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After GFH Capital have shown enough proof of funds to complete the takeover of Leeds United, the acquisition is ready to be fulfilled. Thus, the long months of discussion starting May this year are over. According to current Leeds owner Ken Bates, both parties are ready to close the deal in the very near future. He also pointed out the negative effect of inaccurate reporting by some journalists due to lack of knowledge, which, however were not able to disturb the acquisition procedures as much.

Read more on: http://www.dailymail.co.uk/sport/football/article-2223470/Leeds-takeover...

The last couple of years of financial crisis proved to be unfavourable for the international banking sector. Nevertheless, one sub-sector was growing rapidly and reached significant success - Islamic finance. The majority of people still have not enough understanding and appreciation for Islamic finance. However, the facts show it is a US$1.3 trillion global industry with annual growth of 15% to 20%. During the past few years alone this sector has expanded to even not particularly expected markets adding to the portfolios of conventional international banks. The latter have already made the development of sharia-compliant services a priority.

Read more on: http://www.scmp.com/comment/insight-opinion/article/1071883/islamic-fina...

THE NINTH INTERNATIONAL CONFERENCE ON
ISLAMIC ECONOMICS AND FINANCE (ICIEF)
Growth, Equity and Stability: An Islamic Perspective
10-12 September 2013, Istanbul, TURKEY

The Ninth ICIEF at a Glance

Recovery from the global financial crisis and subsequent economic downturn remains fragile. Persistent risks to financial and economic development include sluggish growth in developed countries – which is now spilling over into developing economies as well; increasing income and wealth inequalities; and still-unrestored financial, economic and political stability in many regions. High poverty and unemployment rates, large macroeconomic imbalances, deteriorations in sovereign credibility, increasing food price volatility and food shortages, and lack of access to basic infrastructure further intensify and magnify these risks – particularly for the underprivileged segments of the world population. As a result, for many countries it has become even more challenging to achieve the Millennium Development Goals (MDGs) set by the United Nations.

About a year ago, Nakheel issued about AED4bn ($1.09bn) of sukuk to its trade creditors. Some holders were quick to offloaded them on the secondary market being impatient to finally settle their outstanding bills from the company. This led to a crash in the sukuk prices, which reached down to 70% of their value. However, there has been a recovery in prices since then, so that now the price on the secondary market is almost the same as the price when holding the bonds to maturity. In addition, there are annual 10% coupon payments. In spite of the risks associated with Nakheel, this makes the high coupon very appealing.

Read more on: http://www.meed.com/sectors/construction/real-estate/nakheel-creditors-w...

The government of Oman chose KPMG to work on recommendations for the amendment to the tax legislation. The amendment aims to accommodate Islamic banking products and services. Thus, Shari'ah-compliant services will not be less favourable compared with conventional products any more.

Read more on: http://www.ameinfo.com/oman-commissions-kpmg-recommend-changes-tax-316728

The plans of the Oman government for the near future include an amendment to the current tax legislation. The goal of the amendment is accommodation of Islamic banking products and services as well as the creation of a level playing field with its conventional counterparts. The Ministry of Finance gave KPMG the project of recommendations on amending the tax legislation. Due to the different procedure regarding entering transactions, it is currently possible that the profit becomes liable to tax in the first year. This way, Islamic banks are likely to be considered disadvantageous in comparison with conventional banks.

Read more on: http://www.zawya.com/story/Oman_set_for_changes_in_tax_laws_to_suit_Isla...

Dubai Bank sent a letter to Skycourts unit owners financed by the bank, informing them about their intention of partial fee refund consistent with the principles of Shariah. According to a detailed review of the service fees paid against the financed unit with Dubai Bank, a resolution for additional benefit to Skycourts customers was made. The fee refunded takes into account the period from the moment the bank took the possession of the unit from the developer until the moment when a notice of delivery was sent to the customer by the bank.

Read more on: http://www.zawya.com/story/Dubai_Bank_refunds_overpaid_service_charges_t...

The takeover of Leeds United Football Club by GFH Capital raised disputes on the level of Shari’ah compliance associated with the deal. A statement by David Haigh, deputy chief executive officer and chief operating officer of GFH Capital, stumbled upon rather negative reception. He compared Leeds United to young Pamela Anderson in terms of good shape and future perspective. Also, the fact that a soccer club where alcohol, gambling and pork feature in the mix is subject of acquisition, the question arises whether it is at all compliant with the Shari’ah principles.

Read more on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

Recently, the Qatar Faculty of Islamic Studies (QFIS) took part in the Joint Qatar Foundation Annual Research Forum and Arab Expatriate Scientists Network Symposium which took place at the Qatar National Convention Centre. Papers on the Qatar National Research Strategy by four researchers were presented. The research papers mainly deal with the topics of Qatar’s national priorities and the renaissance and reform movement in Qatar. One of the presentations, prepared and performed by senior researcher Bahnaz al-Qura Daqi, was titled ‘Risk Management among Islamic and Conventional Banks - A comparative study of Qatari banks registered in Qatar Financial Market’.

Read more on: http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=539247...

The new chairman of Kuwait Finance House (KFH) was introduced to the public. After the board's election, Mohammed Al Khudairi will take over the position of former chairman Sameer Al Nafeesi. The latter resigned earlier with the intention to engage in other activities.

Read more on: http://www.zawya.com/story/Kuwait_Finance_House_names_Mohammed_Al_Khudai...

Islamic mortgage provider Tamweel registered a drop in the profit during the third quarter of the year. The drop is as high as 46,5%, which misses the forecasts of analysts by far. The 8.4 million dirhams ($2.3 million) net profit in Q3 of 2012 contrasts with 15.7 million dirhams in the same period last year. The forcasts by Arqaam Capital and EFG Hermes lied at a profit of 22 million dirhams.

Read more on: http://www.reuters.com/article/2012/10/22/emirates-tamweel-results-idUSL...

According to an official announcement, by the end of November 2012 Dubai Bank will be rebranded as Emirates Islamic Bank (EIB). By merging the two Islamic banking holdings of the Emirates NBD Group, a stronger, more resilient proposition for customers will be provided. With the completion of the alignment process, customers will be able to enjoy an expanded network of 50 branches, 100 ATMs and CDMs across the UAE. Also, there will be free access to over 700 ATMs and CDMs which are part of the Emirates NBD Group.

Read more on: http://www.emirates247.com/business/economy-finance/dubai-bank-to-be-reb...

On Saturday, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the National Commercial Bank (NCB) signed a Memorandum of Understanding (MOU) at the Jeddah Chamber of Commerce and Industry (JCCI). The purpose of the Memorandum is to encourage the export in small and medium enterprises (SMEs) in Saudi Arabia. According to the agreement, the signatories are to cooperate on finding solutions for the funding problems of SMEs. The agreement was signed under the auspices of JCCI's Chairman, Sheikh Saleh Abdullah Kamel.

According to an announcement by the Saudi Savola Group, its board is set to acquire the approval of shareholders on the matter of selling sukuk.

Read more on: http://www.reuters.com/article/2012/10/22/savola-brief-idUSWEA507120121022

Call for Participation

Islamic Microfinance A Real Hope for Poor

Global Islamic Microfinance Forum

8th - 10th December, 12 at Dubai, U.A.E

AlHuda-Centre of Islamic Banking and Economics (CIBE) is a well known name in Islamic Banking and Finance sector which focuses on training, awareness, advisory and publications on Islamic Banking & Finance in order to promote the industry.

It is our pleasure to invite you and your team to participate in “Global Islamic Microfinance Forum” planned to be held on 8th - 10th December, 12, 2012 in Dubai U.A.E. We are in great need of Islamic microfinance as Islamic microfinance has the accurate substitution to cut down the global poverty due to its unique characteristics, its provides ample benefits & sustainable solutions to Microfinance institutions which can be utilized for poverty alleviation and social development in effective way.

For further details about the forum, please visit: www.alhudacibe.com/IMFC2012

Just as HSBC Holdings announced it would shrink its Islamic banking operations in a number of countries, the National Bank of Abu Dhabi made plans to increase the contribution of its Shariah-compliant operations three times over the next eight years. Thus, it becomes clear that HSBC's move is nothing but a sign of its own priorities. While it is set to continue its operations mainly in Malaysia and Saudi Arabia with a limited presence in Indonesia, local banks have the opportunity to step in for it.

Read more on: http://thepeninsulaqatar.com/business/211368-gulf-islamic-banks-ready-to...

Property giant Limitless has made a deal to to restructure $1.2bn (Dh4.4bn) of Shari’ah compliant debt with its lenders. The syndicate was established in 2008 and was originally due in 2010. Because of the restructuring, the company's ownership will be transferred to the government of Dubai. Limitless has set to repay all its creditors by 2016.

Read more on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

Medgulf Allianz Takaful a cheque and several gifts to the children of Alia School for Early Intervention. The initiative is part of their Corporate Social Responsibility programme. More than 100 students with special needs are given education at the school. The donation comes from an internal sales campaign during Ramadan.

Read more on: http://www.ameinfo.com/medgulf-allianz-takaful-donates-alia-school-315607

Due to relative stability in a volatile region, Dubai has quickly become role model for its neighbour countries. Appealing opportunities for foreign companies as well as for individual investors are offered. The next step for Dubai's development is Corporate Social Responsibility (“CRS”). Nonetheless, the implementation of CRS activities has stumbled upon several obstacles including cultural, religious and reactionary to global forces.

Qatar Islamic Bank (QIB) shows high performance with a net profit of QR1.13bn in the first nine months of 2012. This is an increase of 2% compared to the same period last year. In September this year, QIB's total assets were at QR66.8bn - an increase of 26.7% since last year. The reason for the continuous asset growth are the financing activities, which have risen 42% from QR11.3bn in the first nine months of 2011 to QR38.1bn this year.

Read more on: http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=538014...