IslamicFinance.de

A law that helps moneylaundrers has been approved, after councillors Rabab Al Arrayedh and Dalal Al Zayed expressed their oppinion that argued the fact that people against which noone has substancial evidence could be convicted.
In conclusion, only suspects that are clearly tied to a case can prosecuted.

Altough Bahrain Financial Exchange (BFX) has delayed its pregrammed launch because of the political unrest, the firm plans to begin tradings in two weeks.
BFX offers trading in both conventional and Islamic products in equities, derivatives, commodities and currencies.
Arshad Khan, managing director and chief executive of BFX, assures that the company will stay in Bahrain inspite of the political situation.

The attenders at the Islamic Financial Services Board (IFSB) will be, among others, central bank governors, representatives from Bahrain, the UAE, Jordan, Malaysia, Nigeria, and Bahrain, and many international finance and economic experts.
The host of the conference will be the Central Bank of Luxembourg and the theme is "Enhancing Global Financial Stability. Challenges and Opportunities for Islamic Finance".

Rasheed Al Maraj led a high profile team from the Central Bank of Bahrain on a visit to the Bahrain Financial Exchange as part of a series of visits they will be making to key businesses of the Kingdom's economy.
The meeting discussed the current position of the economy and the business environment, and the Governor reassured the Bahrain Financial Exchange of the CBB's readiness to ensure the continuity of all of Bahrain's economic sectors.

KFH Bahrain announced that the Board of Directors of Kuwait Finance House - Bahrain agreed in a meeting to build around 2,500 crafted affordable housing units within its flagship real estate project, DIYAR AL MUHARRAQ.
The investment is a further indication of the resolve and commitment of KFH Bahrain to invest in the Kingdom of Bahrain and of the confidence it places in the country's growth and prosperity.

Rage at Bahrain’s Sunni ruler, King Hamad Bin Isa Al Khalifa, permeated the March 22 funeral of the first woman killed after his crackdown against the opposition a week earlier. The slogans show how protesters have been radicalized by the violence against them: When Shiites started rallying in February they were asking King Hamad for rights, jobs and Cabinet changes, not demanding his overthrow.
The Al Khalifa family’s decision was to quell the protests, arrest their leaders and invite a Saudi-led force to help restore order may backfire on the island nation’s economy.

Kuveyt Turk Participation Bank (KTPB) has set the tone by venturing abroad into Germany, Dubai, Bahrain and Kazakhstan and by pioneering new products based on physical gold and exporting them to markets in Malaysia and elsewhere through the global network of KFH. These include gold-backed exchange traded funds (ETFs), gold-backed banking accounts and sukuk. Ufuk Uyan, CEO of Kuveyt Turk Participation Bank has been at the forefront of the expansion of KTPB, taking it to the top 10 tier of Turkish banks. Here Ufuk Uyan discusses with Arab News the state of the participation banking sector in Turkey, the performance of KTPB in 2010 and the prospects and challenges for the industry in 2011 and beyond.

Bahrain's economy remains on target to reach 4.5 percent growth, as banking operations in the country return to normal.
Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa confirmed that the country's economic outlook is bright despite recent events. Shaikh Ahmed shared positive economic indicators with the attending senior officials, including Central Bank of Bahrain Governor Rasheed Al Maraj, and stated that the economy has proven stable throughout recent events and is poised for further growth.

Kuwait Finance House-Bahrain officially opened its new state-of-the-art data centre. It was opened by KFH-Bahrain managing director and chief executive officer Abdulhakeem Alkhayyat.
The opening of the data centre is in line with the bank's strategic expansion plans to provide world-class banking services with maximum security and backup on all its day-to-day transactions.

The agency says the political crisis in Bahrain escalated with the arrival of Gulf Cooperation Council (GCC) troops, a crackdown on anti-government protests, the arrest of opposition leaders, and the imposition of a 12-hour daily curfew. This increasing tension reinforces fears of prolonged political and economic uncertainty, which is likely to hurt the banks’ financial condition.
The ratings agency’s concerns for the system as a whole are partly mitigated by improved loan-to-deposit ratios and liquid asset levels compared with before the 2008 financial crisis, as banks cut back on new lending.

The agency says the political crisis in Bahrain escalated with the arrival of Gulf Cooperation Council (GCC) troops, a crackdown on anti-government protests, the arrest of opposition leaders, and the imposition of a 12-hour daily curfew. This increasing tension reinforces fears of prolonged political and economic uncertainty, which is likely to hurt the banks’ financial condition.
The ratings agency’s concerns for the system as a whole are partly mitigated by improved loan-to-deposit ratios and liquid asset levels compared with before the 2008 financial crisis, as banks cut back on new lending.

Though it looks likely to avoid a full-blown currency crisis for now, capital flight from Bahrain is starting to pressure its currency and threaten its position as a Gulf financial center.
The central bank's tight control over the foreign exchange market, and the possibility of other Gulf countries providing financial support to prevent market turmoil from spreading, mean Bahrain is unlikely for the foreseeable future to have to abandon the dinar's peg against the U.S. dollar.

Engku Rabiah Adawiah Engku Ali says she became the first female Islamic finance scholar after failing to progress in her preferred field of juvenile law.
Malaysia’s Shariah Advisory Council has two female scholars on its 11-member board and Indonesia has six women on its panel of 35 experts.
There aren’t any female scholars in Islamic finance in the Middle East as women haven’t found opportunities in the male-dominated field, said Mohamad Nedal Alchaar, secretary general of the Accounting and Auditing Organization for Islamic Financial Institutions, in Manama, Bahrain.

AssetCo, the troubled firm that owns London's fire engines, has rejected a takeover approach from an Islamic investment fund.
Shares in the emergency services company jumped by a fifth yesterday as it revealed that the board had rebuffed an 'opportunistic' cash offer from Bahrain-based private equity firm Arcapita.
Arcapita said the approach had been supported by AssetCo chief executive and largest shareholder John Shannon and it was 'still considering its options'.

Bahrain braced for more protests Monday as Saudi Arabia and other Gulf states reportedly prepared to send troops to help restore order in the strategic kingdom.
The Financial Harbour business complex was blocked off by protesters a day after more than 200 people were injured there in clashes between riot police and demonstrators.
It was the worst day of violence in the tiny Gulf kingdom since seven people were killed at the start of anti-regime unrest in mid-February.

Bahrain Central Bank Governor Rasheed Mohammed Al Maraj said that so far it hasn't been seen any kind of adverse impact on the country’s banking sector. All banks are operating normally and transactions are handled at normal levels.
About withdrawals from banks due to concerns over the situation, he said he could not comment on expectations or speculations.

Bahrain's Gulf Finance House GFHB.BH (GFHK.KW) Chief Executive Ted Pretty, who cut costs and rolled over debt but failed to kick start revenues, has left the cash-strapped firm.
A second source confirmed the departure. The sources said that disputes with GFH's Executive Chairman Esam Janahi were the main cause for his departure.
GFH denied, however, that Pretty had left the company for good.

Standard & Poor's commented today about the negative rating actions it has taken on several banks and insurance companies following sovereign rating actions in the Middle East and Africa since the unrest began: four banks in Tunisia, two banks in Egypt, two banks and one insurance company in Jordan, and four banks and three insurance companies in Bahrain.

Unicorn Investment Bank (Unicorn) announced in a press release on Tuesday its results for the year ended Dec. 31, 2010. The Bank has reported an annual net loss for the first time, reflecting the continuing effects of the uncertainty in the global financial markets.
Total income for 2010 was $12.3 million, down from $96.5 million in 2009. With limited exceptions, the reduction in income was due to a general lowering of deal flows, within a stressed financial and operating environment.

Bahrain-based Ithmaar Bank has posted a income of $51.4 million before impairment provisions and taxation for 2010.
The bank was back on track in spite of posting a consolidated loss of $150.1 million attributable to the shareholders of the bank after recognising conservative impairment provisions of $197.4 million.