
Shaikh Ahmed replaced Ahmed Humaid Al Tayer as the head of Emirates NBD.

Compared to the pre-crisis period, when the clients were more heavily focused on chasing returns, now the demand is for advisers to help HNW clients to manage the complex mix of goals, primarily wealth preservation.
The World Wealth Report observed that the world's HNWIs expanded in population and wealth in 2010, surpassing 2007 pre-crisis levels in nearly every region.

Because of the recent launch by Bank Negara Malaysia of its new Islamic monetary management instrument, the Bank Negara Monetary Notes-Istithmar (BNMN-Istithmar), the attention of the global Islamic capital market is once again on Malaysia.
It seems that at the same time, the Malaysian government has appointed the local Maybank Group, the CIMB Group, Citigroup and HSBC to lead arrange a third global sovereign US dollar sukuk offering.

ALAFCO announced a $2.7 billion deal to buy 30 Airbus A320neo.
The aircraft leasing firm signed a Memorandum of Understanding (MoU) at the 49th Paris Air Show in Le Bourget.
ALAFCO already ordered 26 A320s of which 25 have been delivered. Including this order, now ALAFCO’s total order for Airbus single aisle aircraft has reached 56.

The GCC Islamic banking community is well positioned to build on a leadership role versus other potential competing centers such as Malaysia, Iran or even the UK.
GCC Islamic banks have also prooved their ability to be more innovative in terms of product development and provision of services as they compete for business with conventional banks. However competition in the GCC has also outcome as a fragmented Islamic finance industry with most local institutions remaining relatively minor players on a global scale.

Sarawak Energy Bhd (SEB) plans to issue up to RM15 billion in Islamic debt notes.
RAM Rating Services Bhd revealed that SEB had proposed the Sukuk Musyarakah programme of up to RM15 billion. RAM Ratings said SEB’s generating capacity is set to triple within a relatively short time.

Seera Investment Bank revealed the sale of BWA Water Additives (BWA), a UK based company in a transaction valuing the company at around $ 300 million.
The company's new owner is Berwind Corporation.
Seera Investment Bank has a strategy of seeking investments with strong fundamentals which exhibit potential for growth.

In order to help the government of Malaysia with a planned sale of U.S. dollar denominated Islamic notes, CIMB Group Holdings Bhd., Citigroup Inc., HSBC Holdings Plc and Malayan Banking Bhd. were hired.

The UAE’s central bank is going to open up a repurchase facility for Islamic certificates of deposits to provide a new liquidity tool for the OPEC member’s banks.
One of the key challenges to the emerging Islamic finance industry is a lack of liquidity management tools. It seems that the new facility is based on a murabaha concept.

The takaful industry in Bahrain is rising because of the people that prefere Sharia-compliant insurance.
The insurance market in Bahrain includes 27 domestic insurance companies and 11 branches of foreign insurance companies covering both direct insurance and reinsurance.
Conventional insurance reported the highest contribution in total assets at the rate of 79pc.

Bahrain decided to end the three-month state of emergency and therefore the confidence in the island nation’s Islamic bonds is being restored.
The notes returned 4 percent this quarter, compared with 3.2 percent for sukuk in Dubai, 2.5 percent for Malaysia and 1.7 percent in Indonesia.
Yields on Bahrain sukuk climbed to 4.45 percent on March 15, the highest level in a year.

Kerala is going to be the host of a national seminar on interest-free institutional mechanism for banking, finance and insurance on July 4.
Chief Minister Oommen Chandy will be the on to open the seminar.

Nakheel stated that it has paid AED5bn ($1.36bn) in overdue payments to its trade creditors.
Through the restructuring proposal trade creditors will receive repayment through 40 percent cash and 60 percent in the form of an Islamic bond, or sukuk.

Submission deadline 15 September 2011

Palgrave Macmillan is pleased to announce a call for papers for the Journal of Derivatives & Hedge Funds

For Islamic banking to grow further and develop there are many challenges relating to financing instruments, market structure and market regulation. The aim of the special issue is to provide a central platform and communication channel for researchers, academics, business leaders and industry practitioners relating to Islamic Banking. The key contextual challenges in the Islamic finance industry today include the innovations and developments at the leading edge of the field, and the long-term impact, scope and authenticity of these ideas in the context of an Islamic community and way of life. View full details at:

http://www.palgrave-journals.com/jdhf/jdhf_cfp_islamic.pdf

Topics of interest include, but are not limited to:

- The Shari'ah requirements in Islamic banking and risk identification.
- Current practices of asset management and portfolio management in Islamic banking
- Need of financial innovation in Islamic banking.
- The impact of the Basel Accords on Islamic banking
- Islamic banking and corporate governance

Kuwait Finance House will focus on the retail banking services in its future expansion plans with a view to increase its activities and revenues.
As KFH Chief Executive Officer Mohammad Al-Omar stated, KHF’s excellence in the retail banking market and possession of an effective market share, are based on several strength factors, such as the legitimate platform where all KFH’s products and services are launched, which prompts clients to trust the Islamic bank.