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The conference "Succession Planning 2013" organized by Abu Dhabi University Knowledge Group will be held in Dubai on 25-26 February 2013. The two-day forum will present case studies from family businesses, multi-national corporations and government organizations in the GCC region. Senior C-level Suite Representatives, HR professionals and talent management experts from the public and private sector are going to discuss the importance of implementing succession planning strategies to ensure business continuity and reduce corporate risks.

Saudi Arabia issued final regulations on real estate financing, leasing and supervision of financial companies. The regulations outlining three of the five laws were posted Sunday on the website of the Saudi Arabian Monetary Agency. Rules on the enforcement of foreclosures and mortgage registrations have yet to be completed. The package goes into effect when regulations for the two remaining laws are finished and once the final version of the legislation are publicized in the official newspaper, which should be in the next few weeks. The regulations bar mortgage lenders from providing loans for other purposes and prohibit home-financing providers from developing property.

Qatar Islamic Bank (QIB) has charted out a five-year global investments strategy to help anchor the Bank’s position as an Islamic financial institution of international stature. According to the Bank Chairman Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani, QIB seeks innovation and diversification of its credit portfolio, support for small and medium enterprises, expansion of foreign investments, and maximisation of total profits. QIB recorded a net profit of QR1.24bn for the year 2012. Growth was also registered in other financial positions, such as total assets, customer deposits and total income.

A new type of sukuk, introduced by Gatehouse Bank, could make inroads in the market by offering greater security to investors through a structure similar to conventional covered bonds. The Gatehouse sukuk incorporates a purchase undertaking by the bank that gives primary security to noteholders, while in case of default they have secondary security on the property. It is based on an ijara (lease) contract which is commonly used in Islamic finance. Moreover, by adding the second layer of security, the Gatehouse sukuk effectively became asset-backed and not only asset-based. The Gatehouse sukuk pays a 3 percent annual distribution and offers quarterly redemption options.

Ithmaar Bank has formally concluded a merger with First Leasing Bank (FLB), which involved a swap of four Ithmaar Bank shares for each FLB share. The merger enhances Ithmaar's capital base as well as its capital adequacy ratios. It also improves Ithmaar shareholders' profile. According to Ithmaar Bank chief executive Mohammed Bucheerei, the merger will consolidate Ithmaar Bank's position as an Islamic retail bank and create powerful new synergies, improving efficiencies and reducing costs. The necessary procedures in co-ordination with the Bahrain Bourse to merge the registrar of FLB shareholders to the registrar of Ithmaar shareholders are expected to be completed shortly.

Following approval from the Securities and Commodities Authority, Dubai Islamic Bank (DIB) has published its formal offer for the shares in Tamweel. Tamweel shareholders will receive 10 new DIB shares for 18 Tamweel shares. They will receive a copy of the offer, the offer statement and the acceptance form by mail and can accept until 5pm on Saturday, March 16. DIB’s offer is subject to final approval from its shareholders and will be presented to them at an extraordinary general meeting to be held on March 3.

International business leaders and in-house counsel gathered at the Patton Boggs office in Doha yesterday for an in-depth briefing on recent developments in U.S. and UK Anti-bribery laws, implications and compliance measures. Patton Boggs Partner and International practice Chair Joseph Brand lead a discussion on the U.S. Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act. The seminar held aimed to foster a more comprehensive understanding of the anti-bribery laws among U.S. and UK companies. It was the first in a series of seminars to help businesses operating in the Gulf to be compliant.

The selection meeting for the 8th edition of the Islamic Development Bank prize for "Women's Contribution to Development" was held on February 18-20 2013 at the bank's head office in Saudi Arabia. The annual IDB Prize for Women's Contribution to Development is one of the many activities the bank engages in for the purpose of socio-economic development of societies. Effat University (EU) was entrusted to be the Academic Consultant hence handle the screening and short listing of candidates. There were two categories of prizes, one for individuals that carries a cash award of 50,000 US dollars, and another for organisations with a 100,000 US dollars award. For this year, the Panel received 108 files.

Qatar-based Barwa Bank arranged $863mn of notes in 2012, and is therefore the eighth-biggest underwriter out of 25 for GCC sukuk. Barwa Bank chief executive officer Steve Troop said that there was a space for an institutional Islamic bank to focus on sukuk. Barwa Bank which started operations in the third quarter of 2009 will wait until releasing first-half results before pursuing a credit rating. Moreover, it is preparing to sell shares in an initial public offering and is being advised by QInvest.

Political tensions after the Arab Spring still weigh on Bahrain's banking industry which is deterring some investment and inflows of money, and making it harder for Bahrain to compete with other centers such as Dubai. However, a mass exodus of financial firms from Bahrain has not happened and local banks are proving resilient. Moreover, Bahraini authorities have mounted an active campaign to persuade financial institutions to stay in the country. The central bank of Bahrain has also been active in recent months in trying to strengthen financial institutions, asking them to increase capital, encouraging revenue diversification and, in some cases, merge. Nevertheless, the future health of Bahrain as a banking market will not be assured as long as the political unrest continues.

Gulf Finance House (GFH) yesterday reported a net profit of $10.03 million last year as compared to $0.38m in 2011. The profitability is attributed to profitable investments as well as significant restructuring, including the Leeds United football club investment and others. Operating profit before provisions for the year saw an increase of 140 per cent to $20.43m. Additionally, the bank saw a 31pc year-on-year reduction in operating costs mainly due to streamlined operations and reduced facilities. Moreover, GFH settled more than $100m of debt, which will now all mature gradually by 2018 and therefore the bank has been in a stronger liquidity position.

Bahrain-based Al Baraka Banking Group B.S.C. (ABG) announced that it has achieved a net income of $235m in 2012, an increase of 11% on the income achieved in 2011. Other financial position items witnessed good increases as well, including total assets (11%), total financing and investments (21%), deposits including equity of investment account-holders (12%) and total equity (9%). The financial statements of the Group for 2012 showed that the continued expansion in business reflected positively on income, with total operating income of $880m in 2012, an increase of 21% over 2011. According to H.E Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, the success is based on its geographic expansion programs and branch network as well as strong financial means, human resources and technical capabilities. Furthermore, he emphasized the importance of ABG's commitment to the Islamic banking model.

The conference of 'the private sector role in projects development' was held in Kuwait, where participants discussed a large number of important economic issues related to projects development, legislation, incentives and funding sources as well as the obstacles and difficulties they face. Kuwait Finance House KFH received appreciation for their plans for development in Kuwait that aim to build an economic base, create jobs and areas of new production and strengthen the role of the Kuwaiti private sector. Important international financial institutions and Kuwaiti banks expressed their keenness and ability to finance these projects.

The senior management of Sohar Islamic held its first Shariah Supervisory Board (SSB) meeting, chaired by Dr. Hussain Hamed Hassan, and attended by the other SSB members. The SSB of Sohar Islamic comprises of leading Islamic scholars from Islamic finance and academic sectors from across the world. During the course of the meeting, the SSB considered and approved product structures, contracts and policies in order to generate a workable strategy for a range of Islamic Banking products and services that Bank Sohar will soon offer. The SSB members commended Bank Sohar for addressing the need for Islamic banking and for their diligence in assuring Shariah compliance in all products.

Women are starting to play an increasingly influential role in the family businesses of the Gulf region that account for approximately 90 percent of commercial activity there. As women become more economically independent, the decision-making process has shifted to incorporate women's interests and motivations. However, it is essential that women are fully equipped with the right knowledge, tools and skills. Therefore, Gatehouse Bank has initiated a corporate social responsibility project to promote financial literacy among women in the GCC. The bank shares its skills and knowledge with women in Saudi Arabia, Kuwait and Qatar.

Thomson Reuters will be discussing Oman's leading position as a preferred investment destination for Sukuk during an upcoming forum set to take place on February 24, 2013. It will be investigated what needs to be done to facilitate the country's entry to global Islamic financial markets by Thomson Reuters with support from the General Council for Islamic Banks and Financial Institutions (CIBAFI) and Islamic Research and Training Institute (IRTI). Thought leaders, bankers, and Shariah scholars will discuss the opportunities of setting up Islamic financial markets operations in Oman, how to capitalize on the global Islamic financial markets interest, and explore prospects to develop a strong Islamic interbank and fixed income market.

According to a recent report by Kuwait Finance House (KFH), the Sukuk market is expected to grow by around 30 percent this year, and Sukuk issuance will grow by 20-30 percent. The Islamic capital market now stands aflush with more than US 230 billion in outstanding sukuk papers. Within the corporate sukuk market, USD 26.8 billion worth of papers or 73.5 percent of total issuances were issued in Malaysia, while US 4.2 billion (11.5 percent) was issued in the UAE and USD 3.4 billion (9.3 percent) was issued in Saudi Arabia, the report concluded.

Oman's non-banking financial companies (NBFCs) posted decent growth in income and profits in 2012. And analysts believe that the sector will see strong growth in 2013 on the back of project and infrastructure spending by the government. An analysis of the six listed NBFCs shows that aggregate income rose 11.94 per cent to RO65.30mn in 2012, while their combined net profit rose 17 per cent to RO24.14mn. NBFCs expect some competition for the leasing sector from Islamic banks, especially in auto financing.

Several industry sectors, led by the banking and financial segment, are set to increase hiring due to large-scale projects announced recently in the country. Sectors that are expected to see strong hiring this year are banks, oil & gas, and petrochemicals as well as construction and real estate, according to leading recruitment advisors. The National Career Exhibition will showcase employment and training opportunities at more than 100 leading financial institutions in the country. It will be held from February 20 to 22, 2013 at Expo Centre Sharjah. The admission is restricted to UAE Nationals only.

Faced with lean pickings, savers are advised to review their options wisely. One way to make cash generate the best return is exploring the available accounts and the interests paid, including e-saver accounts and certificates of deposits. Moreover, debts should be paid off in order not to spend on high interests. Some banks also offer special savings schemes or award prizes, that can help to increase the wealth. Last but not least, looking overseas for high interest rates can be a good option, but currency risk and conversion charges need to be considered here.