IslamicFinance.de

Zain Saudi has extended the maturity of a nine billion riyal ($2.40bn) Islamic loan for another four weeks until February 27. The lending banks accorded to put back the maturity of the murabaha facility for the seventh time since it was agreed in July 2009. Zain Saudi said it would use the extension to conclude negotiations with lenders over a new long-term financing agreement, but also warned the existing facility could be further extended.

Tamweel today announced that it had repaid in full a $300 million five-year Sukuk, which was issued in early 2008 and matured in January 2013. The proceeds were used for general Islamic financing and corporate purposes. The timely repayment of the Sukuk demonstrates the financial strength of Tamweel and its majority shareholder Dubai Islamic Bank (DIB).

In order to to improve the operational model of the entire takaful industry, the Central Bank of Bahrain is set to issue new enhanced draft rules. Thus, it will also be able to make the country a preferred choice for all takaful and retakaful. The new rules are part of solvency (Phase II), and are related to corporate governance and actuarial reporting requirements. With the introduction of these rules in 2013, the central bank aims to accelerate growth of the country’s takaful industry while protecting the interest of all industry participants.

Bena'a Productive Families Center (Jana) in the Eastern Region and the Saudi Arabian Oil Company ( Saudi Aramco ) have signed a partnership deal which will contribute to the development of skills amongst women who will own and run small-scale projects in different parts of the Kingdom. Saudi Aramco will fund 250 projects which are scheduled for launching in the next six months and will be run by women. Among other thins the program will be dedicated to train productive families and prepare women both economically and socially to realize production sustainability for their projects. Next year, Jana plans to create 9,500 jobs for women in eight cities.

Eight additional directors have passed the Mudara Institute of Directors Accreditation programme. Nick Nadal, Head of Mudara Institute of Directors, said the he is delighted to welcome this new batch of directors, which will bring more diversity in competence, experience and perspectives. He also pointed out that co-operation with the new directors will be positive for advocating for greater director professionalism.

After advising Goldman Sachs on a controversial 2$ billion sukkuk programme, Dar Al Istithmar has closed down.
Sources say that most of the staff moved to Khalij Islamic, with offices in London and Dubai. Clients have moved to Khalij Islamic as well.

Insurance for life and even buildings has remained under-exploited in the Middle East. The problematic of the business is the socio-cultural barrier, on top of the weak demands, by international standards, and low market penetration.

The first Sharia-compliant fund will be introduced in Oman by Vision Investment Services. All financial instruments of the fund are in compliance with Sharia principles and policies. It is the perfect tool for conventional investors who are seeking capital appreciation with lower risk.

Khalid Hamad, executive director of the Bahrain Central Bank, said that the implementation of the Malaysian-based Islamic Financial Services Board (IFSB) should be mandatory. These rules and regulations would contribute to better growth of the industry. He further pointed out that the role of the IFSB is very similar to the one of the Basel committee in terms of issued guidelines and standards.

The conference titled "Arab Youth & Entrepreneurship: Holistic Approaches to Nurturing Local Ecosystems", which will take place on February 16-18, 2013 in Doha, Qatar, will focus on creating economic opportunities for young people in the Middle East and North Africa. Issues to be addressed include gender issues and job creation for low-income groups. The organizer of the conference is the MENA Child and Youth Program of the Arab Urban Development. The registration is free of charge and all sessions will be simultaneously available in Arabic and English.

Oman is the last of the six-nation Gulf Cooperation Council to introduce Islamic banking, thus being able to encourage the development of sharia scholars. The highly detailed rules for the Islamic banking sector include the plan to enlarge the pool of qualified scholars as a scholar can only be appointed for two three-year terms in the Sharia Board. The higher demand for scholars calls for a scholar development program that needs to be developed in parallel with the initiative.

The Al Hilal Islamic Banking services launched their first branches that provide Islamic banking products and services. The chairman Hamdan bin Ali bin Nasser al Hinai said the goal of the new services is to meet the needs of all customers in terms of truth, transparency and being fully sharia compliant as the integration of ethical and moral values with the banking operations is a unique and salient characteristic of Islamic banking.
An implemented independent Sharia Supervisory Board has the power to audit all contracts and transactions, give opinion and guidance and the bank´s management shall strictly follow the guidelines outlined by the board.
Shaikh Aflah bin Ahmed bin Hamad al Khalili, member of the Sharia Supervisory Board of the bank said that the products on offer will contribute to the efforts made by the Sultanate´s government to enhance the role played by Islamic banking in achieving sustainable development as well as more progress and prosperity for the Omani people.

Bahrain's Al Salam Bank confirmed media reports related to a potential merger with an unnamed regional bank. One potential merger prospect is Khaleeji Commercial Bank , after Gulf Finance House, which owns 47 percent of the lender, said last week it was studying tie-up options with other Bahraini banks. In February, merger talks between Bahrain Islamic Bank and Al Salam Bank collapsed due to disagreement on valuation.

Big local bank looking for a Credit expert to work in Credit Review and Policy on the corporate side.

Candidates must:

- Have 5-8 years experience working for reputable institutions
- Good experience and understanding of Islamic Banking
- Have experience and a proven track record in developing and reviewing credit policies
- Strong communication skills (Arabic speaker preferred)

The Credit documentation position sits within Credit administration.

The candidate should:
- Have at least 3 years experience working within documentation in banking
- Have experience facilitating and processing insurance, mortgage documents etc.
- Have experience and a good understanding of Islamic products
- Have good communication skills

Senior Credit Control Officer position reports to the head of Credit Administration.

The candidate should:

- Have at least 4 years experience in a credit control role
- Have a good understanding of the credit cycle and (Islamic) product knowledge
- Well equipped to prepare exception reports and set up limits into core systems
- Have experience working with different systems
- Have good communication and analytical skills

According to a new report from A.M. Best Co. the development of Takaful regulation varies significantly between the countries of the GCC. As a result, the levels of policyholder protection differ from one state to another, which has created opportunities for Takaful operators to pursue regulatory arbitrage. A.M. Best believes the solution is a more consistent application of regulation, and therefore provide sufficient policyholder protection.

The Kingdom Holding Company ( KHC ) established a Shariah Committee to study the gradual conversion of future sources for loans for the company to be Shariah compliant. The committee consists of chairman Sheikh Abdullah Sulaiman Al Manee'a, two members and a secretary general. During the first meeting it was decided to prepare an integrated strategic plan for the conversion of future loans in accordance with the Islamic Shariah.

As part of its strategy to raise money for its creditors, Bahrain-based Arcapita Bank sold its stakes in five retirement homes outside London. The American property investment trust Health Care REIT bought the 80 per cent ownership. Arcapita Bank has faced legal proceedings with creditors after the 2008 global financial crisis and is therefore liquidating its assets.

The paper makes an attempt to understand how the balance sheets of various sectors of GCC got impacted due to the financial crisis. There is also an attempt to understand why Bankruptcy laws in GCC are inadequate and what lessons can be learnt post Global Financial crisis to deal with Bankruptcy in GCC region. Estimation has been made to understand the current size of problem in GCC and we have included studies of Investment companies seeking to restructure their debt.