IslamicFinance.de

Emirates NBD surged after the forecast of its Islamic unit that profits would double. The stock gained 6.4% reaching Dh3.31 a share, which is the biggest increase since April 2011. On Wednesday, about 1.3 million shares were traded, which is three times the three-month daily average. The stock is said to be the biggest gainer on the Dubai Financial Market General Index. Emirates Islamic Bank will look for ways to boost net income to Dh150 million this year increasing it from Dh80m in 2012.

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.

According to the finance minister of Egypt, the cabinet has given its approval of a draft law to allow sovereign sukuk. Thus, the government is looking for new ways to finance an unsustainable budget deficit. It is expected that there will be strong demand for Islamic bonds. The Islamic Development Bank recently announced that it could be ready to buy around $6bn of them.

Executes, administers and monitors the products and services provided by SABB Amanah and IBSA HSBC to ensure compliance with Shariah rules and guidelines (Fatwas) at all times. Highlights cases of non compliance by a particular team/department and regularly monitors the same to ensure closure of gaps thereby enhancing the Amanah image among its customers and improving the overall profitability of the Business.

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This is a lead role, so only apply if you have deep relationships in Qatar with a lot of experience in the GCC. Arabic speakers/GCC nationals is a benefit but not essential. Department: Corporate Clients/ Commercial Clients/ Financial Institutions/Government/quasi-Government/International Banking Division: Relationship Management Group: Wholesale Banking

High command of broad product range for credit, investment banking, transaction banking and Islamic banking products

Bank Muscat together with the United Nations Environment Programme Finance Initiative (UNEP FI) were hosts of a workshop on January 15th. The topic of the workshop was Environmental and Social Risk Analysis (ESRA). The event was held under the auspices of Sheikh Mohammed bin Said Al Kalbani, minister of Social Development. The goal of the two-day event at the headquarters of the bank is to identify environmental and social risks in lending and investment projects as a consequence of the activities of the financial and banking sector. Among the participants there were risk managers and analysts from banks, CSR and sustainability professionals, government representatives and consultants.

The chief economist of Bank Islam Malaysia Bhd was suspended from his duties because of his prediction that the opposition would win the upcoming general election. He confirmed that he was fully aware that he was putting his position at the bank on risk. Kajian Politik untuk Perubahan (KPRU) urged in a statement to lift the suspension because it contradicts the right to freedom of speech of the bank's employees. However, the response of Bank Islam was that according to their policy any employee including management, if they behave irrespectively of their position, will be suspended with full pay, to facilitate investigation.

Last year the Financial Services and the Treasury Bureau presented feedback on the consultation on the amendments which were proposed aiming to ease development of an Islamic bond in Hong Kong. The government of Hong Kong has a long-standing policy initiative to develop Islamic finance in the city. As a part of it, the bureau sent out a consultation paper containing detailed proposals for the amendment of relevant tax-related legislation. The key part of the proposal states that a level playing field needs to be created to enable Islamic finance products to be structured in Hong Kong.

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.

According to research by Kuwait Finance House, the total of sukuk issuance by end of 2012 has amounted to $131bn. This is an increase of 54% compared to 2011. The total sukuk issuance in December is $8bn marking a 61% increase in comparison with the previous year. Malaysia is the country which issued the most sukuk, followed by Saudi Arabia, the UAE, and Indonesia.

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.

Abu Dhabi Equity Partners (ADEP) closes first Sharia-compliant agricultural inventory finance transaction in Brazil. The investment deal is a combination of a mix of asset backed financing, capital and profit protection from Global investment bank, five to ten times US Dollar deposit yield pick-up, and global trading houses as counterparties. According to the Managing Partner of the company - Mr. Muneef O. Tarmoom - the combination of "back-to-basics" physical asset backed financing and Global 'A' rated banks' capital and profit protection features enables ADEP to originate financing opportunities with a yeald 5 to 10 times larger than current US Dollar murabaha rates. The company's landmark Brazilian agri-based inventory transaction shall serve to finance a leading sugar and ethanol producer in the state of Mato Grosso do Sul.

Property lending company Amlak Finance is in discussion with creditors about restructuring about AED7bn (US$1.9bn) of debt. This is the latest try to resurrect a victim of Dubai's property crash. THe creditor committee consists of six members including two government-owned funds, Dubai's largest lender and its biggest Islamic bank. Since November 2008, Amlak has not been able to trade due to suspension of its shares along with Tamweel. At that time, the credit markets had dried up the prices of real estates in Dubai began a slump leading them to a decrease of over 50%.

According to a recent report, the African Charitable Society for Mother and Child Care has signed an agreement which allows access to USD 100,000 from the Islamic Solidarity Fund. The Palestinian fund serves the purpose of elevating the living standard of Muslim people around the world. The money will be used for the establishment of 225 microfinance projects which will support widows and poor women in the outskirts of the capital city of Khartoum. No information is available on whether the financial help is a loan or a grant.

The countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE have a very high chance of success in the development of their financial markets and promoting their competitiveness. This is shown in a recent research by Deutsche Bank. One of the key factors stressed on in the research report is progress made in corporate governance-related matters. The Cooperation Council for the Arab States of the Gulf countries has made significant advances in establishing effective financial market regulation and oversight as well as a strong grip on market abuse and financial fraud. Continuing to follow this direction and committing the resources needed to achieve optimal consistency and effectiveness in regulation and market supervision is seen as crucial for achieving the goals of financial development and economic diversification.

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).

A Gulf investment bank has provided sharia-compliant funding worth millions of dollars for a Brazilian sugar and ethanol maker. The deal is an example of how smaller firms can be considered new investment possibilities for the wealthy Islamic lenders of the Gulf region. The deal is brokered by Abu Dhabi Equity Partners and will ensure financial means for an unnamed chemical alcohol producer in the Brazilian state of Mato Grosso do Sul. This will be at the same time a three-month investment opportunity for the lending company.