IslamicFinance.de

A Gulf investment bank has provided sharia-compliant funding worth millions of dollars for a Brazilian sugar and ethanol maker. The deal is an example of how smaller firms can be considered new investment possibilities for the wealthy Islamic lenders of the Gulf region. The deal is brokered by Abu Dhabi Equity Partners and will ensure financial means for an unnamed chemical alcohol producer in the Brazilian state of Mato Grosso do Sul. This will be at the same time a three-month investment opportunity for the lending company.

Central Bank of Oman (CBO) has given its final approval to the Islamic banking arm of Bank Muscat - Meethaq - to start full-fledged operations. The starting date of the bank's operations is January 21st. Meethaq will begin functioning as a bank with 150-million-rial capital at its disposal. The money is intended to be used to boost growth opportunities. A full suite of regulated Islamic banking products will be offered.

Bankers have an optimistic attitude towards a full-scale restructuring of the US$10 billion (Dh36.72bn) debts of Dubai Holding. They consider such a move to be imminent following the settlement of a legal action against a unit of the conglomerate. Four banks, one of which Royal Bank of Scotland, have reached an agreement on the terms of restructuring debts of Dubai Group, the financial arm of the holding company. This will include their dropping a controversial legal action against the Dubai company.

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• Monitor and report legal and compliance risks to senior management
• Identifies, manages and reviews all legal and compliance matters arising from or in connection with the business
• Coordinate relationships with regulators and act as first point of contact for regulators
Sharia Compliance:
• First contact person for Sharia Board in respect of legal and Islamic banking compliance issues
• Ensure compliance of processes and products with Sharia law; coordinate cooperation with the Sharia Board and Sharia related consultants

Qatar Islamic Bank is introducing specific sector-related packages which shall correspond to the different needs of SMEs. The first such packages focus on the key sectors of construction, trading and services. A new programme is being launched which shall providing special services to the country's small and medium sized enterprises. Exclusive financial benefits, guidance and advice will be offered. The programme is named Aamaly and will support SMEs which are recognized as one of the main contributors in innovation and job creation in the country.

Gatehouse Bank is making efforts to attract Oman's Sharia-compliant institutions to invest their funds in the UK and vice-versa. They are showing keen interest in establishing a business relationship with all Islamic banks. Gatehouse already have treasury services, capital market products like sukuk and real estate financing. There will be an official meeting between Gatehouse Bank's officials and such of Bank Nizwa and Bank Muscat. The goal of the meeting will be to explore cooperation possibilities and opportunities.

According to a recent announcement, Abu Dhabi Islamic Bank (ADIB) has achieved a huge number of the Global Village visitors through its Financial Education Campaign. As the main sponsor of the campaign for the second year, ADIB supports the event as part of its strategy to help and promote initiatives launched by the government endorsing the UAE’s tourism and entertainment industries. Some of the exclusive services the bank offers at the venue are providing ATMs as well as setting up specially designed mobile branches. There, visitors have the opportunity to receive information about financial management and ADIB’s unique products and service.

According to announcement, Emirates NBD's Islamic unit plans will start with a rights issue worth Dhs1.5bn ($408m) this month. Emirates Islamic Bank (EIB) will offer 1.5 billion shares at Dhs1 each between January 25 and February 3, thus increasing its capital to Dhs3.93bn. Since last year, Dubai Bank is formally part of Emirates NBD, since it was rescued by the Dubai government in May 2011.

To play a key role in ensuring the quality of Education portfolio performance management and to contribute to the development and implementation of Education sector strategy, policy dialogue and analytical/economic sector work (ESW).
· Play a significant role in the preparation of policy/strategy papers, new programs and knowledge product development.

To provide strategic direction, motivational leadership and operational oversight for the Cooperation and Integration Department. Determine the strategy for the Department, set and deliver ambitious objectives that enable IDB to achieve its goals, and take the significant operational decisions.
To actively promote and enhance cooperation between OIC Member Countries and collaborates with OIC and its Standing Committees, Specialized and Affiliated Institutions on behalf of the IDB Group on matters related to cooperation and coordination between Member countries.

Deloitte Islamic Finance Knowledge Centre is a thought leadership think-tank focused on providing innovative intellectual and practical programs, for Islamic finance leaders and institutions and leads the practice development in Middle East region and coordinates with Deloitte's member firms globally. Its activities include:

•Develop practice across the MENA region and support Deloitte's Islamic financial service offerings•Provide internal and client's training and Islamic finance education•Conduct leading market and regulatory research and thought leadership•Promote professional excellence and best practices through different awareness programsThe responsibilities of the "Business Analyst" include:
•Co-drive Deloitte IFKC thought leadership function in ME and co-oversee knowledge-building initiatives in close collaboration with the Director of Deloitte IFKC.

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The headquarters of Bank Nizwa will open today at Al Qurum. At the same time, its branches in Sohar and Nizwa will be opened as well. Gradually, several further branches will be opened. The launch of the bank was announced after the Central Bank of Oman (CBO) released the Islamic Banking Regulatory Framework (IBRF). It is expected that Bank Nizwas launch will push Islamic banking and economy in Oman and attract more deposits from Omanis, who have their deposits outside the country.

The Dubai Government is set to create a comprehensive platform of Islamic economy products and services, thereby strengthening its position as a global centre for Islamic economy. The initiative includes standardization and regulation of Islamic products, services and practices. Thus, Islamic economy will become stronger and independent from conventional and interest-based financial practices. As a regional business and trade centre, the UAE already has world class ‘hard’ infrastructure. According to Chief Economist of National Bank of Abu Dhabi Dr. Giyas Gokkent, now the ‘soft’ infrastructure will be added thanks to the initiative, this way encouraging and attracting Sharia compliant activity in various services and industries.

A three-day regional symposium dedicated to the role of corporations in promoting social responsibility towards labor in the countries of the Gulf region was inaugurated on January 8th at the UN House in Misref. The event was organized by the International Organization for Migration (IOM) in partnership with the Ministry of Awqaf and the Embassy of The Netherlands. The symposium was of significant importance for the GCC countries because it will benefit not only the corporations or company’s CSR but in particular the citizens and expatriate laborers.

According to an announcement by the Capital Market Authority, the listing and trading of the initial issue of Saudi ORIX Leasing Company’s Sukuk will take place on Sunday, January 13th 2013. Its symbol will be 1031.

In the process of Arcapita Bank's asset liquidation aiming to raise money for its creditors, the bank has sold its interests in five retirement homes outside London. According to a statement, Arcapita and its investors have sold their ownership of 80% in the property to Health Care REIT. The investment in the US-based publicly traded property investment trust was carried out in 2003 through a joint venture with Sunrise Senior Living. At the time Arcaoita sought Chapter 11 protection on March 19, 2011, the bank had assets of US$3.06 billion (Dh11.24bn) and liabilities of $2.5bn.

The merger between three Islamic banks based in Bahrain - Elaf Bank, Capital Management House and Capivest - has been successfully closed by Kuwait Finance House-Bahrain (KFH-Bahrain). The merger will enable a strengthened financial institution with a total equity reaching approximately $340 million. The total assets in excess will be $400m spanning the Middle East and North Africa (Mena), Europe and Asia. KFH-Bahrain played the role of transaction and lead adviser. The discussions and procedures started in late 2011 leading now to the creation of a robust merged entity which is more competitive in the field of global Islamic banking and investment industry.

An Islamic financial institution is looking for an Investment Manager to join their team in Bahrain. The ideal candidate will be familiar with entire investment cycle and will be responsible for sourcing, evaluating and screening potential investment opportunities in the GCC, Middle East and other regions.

The Global Islamic Microfinance Forum in the UAE united MFI’s of 27 Countries to elaborate on the development of Islamic Microfinance. The event was marked by unanimity on the decision to work together for the advancement of Islamic Microfinance globally. The Forum took place on 8th-10th December 2012, in Dubai World Trade Centre, UAE. Among the delegates there were experts from countries such as UAE, Pakistan, India, UK, Bangladesh, USA, UK Bahrain, Yemen, Azerbaijan, Turkmenistan, Kirghizstan, Mauritius, Kenya, Canada, France, Egypt, Philippine, Uganda, Iraq, Nigeria, and Sudan. Key topics included bringing together the Islamic Microfinance Institutions on a single platform as well as the role of Islamic Microfinance in poverty alleviation. Furthermore, Shariah and related issues of Islamic Microfinance Institutions and their solutions were discussed.