IslamicFinance.de

Seeking to manage its excess liquidity, Islamic certificates of deposit in the UAE stood at Dh12 billion ($3.27 billion) at the end of the first quarter.
Assets and liabilities stood at Dh269 billionand they represented 17 per cent of total UAE assets and deposits.
The UAE central bank plans to introduce a repurchase facility for Islamic lenders in the coming months.
Tirad Mahmood, Abu Dhabi Islamic Bank Chief Executive, announced that the bank as an ongoing programme to buy the Islamic CDs as part of its liquidity management strategy.

Adnan Ahmed Yousif, chairman of the Union of Arab Banks (UAB), states that banks from the Gulf are looking to acquire Turkish banks .
The statement given at the “Enhancing Shamgen Banking: Turkey, Syria, Lebanon and Jordan” conference in Istanbul reveiled that Arab banks like Al Rajah Bank, Qatar National Bank and Abu Dhabi Islamic Bank want to become established in Turkey by purchasing a national bank.

Abu Dhabi Islamic Bank anticipates to post single-digit credit growth in 2011 and that's why it will continue to book provisions going forward.
The impact of new central bank rules that will limit loans to individuals and service charges is beeing studied by ADIB. The central bank has capped personal loans at 20 times the salary or the monthly income of a borrower with a repayment period set at 48 months.
ADIB had a profit of Dh250.6m ($68.23m) in the three months to December 31.

The number of projects registered under the Dubai Land Department’s (DLD) Tayseer programme has reached 114 and the first funding agreement under the scheme is expected to be finalised soon.
Until now, seven banks have signed with the DLD for financing under the Tayseer initiative. The banks are: Emirates Islamic Bank, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Noor Islamic Bank, Mashreq, Dubai Bank and Ajman Bank.

Qatar First Investment Bank gave the announcement that its portfolio company Emirates National Factory for Plastic Industries (ENPI) has signed a new five-year, Dh250m syndicated Islamic facility, arranged by Abu Dhabi Islamic Bank. The signing ceremony took place at Abu Dhabi Islamic Bank headquarters in Abu Dhabi.
The financing will be used for the construction of a new production facility in Industrial City of Abu Dhabi 1 ("ICAD 1"), the purchase of new machinery and equipment and the refinancing of a portion of the company's existing conventional debt.

Abu Dhabi Islamic Bank (ADIB) made an announcement that it had closed Dh250 million syndicated Islamic financing deal for Emirates National Factory for Plastic Industries (ENPI).
ENPI is majority owned by Qatar First Investment Bank (QFIB).

Abu Dhabi Islamic Bank swung to a profit in the fourth quarter of 2010, beating analysts forecasts as customer deposits and fee income rose.
Analysts polled by Reuters had estimated an average fourth-quarter profit of 196 million dirhams. Annual revenues increased 22 percent to 3.07 billion dirhams, with customer deposits rising 17.2 percent from a year earlier. Group fee and commission income increased 43 percent in the fourth quarter.

Abu Dhabi Islamic Bank, or ADIB, has launched its 97 per cent capital protected BRIC Currencies Notes that provides an opportunity to small or large investors to invest in the four major emerging economies in the world.

Abu Dhabi Islamic Financial Services has re-branded to ADIB Securities. This new identity ties in well with the firm's lineage as a wholly-owned subsidiary of ADIB.
Founded with a simple but important principle - to lead by example as a Shari'a compliant brokerage platform - ADIB Securities aims to best serve and meet investors' financial needs and objectives with high service quality, advanced technology and transparency.

The National Bank for Development (NBD) has been consolidating its market share in car financing.
Since the acquisition of 49 percent of the NBD's stock by the Abu Dhabi Islamic Bank in 2007, the NBD has been transitioning to Sharia-compliant financial services.

Abu Dhabi Islamic Bank (ADIB) has acted as Mandated Lead Arranger for the $32 million structured Ijara facility to fund the acquisition of up to six Offshore Supply Vessels (OSVs) for Waha Offshore Marine Services, a unit of ADX-listed Waha Capital.
The financing represents an important milestone for Waha Maritime in its expansion in the Offshore Supply Vessel (OSV) sector.

The affirmation of ADIB's Long- and Short-term IDRs and Support Rating reflects the extremely high probability of support from the UAE authorities, if needed.
The affirmation of the Individual Rating reflects the bank's sound liquidity and funding, its good franchise, adequate capitalisation and high concentrations in financing and rapid growth.
ADIB's main shareholders are Emirates International Investment Company (41%), which is owned by members of the Abu Dhabi ruling family, the Abu Dhabi Investment Council with 8% and the UAE pension fund (2.3%).

Fitch Ratings has assigned Abu Dhabi Islamic Bank's (ADIB) $750 million 3.745 per cent trust certificates due November 2015 under ADIB's $5 billion trust certificate issuance programme a final rating of 'A+'
The notes have been issued by ADIB Sukuk Company Limited, incorporated in the Cayman Islands.

Currently three Islamic financial institutions exists with a market share of 15 %: El Baraka Bank, Salem Banque and Salama Assurance. The figures are quoted by Hideur Nacer, secretary general of El Baraka, saying that the sector is about Dinar 100 bn annually, 15 % of the private market and 1.5 % of the public sector market.

Two foreign entities, Abu Dhabi Islamic and Haider Islam are said looking to enter the Algerian market. Main obstacle is supposedly the partnership rules in regulation (49-51 %) and high capital requirements of Euro 100 mn.

Abu Dhabi Islamic Bank, or ADIB, the emirate’s largest Islamic lender by market value, is planning to sell five-year benchmark Islamic bonds, or sukuks, this week, according to people familiar with the matter.
Company officials, who have been on a series of investor meetings in Asia, Europe and the Middle East since Oct. 20, end their roadshow Tuesday. Benchmark-sized bond deals are those worth at least $500 million. The securities are expected to price later this week.

Abu Dhabi Islamic Bank (ADIB.AD) will kick off a non-equity investor roadshow in Asia, Europe and the Middle East on Oct. 20, it said on Monday, amid talks that the lender is planning to issue an Islamic bond, or sukuk.
Last week, sources said ADIB, the second largest Islamic lender in the United Arab Emirates, had mandated three banks to arrange a sale.

Abu Dhabi Islamic banking is growing at a fast pace and its size globally is expected to reach $2.7 trillion (Dh9.9 trillion) by 2015. Abu Dhabi Islamic Bank announced the launch of its wealth management service that will cater to the needs of mass, affluent and high net worth customers.
Abu Dhabi Islamic Bank Wealth Management offers a range of investment solutions such as sukuk, equity, treasuries, commodities, mutual funds, real estate advisory, trust, private equity and other Sharia-compliant opportunities worldwide.

Abu Dhabi Islamic Bank, a top-tier Islamic financial services group, today announced the launch of its Wealth Management service that will cater to the increasingly discerning needs of mass, affluent and high net worth customers. The service will offer an innovative range of investment solutions that are tailor-made to meet the financial needs of their customers through dedicated and certified relationship managers who are supported by a team of investment professionals. ADIB Relationship Managers combine their industry expertise with technical and investment expertise to deliver innovative investment solutions and to support their brand promise of 'Trusted Advice by Trusted Advisor.'

Islamic banks in the UAE recorded a decline of around 17 per cent in its net earnings in the first half of 2010 despite a sharp rise in the profits of the Abu Dhabi Islamic Bank (ADIB). Individually, several national banks reported growth in their net income in the first half of 2010, including the government-controlled National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB). The UAE's largest bank, Emirates NBD, reported a 51 per cent fall in profits because of its exposure to Dubai World. Central Bank figures showed UAE banks are pushing ahead with a post-crisis provisioning drive because of their exposure to Dubai World, the domestic real estate sector and two Saudi financially troubled family businesses. According to a key Western financial institution, UIAE banks have emerged as more vulnerable to real estate downturns than those in other Gulf oil producers because of their massive lending for that sector.

Ashurst acted as counsel to the Islamic banks. The team was lead by managing partner of Ashurst's Abu Dhabi office, David Wadham, assisted by associate Faris Hadi. Denton Wilde Sapte (Neil Cuthbert) acted as counsel to Emirates Steel and Allen & Over (Bimal Desai) acted as common lenders' counsel to the banks.