IslamicFinance.de

Ulf Laessing wrote in Reuters on 6 January that Investment Dar, is in talks with a Saudi investor to sell up to 10 % in luxury car maker Aston Martin, citing the daily newspaper Rai. The firm said in December that they would consider to sell up to 20 %. Further Kuwait Finance House may buy Investment Dar's 40 % stake in a Bahraini financial institution. Eventually the newspaper is quoted Investment Dar considers to sell all majority stakes to an investor group to cover liabilities.

Gulf Daily News reported on 7 January that Kuwait may issues Sukuk or Murabaha facilities using qualified investment firm's assets as collateral. Citing another daily Al Rai, saying the government had finalised plans for a bill to do so, but may need parliament's approval. Several of the investment firms have said they need fresh funds and have difficulties raising them. Global Investment House and Investment Dar both are said as seeking finance up to USD 1 bn. Further the daily newspaper Al Qabas wrote that Global is still waiting response from foreign financers on a 3-month moratorium to repay elder loans.

Arabian Business reported on 28 April that Investment Dar its proposed British bank unit 'Dar Capital' might start with capital of up to GBP 100 mn. A project study should be finished by year-end.

Chairman of Investment Dar is Adnan Al-Musallam.

Source: http://www.arabianbusiness.com/517695-dar-eyes-uk-bank-with-up-to-100-ml...

Kuwait Financial Centre 'Markaz' released on 23 April that they developed an Arbun contract, functioning similar to an American option. Kuwait Stock Exchange is trading conventional options since 2005.

The Arbun (downpayment with revocation option) can be both cash and physically settled at anytime on or before the maturity date. The product has been submitted to the Kuwait Stock Exchange for their review and approval.

Mr. Hussein Zeinnedin is Assistant Vice President - Derivatives at Kuwait Financial Centre 'Markaz'.

Source: http://www.ameinfo.com/154396.html

Reuters reported on 20 April that JP Morgan eyes a stake in Kuwait Finance House quoting a local daily al-Anba based on an unsourced report. The local paper shall have said that the U.S. bank had applied to the central bank of Kuwait to approve a stake buy, adding it was unclear how large a stake it wanted to acquire.

Source: http://www.reuters.com/article/innovationNews/idUSL2066795520080420

Parag Deulgaonkar reported 22 April in Business 24/7 that Kuwait-based Abyaar Real Estate Development is to launch a USD 1 bnsukuk issue before year-end to finance its projects and will dual list its share on the Dubai Financial Market, for which it has appointed NBD Investment Bank as financial advisor and placement agent.

Marzooq Al Rashdan is Vice-Chairman and Managing Director of Abyaar

Source: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=...

David Masters reported on 15 April about the new Ernst & Young Report in the Insurance Daily, which says that the GCC countries contribute USD 1 bn to the USD 2 bn global Takaful market, which is supposedly growing at 20 %. Worldwide there are 133 Takaful operators. 59 of these operate within the GCC countries of Saudi Arabia, Qatar, Oman, Kuwait, Bahrain and the United Arab Emirates.

Ernst & Young’s head of Islamic finance is Sameer Abdi.

Source: http://www.insurancedaily.co.uk/2008/04/15/takaful-market-booming-in-gcc/

Full study at E&Y:

http://www.ey.com/global/content.nsf/UK/_Islamic_Financial_Services

Kuwait Financial Centre released on 7 April the launch of Markaz Islamic Income Fund, a Sharia compliant money market fund with a variable capital of KD 5 mn to KD 50 mn. The fund is licensed and approved by the Central Bank of Kuwait and the Ministry of Commerce and Industry the Fund shall invest its money in all available financial and money market instruments within the State of Kuwait and abroad in Kuwaiti Dinars and/or other major currencies actively traded in the financial markets. The Fund investments shall include Mudaraba Sukuk, Murabaha or Wakala, and other Sharia compliant Islamic instruments.

Source: http://www.ameinfo.com/152636.html

Al Bawaba reported on 30 March on the new share holder of Millenium Finance Corporation (MFC), which is United Gulf Bank BSC (UGB).

MFC, a Dubai Financial Services Authority (DFSA) licensed investment bank, was established by an experienced team of bankers from major international investment banking firms, in partnership with DIB. UGB is the investment banking arm of the KIPCO Group, Kuwait.

Khaled Al Kamda is Chief Executive Officer of Dubai Islamic Bank, Masaud Hayat, Managing Director of UGB, Keba Keinde, Chief Executive Officer of MFC, and William Khouri, Chief Executive Officer of UGB all signed off the transaction.

Source: http://www.albawaba.com/en/countries/UAE/224596

Ulf Laessing reported in ArabianBusiness on 27 March about NBK Capitals plans to arrange Sukuk issues worth up to USD 700 mn in 2008 and to finalise four purchases for a Private Equity Fund.

The article confirms the slow down due to the credit crisis and that the pricing does not meet the clients requirement easily.

Further the company is buying into a car leasing company in Saudi, according to the Head of investment and merchant banking, Amjad Ahmad. It also aims to open offices in Qatar and Saudi-Arabia next year. It is operation in Turkey and interested in Syria.

NBK Capital operates currently in Kuwait and Dubai and focusses on mid-range deals in the triple-million dollar digit range.

Source: http://www.arabianbusiness.com/514909-nbk-capital-plans-700mn-islamic-bo...

Kuwait News Agency reported on 24 March that the Saudi-based Al-Rajhi bank, the largest Islamic bank globally, received approval to open a branch in Kuwait.

Full Text: http://aawsat.com/english/news.asp?section=6&id=12201

ABC Islamic Bank (the Initial Mandated Lead Arranger and Bookrunner) launched general syndication for Kuwaits Munshaat Real Estate Projects Company ("Munshaat"). ABC Islamic Bank had successfully closed the senior phase of the US$100 million, 3-year Syndicated Revolving Murabaha Financing Facility.
 
Prior to general syndication BNP Paribas, Emirates Bank International PJSC, and Saudi British Bank joined the facility as Mandated Lead Arrangers at the senior stage.
 
This is the debut syndication for Munshaat and the funds will be used to finance development of prime properties in the Holy Haram area in Makkah and Madinah in Saudi Arabia. Athman Investment Company, Kuwait is acting as the financial advisor to Munshaat Real Estate Projects Company for this financing.
 
Summary of the facility is as follows:
 
Borrower: Munshaat Real Estate Projects Company K.S.C.
 
Amount: US$100 million
 
Facility Type: Revolving Murabaha Financing Facility Purpose: Financing of prime properties in Makkah & Madinah