IslamicFinance.de

- To ensure the day to day processing of Vanilla and Complex Islamic transactions are performed in accordance with written procedures.

- To process Treasury Securities business and to rotate functions on a regular basis in order to ensure continued proficiency in each task.

- Interact with Front, Middle and Back Offices across various Business lines in the Bank to ensure accurate trade capture and settlement.

- Build & maintain Islamic Confirmation Templates from Client & Broker Master Agreements across all Islamic business lines

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Suspended Bank Islam chief economist Azrul Azwar Ahmad Tajudin is facing disciplinary action after airing his views on political issues. Azrul himself classified the police’s intervention as an intimidation and harassment tactic whereas a member of parliament described it as a manifestation of the standard of governance in the local banking scene.

Bahrain-based Gulf Finance House (GFH) is studying options to merge its affiliate, Khaleeji Commercial Bank (KCB), with other Bahraini banks. It did not say which Bahraini banks it was considering as merger partners.

Genghis Capital, the investment arm of Chase Bank is planning to launch a Shariah-compliant unit trust called the Iman Fund in Kenya next month. The Fund is aimed at Muslim investors with an entry level for investments of minimum 500 Kenyan Shillings ($5.78).

Al Salam Bank Bahrain acquired an equity stake in two new Boeing planes which are being leased long-term to Emirates Airlines. Thus, investors have the opportunity to benefit from a regular income stream with a yield of 9% p.a. secured by a top tier airline. The Bank retained a sizeable stake of the investment in the proprietary portfolio and sold down the remaining portion to its investors.

The Institute of International Finance (IIF) warns that rich-country central banks may end their stimulus measures for emerging markets and warned investors to be prepared. Although there are few indications that the world's central banks are about to change course soon, the risk for reversal of rates needs to be discussed in order to avoid a “boom-bust cycle”.

Dubai aims to become a global centre for Islamic finance and economy, a project that will receive full support of the Dubai Multi Commodities Centre (DMCC).The DMCC already functions as a trading centre for Sharia-compliant Islamic financial products and prepares to further develop that industry.

The central banks of China and the UAE are strengthening bilateral financial cooperation in order to further increase trade and investment activities between China and the Middle East. Greater yuan currency usage in bilateral transactions will provide opportunities for public and private asset managers in Middle East to diversify and enhance their portfolio investments.

The Islamic banking arm of a leading regional bank is looking for an experienced Product Manager to join their Wealth Management team.

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Website of the Egyptian Regulator presenting the draft regulation for Sukuk:

"As EFSA is keer on engaging all the market’s parties and professional associations participate in the process of making rules related to new financial tools in different non –banking activities and markets ,

And following the principle of "consultation to reach the best results " this page shall include the draft laws and regulatory decisions , and EFSA receive all the participants comments through a form that has been prepared by EFSA for this matter"

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· A hands-on and leadership role that manages oversees and ensures smooth running of all facets of Operations and Middle Office functions.
· Shape, build, lead and supervise all back office administration and financial and regulatory reporting of CPIAM.

· As an assistant secretary to the Bank’s Shariah Committee (SC)
· To undertake bi-annual review of the performance of Shariah Committee covering their welfare, remuneration packages and benefits

· Accountable for the entire business portfolio of New Market Business Development function.
· To penetrate into the Non-Muslim market, especially in the higher purchasing power category focusing on Family Business.

Execute and implement the marketing activities by managing the operational and financial aspects and providing support to the Departmental Head of Corporate Direct & Maybank GWB in accordance with the Etiqa Insurance & Takaful business objectives. Execute to achieve underwriting results according to the planned strategy. [...]

•To start, structure and drive the asset management business, products and services.
•Analyze potential fixed income and real estate (residential, commercial, or industrial) opportunities in order to assist in business development or growth of the real estate portfolio.
•Prepare and review the offer documents.

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The role is to manage all product development and research for Islamic Finance, implement the agreed strategy, launch new or updated products to market and take the lead on building relationships with the various stakeholders in the Islamic Finance space.

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Syrian banks remove deposits from their branches in “hot spot” areas and transport the cash to their head offices in Damascus. However, a lot of money is going missing on the way due to robbery, theft and payoff to gangs. Moreover, Syria also faces fuel shortage and a power outage in Damascus after an attack on the main power line.

Civil proceedings against former UM Financial CEO Omar Kalair and his associates have come to a close since prospects for recovery of expropriated money are limited even in case of a favorable judgment. However, the Royal Canadian Mounted Police and Office of the Superintendent of Bankruptcy are still investigating the events which may lead to criminal charges against Kalair and others.

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.