IslamicFinance.de

Dubai Islamic Bank announced the successful pricing of a $1bn Tier 1 Capital-eligible issuance, with a perpetual (non-call 6) maturity. The issuance carries a profit rate of 6.25%, which represents the best yield ever achieved by a GCC bank on public Tier 1 transaction. The transaction was allocated to investors across the Middle East (38%), Asia (29%), Europe (29%) and US Offshore (4%). In addition, the types of accounts were also well balanced, with Banks (33%), Private Banks (32%), Fund Managers (29%), Hedge Funds (5%) and Other (1%) investors anchoring the orderbook. Dubai Islamic Bank, Emirates NBD Capital, HSBC, National Bank of Abu Dhabi and Standard Chartered Bank acted as Joint Lead Managers on the offering.

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.

At a networking event organised by ACCA (Association of Chartered Certified Accountants) in Manama, His Excellency Dr Abdul-Hussain Bin Ali Mirza, Minister of State for Electricity and Water Affairs, said that the financial scandals of the past have led to a general loss of trust and confidence in auditors. Finance professionals working in Bahrain and the Middle East have been urged to ensure working to the highest ethical standards in order to avoid such scandals. Ethics and integrity are at the heart of ACCA's Competency Framework. The vast majority of Chief Financial Officers said it was important to have a good understanding of professionalism and ethics besides finance expertise and capabilities.

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.

Dubai Islamic Bank is likely to issue a benchmark-sized Islamic bond on Wednesday after receiving orders in excess of $10 billion. Dubai Islamic Bank perpetual sukuk may yield 7% annually.

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.

Qatar Islamic Insurance Company ( QIIC ) Chairman Sheikh Abdulla bin Thani Al Thani has said that his firm would pursue its strategic plans for the Years 2013-2015 to ensure its continued growth. The company recorded good results in 2012 by generating a premium of QR206m and aggregate net profit of QR74m. The shareholders' profit reached QR58m, constituting earnings per share of QR3.5. The general assembly on Sunday 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.

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.

To provide strategic direction, motivational leadership and operational oversight for the Cooperation and Integration Department. Determine the strategy for the Department, set and deliver ambitious objectives that enable IDB to achieve its goals, and take the significant operational decisions.

To actively promote and enhance cooperation between OIC Member Countries and collaborates with OIC and its Standing Committees, Specialized and Affiliated Institutions on behalf of the IDB Group on matters related to cooperation and coordination between Member countries.

JOB PURPOSE:

This role is responsible for assisting the Head of Risk in developing the rating procedure of ICD in order to implement the external rating exercise for the organization .

The job holder is responsible for leading the functions and activities of the Fael Khair Programme (FKP), including representing the Bank in official meeting with Bangladesh authorities, build and maintain wide and quality business relations, propose related strategies, policies, procedures and programmes evaluate, report on and monitor construction and relief activities to achieve FKP objectives.

The Fael Khair Programme (FKP) objectives are to construct schools-cum-shelters and to rehabilitate the 1997 cyclone sidr victims in the coastal belt of Bangladesh. In this context the job holder role is to conduct related functions & activities by preparing and implementing short and long term Fael Khair Programmes such as construction schedules and rehabilitation programs. It is expected that the job holder will demonstrate high level of integrity and passion for helping cyclone victims.

To play a key role in providing quality payments services and making significant contributions to developing and enhancing the payment management systems, correspondent banking relationships and L/Cs processes at the Islamic Development Bank (IDB).

-Cash flow management.
-Cash flow planning, budgeting and monitoring.
-Preparation of credit facilities and loans schedule.
-Management of credit facilities.
-Daily cash status report.
-Follow up and review of bank advice.
-Preparation of bank required information.

Contribute to originate and potentially lead a variety of buy and sell side corporate finance mandates, dealing with potential buyers and sellers in terms of project execution. This person will also be responsible for day to day management of the transaction including direct liaison with key client stakeholders.

In this role, you should have an international background and have experience working for an international bank or Big 4 (M&A or corporate advisory).

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Maintain good relationship with all the constituent in the market to ensure that quality business is referred to the bank on a regular basis.
• Pro-actively call on showrooms and customers and promptly respond to their calls in order to negotiate and finalize business deals within the targeted turnaround time and shariah guidelines.
• Analyze documents submitted by the customer and prepare credit proposals for submission to appropriate approval authority.
• Ensure portfolio quality by exercising sound credit judgement and complying with credit, shariah and product parameters.
• Obtain and provide market, customer and competitor's information and feedback.
• Address customer complaint within 24 hrs.

Director - Research and Advisory Services Department:
• To provide strategic direction, motivational leadership and operational oversight for the Research and Advisory Services Department.
• Determine the strategy for the Department, set and deliver ambitious objectives that enable IRTI to achieve its goals, and take the significant operational decisions.
• To drive IDB Group's strategic objective of building and promoting Islamic economic, financial and banking policies and practices by developing and disseminating in-depth knowledge of the subject through research, analysis and study, fostering policy dialogue with member countries and other interested institutions and groups, and in assisting member countries in their capacity to develop and implement policies and practices within the country.
• Lead the development of basic and applied research in Islamic economics, finance and banking as academic disciplines and facilitate the practical application of these subjects through studies and the provision of advice to member and non-member countries.

· To coordinate the planning process including monthly & quarterly forecast, annual budgets.
· To perform analysis including the development of Key Performance Indicator (KPI) for the Department.
· To monitor the industry trends and identifying growth opportunities.
· To realign and reengineering the department's process flow and facilitate changes whenever required.
· To develop a reporting framework for management and other stakeholders of the Bank.

• To assist in managing RHBIB’s Shariah internal control activities.
• To assist in managing the post approval Shariah review activities on Islamic finance business activities.
• To prepare periodical Shariah Review report which will be submitted to relevant authorities as stipulated in Shariah Framework.

Job Purpose
• To assist the Relationship Team in achieving the assigned financial goals, in maintaining and managing a portfolio consisting of borrowing and non-borrowing relationship, resolving day to day issues and ensuring that relationship managers' in operational