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Thuraya Telecommunications Company has secured a term financing facility through Dubai Islamic Bank (DIB). Thuraya will use the proceeds to upgrade its network infrastructure and to support further development and expansion of its product portfolio, including the highly successful Thuraya SatSleeve satellite adaptor for smartphones. According to Samer Halawi, Chief Executive Officer of Thuraya, this long-term relationship with DIB will help his company to strengthen its position as a leading MSS operator and provide it with additional financial flexibility to develop its next generation gateway and upgrade its network capacity. It also provides Thuraya with the breadth that supports its sustainable growth strategy as well as new business opportunities in key and emerging markets.

Deloitte released its new Takaful report titled "The global Takaful insurance market: charting the road to mass markets". The report studies the emerging regulatory and practice challenges that will impact the Takaful industry, as well as assesses the business structures and strategies, market developments and growth trends globally. A roundtable was held in Bahrain in June, where Deloitte experts, national regulators, and executive Islamic bankers discussed the report and focussed on the regulatory and industry challenges specifically facing the Middle East Takaful market as well as identifying potential business strategies in the region. Latest industry data estimates that the global Takaful business will reach $20 billion by 2017. Ten key challenges were identified that would significantly impact the future of the Takaful industry.

Alkhabeer Capital, a leading asset management and investment banking firm headquartered in Jeddah, Saudi Arabia, announced the appointment of Tariq Hayat as Chief Corporate Communication Officer. Tariq joins Alkhabeer Capital from Arcapita Bank where he had worked since 2003 in senior corporate communications and management roles before being appointed as Arcapita’s Head of Corporate Communications. His key responsibilities will be to direct Alkhabeer’s internal and external corporate communication strategies, in addition to delivering specific stakeholder engagement initiatives to support the company’s accelerated growth.

Al Hilal Bank has announced that it will continue its sustainability efforts of switching off the lights in its branches and offices after working hours and will add a new green initiative in commemoration of World Environment Day on June 5, 2013. Since dimmer screens save energy by as much as 20 per cent, the bank will promote and offer dark-themed backgrounds and screensavers via strategic websites, emailers, Facebook tabs and Twitter links. Through its online campaigns for its ‘Go dark’ initiative, Al Hilal hopes to encourage more organizations and individuals to support simple actions that protect the environment. World Environment Day is celebrated every year on the 5th of June and organized by UNEP - theUnited Nations Environment Programme. This year’s event was held under the theme ‘Think.Eat.Save.’ and was hosted by Mongolia.

Standard & Poor's Ratings Services has lowered its long-term counterparty credit rating on Jordan Islamic Bank (JIB) to 'BB-' from 'BB' and affirmed the short-term counterparty credit rating at 'B'; the outlook is negative. The rating action follows S&P's downgrade of Jordan in May 2012. As per their methodology, the ratings on JIB are capped at the level of Jordan's long-term foreign currency sovereign credit rating, because it is the bank’s country of domicile. This mainly reflects JIB’s material exposure to domestic sovereign risk, which indirectly accounts for a significant portion of JIB's earning assets and equity. JIB is considered to be "moderately strategic" to its parent group, Bahrain-based Al Baraka Banking Group. However, JIB does not benefit from any notches of parent support because of the constraint imposed by the foreign currency sovereign ratings.

Standard & Poor's Ratings Services has revised the outlook on the long-term sovereign credit ratings on the Kingdom of Saudi Arabia from stable to positive. At the same time, the long- and short-term foreign and local currency sovereign credit ratings were affirmed at 'AA-/A-1+'. The transfer & convertibility (T&C) assessment for Saudi Arabia is unchanged at 'AA+'. Saudi Arabia can be upgraded during the next 24 months if economic growth remains strong, since continued growth helps to reduce country's social challenges, including unemployment, and enhance productivity and competitiveness. The ratings are constrained by S&P's view that Saudi Arabia's political institutions are at early stages of development. Moreover, given the Saudi riyal's peg to the US dollar, monetary policy flexibility is viewed as limited.

Crowell & Moring's Cairo office has advised the Abu Dhabi Islamic Bank-Egypt in connection with an Islamic finance facility extended to Maridive and Oil Services SAE. Abu Dhabi Islamic Bank- Egypt was the Initial Mandated Lead Arranger and the global coordinator in the deal, coordinating the financing with several Banks. The deal is the first Islamic Ijara structure syndication to take place in the Egyptian market, valued at $150 million. As legal counsel to the initial mandated lead arranger, Crowell & Moring advised the facility providers (the banks) on the structuring and documentation of the transaction.

The International Monetary Fund’s (IMF) latest review of Bahrain points out that the size of the financial sector remains a key structural vulnerability of the banking sector. Stress tests indicate that the large wholesale segment is resilient to credit shocks, but there are pockets of vulnerabilities in the retail segment, particularly in Islamic banks because of their concentrated exposures to local and regional real estate. Risks in vulnerable banks could be ameliorated by the buildup of additional capital cushions through earnings retention. Planned adoption of the Basel III capital and liquidity frameworks, the designation of domestically systemically-important financial institutions, and moving the existing deposit insurance scheme to a pre-funded system should be considered.

Bahrain-based Al Baraka Banking Group (ABG) announced net income increased by 15 per cent to $66 million, and total operating income by 16 per cent to $233 million in the first quarter of 2013 compared to the same period of 2012. Total assets increased by 2 per cent and amounted to $19.5 billion. Total deposits including equity of investment accountholders grew by 2 per cent while total financing and investments remained unchanged at the end of March 2013 as compared with the end of December 2012. According to the group's CEO Adnan Ahmed Yousif, the good results are due to the bank's initiatives like introducing more innovative products, expanding the branch network of ABG subsidiary units, and entering new markets as well as modernizing and developing the group's infrastructures.

Arab Bank recently issued its annual sustainability report for the third consecutive year; the report is a summary of the bank's performance and achievements on the social, economic and environmental levels for the year 2012. Arab Bank is the first Jordan based bank to issue a sustainability report at international standards. It focuses in detail on the internal programs adopted by the Bank, such as the integration of certain environmental and social criteria, in addition to the implementation of a number of initiatives that aim to reduce greenhouse gas emissions and also increase internal awareness levels. Also covered in the report are the Bank's social contributions, in addition to the participation of the Bank's employees in volunteering activities and capacity building programs for non-profit organizations.

The President of the Islamic Development Bank Group, Dr Ahmad Mohamed Ali has stressed that the IDB would cooperate with the Government of Somalia in a bid to rebuild and consolidate the public finance institutions through various methods such as staff training and transfer of knowledge and technology from IDB member countries. He also said that the IDB would assist the Government in the fields of Islamic banking and finance and improve legislation on investment so that the private sector can play its role in economic and social development. IDB's future activities in Somalia would be geared toward building government institutions, restoring basic services and improving infrastructure he added.

As part of an initiative backed by the Islamist government, state-run Ziraat Bank is working to set up a Shari’ah-compliant entity. Turkey already has four Islamic banks, known locally as participation banks, of which three are foreign-owned. But Shari’ah-compliant assets account for just 5 percent of total banking assets, far below the average of 25 per cent in the Gulf región. Size is mostly the problem. Islamic banks in Turkey are also lagging in innovation compared to peers elsewhere in the Muslim world. Stronger and larger Islamic banks could strengthen Turkey's financial position. Domestically, they could lure funds that could help fund Turkey's GDP growth. Internationally, stronger Islamic banks would enable Turkey to attract more cash from the Gulf and Asia.

Bank Nizwa and INCEIF signed a Memorandum of Understanding (MoU), under which the institutions will collaborate to jointly provide structured training and development initiatives for Omani nationals working in the Islamic Finance Industry. The MoU was signed at the Oman Islamic Economic Forum (OIEF), held recently at the Al Bustan Palace. The OIEF, the brainchild of Amjaad Development and Bank Nizwa, took the theme of 'The Islamic Economy: a Culture of Excellence'. INCEIF, The Global University of Islamic Finance, was set up by Bank Negara Malaysia (Central Bank of Malaysia) to develop human capital for the global Islamic finance industry. The collaboration aims to provide thought leadership training to the Omani Islamic finance industry in order for the regional and global industry to benefit.

Shari’ah-compliant Al Salam Bank-Bahrain reported a net profit of BHD 3.053 million in the first quarter of 2013, up 68 per cent. The bank also reported a rise of 32 per cent in total operating income to BHD 6.184 million. Total operating expenses fell BHD 122,000 to BHD 2.63 million, mainly as a result of an 8.5 per cent cut in staff costs to BHD 1.38 million. Provisions and write-offs were BHD 501,000 against BHD 117,000 in the same period last year. Al Salam Bank-Bahrain reported total assets of BHD 989.293 million, up from BHD 942.218 million in Q1 2012. Total liabilities rose from BHD 715.877 million to BHD 766.633 million.

Al Baraka Bank (Pakistan) unveiled its new head office, ‘Al Baraka House’ in the city of Karachi, Pakistan on 20 April 2013. The new building was inaugurated by Chairman Al Baraka Bank Pakistan, Adnan Ahmed Yousif, who is also the President and Chief Executive of Al Baraka Banking Group. Adnan Ahmed Yousif emphasized the global strength of Al Baraka as a global Islamic bank, with presence of over 500 branches in more than 15 countries around the world.

Simply Sharia Human Capital (SSHC) is now offering the Islamic Finance Qualification (IFQ) in collaboration with the Shariyah Review Bureau (SRB). The SRB-SSHC partnership will deliver the internationally recognised and UK-certified IFQ across the Gulf region. The IFQ is accredited by the Chartered Institute for Securities and Investments (CISI), equipping candidates with a practical understanding of Islamic finance principles, products and models of business. The qualification will prepare candidates with knowledge of Islamic finance including Sukuk, Takaful, Mudaraba, Musharaka and Murabaha as well as offer an insight into the influence of Shari'ah in a business context.

Dubai Multi Commodities Centre (DMCC) has announced the inaugural Commodity Murabaha transaction on its DMCC Tradeflow platform. The transaction took place between Noor Islamic Bank and Commercial Bank of Dubai, marking the official launch of the DMCC Tradeflow Islamic product portfolio. According to Ahmed Bin Sulayem, Executive Chairman, DMCC, the DMCC Tradeflow pioneered the use of an electronic central registry of commodity ownership in Dubai. The commodities available on DMCC Tradeflow include oil products, foodstuffs and base metals and if required these goods can be inspected easily by Shari’ah scholars.

Iraqi Islamic Bank (IIB) has completed the required capital increase set by the Central Bank of Iraq to a fully paid IQD 152 billion ($130 million). In line with its expansion policy, the Iraqi Islamic Bank will be opening its new north branch in northern of Iraq Erbil in April, taking the branch network to a total of 17. IIB was the first private Islamic Bank in Iraq, opening its doors in 1992.

Noor Awqaf, the joint venture between Noor Investment Group and the Awqaf and Minors Affairs Foundation (AMAF), have launched a humanitarian project that will give aid agencies around the world access to relief aid Halal meat at times of natural disasters and famine. In conjunction with Awqaf New Zealand, Noor Awqaf has forged links with New Zealand’s meat producers and processors to secure a robust supply chain of quality Halal meat for distribution by aid agencies at times of natural disasters or civil emergencies. The meat will be supplied to aid agencies in sealed pouches to ensure its edibility for two years.

In a statement to the Kuwait Stock Exchange KIB has revealed plans to swap its 8.56 per cent stake in Warba Insurance for the latter firm’s 33.6 per cent stake in Ritaj Takaful Insurance.The deal, which requires Central Bank approval would see KIB’s stake in the Shari’ah-compliant insurer rise to 73.6 per cent. The bank said it was divesting the Warba Insurance stake because the firm is not Shari’ah compliant.