IslamicFinance.de

Job Purpose

•To contribute to the growth in volume & earnings of Bank’s Corporate Banking business and ensuring a healthy Corporate Banking portfolio.
Key Responsibilities:

•Develop and nurture relationships with assigned companies Acts in an advisory role to the client fostering responsible banking.
•Seek to grow the business volume & earnings while maximizing customer satisfaction
•Handle relationships through regular meetings with clients and establish their current and future financial needs.

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According to experts from Ernst & Young, Saudi Arabia and Egypt are poised to become the most attractive private equity (PE) destinations in the MENA region. Saudi Arabia is the first in the ranking of the most attractive PE investment destinations in 2011. The reasons for that were the initiatives of the Kingdom's government and its relaxed foreign ownership norms. There are some basic factors such as demographics, the robustness of its financial institutions, a very healthy economic outlook and steady growth which play a key role in positioning Saudi Arabia as a leading PE destination.

Dear Reader,

Islamic finance had another great year. Many of its market segments progressed, like for example the Sukuk market gaining more maturity. Despite the ongoing debt crisis a good sign of hope and happiness.

Nevertheless we are - as an industry - still not satisfied with the achievements. Islamic finance shall grow stronger in terms of social impact and in terms of substance:

Hence, please allow me to re-iterate my call for participating in international initiatives beyond just our own industry to learn and spread knowledge and experience:

Calling Islamic financial institutions to become member of the United Nations Finance Initiative
http://www.islamicfinance.de/?q=node/811

Inshallah we see more Islamic financial institutions taking a lead in SRI, Social Impact Investing and other approaches while contributing with Islamic finance knowdledge to the conventional industry. The time is now; and there are signs that Malaysia aims for a lead:
http://www.islamicfinance.de/?q=node/4151

The candidate must have worked as system analyst (Techno Functional) for around 8-10 years in the Islamic Financing, whose specialized in FinnOne software with focus on the followings:-

Loan Origination, Loan Management.
General Ledger, Sub Ledger, Inter-branch accounting and Bank Book Reconciliation " Loan Accounting Life Cycle".
Personal, Auto, and Mortgage loan products, Loan Repayment Schedules, Loan servicing and Charges.
PDC Management System.

This year's record of $46 billion in terms of global sukuk sales is very likely to be exceeded in the coming year. A key reason is that countries like Oman, Tunisia and Egypt are just entering the market. Borrowing costs on Sharia-compliant debt have decreased 11.4 percentage points reaching 2.82% since the end of 2008 due to central banks in Europe, the US and Japan pumping funds into their economies in order to enhance growth rates. A rise in the Islamic banking assets will drive the demand so that it can reach $1.8 trillion next year. Compared to that, in 2011 the demand was $1.3 trillion.

The central bank of Oman decided upon a strict approach to regulating Islamic banking in rules for the sector. The rules released on December 19th will set higher standards for the industry than many other countries. Last year, the Sultanate announced the introduction of Islamic finance, thus becoming the last GCC country to make this step. According to expectations, business activity will start at the beginning of 2013.

Banks in Syria are experiencing additional cull at board level which combines with the already difficult conditions facing a sector hit by sanctions, losses and robberies amid a deepening civil war. The changes are in the form of reported resignations, some of which deemed too close to the regime, are being asked to step down, thus helping to ease the pressure on financial institutions. Other directors have made a different decision and shed their holdings in a bid in order to ensure they are not marked in the future.

The International Islamic Financial Market (IIFM) is progressing on a variety of Sharia products issued. This was made known at their 27th board meeting which was hosted by Kuwait Finance House - Bahrain in Manama. The mentioned products include Interbank Unrestricted Wakalah standards, Islamic Currency Hedging product standards and Collateralised (Rahn) Product Standard. Moreover, the board reached an agreement on the initiation of several new standards among which Ijarah sukuk standardisation as well as consultation on credit support arrangement concerning Islamic hedging.

•Plans, organises and controls the Corporate Banking Department in order to Maximize the Islamic Division’s Market share, profitability and volume on its range of products and services
•Well versed in Islamic Banking corporate products and structuring of the facility. Train the team members to execute corporate banking deals and understanding the methodology of structuring the same
•Monitors operational, economic and social data relevant to the business of the Bank for evolving the strategies and policy guidelines in the corporate Banking department
•Develops, recommends and implements on approval, marketing strategies and plans consistent with established goals in Corporate Banking, Islamic Division.

A leading progressive Islamic bank that embraces innovation and values creativity is recruiting for a Project Manager for its Head Office in Abu Dhabi

Key Skills and Experience:

At least 5+ years experience in the capacity of a project manager
PMP or Prince2 certification is highly desirable.
Experience in managing multiple project concurrently

Dubai Chamber's Corporate Governance conference will be held on November 28. The main topic of the conference with a title "Dubai Dialogue: Corporate Governance and Value Creation" is centered around the overall emerging trends in corporate governance and the importance of adopting the right structures and the roles of corporate boards.

According to the 2012 National Bonds GCC Savings Index, Bahrain nationals has experienced the biggest increase of savings sentiment while Qatari nationals savings sentiment has darken. E.g Kuwait interviewees had admitted that their savings are less than they had originally planned at 78%. You can find more statistics here.

Three new takaful licences has been launched and are waiting for completing of all the requirements, according to Oman's Capital Market Authority.

Saudi Arabian Mining Company received revolving credit worth SAR 9 billion to upsize the facility as well as to increase its financial flexibility. The credit was provided by a syndicate of 11 local and international banks.

Dr Yaqoub Al Naqbi assumes the responsibility of the Central Bank governor for breaking the law by offering Islamic services as other commercial activities. The governor Dr Al Naqbi has underlined that regulations were constantly developing and the criticized licensing practice was necessary to keep up with market demand.

The Gulf Bond and Sukuk Association has named a new chair of its steering committee and announced the creation of a sub-committee to promote asset management within the region. Giambattista Atzeni has replaced Andrew Dell as a new chair of the GBSA steering committee for 2013.

Banque Saudi Fransi (BSF) wants to close a SR1.9 billion ($506.6 million) Lower Tier 2 Islamic bond issue. This should grow bank's subordinated debt or Tier 2 capital. Although the sukuks has a seven-year maturity, it is callable, so it can be repaid already after five years.

Al Medina Financial and Korean Finance corporation are going to form a Sharia-compliant small and medium enterprise fund worth $50 million. The fund that should be operational in the first quater of next year will provide seed capital for SME companies in Oman, which use Korean technology.

UAE took steps to improve women's representation in organizations by setting up of quotas of women members in boards. Women will now have to prove by their professionalism that they deserve such "appreciation" against men colleagues.

Standard Chartered (StanChart) extends its business activities in Oman by opening of its third branch in the country. According to officials, bankhouse considers establishing Islamic banking operations in the sultanate.