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Announcing its interim consolidated financial results ended March 31, 2013, Al-Rajhi Bank stated that its net profit during the first quarter is SR 2.05 billion, representing an increase of 2 percent compared with the corresponding quarter of previous year. Total operating income for Q1 is SR 3.53 billion compared to SR 3.43 billion for the corresponding quarter of previous year, representing an increase of 3 percent. Net profit from financing and investments increased by 3.5 percent. Earning per share for the three months is SR 1.37 compared to SR 1.34 for the same period of previous year. The reason for the rise in profits in the current quarter compared with the same period of previous year is due to higher income from operation income.

Qatar is set to become a "key international distribution hub" for Shariah-compliant products. While infrastructure projects will feed new alternative fund structures and boost public-private partnerships, Qatar also has a long-term interest in developing as a centre for Islamic finance, The position of Islamic finance in Qatar, according to Mena Asset Management Barometer, bodes well for the future, as demand for Shariah-compliant products grows. Qatar is ranked first in Mena and the second globally in terms of opportunities for infrastructure investments. The country has outlined public investment plans worth $95bn over five years to 2016, as it prepares to host the 2022 World Cup.

Kuwaiti aircraft leasing company Alafco has hired Deutsche Bank to advise it on a potential sale of global depositary receipts (GDRs) in London. The bank is looking at Alafco’s operations to ensure it is ready for the additional scrutiny that comes with a London listing. The timing of the GDR sale and the amount, if any, that a listing could raise were still unknown. Alafco made a profit of 25.6 million dinars ($89.7 million) in its last financial year ended on Sept. 30, 2012, a 45 percent decline from the previous year.

Tatweej Academy for Excellence Awards and the Arab Organization for Social Responsibility have granted Mr. Musa Shihadeh, Vice Chairman, General Manager of Jordan Islamic Bank (JIB) a red sash and gold medal of Distinguished and a Certificate of Excellence in the field of wise leadership. This ceremony honors Shihadeh in appreciation of his distinguished efforts in settling islamic banking rules in Jordan, and possessing leadership and management characteristics. The ceremony was held in Dubai with the participation and attendance of institutions and management figures who were honored for the achievements and initiatives.

The two-day Forum for Corporate Social Responsibility, where several issues of corporate social responsibility (CSR) in Saudi Arabia will be discussed, opened in Jeddah on April 9. Moreover, the names of the winning Saudi companies recognised for implementing social responsibility programs launched by the Chamber of Commerce last year will be announced at the forum. Several sessions tackle the different aspects of CSR, such as aligning business strategy and social responsibility programs, or linking youth social initiatives with funding sources and technical support.

Abu Dhabi Islamic Bank (ADIB) has closed an Dhs302m ($82m) syndicated Islamic financing deal for Emirates National Factory for Plastic Industries L.L.C. (ENPI). This financing will be used in conjunction with ENPI's recent acquisition of 100% share of ENPI Packaging Division by Saudi Printing & Packaging Company. ADIB acted as the Mandated Lead Arranger, Sole Bookrunner, Investment and Security Agent Bank for the deal. Other banks that participated in the financing deal included Al Hilal Bank, Mashreq Al Islami as Mandated Lead Arrangers, ADCB, Ajman Bank and FGB as Lead Arrangers.

Sharjah Islamic Bank launched the sale of a $500 million sukuk on Tuesday at a profit rate of 2.95 percent. Final pricing is due to follow later on Tuesday. Abu Dhabi's Al Hilal Bank, HSBC Holdings, Kuwait's Liquidity Management House, a unit of Kuwait Finance House , and Standard Chartered Plc are mandated lead arrangers on the sukuk.

According to Ernst & Young’s report ‘The growing crisis of affordable housing in MENA,’ regional governments need to engage the private sector to help address the growing crisis of affordable housing. Housing affordability lies at the intersection of supply side (more homes) and demand side (more financing), and to tackle the growing crisis, MENA governments need to engage the private sector on both sides simultaneously. Cities will not create quality affordable housing if the task is left purely to the private market. It is vital that MENA governments take charge of land allocation and make sure that some urban land is reserved for that purpose.

Ajman Bank appoints Mohammed Zaqout as chief executive officer. Zaqout's appointment will be effective on April 21 pending regulatory approval.

Sharjah Islamic Bank (SIB) will issue a $500 million five-year sukuk on Tuesday after strong demand helped the lender to set price guidance at lower end of initial indications. Lead arrangers released official price guidance at 3.125 percent. The sukuk has attracted strong demand, with order books seen over $2 billion at the time official guidance was released. The deal size has been capped at $500 million. Abu Dhabi's Al Hilal Bank, HSBC Holdings, Kuwait's Liquidity Management House, a unit of KFH and Standard Chartered Plc are mandated lead arrangers on the sukuk.

Shareholders in Kuwait Finance House (KFH) have agreed to a 20 percent capital hike, The plans to increase its capital are part of the bank's five-year strategic plan. New shares will be issued at 100 fils ($0.35) per share plus a premium of 400 fils. KFH shares are now trading at 780 fils, down 1.27 percent on the Kuwait bourse. According to Al Watan newspaper, a capital increase could boost KFH's paid-up capital to 348.5 million dinars ($1.24 billion) from 290.4 million dinars.

Omani Islamic banks are expected to follow a comprehensive marketing approach to promote themselves as an alternative for traditional Banks. In other words, Islamic banks need to apply Sharia-compliant recent banking applications. At the meantime, they should consider the risks of financing goods and assets according to Murabaha and Musharakah basics. Islamic banks in Oman will only succeed in introducing and marketing their services/products by satisfying clients’ requirements through saving and financing means. Thus, they should start to conduct studies as well as R&D for Islamic products. Moreover, flexibility is an effective factor to successful banking processes.

Egypt-based investment bank EFG Hermes has said its merger deal with Qatari investment company QInvest is to lapse on May 3, unless it receives long-awaited approval from Egyptian regulators. If EFG does not receive a 'no objection' from the Egyptian Financial Supervisory Authority in the coming days, it will be difficult to implement the joint venture agreement. A spokesman for the authority said the deal was still being studied and that a decision would be announced at the right time, declining to give any details or time frame.

An unknown investor has bought almost 4 per cent of Ajman Bank. Shares were up as much as 2.6 per cent to Dh1.58 each, after a block of 38.8 million shares were traded yesterday morning. The bank did not comment on the share movement, which represents 3.8 per cent of Ajman Bank's share capital. Ajman Bank which is 25 per cent owned by the emirate's government, has frequently been at the centre of rumours that it was the takeover target of an unnamed institutional investor,

The Islamic Financial Services Board (IFSB) seeks to offer rules and regulations to organize work of Islamic banks and financial institutions.It has been providing a number of organizational and supervisory criteria for auditors, central banks, takaful companies or insurance firms. Qatar Central Bank governor Sheikh Abdullah bin Saud Al-Thani is chairman of the IFSB Board. IFSB's sukuk issuance program was granted A1 rating by Standard and Poors, paving way sukuk issuance for second quarter this year.

Zakat House General Manager Abdul Qader Al-Ojail asserted that Kuwait Finance House (KFH) is known for supporting the community, and is considered to be one of the authority's main partners in charity. Al-Ojail received two cheques with a total value of KD8.8m from KFH's Chairman Mohammed Al-Khodairi, in order to financially support Zakat House charitable projects and activities. Al-Khodairi said that KFH's priority is to contribute to the success of Kuwait development projects and to serve the society, in addition to supporting projects executed by official charity institutions.

UAE's Minister of Finance called upon the Arab world to invest more than US$80 billion (Dh293.84bn) in agriculture to help to bridge a widening food gap. Without investment to increase output, the shortfall in food in the region would rise from a value of $41bn in 2010 to $89bn in 2020. Poor infrastructure, instability in parts of the region and lack of investment in scientific research were among the factors why agriculture projects in the Arab world were not achieving the targeted rises in production. In an effort to help tackle food security, officials agreed to double the capital of the Arab Authority for Agriculture Investment and Development, a multilateral lender aimed at promoting investment in agriculture.

Bahrain-based Islamic investment bank, Gulf Finance House (GFH) has secured approvals from 32 syndicates for the restructuring of WestLB Murabaha facility. GFH also obtained approval from its sukuk holders to restructure its outstanding debt amounting to $105m. All debts are expected to mature in 2018 and provide a two-year grace period for the principal repayment amount.

Dubai Islamic Bank (DIB) has repaid the Dh3,752,543,000 deposit, in full and well ahead of contractual maturity which it received from the Ministry of Finance in 2008. In March 2013, Dubai Islamic Bank announced the successful pricing of a US$1 billion Tier 1 Capital-eligible issuance, with a perpetual (non-call 6) maturity which will provide a significant boost to the current Tier 1 Capital ratio. For the 12 months ended December 31, 2012, DIB group reported a net profit of Dh1.19 billion, compared to Dh1.05 billion in 2011, an increase of 13 per cent while the bank continues to boast one of the best liquidity ratios (88.7% as December 2012) in the market.

The Turkish unit of the Kuwait Finance House, Kuveyt Turk, will raise its capital by TL 960 million in the next three months and another TL 360 million will be added over the following 15 months, according to its General Manager Ufuk Uyan. Moreover, the bank is planning to issue a sukuk worth TL 100 million ($55.40 million) in September or October. Besides, Kuveyt Turk expects to open a new overseas branch in Qatar and Iraq.