IslamicFinance.de

Mr. Abdullah Bin Sulaiman Al Rajhi, Managing Director and Chief Executive Officer of Al Rajhi Bank announced that the bank has achieved a net profit for 2009 amounted to SAR 6,767 million ($1,804 million) compared to SAR 6,525 million ($1740 million) in 2008 with a rise of 4 per cent.

The laicist French government seeks to make amendments to laws improving Islamic finance investors access to France. Although a relevant draft law was turned down by the Constitutional Council in form, but not in content, French Minister of Economy, Industry and Employment Christine Lagrade made it certain that the government would work further. The French minister's advisor Thierry Dissaux told KUNA that the government would introduce amendments to French legal and tax systems in order to match Islamic financial principles.

According to recent studies, Islamic financial investments in France are estimated at roughly USD 120 billion.

Talal al-Kandari reported on Kuna.

Alinma Bank's profit fell by 85 percent in the fourth quarter of 2009 as its net income amounted to SR5.6 million ($1.49 million), compared to SR38.6 million ($10.29 million) for the previous quarter, according to a posting on the Saudi stock market (Tadawul) website on Saturday.

Kuwait Finance House (KFH) has revealed plans to expand into the US and Canada in 2010.

The sukuk market, which has been gaining ground since the second half of 2009, is expected to chart stronger growth in 2010, buoyed by the global economic recovery, low interest rates and the Government's pump-priming initiatives.

Bank Islam Malaysia Bhd is expanding its corporate investment banking business to include initial public offerings (IPOs) as part of its expansion drive.

Islamic finance in the GCC is emerging as a credible alternative source of ship finance.

Bank of Kuwait and Middle East (BKME) has achieved a growth of 13 percent in the last three years, and is now undergoing a change to become fully Sharia-compliant.

Malaysian and the United Kingdom Islamic banks signed off on a standardised wakala deposit agreement, which some bankers said could help the industry reduce its reliance on the controversial commodity Murabaha structure.

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has launched a comprehensive accidental death and disability insurance plan offered at a very affordable annual premium, a statement said.

Dubai Bank announced today the signing of a Memorandum of Understanding (MoU) with the Community Development Authority (CDA). The MoU marks a significant step forward in the bank's Corporate Social Responsibility (CSR) programme, and is in line with its commitment to support educational causes through its CSR activities.

Saudi's Al Jazira Bank widened its losses for the fourth quarter by 189 percent while smaller rival Arab National Bank saw net profit falling 31.8 percent, the lenders said.

Bank - The Senegalese president, Abdoulaye Wade, on Monday in Dakar urged Islamic banks to help fight poverty in Islamic or predominantly Muslim countries.

IslamicFinance.de is calling Islamic financial institutions to become member of the UNEP Finance Inititiave to learn and contribute to international best practice in ethical and faith based finance:

"UNEP FI is a global partnership between UNEP and the financial sector. Over 180 institutions, including banks, insurers and fund managers, work with UNEP to understand the impacts of environmental and social considerations on financial performance."

membership information package:
http://www.unepfi.org/fileadmin/forms/MembershipInformationPack.pdf

Sharelink Financial Services Group (SFS) and Kuwait Finance House Asset Management Sdn Bhd (KFHAM) have launched a shipping venture that aims to raise 150 million dollars of investment for modern vessels.

Abu Dhabi Islamic Bank (ADIB) and Emcredit, the UAE's government-backed credit bureau, have signed an agreement to provide credit information services in supporting the bank's financing activities.

Dubai Islamic Bank DISB.DU has not witnessed any significant withdrawals by despositors after news of Dubai World restructuring shook global markets, the lender's financial chief said on Tuesday.

Geneva-based Faisal Private Bank announced it had appointed Swiss national Mark Koch to replace outgoing Chief Executive Marco Rochat from Jan. 1 with a mandate to broaden the Islamic finance focus of the bank.

Najd Investments Ltd today announced the opening of its Dubai office following the award of a licence by the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC).