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Bassel Gamal was appointed as the Chief Executive Officer of Qatar Islamic Bank (QIB). Mr. Gamal is well grounded in banking and finance, and has had experience in several institutions and positions. He will assume his office next month.

The Dubai Islamic Bank PJSC (DIB) intends to acquire 100 per cent of Tamweel PJSC, the UAE-based Islamic home finance provider. DIB is the major shareholder of Tamweel, and will offer the other shareholders ten DIB shares for every 18 Tamweel shares. After approval by all regulators the date of the offer will be communicated individually to all Tamweel shareholders giving them adequate time to respond.

Jawad I. Ali, Managing Partner of King & Spalding LLP’s Middle East offices, emphasizes the importance of the Dubai International Financial Centre (DIFC) as a financial and capital center for all kinds of operations in the Middle East. Besides, the jurisdiction of the DIFC courts was expanded, now anybody can opt in their contracts to subject them to the DIFC law. The laws itself are modeled after English common law, and the official language of the DIFC courts is English. That’s why it is expected that the DIFC courts will soon become a major center for dispute resolution.

The entire board of the Financial Services Association of the United Arab Emirates reportedly resigned after having lost trust and confidence in the group’s co-founder and sole shareholder Arwa Hamdieh. She herself claims having disbanded the board due to delays in implementing decisions. The board represented a third of the association’s members.

Last Sunday, Meethaq, the Islamic banking window of bank muscat opened its first branch in Ghubra. More branch openings are planned in all major cities across Oman this year aiming to reach customers and attract them through Sharia-based products and services. The final amount of capital for the bank’s operations will be determined by business opportunities.

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.

Kuwait’s Alafco Aviation Lease and Finance Co. announced that Ahmad Alzabin will no longer be chief executive officer. The deputy CEO of the company - Abulqassim Abdul Ghaffar - will take over his position. Alfaco has not given any information on whether or not Alzabin has stepped down from his position as a chairman.

According to the Economy Minister Sultan Al Mansouri, restructuring of Amlak Finance is considered a particularly complicated problem. However, solution is near. Amlak is currently discussing proposals to restructure bank debt of about US$2 billion (Dh7.34bn). Since the Dubai property crash in 2008, the company has been facing uncertainty in terms of finance due to the suspension of its shares. The authorities treat the situation with renewed urgency. The government of the UAE has summoned a special committee to resolve Amlak's problems.

According to a statement by CIMB Group Holdings Bhd, the sale of its 49% stakes worth RM1.11 billion in CIMB Aviva Assurance Bhd and CIMB Aviva Takaful Bhd to Khazanah Nasional Bhd has been completed. The life insurance and takaful companies stake sales are satisfied by RM1.06 billion in cash combined with RM43.5 million worth of shares in a new insurance holding company called Renggis Ventures Sdn Bhd. The latter s wholly-owned by Khazanah. To sum up, CIMB will maintain an effective 2% interest in CIMB Aviva Assurance and CIMB Aviva Takaful respectively.

Bank AlJazira registered a net income of SR 98 million for the fourth quarter of 2012. Compared to Q4 2011 this is a decrease of 11% from SR110 million. The difference compared to Q3 2012 is 25% in favour of Q3. Other important parts of the annual financial results of the bank are a total operating income of SR372 million for the last quarter of 2012 which is a 13% increase to the SR330 million for Q4, 2011. The net special commission income for Q4 2012 registered an increase of 25% from Q4 2011 reaching SR247 million.

The National Bank of Abu Dhabi (NBAD) has received the award Dubai Chamber of Commerce '&' Industry Centre for Responsible Business CSR Label. The award is a reflection of the recognition of the bank's responsible and sustainable business practices in the fields environment, marketplace, workplace and community. Senior Manager of Sustainability at NBAD - Belinda Scott - explained that being a major player in the economic development of the country goes hand in hand with caring for the social and environmental effect of the bank's activities.

Due to orders by Dubai's ruler, all legal action in the Dubai International Financial Centre courts involving Amlak Finance were transfered to a special judicial committee outside Dubai's normal legal system. According to a decree, which was issued on December 16th by Sheikh Mohammed bin Rashid, all Dubai courts including those in the DIFC are not allowed consideration and settlement of any application or claim related to Amlak Finance. A decree from 2009 established a special judicial committee which serves to hear claims against Amlak and Tamweel. That decree relocated all cases in the Dubai courts to the committee, did not however discuss cases in the DIFC courts, which have a separate set of procedures based on English common law.

According to an announcement by BankDhofar, its Maisarah Islamic banking branch in Azaiba is planned to be opened in the coming weeks. The new branch shall further cement its commitment to putting its customers first, Oman's community and economic stability. A team of highly skilled Islamic banking specialists will operate at the new branch. Most advanced technology aiming to ensure Maisarah operates smoothly will be utilized and a complete suite of services compliant with the Sharia-law will be offered.

When last week Vice President of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid explained his vision of the emirate becoming a global hub for Islamic finance and economy, the head of Islamic finance structuring at Deutsche Bank (DB) in Dubai Ibrahim Qasim was pleased but not really caught by surprise. He considers the initiative a very positive one and thinks it will solidify Dubai and the UAE's current standing as an important Islamic finance hub. He further explains that the UAE already has an advantage in the area of Islamic economy. DB is prepared to help and support the policymakers of the emirates in their ambitions.

In a recent announcement SHUAA Capital made known that its wholly-owned subsidiary - Gulf Finance Corporation - has engaged with the UAE Central Bank for a license which shall serve to establish an Islamic Window for some of its financing activities. The plans of Gulf Finance include the submission of the necessary applications in the first quarter of 2013. It is expected to be market-ready in the spring of 2013, subject to regulatory approvals. The proposed programme to offer Islamic financial services is consistent with the vision of Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE and Ruler of Dubai. He recently explained the necessity to establish a platform of Islamic economic products and services aiming to grow the Islamic economy.

The deadline for Qatari lender Masraf Al Rayan to come up with an offer for Islamic Bank of Britain (IBB) concerning its takeover has been extended. It initially lapsed on December 10th and was now extended to January 7th. IBB is majority-owned by Qatar International Islamic Bank. The latter has been discussing selling a controlling stake in the British bank with Masraf Al Rayan since June 2012.
According to a statement by IBB, its lending growth for the first nine months of 2012 have been driven by two new home financing plans. Furthermore, the bank will search for ways to offer more products.

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.

Standard & Poor's affirmed the rating of the Islamic Development Bank at 'AAA/A-1+'. The stand-alone credit profile of the bank is 'aaa', which is a reflection of the rating agency's assessment of the bank's "very strong" business profile and "extremely strong" financial profile. The outlook is said to be stable. According to expectations, IsDB will continue and maintain its strong credit metrics.

Amlak Finance PJSC is discussing with creditors the restructuring of about US$2 billion of bank and government debt. The negotiations are being held between the company and a committee of five banks representing creditors. Amlak is being advised by PricewaterhouseCoopers LLP on the matter. Since the suspension of shares of Amlak and Tamweel PJSC in November 2008 following the blockage of the companies' access to borrowings by the global credit crisis, Amlak has experienced serious losses. In 2011 the company registered a third-quarter loss of 40 million dirhams (US$11 million).

Central Bank of Oman (CBO) has given its final approval to the Islamic banking arm of Bank Muscat - Meethaq - to start full-fledged operations. The starting date of the bank's operations is January 21st. Meethaq will begin functioning as a bank with 150-million-rial capital at its disposal. The money is intended to be used to boost growth opportunities. A full suite of regulated Islamic banking products will be offered.