IslamicFinance.de

According to a recent announcement, Abu Dhabi Islamic Bank (ADIB) has achieved a huge number of the Global Village visitors through its Financial Education Campaign. As the main sponsor of the campaign for the second year, ADIB supports the event as part of its strategy to help and promote initiatives launched by the government endorsing the UAE’s tourism and entertainment industries. Some of the exclusive services the bank offers at the venue are providing ATMs as well as setting up specially designed mobile branches. There, visitors have the opportunity to receive information about financial management and ADIB’s unique products and service.

The debut perpetual sukuk of Abu Dhabi Islamic Bank have rallied since their sale last month on bets the lender is well positioned to capitalise on the emirate’s economic upturn, even though debt of emerging market peers dropped. Since their issuance on November 8th, the dollar-denominated Islamic bonds yielded 6.05% on Thursday, December 27th , down 33 basis points, or 0.33 percentage point. The average yield on HSBC/Nasdaq Dubai’s US Dollar Sukuk Financial Services Index gained 17 basis points to 2.9% over the same period.

According to an announcement by Abu Dhabi Islamic Bank (ADIB), the bank plans to expand its original footprint by launching its branch in Khartoum in Sudan. Thus, ADIB becomes the first UAE-based Islamic financial institution which has received a banking license from the Sudanese Central Bank. A Wealth Management and a Corporate Banking Centre will be established alongside the provision of the bank's award-winning products and services. This way ADIB will ensure a leading platform for Shari'a-compliant banking in Sudan and will be able to contribute to the economic development of the country.

An exclusive home finance scheme for high-end residential communities was launched by Tourism Development and Investment Company (TDIC) and Abu Dhabi Islamic Bank (ADIB) on Saadiyat island. THe new scheme is applicable to purchases of the luxury Saadiyat Beach Villas. A unique and simple home finance package for potential residents of the Villas including 100% finance up to Dhs30m repayable over a period of 25 years with a competitive profit rate starting from 4.99% will be offered.

A few days ago, Abu Dhabi Islamic Bank launched a sharia-compliant hybrid Islamic bond worth $1bn, thus aiming to boost its core capital. The Tier 1 perpetual sukuk has no particular maturity date. It was launched at a profit rate of 6.375%. Even though the structure of the sukuk is rather rare and unusual for the Middle East, the demand is high. This means that that ADIB offered enough of an incentive to reel in investors. It can be expected that more bonds of a similar kind may follow this issue.

Abu Dhabi Islamic Bank said it will start to provide a new business line focused on UAE community that is in accordance with banking requirements for non-profit organizations. A new service, called ADIB Community Banking, shall provide help to Charities, Philanthropy Associations, Special Needs Foundations and Islamic affairs authorities in order to fulfill their special needs.

Abu Dhabi Islamic Bank stated that it will launch The Report: Abu Dhabi 2012.
The report will offer detailed coverage of the resilience that the Islamic finance sector is revealing against a backdrop of global economic uncertainty, bucking trends by registering growth as customers look for reliable alternatives to the conventional finance market. It will also investigate the potential that exists for Islamic finance to increase its role in financing Abu Dhabi’s large-scale infrastructure projects.
BG has closed seven year of partnership with the Abu Dhabi Islamic Bank (ADIB) with the purpose to document the latest developments in the Emirate’s Islamic financial services industry.

Abu Dhabi Islamic Bank (ADIB) closed a Dhs275m ($75m) syndicated Islamic financing facility for JBF RAK LLC (JBF RAK), a subsidiary of JBF Industries. This indicates the debut Islamic finance facility for JBF RAK. It is a leader in the Middle East region with a market share of over 20% in chips and film products.
The financing will be used to develop JBF RAK production in Ras Al Khaimah including the purchase of new machinery and equipment and to optimize its debt profile by presenting Islamic term funding.

Abu Dhabi Islamic Bank's initiatives regarding social responsibility:
- The bank has allocated approximately 2% of its annual profits to charity and has formed a dedicated committee to study the social assistance requests from individuals and institutions.
- it provided financial donations worth more than AED 8 million to the UAE Red Crescent Authority.
- Sent more than 100 people in need and those with special needs to Umrah at the expense of the bank.
- sponsored Emirates Heritage Club events, with AED 1 million.
- Supported activities of the Al Khaleej Autism Center and of Future Centre for Special Needs in Abu Dhabi and many more

Four banks were chosen by Majid Al Futtaim (MAF) Holding to manage its first Islamic bond issuance programme. The four banks are: Dubai Islamic Bank, Abu Dhabi Islamic Bank, HSBC and Standard Chartered.
The proceeds are anticipated to fund expansion plans worth $2bn for malls and shopping centres in Lebanon, Egypt and Syria, alongside plans for a hypermarket in Erbil, Kurdistan.

Pakistan International Airlines Corp (PIA) raised $90 million (Dh330 million) through an Islamic syndicated fin-ancing facility.
Abu Dhabi Islamic Bank, Al Hilal Bank, Citibank, and United Bank Limited organized the facility being the mandated lead arrangers and joint bookrunners.
Clifford Chance and Haidermota & Co was the legal counsel to the arrangers, PIA being represented by Mandviwalla & Zafar.

Abu Dhabi Islamic Bank (ADIB) stated that it had fully paid an $800 million, five-year Islamic bond which matured on December 12, 2011.
The bank had launched the maturing Sukuk in 2006 as part of a $5 billion trust certificate programme.

November 2011 showed a record number of sukuk issues totaling USD 8.86 billion globally, according to data compiled by Zawya Sukuk Monitor. Major launches contain a global seven-year USD 1 billion sukuk sold by Indonesia in the international markets followed by a similar seven-year USD 750 billion international sukuk by the Central Bank of Bahrain.
On the corporate level, Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank sold five-year USD 500 million international sukuk each. These five issues advanced sukuk issuance to a record in November.
Major announcements of new sukuk were also made in November - some of which might hit the market as soon as December or during the first half of 2012.

Kuveyt Türk Chairman Mohammed Al-Omar, Vice Chairman Abdullah Tivnikli and CEO Ufuk Uyan was present at at the signing ceremony and press conference for the second "Sukuk" issuance that accepted great interest from the Gulf Region and European investors.
Other officials from lead arranging banks also attended: Abu Dhabi Islamic Bank, Commerzbank, HSBC, Liquidity Management House and Standard Chartered Bank.

This is the first Turkish Sukuk under the new Sukuk regulations presented by the Capital Markets Board in Turkey to facilitate Turkish Sukuk issuance.
The joint lead managers were HSBC, Standard Chartered, Liquidity Management House, Abu Dhabi Islamic Bank and Commerzbank, and HSBC was seen as certificateholders’ representative on the issue of a $350 million (EUR 247 million) five-year Sukuk by Turkish participation bank Kuveyt Türk Kat?l?m Bankasi.

Abu Dhabi Islamic Bank gained a record net profit of Dh319.1 million for the quarter ended September 30, an increase of 3.2 per cent over the corresponding period on higher income.
Inspite of difficult market conditions and continued global financial crises, it performance from the core banking business was strong proofe being the fact that its net profit grew by 12.7 per cent year on year to Dh 1.086 billion in the nine-month period.
But it seems that the impact of the UAE Central Bank guidelines on Personal Banking fee income and asset growth was noticeable and the Bank anticipates a subdued growth to continue into 2012.

Abu Dhabi Islamic Bank (ADIB) will launch its 100% capital protected 'ADIB Diversified Basket Note' that supplies an opportunity to small or large investors to profit from the anticipated strengthening of prices of eight leading commodities.
The note presents an investment plan of three years in the equally weighted commodities of gold, oil, lead, nickel, aluminum, cotton, corn and sugar.

Credit provisions and impairments bounced 75 percent to 235.8 million dirhams from the year-ago period.
Non-performing loans also evolved in the second quarter. The statement came from Raj Madha, MENA banking analyst at Rasmala Investment Bank, who calculated an adjusted NPL figure of 12.5 percent, accounting for 91-plus days of delinquency on a loan.
ADIB took a further 86.9 million dirhams in impairments against its real estate portfolio and added that it expects the real estate portfolio to post further losses in 2011.

The National Bank of Abu Dhabi (NBAD) and Abu Dhabi Islamic Bank (ADIB) finished the GCC's first ever Islamic equivalent of the conventional Repo product, a collateralized Murabaha transaction, opening the gateway to an alternative method of liquidity management in the Islamic banking sector.
NBAD and ADIB jointly starting on this initiative to formalise the Master Collateralised Murabaha Agreement (MCMA), therefor enabling Islamic banks to utilise their holdings of sukuk.

National Bank for Development (NBD) and Abu Dhabi Islamic Bank launched "5 years Sukuk plus". This term means an Islamic Shari'a compliant medium term saving product in Egyptian pound. It will give customers annual profit posted on monthly basis with expected profit rate ranging between 9% and 9.25%.
The minimum value of "5 years Sukuk plus" is EGP1000 and multiples. The Sukuk profit is posted on the customer's account on the first day of each month.