IslamicFinance.de

Qatar International Islamic Bank reported that shareholders had given approval for the nonconvertible Sukuk Issuance Programme up to $2 billion. QIIB Chief Executive Officer Abdulbasit Ahmed Al Shaibe said that the bank has not yet decided when to go for the issuance. It depended on international market conditions, he added.

Noor Islamic Bank has announced the appointment of Narendra Swarup as Chief Risk Officer (CRO). Swarup will be responsible for all the risk functions of the bank. These include credit, market, operations as well as compliance and governing information security, protecting against fraud and guarding intellectual property through developing internal controls. Swarup brings with him more than 25 years of international experience in risk management in sovereign funds and international banks.

RAM Ratings has received confirmation from the facility agent that Al-‘Aqar Capital fully redeemed all the outstanding Class A Islamic Medium-Term Notes (IMTN), Class B IMTN, Class C IMTN and Islamic Commercial Papers (ICP) under its MYR 300 million Sukuk Ijarah Programme (2008/2013). RAM has withdrawn the respective AAA, AA2, AAA(bg) and P1 ratings of Al-‘Aqar Capital’s Class A IMTN, Class B IMTN, Class C IMTN and ICP, and no longer has any rating obligation on the debt facility.

London-based Gatehouse Bank is participating in the youth mentoring initiative 'Mosaic' that seeks to inspire young people from deprived communities to realise their talents and potential. The seminar saw business leaders, including the CEO of Gatehouse Bank, Richard Thomas, sharing important insights and experiences on activities undertaken in 2012. According to a press release from Gatehouse Bank, Mosaic addresses the role that businesses can play in responding to social and environmental problems. Therefore, it directly reflects the business ethos of a socially responsible Shari’ah banking model.

Egypt's Principal Bank for Development and Agricultural Credit (PBDAC) is expanding its Islamic finance activities. The bank which has 18 branches offering Islamic finance, plans to open further six branches offering Islamic services in 2013. Furthermore, PBDAC is launching Shari’ah-compliant retail banking this month with a portfolio of EGP 50 million ($7.5 million) that can be raised to EGP 100 million next June based on demand, according to Abdel Rahman Al Kafrawi, head of Islamic transactions at PBDAC. The new Islamic services will reportedly cover areas including purchases of durable goods and agricultural equipment, the setting up of clinics and medical laboratories, and the financing of education fees.

Dubai Islamic Bank, Sharjah Islamic Bank and Abu Dhabi Islamic Bank are more than tripling Bank of Khartoum’s capital to around $225 million after it gained a short-term ‘A-1’ rating from The Islamic International Rating Agency last week. Bank of Khartoum’s General Manager Fadi Faqih said its bank wants to boost its agricultural finance business by preparing a fund to attract direct investment from mainly Gulf banks to invest into Sudan's agricultural sector. Bank of Khartoum also plans to arrange Sukuk for corporate clients in the infrastructure and utility sector for some 150 million pounds this year.

Belgium’s first independent market study "Islamic finance in Belgium – sizing the retail market" points out that over 70 per cent of local Muslims are interested in Islamic finance products and services. The study was independently commissioned by the Association for the Development of Islamic Finance (ADEFI) in conjunction with IFAAS (Islamic Finance Advisory & Assurance Services). It analyses Muslim consumers’ current consumption of financial products and services and their predisposition to change from conventional products to Islamic products.

The Islamic International Rating Agency (IIRA) has assigned a national scale long-term credit rating of 'AA-' (Double A Minus) to Bank of Khartoum (BOK) with a short-term rating of 'A-1' (A One). The outlook on the assigned rating is 'stable'. The fiduciary score has been assessed in the range of '70-75', reflecting adequate fiduciary standards wherein rights of various fund providers are adequately defined and protected. BOK is the first financial institution to have been rated in Sudan.

Gulf Finance House (GFH) has issued a statement denying the suspension of the firm’s Acting CEO Hisham Alrayes. GFH clarified that its ex-CEO Mr Ted Pretty and Ex-Deputy CEO Mr Mohd Al Nusu were suspended for a period of three months. Both have already resigned from the company. According to the statment, the CMA had not imposed any financial penalty on the firm.

Gulf Finance Corporation, a subsidiary of SHUAA Capital, is launching a new specialist division called Gulf Finance Medical Leasing (GFML) that will offer operating leases for medical equipment to the UAE healthcare sector. The equipment can be leased on a monthly fee basis usually for three years at which juncture it can be returned, purchased or upgraded for new equipment. GFML is the first business of its type in the GCC and is planning to address significant market opportunities across the region.

Fitch Ratings has affirmed Dubai Islamic Bank’s (DIB) Long-term Issuer Default Rating (IDR) at ‘A’. This is due to the bank’s systemic importance and the Dubai government’s 30 per cent stake. Hence, there is a high probability of support from UAE authorities if needed. The bank’s Viability Rating (VR) at ‘bb’ reflects the domestic operating environment and DIB’s asset quality among others. The Long-term IDR is expected to be stable.

Gatehouse Bank has issued its first real estate-backed Sukuk that comprises shares in a company which owns a property leased to Fujitsu Services Limited. Rental payments will be applied to fund payments to the Sukuk holders and investors have the option to redeem their investment on a quarterly basis. Therefore, this asset constitutes a short term cash instrument with an annual yield of three per cent.

Al Rajhi Takaful posted a net profit of SAR 1,477 thousand for the last quarter of 2012. Compared to that, the net profit for the corresponding period in 2011 was SAR 5,125 thousand, which marks a decrease of 71.2%. The net profit before Zakat is SAR 2,118 thousand for Q4 2012, contrasting with profit before Zakat of SAR 5,125 thousand for the same period in 2011, thus reaching a decrease of 58.7%. There is a 55.2% difference in net profit after Zakat betwen Q3 and Q4 in favour of the former. In Q4 it was SAR 3,294 thousand.

Alinma Bank registered a net income for the fourth quarter as high as SAR 208 million. Compared to that, it was SAR 136 million in the same period in the previous year. Thus, the increase is 53%. Compared to the third quarter of 2012, the increase is 6%. The total operating income in 2012 reached SAR 490 million, which with SAR 490 million is 0.6% higher than the SAR 487 million for the same quarter of last year.

The Alliance for Luxembourg Islamic Finance (ALIF) will ensure Shari’ah-compliant custody and administration service at the time that total assets under management reach estimated $5.3 billion with growing number of Middle East investment funds. Luxembourg is fifth in the rating of Shari’ah-compliant funds worldwide. Already 41 egulated Shari’ah-compliant investment funds are based in Luxembourg. Four companies are uniting in order to establish a specialised platform that will service Shariah-compliant investment funds. These companies are Amanie Advisors, ADEPA Asset Management, Theisen Law, and KBL European Private Bankers. The joint venture will be known as Alliance for Luxembourg Islamic Finance (ALIF).

Mauritania is working on the development of an Islamic interbank market. The initiative has already begun with the establishment of several Islamic banks. Recently, the Central Bank of Mauritania (BCM) conducted a study on the potential development of a local Shari'ah-compliant securities market. The study was made possible with technical help and expertise of IFAAS (Islamic Finance Advisory & Assurance Services).

The deadline for final takeover offer of Islamic Bank of Britain (IBB) from Masraf Al Rayan has been prolonged to January 7. Islamic Bank of Britain that is owned by Qatar International Islamic Bank struggles to turn into profit since 2004. Management of the bank hopes that selling of the major stake to Masraf will help bank in renationalisation if its operations.

Saudi Arabia-based Saviola Group is about to launch a new Sukuk program, according to a filing on the Saudi exchange from December 15. The Sukuk will be issued in a series of tranches and its value will not exceed the Company's paid-up capital.

According to Hasan S. AlJabri - CEO of SEDCO Capital - banks in Saudi Arabia have success in Shariah-compliant financing and arouse attention and excitement around the world. Together with some of the leading global managers SEDCO has been working on the development of sophisticated Shariah-compliant investments making them more rewarding than conventional investments. The reason for that is pointed out to be the low leverage.

The second Hawkamah MENA judicial and financial colloquium started on the 5th of December at the Dubai International Financial Centre (DIFC). The event lasts for two days and is being held by Hawkamah, the Institute for Corporate Governance in partnership with the Abu Dhabi Council for Economic Development (ADCED), DIFC Courts, Dubai Judicial Institute, European Bank For Reconstruction and Development, ICAEW Middle East, INSOL International and The World Bank Group. Key topics of the colloquium are the legal, financial and policy dimensions of insolvency and restructuring. The discussions include case studies on restructuring and panel discussions on insolvency law reforms.