IslamicFinance.de

Jaiz Bank Plc has announced the appointment of the General Manager in charge of the Bank’s Business Development Group, Hassan Usman as the Acting Managing Director. Hassan is a trained Chartered Accountant and a seasoned Banker with international experience. The appointment follows the resignation of the Managing Director, Muhammed Mustapha Bintube after almost 10 years of service. Jaiz commenced operations on the January 6, 2012, in three locations, Abuja, Kano and Kaduna with additional branches opening soon in Maiduguri, Gombe and Katsina.

Ajman Bank appoints Mohammed Zaqout as chief executive officer. Zaqout's appointment will be effective on April 21 pending regulatory approval.

Egypt-based investment bank EFG Hermes has said its merger deal with Qatari investment company QInvest is to lapse on May 3, unless it receives long-awaited approval from Egyptian regulators. If EFG does not receive a 'no objection' from the Egyptian Financial Supervisory Authority in the coming days, it will be difficult to implement the joint venture agreement. A spokesman for the authority said the deal was still being studied and that a decision would be announced at the right time, declining to give any details or time frame.

An unknown investor has bought almost 4 per cent of Ajman Bank. Shares were up as much as 2.6 per cent to Dh1.58 each, after a block of 38.8 million shares were traded yesterday morning. The bank did not comment on the share movement, which represents 3.8 per cent of Ajman Bank's share capital. Ajman Bank which is 25 per cent owned by the emirate's government, has frequently been at the centre of rumours that it was the takeover target of an unnamed institutional investor,

The Islamic Financial Services Board (IFSB) seeks to offer rules and regulations to organize work of Islamic banks and financial institutions.It has been providing a number of organizational and supervisory criteria for auditors, central banks, takaful companies or insurance firms. Qatar Central Bank governor Sheikh Abdullah bin Saud Al-Thani is chairman of the IFSB Board. IFSB's sukuk issuance program was granted A1 rating by Standard and Poors, paving way sukuk issuance for second quarter this year.

The Turkish unit of the Kuwait Finance House, Kuveyt Turk, will raise its capital by TL 960 million in the next three months and another TL 360 million will be added over the following 15 months, according to its General Manager Ufuk Uyan. Moreover, the bank is planning to issue a sukuk worth TL 100 million ($55.40 million) in September or October. Besides, Kuveyt Turk expects to open a new overseas branch in Qatar and Iraq.

The Securities and Exchange Commission of Pakistan (SECP) has cancelled the Asset Management Licence of Dawood Capital Management Limited (DCML) and imposed a penalty of Rs20 million on its chief executive officer for providing “undue benefits” to his relatives and connected persons. The commission has also taken action against DCML’s chief financial controller/company secretary. The SECP found that the connected persons had made redemptions from different investment schemes before provisioning, and had averted imminent losses of Rs18.224 million.

Capital Intelligence has affirmed Qatar International Islamic Bank's (QIIB) Financial Strength Rating (FSR) at 'A-', on 'Stable' Outlook - reflecting the Bank's good capital adequacy, very strong liquidity and good loan asset quality. Ratings remain constrained by single name concentration risks in both financing and investment portfolios and by high exposure to real estate. Moreover, the Bank's relatively small balance sheet and market share remain rating constraining factors. The Bank's Long and Short-Term Foreign Currency (FC) Ratings are also affirmed at 'A-' and 'A2', respectively, on 'Stable' Outlook.

Creditors of bankrupt Arcapita say the investment bank should not be allowed to foot the legal bills of lawyers from Linklaters and Freshfields who ran a failed initial public offering last year of Arcapita's real estate assets. Arcapita has so far paid $1.5 million in professional fees associated with the IPO, but last month submitted court papers looking to pay another $6.8 million to Linklaters, $1.1 million for Freshfields Bruckhaus Deringer, and $2.76 million to KPMG, which served as auditor on the IPO effort. However, Arcapita's creditors argue that the IPO's failure prevented anyone from benefiting from the professionals' work. A hearing on the matter, initially scheduled for March 18, was postponed until April 30.

Kuwait Finance House (KFH Malaysia) has appointed Datuk Seri Abdul Hamidy Abdul Hafiz as its CEO effective today.
Datuk Jamelah Jamaluddin, who has helmed the bank since 2010 as the CEO, would now assume the role of managing director of Kuwait Finance House (Labuan). The changes were part of the group's overall strategy to restructure its business, strengthen its presence in the Asia-Pacific region by focusing on investment banking and fee-based income. Hamidy will grow KFH Malaysia's banking business and fund-based activities, Jamelah will drive the region's capital market, investment banking and fee-based activities for the group.

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.

Kuwait Intl Bk is planning to swap its 8.56% Stake in Warba for 33.6% of Islamic Insurer Ritaj Takaful Insurance Co. The Islamic commercial bank said in a statement posted on the Kuwait bourse website on Wednesday that it has decided to exit its interest in Warba.

Talks between BIMB Holdings and the Dubai Financial Group (DFG) over the latter's 30.5% stake in Bank Islam Malaysia have stalled. This is because a long-awaited plan by BIMB to transfer its listing status to Bank Islam is nearing fruition, a prospect DFG finds more attractive than hiving off its interest to pare down debts. The bigger picture, however, is that pilgrim fund Lembaga Tabung Haji, the parent to both BIMB and Bank Islam, is revisiting the idea of a mega Islamic bank involving a merger between BIMB and Bank Muamalat Malaysia. Bank Islam managing director Datuk Seri Zukri Samat said the lender might carry out an initial public offering (IPO) within a year or two.

Bahrain's Arcapita Bank is seeking more time under U.S. bankruptcy court protection as it continues talks with its creditors over the details of its plan to wind down its portfolio companies. In a filing Tuesday in New York, Arcapita's lawyers asked U.S. Bankruptcy Judge Sean Lane to approve an extension of its exclusive right to lobby creditors for support of its plan through July 7. The current solicitation period ends April 9.

Al Baraka Turk, a unit of Bahraini lender Al Baraka, said on Wednesday it had started work on establishing a joint private pension company with Kuveyt Turk. The bank made the statement to Istanbul Stock Exchange. Turkish lender Kuveyt Turk is 62 percent owned by Kuwait Finance House.

Kuwait Finance House (KFH) is mulling over a restructuring exercise that will entail a change of chief executive and the creation of a separate investment banking division. KFH's existing chief executive officer (CEO) Datuk Jamelah Jamaluddin had reportedly been chosen to head this new investment banking subsidiary. Datuk Seri Abdul Hamidy Abdul Hafiz, the chairman of Danajamin Nasional and Credit Guarantee Corp, is a likely replacement as KFH's CEO. KFH is seeking approval from the authorities for these changes, which it intends to bring about soon.

Bank Islam Malaysia targets its financing segment to grow about 20 per cent to 25 per cent this year. Its Director of Business Development Khairul Kamarudin said the target would be achieved through the introduction of four new products related to technology and microfinancing. He added that all the products will be novelty to the market. However, the bank has not obtain any regulatory approvals yet. Khairul said the bank is also targeting to reduce further its non-performing loan (NPL) ratio and to increase its retail deposits by 15 per cent this year.

According to Qatar Islamic Insurance Company (QIIC) Chairman Sheikh Abdulla bin Thani Al Thani, the company recorded good results in 2012 by generating a premium of QR206m and aggregate net profit of QR74m, of which net policyholders’ surplus amounted to QR16m.He noted the shareholders’ profit reached QR58m, constituting earnings per share of QR3.5. The Board of Directors, in co-ordination with the Shariah Supervisory Board, has decided to reimburse policyholders with cash surplus equaling 20 percent of the premiums written in 2012. The general assembly approved the company’s nine-point agenda, including its financial statements for the year 2012 and election of two people in the current QIIC Board of Directors.

Bahrain-based Arcapita Bank, the first Gulf company to file for bankruptcy in the United States under Chapter 11 rules, has submitted a plan to reorganise the company. The plan, filed with the court handling the chapter 11 case in New York, represents an effective way to implement a comprehensive restructuring and maximise recoveries to creditors and other stakeholders. It will be the subject of a hearing within 45 days and must then be approved by creditors.

The ordinary general assembly of Qatar International Islamic Bank's (QIIB) shareholders, chaired by the bank Chairman Dr Sheikh Khalid bin Thani bin Abdullah Al Thani, approved all the 11 items figured in the agenda. These include the approval for the board of directors' decision to issue $2bn sukuk, election of two members to the Governing Council, and an annual dividend of 35 percent. The bank's total revenue in 2012 amounted to QR1.183bn while the net profit reached QR679m recording a growth rate of 4 percent on year-on-year basis. The issuance of the $2bn sukuk depends on international market conditions.