IslamicFinance.de

Saudi-based construction firm Binladin Group has completed a 1-billion-riyal ($266.7 million) Islamic bond sale. The transaction, structured as a sukuk al-murabaha, has a one-year lifespan and pays a profit rate of 2.5 percent. The Islamic bond was sold to a wide range of investor types including financial institutions, asset managers and insurance funds among others. Sources said last month that BNP Paribas and the investment banking arm of Gulf International Bank were marketing a deal for Binladin Group to Saudi investors, with proceeds to be used to fund its projects. The sukuk sale is the fourth carrying a 364-day tenor. Binladin Group has already completed one, longer-dated local currency sukuk in 2013. It priced the 1.3-billion-riyal Islamic bond with a 2.5-year lifespan, arranged by the investment banking arm of Banque Saudi Fransi , in April.

Saudi-based Al Rajhi Bank posted a slight rise in its second-quarter net profit. The bank made 2.12 billion riyals ($565.3 million) in the three months to June 30, compared with 2.09 billion riyals in the same period a year earlier. Profit for the opening six months of the year was 4.17 billion riyals, up from 4.10 billion riyals in the corresponding period of 2012. The results are in line with analysts' forecasts that expected the bank, on average, to post a net profit of 2.13 billion riyals for the second quarter.

The Gulf Finance House of Bahrain said that it is hoping to receive more active investments to salvage the investment firm's falling figures. A new business model was proposed which consists of new strategy calls such as better involvement with the investments that the firm creates, and better decision making on projects which are in development. Previously, the GFC passed such projects to third party developers without considering to halt their completion. The firm's acting chief executive Hisham Al Rayes said that they were now looking at fundamentals and more calculated risks. Instead of using sub-developers the company is now going vertical in the development of its projects.

The ebullient GFH Capital general counsel David Haigh speaks to Alex Newman about buying Leeds United, his unorthodox legal career and lofty political ambitions. When David Haigh recounts his first meeting with Ken Bates the anecdote reveals as much about himself as it does about the famously combative ex-chairman of Leeds United Football Club.

An Ordinary Shareholder Assembly of Bahrain Islamic Bank (BisB) was held on Sunday 7th July 2013 with the objective of electing a new Board. The result was the election of four new members to the Board in addition to the five members who are appointed. The following four members are the ones who were successful in the elections: Talal Ali Abdulla Al-Zain, Khalil Ebrahim Nooruddin Nooruddin, Ebrahim Hussein Ebrahim Abdul-Rahman, Othman I. N. Al-Askar. Accordingly, the Board of Directors constitution now is complete with a total number of nine as follows: Mr. Abdul Razak Abdulla Hassan Al Qassim (Chairman), Brig. Khalid Mohammed Al Mannai (Vice Chairman), Mr. Talal Ali Abdulla Al Zain, Mr. Khalil Ebrahim Nooruddin, Mr. Mohammed Al Zarrouq Rajab, Mr. Mohammed Ahmed Abdulla Ali, Mrs. Fatima Abdulla Budhaish, Mr. Ebrahim Hussain Ebrahim Abdul Rahman, Mr. Osman Ebrahim Naser Al Askar.

The United Nations Development Programme (UNDP) and the Islamic Trade Finance Corporation (ITFC) of the Islamic Development Bank agreed to cooperate in the Arab States region on fighting poverty and creating jobs. The newly-signed Aid for Trade Initiative for Arab States will spearhead trade reforms in Arab countries in the Middle East and North Africa with the aim of bringing about pro-poor economic growth. The Aid for Trade Initiative for Arab States was endorsed by the 3rd Arab Economic and Social Development Summit, held in January. It is funded by the International Islamic Trade Finance Corporation as well as the Governments of Kuwait, Saudi Arabia and Sweden and UNDP. The initiative will also be undertaken in technical cooperation with the League of Arab States.

PwC has published its new report titled ‘Resetting the Compass: Navigating success in deal-making for mature market sellers and high growth market buyers’. Companies in high-growth markets (HGM) invested US$161 billion into mature market companies between 2008 and 2012, outstripping their combined investment of US$151 billion in the opposite direction, according to the report. In 2013, the volume of outbound deals from the Gulf Cooperation Council (GCC) to mature markets ranked higher than the average reported over the last five years. The UK and Europe continue to hold strong appeal for GCC buyers, accounting for the majority of mature market deals from the GCC. The GCC region’s sovereign wealth funds (SWFs) and state-owned enterprises continue to drive much of the outbound deal value but have cut back on the size of their overseas investments into mature markets since 2007/2008.

Job Description

Key accountibelites:

Ensure and complete contracting requirements

Coordinate with legal dept, to approve legal contents

Supervisees and direct all the work of the contract and purchasing dept, assuring of the effectiveness and adherence to producers

Prepare the draft , revision and confirmation of contracts and legal documents. As when needed

Orientation of contracts ,legal documents and legal advice, towards protection of bank’s interests

Ensure that legal advice, contracts and recommendations are in conformity with statutes

Job Description

• Define Bank’s Retail Banking branding strategy in conjunction with Head of Marketing. Positions and develop the brand in-line with the banks overall strategy.
• Create an integrated sales and marketing strategy for the Retail Banking division. Reviews with GM- Retail Banking and Head of Marketing to gains necessary approval.
• Develop and manages implementation and roll-out of sales and marketing plans to achieve income, profit and market share growth objectives for Retail Banking division.

Job Description

The Candidate will be :-

- Co-ordinating between the commercial banking operation and the IT system.

- Developing & Planning for the Islamic Banking Business in the organization.

- Supervising training programs which are focusing on Islamic banking "companies"
Skills

- Minimum 10 years Experience in a field of Islamic banking operation.
- Computer literacy & Programming laungue is a plus.
- Fluency in spoken and written English & Arabic is a must.
- Excellent communication skills.
- Dynamic with leadership qualities .
- Pleasant personality with mature demeanour.

The Board of Executive Directors of the Islamic Development Bank (IDB) has approved US $789.4 million to finance development projects in eleven member countries as well as education projects for Muslim communities in non-member countries. The BED approved US $220 million for the Turkey Development Bank program to finance renewable energy projects. Moreover, Uganda will benefit from US $120 million for the upgrading of road projects. The rest of the approvals include US $8 million for Niassa electrification project in Mozambique, US $7 million for a project on access to energy for rural communities in Togo and US $23.7 million to the government of Mali to address food insecurity in the country. The government of Pakistan received approval of US $35 million for the financing of the reconstruction of schools destroyed by the floods and US $19.8 million will go to a water supply project in Ouahigouya, Burkina Faso.

Dubai Islamic Bank (DIB) has announced the launch of the Al Islami FlexiBeta Dirham Certificate, a two-year Islamic certificate, providing investors with exposure to either emerging market equities or gold, depending on market conditions. The Certificate is issued by Oasis Certificate Programme Limited, a Special Purpose Vehicle that has been set up and sponsored by Citigroup to provide investors with a wide range of customised Shari'ah-compliant investment solutions. The certificate uses a framework comprising of observation of recent price trends and a forward looking risk indicator to adjust allocation between two asset classes, equities and gold. Investors will enjoy a capital protection without tying all their capital for the whole investment period. They will receive 90% of their total investment within two weeks of the issue date, with returns based on the full investment amount. The certificate is denominated in UAE dirhams with a minimum investment of AED 100,000.

In NCB Capital's (NCBC) view, the 14.7% YoY growth in Albilad’s net income is the result of an increase in NSCI income and fee and other Income. Although the bank’s total operating income came broadly in-line with NCBC's estimate, lower than expected operating expenses including provisions resulted in net income that was 9.4% better than the estimate. Albilad’s NSCI grew 10.7% YoY to SR228mn, in-line with the estimates, led by a 25.3% YoY growth in net loans. Albilad’s investment base also expanded about 8 times which enabled the strong NSCI growth. However, despite the shift from cash towards higher yielding assets, NCBC's calculation suggest that NIMs declined 4bps YoY and 9bps QoQ. This implies that the front loan rates have been declining by a significant level. Albilad’s total operating expenses including provisions grew 5.0% YoY, but came-in 2.7% below the estimates, enabling the 14.7% YoY growth in profits.

Capital Intelligence (CI) has affirmed the ratings of Saudi Bank ALJazira (BAJ). The Financial Strength Rating (FSR) is affirmed at 'BBB', supported by sound liquidity, strong customer deposit growth and improved profitability. For the same reasons, the Long-Term Foreign Currency Rating (FCR) is affirmed at 'BBB+' and the Short-Term Foreign Currency Rating at 'A2'. Ratings are constrained by the high non-performing loan (NPL) ratio, the high cost structure and a resultant low profitability, and a high level of deposit concentration. Both the FSR and the FCR continue to carry a 'Stable' Outlook. In light of the Bank's position in the Saudi banking sector, official financial support is expected to be forthcoming in the event it is needed. Consequently, the Support Level remains at '2'.

Competitions for cash prizes as well as Islamic lectures will be part of the activities at the Sharjah Islamic Bank’s (SIB) Ramadan Tent this year. For the seventh consecutive year, from July 11 to 25, the tent will feature various religious awareness and entertaining programmes as well as engagement activities, delivered by an elite group of Muslim scholars and experts. As part of this year’s programme, SIB has prepared a wide range of cultural activities and competitions titled “Who will encash the cheque”, and allocated several cash and material prizes. There will also be a Quran recitation competition, a “Social Awareness Night”, a children’s night, an Emirati evening with religious singing, an evening dedicated to people with special needs and radio broadcasts on Sharjah Radio.

Depressed initial public offering (IPO) activity in the Gulf Cooperation Council (GCC) continued into the second quarter (Q2) of 2013 with three new listings raising a total of only $ 48 million. This compared to two IPOs in Q1, 2013 raising an aggregate of $ 337 million, representing an 86 percent decrease in total value raised. The average offering value dropped 94 percent this quarter compared to the same quarter last year where four IPOs were witnessed raising a total of $ 1.1 billion. While the value of offerings significantly dropped this quarter, the number of offerings remained relatively stable at 3 IPOs. In contrast, Europe’s IPO markets have continued to gain momentum in Q2, building on the successful start to the year, with $ 6.8 billion being raised, a 58 percent increase on the $ 4.3 billion raised in the first quarter of 2013.

Over the past three years, the Hult Prize has taken on some of the planet's toughest challenges. These have included Education, Energy, Housing, and Water. For the 2013 Prize, President Clinton has personally selected the challenge: the Global Food Crisis.

A detailed case study, narrated by President Bill Clinton, will be released to all selected participants in early January to set the framework for this year's challenge. Competitors will then be asked to develop social enterprises that answer the President's Challenge.

The global food crisis can be approached through multiple lenses, such as: distribution, manufacturing, production, technology and many others. Each, represents an opportunity for innovation. Nearly 1 Billion people in the World are Hungry, that is over 1 out of every 4 children. Ironically, our global economy produces enough food each year to feed everyone, however more than one-third of the food generated for human consumption continues to be lost or wasted.

JPMorgan Chase & Co. is advising clients to buy Nakheel PJSC’s Islamic bonds as new projects boost the Dubai developer’s earnings, while government backing makes a default improbable. State-run Nakheel’s 4.27 billion dirhams ($1.2 billion) of sukuk yielded 9.88 percent at 12:30 p.m. in Dubai, down seven basis points this month, after surging 179 basis points in June. That’s more than twice the average gain in yields on corporate Islamic debt tracked by HSBC/Nasdaq Dubai indexes. JPMorgan listed Nakheel in a July 4 research note as its “top overweight recommendation” among Dubai real-estate debt. Nakheel will manage to pay or refinance as much as half of the $3 billion of debt due in 2016 as it generates at least $1 billion from new projects and land sales.

Abu Dhabi University, the Zakat Fund and Abu Dhabi Islamic Bank have launched a Dh15 million Ramadan fund-raising campaign to support 300 needy students. Dr Nabil Ibrahim, Chancellor of Abu Dhabi University said that generosity is a life lesson that teaches the community that today's contributions impact tomorrow's innovators. Moreover, the Ramadan campaign gives donors the chance to 'shape the future', he added.

Sharia-compliant mortgage lender Tamweel said on Monday its shareholders had approved the company's delisting from the Dubai stock exchange, paving the way for its acquisition by Dubai Islamic Bank. Dubai Islamic Bank said in January it planned to acquire all of Tamweel, in which it owned 58.2 per cent, through a share swap agreement which would see each Tamweel shareholder offered 10 DIB shares for every 18 Tamweel shares they held.