IslamicFinance.de

According to a study by Al Izz Islamic Bank, the assets of Islamic banks in Oman are expected to pass the mark of RO 2 billion by 2015. The assets of Islamic banks in the country represent 10% of the total banking assets. The study further points out several factors which stimulate Islamic monetary services the most. Among them are demographic indicators, since 72% of the Sultanate's population is aged between 15 and 80 and is mostly Muslim. The concept of Islamic financing is strongly supported by the population.

More on: http://www.zawya.com/story/Oman_Islamic_bank_assets_at_OMR2bn-ZAWYA20120...

Qatar Islamic Bank has made plans of issuing a sukuk in dollar denomination. The move will be part of the bank's sukuk issuance programme worth $1.5 billion. According to a document from the lead arrangers, the banks mandated for the sukuk are Deutsche Bank, HSBC, Standard Chartered and QInvest LLC. Further details on the size of the sukuk are not known yet. The plans include investor meetings in Asia, Middle East and Europe.

More on: http://in.reuters.com/article/2012/09/26/qatar-sukuk-banks-idINL5E8KQ08R...

Dubai Electricity and Water Authority (DEWA) considers the launch of a sukuk next year. The initiative shall be part of DEWA's refinancing plans. Other products in combination with the sukuk, such as securitisation, will also be included. The issuance is expected to lead to benefits from lower borrowing costs. The money gained is intended to be used for repayment instead of investment.

More on: http://in.reuters.com/article/2012/09/24/dewa-sukuk-idINL5E8KO12U20120924

In a seminar, organized by the Dubai Chamber of Commerce and Industry’s Centre for Responsible Business, the progress of the different groups from the Sustainability Network Task Groups and their promised deliverables and achievements were discussed with the business community. Since the launch in April this year, the aim of the groups was to provide initiatives and resources for the business community on Workplace Wellness, Community Investment, Employee Volunteering, Waste Management & Resource Efficiency, and Integrating CSR. Considerable progress of the groups was pointed out with the note that the task groups are doing a good job in providing businesses insight into strategical implementation of specific CSR and Sustainability practices in business.

More on: http://www.albawaba.com/business/pr/dubai-chamber-achievements-442971

Tamkeen's finance schemes with a funding of BD136 million favoured over 4,000 small- and medium-sized enterprises (SMEs). The provided money made growth and expansion through various Sharia-compliant financing solutions possible. A variety of sectors has benefited from the funding, among which 32% wholesale and retail trade, about 21% construction sector, 13% professional services, and 8% accommodation and food services. The last six months demonstrate continuity and stability in the growth of the financial schemes.

More on: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=338258

A bourse filing says that Central Bank of Kuwait (CBK) intends to liquidate its investment unit. According to the bank, closing CBK Capital would not affect the bank's financial position in a negative way. It is said the bank has a capital of 15 million dinars ($53.5 million) and has undergone some restructuring. Activities have been reduced for a number of years.

More on: http://gulfbusiness.com/2012/09/kuwaits-commercial-bank-to-liquidate-inv...

The Savola Group will be host to the second meeting of the GCC "Board Directors Institute" (BDI) GCC Roadshow programme in Riyadh. The leading topic of the event is the importance of corporate governance and the effectiveness of Board of directors, which kicked off in May in Manama, Bahrain. The purpose of the roadshow is to promote healthy communication among BDI members in order to to share ideas and best practices.

More on: http://www.marketwatch.com/story/the-savola-group-hosts-the-second-bdi-m...

After Dana Gas PJSC's biggest shareholder announced the possibility for the fuel producer to come to a satisfactory resolution with investors on $1 billion in Islamic bonds maturing next month, the company has surged significantly. The shares soared the highest percentage since February 19th - 4.9%. Abu Dhabi’s benchmark ADX General Index (ADSMI) and the Bloomberg GCC 200 Index (BGCC200) display Dana Gas as the company with the highest trading volume.

More on http://www.bloomberg.com/news/2012-09-19/dana-surges-as-investors-see-su...

KFH-Bahrain plans to launch a new financing product for small and medium enterprises (SMEs) in partnership with Tamkeen. The new product will offer unique Islamic financing solutions and a subsidy of 50%. Thus, the growth of the corresponding companies shall be supported.

More on: http://www.zawya.com/story/KFHBahrain_launches_SMEs_Finance_programme_wi...

After legal proceedings were lobbed at Dubai Group over its US$10bil debt, the question arose what can be expected regarding the 30.5% interest it held in Bank Islam, where 51% of it belongs to BIMB. It is suggested that BIMB may acquire the stake from the Dubai state investment vehicle. In this way it will gain practically full control of Bank Islam. A notable fact is that BIMB as well as Bank Islam share a common shareholder pilgrim fund Lembaga Tabung Haji, which owns 51.76% of the former and 18.5% of the latter.

More on: http://biz.thestar.com.my/news/story.asp?file=/2012/9/17/business/120386...

The market in the US and Europe is galvanized by central bank operations. Meanwhile, yield-starved Islamic investors grow more and more selective. High interest for emerging market bonds resulted in erosion of the advantage in price that sukuk enjoyed until recently. It is possible that issuers will not be able to save as much as 40bp with suku any longer. At the same time, according to S&P, borrowers have raised USD19.2bn so far in 2012.

More on: http://in.reuters.com/article/2012/09/17/idINL5E8KHMON20120917

Saudi Arabia boasts with good news: home lending is growing rapidly in the second quarter of this year, faster than during any period in the last over four years. This is an indication that banks are open and willing to take risk as the nation's mortgage law comes into effect. Central bank data show an increase in the mortgage lending to 48 billion riyals (US$12.8 billion) which constitutes 83%. Copmared to this, the increase for the same period in UAE was lower than 1% and 34% in Qatar.

More on: http://www.irealtytimes.com/articles/2781/20120917/middle-east-real-esta...

After bein inactive on the suku market for 2 years, Qatar Islamic bank (QIB) is about to launch a new sukuk program. The bank's board has approved a sum of $1.5 billion for this purpose. According to a spokesman of the bank, the issuance will be managed by HSBC Holdings PLC, Standard Chartered PLC, QInvest LLC and Deutsche Bank AG. The issuance will take place in two tranches of of $750 million. The first one will probably be issued in a month's time.

More on: http://me-confidential.com/5664-qatar-another-sukuk-program.html

Baker & McKenzie assisted Saudi Binladin Group with a SAR 1,000,000,000 short term sukuk al murabaha. The sukuk was issued by SBG Sukuk Limited as an exempt offering in Saudi Arabia. The sole Lead Manager in relation to the transaction is HSBC Saudi Arabia.

More on: http://www.zawya.com/story/Baker__McKenzie_act_for_Saudi_Binladin_Group_...

Recently a number of GCC companies issued landmark corporate and infrastructure sukuk in Malaysian ringgit. According to a report by Standard & Poor’s Ratings Services, this might be a sign of a starting trend of development and globalization of the market. Islamic financial instruments are becoming more popular since conventional banks worldwide offer fewer and shorter loans. Especially for countries of GCC and Asia, Islamic financial instruments will very probably become a key funding source.

More on: http://gulfnews.com/business/banking/gcc-and-asia-likely-to-use-sukuk-fu...

According to a recent economic report, the Islamic finance industry has great prospects of global growth since it has already achieved significant growth rates among global financial services sectors. This year, the total value of Islamic financial assets is expected to be as high as USD 1.6 trillion and the growth is expected to continoue the following year. As main reasons for the expansion the increasing demand for Shariah-compliant assets and the active promotion of the Islamic financial market are pointed out.

Al Jazira and Al Hilal Bank signed a sponsorship contract which starts with this seasons and continues for three years. Since Barclays Bank and Al Jazira put an end to their association, it was the perfect moment for Al Hilal Bank to come on board. Due to recent sponsorship, the logo of Al Hilal Bank will be seen on the UAE Olympic football team's apparel, the players dugout and other signage at the club’s facilities.

After Capital Market Authority (CMA) has approved of the prospectus for Alizz islamic bank's shares offering, the bank has set the launch date of its initial public offering (IPO) on September 22. The IPO consists of 400mn shares. Expextations are that the bank will draw unbanked sections of the population into the market and that by 2015 Islamic banking assets in the country will exceed RO2bn.

Insurance company Tokio Marine Middle East Ltd intendt to launch a new Saudi joint venture aiming to spearhead its activities in the Kingdom and beyond. Alinma Tokio Marine KSA, the joint venture between Tokio Marine Middle East, Saudi Basic Industries Corporation (SABIC), Saudi Arabia's Alinma Bank, and a number of local smaller investors will start working together in the very near future. The capital of the new company is estimated at SR100 million.

Dar Al Takaful plans to a number of products with small and medium enterprises, travel, medical and institutional business as a target group. Thus, profitable volumes are expexted to contribute to achieving the premium targets set for 2012. The companiy's intentions are to achieve a 40% growth a year in the next two years. So far, an 85 per cent year-on-year growth in its premium business are a fact after only seven months of the current year.