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An analysis by the Daily Telegraph shows that Gulf Finance House (GFH), which plans to buy Leeds United, is short of money. The investment-banking group held less than £4million in cash in June 2011, which is £800million less than the cash sum at the end of 2008. As a subordinate company to GFH, GFH Capital claims to have the money for the acquisition and not to be involved in the financial shortage of its parent company. However, further details on this issue are not revealed.

Read more on: http://www.telegraph.co.uk/sport/football/teams/leeds-united/9597049/Lee...

At this year's Oman Investment Forum 2012 the executive president of the Central Bank of Oman (CBO) announced that the regulatory framework for Islamic Banking has been finalised. Also, amendments to the Banking Law are being worked on. The local banks Bank Nizwa and Al Izz Islamic Bank received initial approvals to practice Islamic banking.

Read more on: http://www.zawya.com/story/Oman_finalises_Islamic_Banking_rules-GN_09102...

According to an announcement, Al Ansari Exchange and the Bill & Melinda Gates Foundation will sign a partnership of $10 million (Dh36.72 million). The partnership aims to support two significant health issues: polio eradication and treatment and prevention of neglected tropical diseases (NTDs). The agreement will start with an initial co-funded contribution of $4 million in support of polio eradication activities in Pakistan and Afghanistan. Prevention and treatment of NTDs in sub-Saharan Africa is planned as well. The partnership initiatives shall represent focused, strategic philanthropy and have a strong positive effect on the life of people in the poorest countries.

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

According to the latest study of strategic consultancy Insight Discovery, the number of advisers in the UAE is as high as 3,700. This is far beyond any expectations and indicates a surfeit of advisers. The total number constitutes of 1,050 independent financial advisers, 650 private bankers from international and local banks, and about 2,000 advisers from UAE banks. The study also stresses on the need to increase regulatory approval and supervision of advisers. The three largest independent adviser companies are said to be Nexus, de Vere’s, and Globaleye’s 80.

GCC "Board Directors Institute" (BDI) is announced to be held in Riyadh for the second meeting of their GCC Roadshow programme on the 12th of September. The roadshow programme will focus on the significance of corporate governance and the effectiveness of Board of directors. Host of the event titled "Celebrating 5 Years of Corporate Governance Excellence in the GCC" will be The Savola Group.

Read more on: http://www.businessreviewusa.com/press_releases/the-savola-group-hosts-t...

The 2nd Corporate Governance Conference for SMEs was organised and opened in Dubai by Dubai SME. As part of the Department of Economic Development (DED), Dubai SME is occupied with with the development of the small and medium enterprise sector. The conference is held under the title 'Execution and Best Practices in Corporate Governance'. Its purpose is to promote implementation and exemplary practices of corporate governance as well as to focus on SMEs that have initiated corporate governance. At the corporate event, guide on effective execution of corporate governance and a case study on the implementation of it in Dubai SMEs will be made public.

Read more on: http://www.ameinfo.com/dubai-sme-organises-2nd-corporate-governance-314395

According to GFH Capital, it wants to buy the football club Leeds for itself and is not acting on behalf of a third party. The bank plans to acquire all 100% of Leeds City Holdings Limited's equity in an all-cash deal. In case of a successful bid, the chairman and owner of the club - Ken Bates - would sever all ties with the club. Even though discussions about the transaction have started about half a year ago, it is still not certain where the bank would find the cash to finance the deal. The sum is estimated at about $81m. The bank's parent - Gulf Finance House - claims to be short of finance.

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

The educational system provides numerous young specialists in Islamic finance, however, they are hardly able to find a job. According to a UAE senior Islamic banker, one of the main problems in the industry lies in the lack of suitable graduate training programmes and internships. Thus, it becomes very difficult to absorb the growing number of graduates. The solution to this issue is in the hands of the corresponding institutions themselves. Moreover, employers look for experienced employees and even prefer experienced candidates from the conventional banking sector.

Affordable housing is a serious problem in the GCC countries since the population is growing. Already measures are being taken to address this problem. For example, amendments to the law on land and building regulations in Bahrain makes construction of additional houses on plots of land and the enlargement of small houses possible. The Diar Al-Muharraq project shall provide over 30,000 housing units. In Kuwait, a budget of 140 billion is designated to the cause of dealing with the urgent need for housing. The funding is part of the country's Five Year Plan 2010-14.

See more on: http://www.menafn.com/menafn/1093566568/Affordable-housing-GCC-National-...

Event marks opening of world’s first global Islamic asset manager

Riyadh, 8 October 2012: The Four Seasons Hotel in downtown Riyadh will be the site of the grand opening launch ceremonies for Safa Investment Services on 8 October 2012. The event will include presentations from leading specialists in Saudi banking and finance.

Safa Investment Services is the newest part of the growing financial market activities at The Investor for Securities (“The Investor”), a CMA-licensed investment company founded in 2007 in Riyadh. Over the last two years The Investor has become what is considered the most profitable investment company in Saudi Arabia, with now over $1 billion in total Assets Under Management (“AUM”).

As part of the preparation for issuance of a dollar-denominated sukuk, Qatar Internationa Islamic Bank (QIIB) has charged QNB Capital and two international banks to arrange investor meetings which will be held in the Middle East, Asia and Europe starting on October 10th. At the moment there are no informations about the size of the sukuk or other offer details.

See more under: http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=535325...

Barwa Bank announced it has launched its first collective investment scheme 'The First Investor GCC Equity Opportunities Fund', which is managed by The First Investor, a subsidiary of the 100% Shariah compliant Barwa bank. The main objective of the fund will be to achieve long-term capital growth through investing in a broadly diversified portfolio of equities and equity-related securities listed on GCC markets.

See more under: http://www.international-adviser.com/news/middle-east/barwa-bank-launche...

Fitch Rating Agency warns about Sharia-complained banks as they do not complete with established conventional banks offering Islamic-compliant products. This is especially the case in Oman who's banking market hasn't been opened yet.

See more under: http://www.thenational.ae/thenationalconversation/industry-insights/fina...

Qatari-based Barwa Bank considers an initial public offering on the Doha stock exchange. The IPO adviser is QInvest, a local investment bank controlled by Qatar Islamic Bank.

See more under: http://www.reuters.com/article/2012/10/01/us-idUSBRE8900A420121001

Qatar Islamic Bank (QIB) which is the largest sharia-compliant lender in the country, is arranging an issue of a five-year benchmark-sized Islamic bond. The expecting value of the sukuk shall be at least $500 million.

See more under: http://www.reuters.com/article/2012/10/02/qatar-qib-sukuk-idUSL6E8L2BVU2...

"Tackling the Profitability Chalange: Fresh Thinking for Islamic and Cooperative Insurance in the Middle East" ist the name of the Middle East Takaful Forum 2012 that is going to be held on the October 17th and 18th, under the patronage of the Central Bank of Bahrain. More than 200 top decision-makers will discuss the key challenges of Middle East Takaful operators and conditions of achieving sustainable profitability in the insurance sector.

See more under: http://www.cpifinancial.net/news/post/15966/overcoming-profitability-cha...

Ithmaar Banks merger talks with its associate, First Leasing Bank, has moved on. The boards of both banks approved the plans as well as the kingdom's banking regulator the central bank had given its initial approval for merger.

See more under: http://www.ameinfo.com/ithmaar-set-close-merger-deal-leasing-313763

Dubai capital market seems to be lively again after two new Islamic bonds in value of $500m respectively $650m has been issued this year. After a long period of uncertainity, this should be a turning point for secondary market as well as key driver for region's capital markets in order to get back on the desired growth path.

See more under: http://www.arabianbusiness.com/fear-of-floating-raising-finance-in-gulf-...

The examination of the status of Millennium Development Goals (MDGs) in the Muslim countries will be the main topic of the conference "Linking Musim Giving to MDGs" that will took place on November 2nd at UN Headquarter in New York. The event presents an opportunity to discuss the status of MDGs in Muslim countries as well as to exchange ideas on the potentials for developing strategies to bridge the financial resource gaps in Musim world.

Event Tags: Millenium Development Goals, MDGs, Poverty, Food Deficit Countries, United Nations, Solidarity, Islamic countries

See program on: http://www.thewcmp.org/img/downloads/pdf/LinkingMuslimGivingtoMDGsbackgr...

Dubai Woman Establishment is going to organize the 3rd edition of Arab Women Leadership Forum on November 19-20. The event called "Board Leadership and the Case for Diversity" will focus on issues and opportunities surrounding the role of women in the boardrooms. Among the participants will be an elite group of women leaders from around the region that will share practical ideas and deliberate on topics related to board leadership and diversity of a woman.

See more under: http://www.zawya.com/story/Dubai_Women_Establishment_to_Host_Third_Arab_...