IslamicFinance.de

KSB Capital Group is searching investors in an open-ended Shariah-compliant investment fund targeting shares listed on the Qatari bourse.
Qatar is a promising market for investment as 90% of the companies listed there are paying out dividends to their shareholders. The statement came from Ibrahim al-Olwan, the company’s deputy chief executive.

Governments in the Middle East were called by Dubai Asset managers in the region to unite their regulations governing the financial services industry.
Top executives stated that each GCC country — the UAE, Qatar, Oman, Bahrain, Kuwait and Saudi Arabia — posesses its own set of rules, which sometimes don’t conform to each other and make it difficult for them to sell products.

The list following borrowers are anticipated to sell Islamic bonds: Indonesia, ABU DHABI NATIONAL ENERGY CO, QATAR INTERNATIONAL ISLAMIC BANK (QIIK), TENAGA NASIONAL BHD. (TNB), MIDCITI RESOURCES SDN BHD., AL HILAL BANK, EMERY OLEOCHEMICALS GROUP, PT BANK MUAMALAT INDONESIA, INTERNATIONAL ISLAMIC LIQUIDITY MANAGEMENT CORP., ACWA POWER INTERNATIONAL, ISLAMIC BANK OF THAILAND, PT BANK SYARIAH BRI, Russia, Senegal, TOURISM DEVELOPMENT & INVESTMENT CO., KUVEYT TURK KATILIM BANKASI AS and many others.

Allianz Takaful and MedGulf are partnering for the markets of Bahrain and Qatar to further develop their insurance platforms. In order to start this, Allianz Takaful will transfer 75 percent of Allianz Takaful to MedGulf BSC (Bahrain).
The whole range of takaful and insurance products in the market of Bahrain and Life and Health products in Qatar will still be sold by Allianz Takaful.

Sarasin-Alpen LLC, Oman, is a subsidiary of the private bank, Bank Sarasin & Co Ltd, Switzerland. Capital Market Authority approved that the bank markets Islamic securities, products and services to its clientele, along with its existing advisory services in private banking.
Sarasin-Alpen also influences the existing Investment Banking business of its associate, Alpen Capital LLC (Oman). Sarasin Alpen Group also has offices in Bahrain, India, Qatar and UAE.

Barwa Bank was advised by Eversheds to procure Al Yusr.
This is the first purchase of an Islamic finance window by an Islamic bank in Qatar, and also the first deal of its kind in the region.
The development is now that Barwa Bank is able to accelerate its growth and expansion plans in the local market to position itself as one of the leading Islamic banks in Qatar.

Kuwait Finance House (KFH) stated in a report that sukuk (financl certificates) issuance last July worldwide amounted to aproximate USD five billion, down from the previous month by 37%, where the Saudi riyal formed about 15 percent of those sukuk.
Moreover, the report underlined the fact that sukuk market for companies in the GCC countries are continuosly expanding despite the fact that the issuance of two local versions from Saudi Arabia and an international sukuk from Qatar.

Capital Market Authority, Sultanate of Oman gave his authorization for Alpen Capital LLC, Oman to rovide advisory services in Islamic structures along with its existing investment banking advisory services.
Alpen Capital offers comprehensive services which include debt advisory, M & A advisory and equity advisory & Capital Markets. It has offices in Bahrain, India, Qatar and UAE.

Qatar Islamic Bank (QIB) had a 26.9 percent jump in second-quarter net profit, beating analysts' forecasts on a surge in the bank's investment income.
Analysts questioned by Reuters on average expected a quarterly net profit of 347.36 million riyals.

It appears that after only four months after Qatar's controversial order for conventional banks to close their Islamic units, the decision may be proving less positive than expected for purely Islamic lenders.
The main problem is the fact that many customers remain unconvinced of the advantages of moving away from deposit accounts managed by non-Islamic institutions and are instead staying loyal to conventional lenders.

Qatar and three other GCC countries including Saudi Arabia, Kuwait and UAE are ssen as four of the top 10 countries in the world with the highest density ultra-wealthy households.
According to the study, “ultra-high-net-worth” (UHNW) households or those with more than $100m in AuM, are mostly situated in Saudi Arabia registering 18 per 100,000 households.
Qatar, Kuwait and UAE also made it to the top ten list in terms of the highest proportion of millionaire household by market with 8.9 percent, 8.5 percent and 2.6 percent millionaire households, respectively.

Al khaliji Board of Directors discussed the latest developments with regard to the possible merger with IBQ and other matters. Other agendas like strategic and governance items were also reviewed.
Al Khalij Commercial Bank (al khaliji) QSC was incorporated on January 9, 2007 as a Qatari Shareholding Company under Commercial Registration No. 34548.
It operates from its head office and three branches in Qatar, one branch in France and four branches in the United Arab Emirates.

Doha Bank is not going to fire any employees impacted by the Qatar central bank's ban on conventional banks engaging in Islamic finance.
Raghavan Seetharaman, chief executive , added that excess staff has already been deployed to its conventional operations.

Barwa Bank and National Petroleum Services Group (NPS) made an agreement to refinance an existing syndication and support its expansion and working capital. All this will be worth QR529m.
NPS group provides drilling and well services to customers in the oil, gas and petrochemical industries in the Middle East, North Africa, Far East, and Europe.
Its state-of-the-art equipment and sectorial services are embracing Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Syria, Brunei, Malaysia, Singapore, Libya, and Iraq.

Dr. Ghaith bin Mubarak al-Kuwari, HE Minister of Awqaf and Islamic Affairs, started an exhibition for Arabic calligraphy (Al-Jood Exhibition) by the internationally renowned artist Sabah Arbili, at the Cultural Village (Katara).
The organisers are: Qatar Islamic Cultural Centre (Fanar), Reach Out to Asia (Rota) and the management of the Qatar First Investment Bank.

At the Islamic economics and finance that will be held in Doha on Dec. 18-20, 2011 with the main theme “Sustainable growth and inclusive economic development from an Islamic Perspective” are invited all papers.
The organizers of the conference are: the Qatar Foundation’s Faculty of Islamic Studies (QFIS), the Islamic Research and Training Institute (IRTI), the International Association for Islamic Economics, and the Statistical, Economic & Social Research & Training Center for Islamic Countries (SESRIC).

A report of the National shows that GDP forecasts for the UAE, Saudi Arabia, Kuwait and Qatar in its World Economic Outlook was raised by the International Monetary Fund.

Islamic finance has been given the boost it needed in the Gulf by a Qatari ban on conventional banks offering sharia-compliant services.
Qatar’s move last month draws a line in the sand between Islamic banks and their conventional peers, which control 83 percent of the region’s banking assets.
Even before Qatar’s shock decision, the Islamic finance industry was expected to grow by between 15 to 20 percent a year.

Qatar's Masraf Al Rayan plans to ask its shareholders to approve a Euro medium-term notes programme which could see it issue a $1bn Sukuk.
The bank also plans to issue the bond after it gains approval and after its share capital is fully paid.

Qatar Islamic Bank (QIBK) acting CEO Ahmad Meshari declined to comment on a report in Haberturk newspaper on March 10 that the bank plans to buy 25 % of Asya Katilim.