IslamicFinance.de

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has launched a comprehensive accidental death and disability insurance plan offered at a very affordable annual premium, a statement said.

Dubai World faces another test when it meets creditors next week to begin discussions on its other debts, totalling US$22 billion (Dh80.8billion).

Noor Takaful, the Islamic Insurance provider, today launched its suite of Individual Family products with flexible protection, investment, and savings takaful plans to cater to the national and expatriate residents of the UAE. The introduction of the new products coincides with the first anniversary of the company’s inauguration and demonstrates its commitment to innovatively meeting the unique needs of the UAE market.

Dubai Bank announced today the signing of a Memorandum of Understanding (MoU) with the Community Development Authority (CDA). The MoU marks a significant step forward in the bank's Corporate Social Responsibility (CSR) programme, and is in line with its commitment to support educational causes through its CSR activities.

Dubai-based mortgage lender Amlak Finance will make its semi-annual coupon payment for its 2010 Sukuk on January 18.

This is to advise that a periodic distribution is due on 19th of January 2010. The total funds due will amount to USD 10,312,500.00 for Periodic Distribution to Certificate Holders.

Dubai World is expected to soon make a formal standstill request to creditors for $22billion in debt while it devises a restructuring plan. Dubai sent shockwaves through global markets on November 25 when it said it would request a standstill on billions of dollars in debt linked to Dubai World and its property units Limitless World and Nakheel, developer of palm-shaped islands. Following are some answers to frequently asked questions about the upcoming standstill agreement:

Saudi's Al Jazira Bank widened its losses for the fourth quarter by 189 percent while smaller rival Arab National Bank saw net profit falling 31.8 percent, the lenders said.

The comments from Barclays came in a report which recommended that investors sell their Nakheel Sukuk. How much money banks and investors are likely to obtain from Nakheel is under some dispute since the Dubai World conglomerate which Nakheel is a part of announced last December that it would be seeking to restructure its debt.

Nakheel bondholders will recover less than half of their investments as the property developer's parent company renegotiates US$22 billion (Dh80.80billion) of debt, Barclays Capital analysts estimate.

Bank - The Senegalese president, Abdoulaye Wade, on Monday in Dakar urged Islamic banks to help fight poverty in Islamic or predominantly Muslim countries.

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

Sharelink Financial Services Group (SFS) and Kuwait Finance House Asset Management Sdn Bhd (KFHAM) have launched a shipping venture that aims to raise 150 million dollars of investment for modern vessels.

PRESS RELEASE

Oak Brook, Illinois, January 13, 2010: The World Congress of Muslim Philanthropists (WCMP) expresses its utmost sorrow on the massive devastation caused by the earthquake in Haiti, a Caribbean nation suffering with utter poverty. To ensure rapid and effective response to this tragedy, we have established an emergency cell that will closely monitor and assess the situation on ground, and will serve as the bridge between the global community of donors and partner humanitarian agencies. WCMP anticipates working closely with the Organization of Islamic Conference, United Nations, Red Crescent Societies, and other reputable agencies present or familiar with the region.

WCMP urges philanthropists, foundations, and corporations in general and of Muslim world in particular to join us in this multi-partner relief effort. Please direct your communications to the following address:

WCMP- Haiti Emergency Cell
Imtiaz Khan, MD
ikhan@thewcmp.org
+1-630-242-2792

With best regards,

WCMP Secretariat

A leading industry expert has predicted a huge growth potential for Qatar’s Takaful (Islamic insurance) market, estimating its annual growth at 25%.

An online survey by ReadiMinds has revealed that internal frauds in the banking sector remain a major source of concern in the Middle East region.

The Constituent General Meeting of Al Baraka Bank Syria was held in Damascus on 16 December 2009 in the presence of the founding shareholders or their representatives and representatives from the Ministry of Economy and Commerce, Central Bank of Syria, the Commission for Securities and Financial Markets and other representatives of concerned public authorities and bodies.

Bahrain-listed Takaful International Co. BSC said it has signed an agreement with Hannover Retakaful to increase its family takaful insurance coverage up to US$5 million per individual, aiming to improve its insurance services and portfolio expansions.

The ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, today announced the setting up of a tribunal to decide the disputes related to the settlement of the financial position of Dubai World and its units reported Bloomberg, citing a statement from his the ruler's press office.

A number of Mediterranean basin countries are promoting themselves as Islamic finance hubs in an effort to attract sukuk, trust and investment funds business.