GCC

Call for Papers: SUSTAINABLE GROWTH AND INCLUSIVE ECONOMIC DEVELOPMENT FROM AN ISLAMIC PERSPECTIVE

EIGHTH INTERNATIONAL CONFERENCE ON ISLAMIC ECONOMICS AND FINANCE

SUSTAINABLE GROWTH AND INCLUSIVE ECONOMIC DEVELOPMENT FROM AN ISLAMIC PERSPECTIVE

Doha, Qatar - December 25-27, 2011

CALL FOR PAPERS

The global economy continues to face the perennial problems of poverty, persistent youth unemployment, excessive inequalities of income and wealth, high levels of inflation, large macroeconomic and budgetary imbalances, exorbitant debt-servicing burdens, inadequate and aging public utilities and infrastructure, skyrocketing energy prices, and growing food insecurity. The reoccurring regional and global financial crises further intensify and magnify these problems particularly for the underprivileged segments of the world population. As a result, many countries are at the risk of failing to achieve the Millennium Development Goals (MDGs) set by the United Nations. However, some countries also present optimistic experiences to share, and from which useful lessons can be drawn for shaping the future economic scene in other countries.

Moody's downgrades Jafz to B2; negative outlook (UAE)

Moody's decision to downgrade Jafz was driven by the high uncertainties over the near- to medium-term evolution of the company's capital structure, which the rating agency assesses as being highly leveraged, with adjusted debt to EBITDA at 8.6 times (as per the 12-month period ending June 2010), and as unsustainable given the company's cash flow profile.
Moreover, Moody's considers it likely that the company's capital structure will remain constrained. These factors have prompted Moody's to reposition Jafz's baseline credit assessment (BCA) to 16 (equivalent to B3 on Moody's global scale) from 14 (B1 equivalent), hence the downgrade.

Political unrest in the Middle East detrimental to sovereign credit quality, says S&P report

Political unrest and the resulting economic impact in some countries of the Middle East and North Africa (MENA) are proving detrimental to sovereign credit quality in the region. This is written in the following two reports of Standard & Poor's Ratings Services: "Credit FAQ: Middle East Unrest's Credit Impact: How We Assess The Political And Economic Risks In Sovereign Ratings," and "Report Card: Middle East And North Africa Sovereign Ratings Dip As Political And Fiscal Risks Intensify."
Almost all sovereigns in the region, including wealthy oil-exporting countries, share, to varying degrees, some or many of the political and economic risks that we believe underlie the unrest.

Islamic an option for UAE banks

The UAE will not follow Qatar in banning conventional banks from operating Islamic services, as its financial system has a different legal framework. Conventional banks will remain free to offer Sharia-compliant banking products. That is the statement of the Central Bank Governor, Sultan al Suwaidi.
Islamic finance banks based in the Dubai International Financial Centre are required to operate within AAOIFI guidelines.

Saving up attractively and securely

National Bonds Corporation has announced a profit of 3.78 per cent for its bond holders despite a challenging year in 2010.
The CEO of the leading Shariah compliant saving scheme in the UAE, discussed a variety of subjects concerning the National Bonds and their customers as well as plans for 2011 and beyond.

Emirates Post shelves IPO plans

Emirates Post has decided to abandon plans for a public listing after toying with the idea for past few years.
A National Commercial Bank report said that the "much anticipated" issue was of Emirates Post which was expected to raise more than $270 million.
Government support has been critically important for IPO activity in the GCC during the crisis.

BLME to start Bahrain operations

Bank of London and The Middle East (BLME) has received a licence from the Central Bank of Bahrain (CBB) to open its regional office in the Kingdom.
LME provides a wide range of services and advice to businesses and individuals, with a strong focus on Europe, the Mena region, as well as the US.
The opening of the Bahrain office, BLME’s first overseas office in the Gulf region, reinforces its ambition to provide a bridge between the UK and the GCC to offer a range of investment opportunities to the global investment community.

United Arab Bank supports 'Sailing Arabia'

Under the patronage of HH Sheikh Mohammed Bin Saud Al Qasimi, Crown Prince of the Emirate of Ras Al Khaimah, United Arab Bank (UAB) announced its co-sponsorship of 'Sailing Arabia-The Tour', the regional sailing event taking place across the Arabian peninsula, in line with the Bank's commitment to developing UAE youth and the local community.

SIB, Egyptian firm sign MoU ?to set up Corplease UAE

Sharjah Islamic Bank has signed a Memorandum of Understanding (MoU) with the Corporate Leasing Company Egypt (CORPLEASE), to establish a joint venture 'CORPLEASE UAE', a UAE-based company that will provide a plethora of lease facilities.
The ceremony was attended by Mohammed Abdullah, CEO of Sharjah Islamic Bank and Tarek Azmy, Managing Director of CORPLEASE, who signed the MoU on behalf of their respective organisations.

Methaq Donates Dh 3 Million To The UAE Red Crescent Authority

Meethaq Takaful Insurance Company has offered zakat money of Dh 3 million to the UAE Red Crescent Authority (RCA).
The Managing Director of Methaq Takaful, Mr. Abdullah Al-Maamari, presented the cheque to HE Ahmed Humaid Al Mazrouie, Chairman of the RCA’s Board of Directors, in presence of HE Mohammed Khalifa Al Qemzi, RCA Secretary General, and Mr Khalil Ghneim, Methaq’s General Manager.

OIC may float takaful company

Oman Insurance Company (OIC), the largest insurer in the UAE, may float an Islamic insurance (takaful ) firm in the country. The company has appointed an advisory company which is carrying out the due diligence for it to foray in to takaful segment.

Islamic finance growing in Kazakhstan

Kazakhstan is aiming to become a Central Asian hub for Islamic finance, with plans to launch its first corporate sukuk this year and a new Sharia-compliant bank.
Kazakhstan is seeking foreign investment to help diversify its economy into areas including petrochemicals, renewable energy, tourism and agriculture. The UAE and Kazakhstan also have "good potential" for cooperation on food security.

Central Bank issues Dh3.5bn Islamic CDs

The UAE Central Bank has issued Dh3.5 billion worth of Islamic certificates of deposits (CDs) for Shariah-compliant banks in the UAE to create new investment tools and keep those banks away from the foreign markets.
The Central Bank had started issuing the country’s first Islamic (CDs) as part of a plan to create a new investment tool for Shariah-compliant banks in the country, the second largest Arab economy.

UAE banks face deadline for Saad & Algosaibi exposure

The Central Bank of UAE has told banks to allocate provisions of 80 per cent of their exposure to the collapsed Saudi family business conglomerates Saad and Algosaibi by the end of 2010.
Central bank governor Sultan Al Suwaidi said central bank's approval of the banks' audited results for 2010 would be conditional on those provisions.

Fitch affirms Abu Dhabi Islamic Bank at 'A+'; outlook stable

The affirmation of ADIB's Long- and Short-term IDRs and Support Rating reflects the extremely high probability of support from the UAE authorities, if needed.
The affirmation of the Individual Rating reflects the bank's sound liquidity and funding, its good franchise, adequate capitalisation and high concentrations in financing and rapid growth.
ADIB's main shareholders are Emirates International Investment Company (41%), which is owned by members of the Abu Dhabi ruling family, the Abu Dhabi Investment Council with 8% and the UAE pension fund (2.3%).

ADIB arranges for financing deal for MAF

Abu Dhabi Bank (ADIB) announced that it is going to financially help UAE's Majid Al Futtaim (MAF) Group. because the bank is going to arrange for a syndicate that will look after the financing worth Dhs1.14 billion.

UAE banks told to book Dubai World provisions

UAE banks with exposure to indebted conglomerate Dubai World have been directed by the country's central bank to book "appropriate" provisions in consultation with their auditors.
In order to try to bring the banking system in line with international standards, the central bank released guidelines early last month directing banks to take provisions for bad loans on a quarterly basis.

Gassner's picture

Congress of Muslim Philanthropists Online - March 23-24, 2011, Venue Change: Dubai

The annual convening of the World Congress of Muslim Philanthropists, widely recognized as the premier forum on Muslim Philanthropy worldwide, welcomes social investors, grant-makers, government and business leaders, visionaries, and civil society executives to a solicitation-free collaborative environment.

The 4th World Congress will initiate a dialogue around the potential roadmap for Muslim Giving in the next decade. This discussion will be enriched by the collective wisdom and experience of leading philanthropists and intellectuals from around the world. The forum will also examine challenges unique to Muslim societies, and offer options for managing them.

Update 17th Feb 2011:

The organizers of the 4th World Congress of Muslim Philanthropists regret to announce the change of meeting venue due to circumstances beyond their control. This unpredicted situation came about in response to the directives we received today from the Moroccan authorities. While we feel extremely disappointed, we believe it is prudent that we do not compromise on the safety of our guests.

Call For Submission

First Sharia compliant movie fund raises $40m

In just four weeks, the world’s first Sharia-compliant movie fund has reached more than $40m.
The Black Knight is expected to reach $85-90m by April, half of which will come from UAE investors.
The movie, which is scheduled to be filmed in Morocco and could also include scenes shot in the UAE, is the first instalment in a trilogy of films and will be released in 2012.

CEO NCB awarded

The National Commercial Bank Chief Executive Officer Abdulkareem Abu Alnasr has been named Islamic Banker of the Year 2010 at the World Islamic Banking Conference (WIBC).
Alnasr received the award from the governor of the Central Bank of Bahrain in recognition of NCB's strong leadership and commitment to Islamic Banking.

Syndicate content