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Gulf Finance House (GFH) has announced the signing of two development agreements for real estate development in India. The flagship investment of GFH in India is the Energy City and Mumbai IT & Telecom City (India Project) developments in New Mumbai. The agreement was signed with Wadhwa Group. According to this agreement, GFH and Wadhwa have agreed to the appointment of Hafeez Contractor to be the master planner for the Phase 1 of the India Project, with an expected end sale value of USD 4 billion. The second agreement was agreed with Adani Infrastructure & Developers.They intend to work together to explore development opportunities in relation to various infrastructure and real estate projects in India. Adani Infrastructure & Developers will be partnering with Asiastar City Holdings to develop the Phase 2 of GFH's India Project.

ABC Islamic Bank has announced that its net profit for the year ending 2013 was $12.2 million, 48 per cent higher than the previous year of $8.3 million net profit. Net profit for the fourth quarter of 2013 was $3 million, 112 per cent higher than the same period of 2012. Total operating income grew 12.8 per cent to $18.1 million compared to $16 million in the previous year while operating expenses decreased by more than 20 per cent to $5.5 million. The Bank’s capital base remains very strong with a capital adequacy ratio of 27.6 per cent, predominantly Tier 1, which totalled 26.2 per cent. ABC Islamic Bank’s total assets stood at $1.002 billion.

DIFC-based investment bank Alpen Capital has advised Dubai Investment Park Development Company LLC (DIPDC) on its $300 million debut Sukuk offering. Alpen Capital also advised DIPDC on its Ratings ahead of the Sukuk offering. The landmark transaction is structured as a Wakala Sukuk and issued through a special purpose vehicle (DIP Sukuk Limited). The issue was oversubscribed 13 times. DIPDC was able to price the Sukuk with a yield of 4.291 per cent (equivalent to a spread of 265bps over five-year USD Mid-Swaps) on the back of an order book that peaked at over $4 billion. Al Hilal Bank, Citigroup, Dubai Islamic Bank PJSC and Emirates NBD Capital acted as Joint Lead Managers and Joint Bookrunners.

Al Baraka Bank Syria and Arabia Engineering & Contracting (AEC) have signed an agreement for the construction of the bank’s headquarters in Damascus. The agreement was signed by Al Baraka Bank Syria CEO Mr Mohammed Halabi , and Nizar Obaid, CEO of AEC. The bank said the nine floor-building will be the first of its kind in Syria; built on eco-friendly’ principles. Al Baraka Bank Syria’s latest results show assets rising by more than 68 per cent in Q3 2013 to a record SYP 71.219 billion with profits of SYP 3.683 billion.

Abu Dhabi Equity Partners (ADEP) has successfully initiated Brazil's first Shari’ah-compliant livestock finance programme of $25 million, to fund fattening of 70,000 cattle heads - the metric tonne equivalent of entire U.A.E.'s annual import of beef. ADEP's Brazilian Shari’ah livestock transaction allows a select group of Brazil's "Top 40" cattle feedlot operators to increase their capacity utilization. The financing was structured as a combination of Wakala and Murabaha agreements enabling investors to buy and take title from Rancher, of liquidly traded cattle, insured and stored physically in separate feedlots inspected and supervised by a global monitoring company. Shari’ah-compliant funding of the growing multi-billion US Dollar Halal food industry is a natural yet untapped market segment.

Dar Al Takaful has announced today that it has opened a new managed investment account with Daman Investments.
According to Mr. Saleh Al Hashmi, Managing Director of Dar Al Takaful, Daman Investments is one of the most venerable companies in the MENA Investment Arena and this is the start of a mutually beneficial business relationship. Mr. Shehab Gargash, Managing Director of Daman Investments, said that Dar Al Takaful is a respected Islamic Insurance company and opening this new managed account demonstrates their confidence in his firm's abilities to manage money in the UAE economy. Dar Al Takaful’s account will be managed under a Shari’ah compliant investment mandate.

Moody's Investors Service has confirmed Bahrain Islamic Bank's (BIsB) supported issuer ratings at Ba3, with a negative outlook, and affirmed its short term ratings at Not Prime. At the same time, Moody's downgraded BIsB's standalone bank financial strength rating (BFSR) by one notch to E from E+, equivalent to a baseline credit assessment (BCA) of caa1 from b3 previously. Moody's downgrade of the standalone credit profile reflects BIsB's still thin and vulnerable capital base, given the continued lack of clarity surrounding the timing, nature and amount of the anticipated capital injection. These weaknesses are partially moderated by BIsB's solid funding and liquidity position.The negative outlook on the supported issuer rating is aligned with negative outlook on the ratings of the Government of Bahrain, the ultimate provider of systemic support to the bank.

In four North African countries -- Algeria, Egypt, Morocco, and Tunisia -- as well as in Yemen, no more than 3 per cent of adults say they currently use a Sharia-compliant banking service. These results come from a Gallup World Poll survey conducted in 2012 on the awareness, use, and preference for Islamic financial products. Across the five countries surveyed, about half (48 per cent) of adults report having heard of Islamic banks in their country. Moroccans are the most likely to choose the Sharia-compliant loan. Within each country, choices vary little among the poor and more affluent respondents. The data suggest that in the Middle East and North Africa, there is likely to be demand for both conventional and Islamic banking services.

GFH Capital, a fully owned subsidiary of Bahrain based Gulf Finance House, has completed the acquisition of a prime central London residential property. Located in Kensington, the property is a Grade II listed building, overlooking the Queens Gate Gardens. This investment is in line with GFH Capital's strategy to identify attractive opportunities in developed markets like the UK, where it has already made considerable investments. Demand for this type of property is coming from investors all over the world. GFH Capital expects this dynamic to continue due to the favorable conditions of London. However, the firm also sees value and upside potential in other real estate markets such as the US and expects to make additional investments in these markets as well.

Tribonian Law Advisors (TLA) acted as lead counsel to The Investment Dar K.S.C. (TID) in a transaction that involved a $1.2 billion settlement in kind with just under a third of its creditors by value. Participating creditors settled existing FSL claims at a significant discount in exchange for cash, debt and equity participation in a newly formed Jersey entity, to which various assets of TID were transferred. The debt in the Jersey entity was structured on a loan-to-value basis and provided enhanced security and information rights. Approximately 29 per cent of TID’s creditors elected to participate in the transaction. Non-participating lenders benefited from the transaction by seeing a 2.1x multiple reduction in the liabilities settled versus the realisable asset value which was contributed to the Jersey entity.

Abdul Rahman Hassan Abdul Rahman Hashim has been named Governor of the Central Bank of Sudan, replacing former Finance Minister Mohamed Khair al-Zubair who served as Central Bank Governor since 2011. Abdel Rahman Hassan took on the post after being General Manager of state-owned Omdurman National Bank since 2006. He had previously held a number of positions in Omdurman National Bank and before that with Faisal Islamic Bank. Both the new Governor and the former Governor are members of Sudanese President Omar Hassan al-Bashir’s ruling National Congress Party.

Noor Islamic Bank (Noor) announced a waiver on all remittance charges for clients wishing to send money to relatives in the Philippines, in the wake of the Super Typhoon Haiyan. In addition, the Islamic bank has said that any of its corporate clients wishing to donate funds to the Philippines relief effort will have the processing charges waived. The decision to waive remittance and processing charges will remain in place until December 31, 2013. Individuals and organisations must have a Noor bank account to take advantage of the zero charges.

The Accounting and Auditing Organisation for Islamic Financial Institutions ( AAOIFI ) hosted the two day AAOIFI -World Bank Annual Conference on Islamic Banking and Finance 18-19 November in Manama, Bahrain. Discussions at the conference focused on international accounting standards for Islamic finance, the dynamics of auditing and risks, incorporation of Shari'ah principles in legal documentation, further innovation on Takaful operations and products, and continuing development of Islamic venture capital. Following the Conference, AAOIFI will hold training courses for its Certified Shari'ah Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) professional development programs 20-23 November 2013.

According to Thomson Reuters' Islamic Finance Development Indicator (IFDI), Saudi Arabia has the second largest Islamic finance sector, after Malaysia, with Islamic finance assets in excess of $270 billion in 2012. Saudi Arabia was also in the top ten countries for educational infrastructure. Moreover, the kingdom performed well in terms of awareness and Sharia governance. However, it did not fare as well in terms of governance. Saudi Arabia has yet to introduce dedicated regulations for Islamic finance institutions and continues to score poorly in terms of financial disclosures compared to its peers. The IFDI was developed in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD) and will be officially launched at the Global Islamic Economy Summit.

Emirates Islamic Bank has launched a four year Wakala investment option for customers, with an expected profit rate of 2.57 per cent per annum. Available on investment amounts ranging from AED 100,000 to AED 5 million, Emirates Islamic Bank’s latest product closely follows the launch of the three-year special Ramadan Wakala, introduced earlier this year. The four year Wakala investment option differs from conventional Wakala investments, with the profits being paid out on an annual basis to customers. Faisal Aqil, the bank's Deputy CEO - Consumer Wealth Management, said that customers are encouraged to develop a culture of saving through the launch of the bank's Sharia-compliant savings products.

The 2nd Annual Islamic Banking Summit Africa (IBSA 2013), which opened today in Djibouti, saw more than 350 leaders in the international Islamic banking and finance industry engage in discussions that focused on capturing the growth opportunity for Islamic finance and Takaful in Africa. The inaugural session of the two day event assessed the progress and development of Islamic finance in Africa and discussed required key government and regulatory initiatives. The keynote plenary session discussed key strategies for capacity building and how to best position Islamic finance as a catalyst for a new wave of economic development in Africa. The Power Debate session discussed key initiatives to strengthen Islamic finance’s links to the real economy in Africa and connect Africa to the broader world of Islamic finance.

Islamic International Rating Agency has upgraded the national scale ratings of Kuveyt Turk Participation Bank (Kuwait Finance House–Turkey) on both the short-term and long-term scale to AA-/A-1+ from A+/A-1 previously. Ratings on the international scale have been reaffirmed with local currency ratings at BBB/A-3 and foreign currency assessment at BBB-/A-3. Outlook on the ratings is ‘Stable’. According to IIRA, a significant ratings driver is the fact that the bank stands to benefit from strategic and financial support if needed, both implied and explicit. Additionally, the board and management of the bank have remained stable, with several of the key personnel having been associated with the bank for a number of years.

Kuwait Finance House has signed a memorandum of understanding to finance $115 million for Bahrain-based Foulath Holding Company for five years. Shaheen Al-Ghanem, International Banks General Manager, KFH said the deal was part of KFH’s efforst to expand in foreign markets. Foulath is owned by GIC and Qatar steel Company in addition to the National Industries Group, Gulf Cables and Kuwait Foundry Company. Foulath owns factories in Bahrain, Saudi Arabia and its businesses cover various countries in the Middle East.

Moody's Investors Service has upgraded by one notch the global foreign and local-currency deposit ratings of Kuwait-based Boubyan Bank (Boubyan) to Baa1 from Baa2. At the same time, Moody's has upgraded Boubyan's standalone bank financial strength rating (BFSR) to D+ from D, equivalent to ba1 baseline credit assessment (BCA) from ba2. All ratings assigned to Boubyan carry a stable outlook. Moody's rating upgrade primarily reflects the strengthening of asset-quality and coverage metrics and improvement in capitalisation levels. However, these strengths are moderated by high concentration risks and challenges stemming from rapid growth.

More than 250 leading players, key regulators and thought leaders in the international Islamic banking and finance industry will be gathering on the 6th & 7th of November 2013 in Djibouti, for the 2nd Annual Islamic Banking Summit Africa (IBSA 2013). Held under the theme “Islamic Finance and Takaful: Capturing the Africa Opportunity”, IBSA 2013 will provide a platform to specifically focus on the opportunities and challenges that are forging the Islamic banking, finance, Takaful/ReTakaful, and investment landscape in Africa. IBSA will also provide a platform for industry players seeking to further build their presence in the evolving African markets for Islamic finance and to explore emerging opportunities which will further increase the momentum of growth.