IslamicFinance.de

Barwa Bank, a major new Qatari financial services provider, today announces the approved acquisition of Qatari based investment shareholding company, The First Investor. The acquisition by Barwa Bank has received full approval from the Qatar Central Bank and filings with the Ministry of Business and Trade are in progress.

IslamicFinance.de is calling Islamic financial institutions to become member of the UNEP Finance Inititiave to learn and contribute to international best practice in ethical and faith based finance:

"UNEP FI is a global partnership between UNEP and the financial sector. Over 180 institutions, including banks, insurers and fund managers, work with UNEP to understand the impacts of environmental and social considerations on financial performance."

membership information package:
http://www.unepfi.org/fileadmin/forms/MembershipInformationPack.pdf

A focus on Islamic finance could also attract sovereign and other funds from oil-rich Gulf states and help provide the investment that France needs.

The Financial Times produced a special looking into the Future of Islamic Finance.

The download is free of charge.

Yasaar media published a new report called Islamic Finance in North America 2009 for free download, which is co-published by Codexa Capital, UM Financial Group, King & Spalding, and Doha Islamic.

According to the report Islamic finance in North America has developed along two quite separate paths:

• The first path focuses on retail Islamic finance and centres mostly on home financing products and credit cards.

• The second path involves a number of high profile GCC-based Islamic investment banks and their deployment of hundreds of millions of dollars in private equity and real estate developments in North America.

Read the full report for free at the link below.

Press Release

DUBAI, July 22, 2009--Standard & Poor's Ratings Services found the exposure to the Saad and Algosaibi groups of 30 commercial banks it rates in Gulf Cooperation Council (GCC) countries to be significant but manageable, according to its report "Special Standard & Poor's Survey Shows That Rated Gulf Banks Are Significantly Exposed To The Saad And Algosaibi Groups."

The two prominent Saudi Arabian groups recently ran into severe and unexpected difficulties and have entered debt restructuring discussions with their respective creditors.

"Total exposure net of tangible collateral to the two groups is significant but manageable for sampled rated GCC banks," said Standard & Poor's credit analyst Goeksenin Karagoez.

Information related to each individual Gulf bank's exposure is confidential--and as such can not be disclosed by Standard & Poor's--but our survey enabled us to arrive at various opinions:

Exposure to the groups varies significantly among the sampled GCC rated banks, from no exposure to net exposure of more than 20% of a few banks' adjusted total equity.

Al Islami Foods and Alf Yad, a Dubai based venture capital fund for young Arab entrepreneurs announced their strategic collaboration. Alf Yad will raise and deploy AED 100 mn to promising Arab entrepreneurs across the region. Initially, Alf Yad will support Al Islami with the introduction of a business franchise for fast foods - the Al Islami Cart - a business franchise for fast foods primarily distributed in major Co-Op supermarkets, high traffic mall outlets as well as the Global Village and university campuses.

Mr. Saleh Abdullah Lootah, is Chief Executive Officer of Al Islami Foods. Mr. Shehab Gargash is the Chief Executive Officer of Daman Investments, the manager of the fund.

Source: http://www.zawya.com/story.cfm/sidZAWYA20080327115425

Ulf Laessing reported in ArabianBusiness on 27 March about NBK Capitals plans to arrange Sukuk issues worth up to USD 700 mn in 2008 and to finalise four purchases for a Private Equity Fund.

The article confirms the slow down due to the credit crisis and that the pricing does not meet the clients requirement easily.

Further the company is buying into a car leasing company in Saudi, according to the Head of investment and merchant banking, Amjad Ahmad. It also aims to open offices in Qatar and Saudi-Arabia next year. It is operation in Turkey and interested in Syria.

NBK Capital operates currently in Kuwait and Dubai and focusses on mid-range deals in the triple-million dollar digit range.

Source: http://www.arabianbusiness.com/514909-nbk-capital-plans-700mn-islamic-bo...