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Emirates Islamic Bank (EIB) reported a first quarter net profit of Dhs33.2 million, a 101 per cent increase compared to the previous year. The total income for the three months rose up by 42 per cent to reach Dhs443 million. EIB also reported a 42 per cent increase in operating profit before an impairment of Dhs195 million in the first quarter. The bank’s non-performing ratio as of March 31, 2013, improved to 19.2 per cent, from 20.4 per cent on December 31, 2012. EIB’s customer deposits stood at Dhs26.3 billion while the customer financing increased five per cent to Dhs20.7 billion. The bank maintained a financing-to-deposit ratio of 93 per cent, and a capital adequacy ratio of 16.3 per cent. According to Jamal Bin Ghalaita, chief executive officer of Emirates Islamic Bank, the bank has targeted segments of SME and priority customers and also continued to develop its commercial segment.

Dubai Islamic Bank (DIB) is anxious to expand but is being held back in part by the unrest dominating the Middle East, according to its CEO Abdulla Al-Hamli. The bank expects to see close to 17 percent growth in net profit this year. DIB shares are up 43 percent so far this year to 2.88 dirhams, giving it a market capitalization of about AED 10.9 billion. After the global credit crisis the bank cut real estate investment to 27 percent of its portfolio from 45 percent in 2008. DIB’s non performing loans peaked at 14.5 percent after the crisis and dropped to 12 percent by the end of 2012. DIB is considering its expansion into Asian markets like Malaysia, Indonesia and India.

Qatar Islamic Bank is not expecting to issue more Islamic bonds before 2014, according to its Chief Executive Officer Bassel Gamal. The CEO said that there seems to be enough liquidity currently. Last October, it tapped the bond market with a US$750 million five year sukuk bond issue. This is part of the overall sukuk programme of the bank valued at US$1.5 billion. Gamal added that local currency sukuks would be expected to be issued in the coming years. He also said that many countries encourage local issuances of sukuk, such as Saudi Arabia and Malaysia.

Industry experts and analysts said Abu Dhabi World Financial Market (ADWFM) and Dubai International Financial Centre (DIFC) will complement each other in attracting investments to the UAE. The focus of the ADWFM will be on energy, oil and gas, renewable energy, carbon credits and other new products, benefitting from the fragile recovery in the USA and European markets. Abu Dhabi will differentiate this centre in terms of capabilities in annual operational costs, prompting businesses from the region and from the EU and US to invest in the UAE market.Both DIFC and ADWFM will be housing regional headquarters for many of the world’s biggest banks and finance firms as well as energy companies. The ADWFM will have a positive impact on the UAE economy regarding per capita income and unemployment.

Shari’ah-compliant Al Salam Bank-Bahrain reported a net profit of BHD 3.053 million in the first quarter of 2013, up 68 per cent. The bank also reported a rise of 32 per cent in total operating income to BHD 6.184 million. Total operating expenses fell BHD 122,000 to BHD 2.63 million, mainly as a result of an 8.5 per cent cut in staff costs to BHD 1.38 million. Provisions and write-offs were BHD 501,000 against BHD 117,000 in the same period last year. Al Salam Bank-Bahrain reported total assets of BHD 989.293 million, up from BHD 942.218 million in Q1 2012. Total liabilities rose from BHD 715.877 million to BHD 766.633 million.

Saudi Electricity Company (SEC) has issued the world's first international 30-year sukuk. The benchmark $2 billion deal is SEC's first sukuk offered to US and other international investors. More tan six-and-a-half times oversubscribed, the sukuk evidences strong international demand for longer-dated Islamic instruments. Although the debut bond has opened new vistas for Islamic finance, the number of companies eligible to take advantage of the precedent is unclear. In the short term, it is likely that only quasi-souvereigns will suceed in securing longer tenors.

Liquidity Management Centre (LCM) has announced its results for the first quarter ended 31st March 2013. The insitution recorded a net profit of USD 1.427 million compared to a net profit of USD 0.511 million for the same period of the year 2012 resulting in a 179.25% increase in the net profit. The average interbank rate remains below 0.5%. Moreover, the total operating income recorded an amount of USD 3.181 million in comparison to USD 1.958 million for the same period in 2012. The positive results were due to various advisory services provided for transactions for Islamic Banks and corporations in the region and a portfolio of Sukuk and equities with a diversified investment approach. The Bank's balance sheet witnessed significant improvement in quality and liquidity. Furthermore, the Shareholders' equity increased by 2.7% during the same period.

Islamic Bank of Britain (IBB) narrowed its losses in 2012 a week after it raised £10 million ($15.5 million) from majority shareholder Qatar International Islamic Bank (QIIB). Last week, IBB raised £10 million by placing 1 billion shares with QIIB at a price of 1 penny each, raising the number of its outstanding ordinary shares to 4.5bn. In 2012, IBB posted a loss of £6.99m versus a loss of £9m a year earlier. Home financing business helped narrow the gap by nearly doubling to £117m in 2012 versus £61m a year earlier. The bank did not disclose personnel or administrative expenses, which in the past have represented the bulk of its costs. QIIB, which now owns 91 percent of IBB, has been in discussions since last June with Qatari lender Masraf Al Rayan to sell a controlling stake in the British bank.

The Saudi Capital Market Authority (CMA) board has approved Aljazira Takaful Ta’awuni Company’s (ATT) initial public offering (IPO) of 10,500,000 shares, representing 30 percent of its share capital, amounting to SR 350 million. The offer price will be SR 10 per share and the subscription period will be from May 13 to 19. ATT's chairman Abdulmajeed Al-Sultan said the step will improve the company’s financial position and enable it to realize its strategic objectives to become the local and regional leader of Shariah-compliant cooperative insurance. Despite being still under establishment, Aljazira Takaful Ta’awuni is considered to be one of promising companies in the cooperative insurance sector in Saudi Arabia.

Arcapita Bank yesterday announced that a US court has approved the disclosure statement for the amended Chapter 11 plan of reorganisation. The court's decision relates to the adequacy of the disclosures in the disclosure statement about the company and the plan, and the process for voting on it. In early May, the plan will be submitted to creditors for a vote, and following this, presented to the US court for confirmation. A hearing to confirm the plan has been scheduled before the US court for June 11. The provisions of Chapter 11 allow the filing companies to continue to operate their businesses and manage their properties under the direction and control of their boards and management.

The event to support "Generation F" on Tuesday 16 April at Kuwait Oil Company (KOC) saw a collection of 70 Kuwaiti female oil and gas professionals congregate to develop their financial skills necessary for smart wealth preservation. London-based Gatehouse Bank participated in the workshop. The company has a history of supporting Arab women through education. Encouraging female financial literacy and supporting the development of the financial skills necessary for long term wealth preservation is a core objective for the Bank. According to Vice President Ms Azeemeh Zaheer, Gatehouse Bank works with women on education programmes to demystify the financial markets, enabling women to make their own decisions about how to build and diversify their investment portfolios in the best possible way.

In the past, European arrangers and investors dominated issuance of international bonds from Turkey. But in recent months the Gulf has started to play a major role, for commercial and possibly even political reasons. About $10 billion of last year’s Turkish issuance came in the final four months of the year, and was dominated by banks. The Gulf is central to the current stream of issuance. One reason for the shift is Turkey’s move into Islamic finance. The fact that three of Turkey’s four Islamic banks are affiliates of Gulf banks has also helped steer sukuk issuance to the region. Another factor behind the trend is Turkey’s increasing emphasis on developing political and economic ties with the Gulf. Pricing is also a factor because yields from Turkey are generally higher for similar credit ratings.

Leonardo Peklar, the new chief executive of Hawkamah Institute for Corporate Governance, is planning an initiative to encourage regional companies to appoint more women to their boards. He hopes to invite female board members from global multinationals to the GCC region to extol the virtues of women business leaders. Currently, only 1.5 per cent of board seats in the GCC are held by women, according to Hawkamah statistics. Another priority for Mr Peklar is the issue of reforming the way the region's mainly family-owned businesses are run. Banks and Islamic finance and private equity were other sectors he planned to focus on improving corporate governance.

Al Bayan Holding became the first Saudi Arabian company to issue an Islamic bond in Malaysian ringgit by issuing 200 million ringgit ($65.4 million) as the first tranche of a newly established 1 billion ringgit programme. Pricing details were not immediately available. Al Bayan issued the sukuk as a wakala. HSBC Holdings' Islamic unit in Malaysia, Hong Leong Islamic Bank, and Kenanga Investment Bank Bhd acted as joint lead managers on the deal, while Abu Dhabi's Al Hilal Bank was manager in the United Arab Emirates.

Mashreq Bank has said its investment unit plans to set up an Islamic equity fund of up to $100m in the third quarter of this year to invest in stocks across the Gulf region, given lower returns in the bond market. Mashreq Capital hopes to raise between $75m and $100m for the fund, and will seed it with a $20m investment from the bank.

After the debt troubles of Kuwait's Investment Dar (TID) of the past few years, some creditors are hoping for their first payment in June. However, creditors are still concerned over Investment Dar’s court-agreed repayment schedule. The asset disposal plan is reportedly making progress, against a tough economic backdrop, while resisting pressure to sell at distressed prices to buyers who sense a desperate vendor. The debt plan agreed by the court split the creditors into three groups, with repayment over eight and a half years.

Bahrain-based Al Baraka Bank wants its new five-year global expansion strategy to put more emphasis on Africa, particularly North Africa. The bank already has ventures in the Middle East, Asia and Africa. Its goal is to grow group assets and income almost twofold in the next five years. This five-year expansion plan will certainly include investments in Libya and Morocco. The bank could splurge up to $100 million this year in Libya. In Morocco, the financial services firm will launch a separate operation with a $100 million initial capital outlay within 12 months. Moreover, the group is thinking about having an Al Baraka Bank Africa brand presence.

Global Banking and Finance Review has announced Medgulf Allianz Takaful BSC (c) as the winner of the award 'Best Bancassurance Distribution Network Bahrain 2013'. The award honours the company's distribution network and regional presence. Medgulf Allianz Takaful was selected by the judging panel of Global Banking & Finance Review considering quality, performance and community commitment.

Qatar-based bank Masraf Al Rayan is in the final stages of due diligence to acquire a stake in a Libyan lender. According to the group chief executive Adel Mustafawi, after preparing the required studies, a memorandum of understanding will be signed before proceeding to secure the required approvals from the authorities in both Qatar and Libya. Shareholders of Rayan had approved in February its plan to buy a stake in a Libyan lender, while also voting to give the board of directors control over a QR1bn ($275mn) war chest to make acquisitions over the next two years. Moreover, the bank has also made significant progress in fulfilling the requirements of acquiring a stake in Islamic Bank of Britain.

Mercer in partnership with the Institute for International Research Middle East (IIRME), will be presenting the findings of its latest survey on Corporate Social Responsibility and Sustainability Programs, Policies and Practices in the region at the 10th CSR Summit held on May 21, 2013 at The Address Hotel Dubai Marina. Taking place over a period from April to May, 2013, the results will be ready for sharing at the conference organised by IIRME on the very same topic. The session will also provide a platform for benchmarking local practices to the global findings from the survey. The survey is open until May 1st, 2013.