IslamicFinance.de

Bank Asya plans to open 30 new branches and hiring 500 new staff members according to Ahmet Beyaz, the new General Manager. Abdullah Çelik is the general manager for Asia, who reported about the opening of the Erbil office and plans for India and Asia in general.

Leeds United owners GFH Capital are reportedly planning to sell the football club, just seven weeks after completing their takeover. Current owner of Hull FC rugby league club Adam Pearson is believed to be leading a bid by a consortium of Yorkshire businessmen. The deal is understood to be for 51 per cent with a full takeover later this year. A GFH Capital statement last night said that they had received several offers to invest in the club alongside them, but none had been accepted.

Belgium’s first independent market study "Islamic finance in Belgium – sizing the retail market" points out that over 70 per cent of local Muslims are interested in Islamic finance products and services. The study was independently commissioned by the Association for the Development of Islamic Finance (ADEFI) in conjunction with IFAAS (Islamic Finance Advisory & Assurance Services). It analyses Muslim consumers’ current consumption of financial products and services and their predisposition to change from conventional products to Islamic products.

Managing-Director of Bank Mellat Ali Divandari announced that his bank has been removed from the European Union's sanctions list. The EU Council had listed Bank Mellat and its then-chairman Dr Divandari in the designated list in July 2010 on the basis that it was a legitimate part of its regime of sanctions designed to stop the Iranian nuclear program. Both the bank and Dr Divandari challenged the sanctions in the European Court which finally declared a ruling in support of Bank Mellat.

After advising Goldman Sachs on a controversial 2$ billion sukkuk programme, Dar Al Istithmar has closed down.
Sources say that most of the staff moved to Khalij Islamic, with offices in London and Dubai. Clients have moved to Khalij Islamic as well.

The Islamic Bank of Britain (IBB) launches a rent only plan, that means a variable rental rate product which is available to landlords of any faith with a deposit of 35 per cent and at a rental rate of 5.49 per cent. The plan offers financing between £30,000 and £500,000 on a minimum property value of £90,000. According to IBB head of sales and services Imran Pasha, there is a growing demand from landlords for Sharia compliant property finance.

La Française AM created several OPCI funds, including one OPCI Charia for the account of one of the largest Islamic banks and financial institutions of Kuwait.

The Italian private equity fund Investindustrial bought a 37.5 percent stake of Aston Martin. The deal was financed via a capital increase agreed with majority Kuwaiti owner Investment Dar. According to the carmaker's CEO Ulrich Bez the transaction will bring money for the next generation of products from 2015 to 2025, as well as know-how and experience. Investindustrial plans to expand Aston's model range and to strengthen its global dealership network.

Due to the growing number of Shariah-compliant funds in Luxembourg, four companies have launched the service ALIF (Alliance for Luxembourg Islamic Finance) which offers administration and custody of Islamic funds in a Shariah-compliant manner. The service includes legal work and Islamic Finance expertise. The portfolios and processing of the funds registered by ALIF will be periodically reviewed by the Shariah Supervisory Board of Amanie Advisors.

The finalists for the inaugural British Muslim Awards were announced. The event will be held on Tuesday, 29th January 2013 in Manchester and honors achievements of Britain’s Muslim individuals, groups and business people. The Islamic Bank of Britain sponsors the event that will also raise money for Mosaic, a charity enterprise.

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”.

Gatehouse Bank has issued its first real estate-backed Sukuk that comprises shares in a company which owns a property leased to Fujitsu Services Limited. Rental payments will be applied to fund payments to the Sukuk holders and investors have the option to redeem their investment on a quarterly basis. Therefore, this asset constitutes a short term cash instrument with an annual yield of three per cent.

José Graziano da Silva - Director-General of Food and Agriculture Organization - and Ilse Aigner - the German Minister of Food, Agriculture and Consumer Protection - have pointed out the importance of a significant increase in responsible investments in agriculture. Thus the issue of eradicating hunger and feeding a growing world population can be addressed. They further explained that investments in regions with severe rural poverty and hunger are still too low. Efforts should be concentrated on farmers because they play a key role in the rural environment.

Al Dahra, an Abu Dhabi-based company, announced the investment of around 200 million Euros in Serbia's agriculture. 100 million Euros will be invested in the new irrigation system in order to boost production, and 100 million in the takeover of 80 percent stake in eight state-controlled agricultural companies. The investment in irrigation is expected to pay off in three to five years.

Heads of state and businessmen meet in Davos at the World Economic Forum (WEF) on Wednesday 23/01/2013, where attention will be focused on economic reforms following the Arab Spring. This year’s theme will be resilient dynamism and how to deal with changing contexts and sudden shocks. The Davos meeting will also include a separate session on Syria to discuss the country’s prospects this year.

Paper by Funds@Work regarding Islamic Finance vs. Sustainability from a network perspective insight; "Our aim was to show that we should never look at phenomena in an isolated manner. Islamic, ESG as well as conventional investors can greatly learn from each other by being more open. Islamic Finance should not be looked at from a religious perspective but rather from what it brings to the table from which ESG and conventional investors can profi t. Our fi nance and investment system globally will be more resilient if individual participants approach each other more openly and share ideas converging into a mainstream “sustainable fi nance system” which borrows the best of all worlds. From a network analytic perspective we should be aware that openness leads to greater innovation and stability and creates more opportunities to interact. In this context we need to address prejudices which stem from mere ignorance and act as barriers to cooperate. Because ultimately what the world needs is a greater integration of networks such as the Islamic Finance, ESG, and conventional investments communities to make their individual achievements accessible to a broader audience.

Islamic finance is growing at a 20% per year rate which contrasts with what conventional banking is currently most famous for - scandals, huge pay offs and bonuses. Even non-Muslims are attracted to Islamic finance which led to the fact that numerous countries have adopted and accepted this financial model. It is obvious that there is a huge economic benefit to be sought from it due to the enormous potential of the branch. Malaysia seems to be the leader in the Islamic finance market, developing by leaps and bounds.

Fimbank is about to make the first step into introducing Islamic banking to Malta. Provided that Middle Eastern institutional investors take a controlling interest in the near future, the bank will be able to expand into new markets and target larger clients. Fimbank has a commitment for additional equity of $160 million. According to the bank's president Margrith Lütschg-Emmenegger, it has the potential to triple or even quadruple its balance sheet over the next five years. She further stressed on the bank's striving towards a major strategic turning point. This will be possible if shareholders allow the joint offer by Kuwait-licensed Burgan Bank SAK and Bahrain-licensed United Gulf Bank BSC at the extraordinary general meeting on January 31st.

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.

The Alliance for Luxembourg Islamic Finance (ALIF) will ensure Shari’ah-compliant custody and administration service at the time that total assets under management reach estimated $5.3 billion with growing number of Middle East investment funds. Luxembourg is fifth in the rating of Shari’ah-compliant funds worldwide. Already 41 egulated Shari’ah-compliant investment funds are based in Luxembourg. Four companies are uniting in order to establish a specialised platform that will service Shariah-compliant investment funds. These companies are Amanie Advisors, ADEPA Asset Management, Theisen Law, and KBL European Private Bankers. The joint venture will be known as Alliance for Luxembourg Islamic Finance (ALIF).