IslamicFinance.de

The Egyptian Financial Supervisory Authority's (EFSA) draft law regulating Shari’a compliant debt tools has been brought to a final version. The proposition consists of 30 articles which establish a legal framework for the issuance and transaction of sukuk. The purpose of the law is to expand the scope of activities that sukuk can finance. Moreover, it shall allow the issuance of business sukuk.

Responsibilities:

• The successful candidate will report to the Manager of Finance and Administration. He/she will provide administrative support to the IFSB Secretariat.

• Prepare IFSB letters – invitation, nomination, appointment, visa, thank you, drafts minutes.

• Coordinate meetings and events.

• Handling and safekeeping computer equipment – laptop, portable printer, software and office hand phones.

• Handling of dealings with Wisma Putra on Foreign Staff Affairs (MOFA)

• Procurement.

• Petty Cash - be the custodian of the petty cash, tasks include safekeeping, recording and processing of petty cash claims, monitoring petty cash balance and replenishment process and bookkeeping.

• Indexing and recording of reading materials and library system.

• Plus other duties consistent and ad hoc as directed.

The Financial Strength Rating of Tadhamon International Islamic Bank (TIIB) has been downgraded to 'b+' from 'BB-' by Capital Intelligence (CI). The downward change of the rating reflects the deterioration in TIIB's financial profile. The ratings of TIIB's Long- and Short-Term Foreign Currency are 'b-' and 'c' respectively. Weakening asset quality and a subsequent large provision charge were the reason why the bank recorded a loss last year.

Job purpose

Senior is responsible for timely completion of assignments according to the specific requirements as described in the scope and objective of proposal / engagement letter of the assignment.

General Roles & Responsibilities:
Ensures compliance with the firm's policies and guidance, and adherence to professional standards.
Executes the planning and management of assignments in an effective and efficient manner.
Ensures engagements are executed in accordance with the firm's methodologies, guidance and professional standards.
Reviews work on a timely basis and in a thorough and constructive manner.

Job Summary:

To oversee the Treasury Division of the Bank and to ensure that the Division manages the Bank's profit rate, foreign exchange and liquidity risks within the limits and authorizations laid-down by the Board, Central Bank guidelines and other guidelines and authorizations issued by relevant committees.

Key Skills

Conceptual understanding of both Conventional structured products and Islamic finance.

Bank Nizwa has given a request to deploy their funds abroad to Oman's central bank for consideration. Thus, Bank Nizwa will be able to get returns instead of keeping the money idle until the bank starts operation. The capital base of Bank Nizwa is OR150m, compared to that Alizz Islamic Bank's paid up capital is as high as OR100m.

Job Purpose:

To safeguard the organisation, its customers, reputation, assets and the interests of stakeholders by identifying and managing all threats to the achievement of its business objectives.

Duties and Responsibilities:

Design and implement an overall risk management process for the organisation.
Manage the process of identifying and assessing the risks affecting the business.
Oversee, and in some areas implement, the plan of risk control actions.
Monitor, evaluate and challenge the organisation’s success in managing its risks.
Organise appropriate risk reporting, internally and externally.

In the attempt to assure Dubai's position in the Middle East as a center for transport and tourism, Dubai is about to launch some grandiose construction projects. Sheikh Mohammed bin Rashid al-Maktoum, Dubai's ruler, ordered a a new city development named after himself to be built. According to estimates, the project will most probably be worth about $10 billion. It shall include 100 hotels, the world's largest shopping mall, parks, art galleries and exhibition centers. A further project for a leisure complex of five theme parks worth $2.7 billion has also been announced.

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is eyeing revision of existing standards and the introduction of new ones. Thus, they hope to stay abreast of the challenging requirements of industry in financial reporting. This year they already issued a new standard for investment in real estate. It will take effect on January 1 and will ensure more detailed guidelines on the matter of accounting real estate investments.

The Malaysian National Mortgage Corporation - Cagamas - has made an announcement about the issuance of its MYR 125 million multi-tenured debt securities comprising Sukuk Commodity Murabahah and Conventional Medium Term Notes (CMTNs) of MYR 90 million and MYR 35 million respectively. The issuance will be carried out in benchmark 3, 5, 7, 10, 12 and 15-year tenures. The respective yields are 3.35%, 3.50%, 3.75%, 3.90%, 4.00% and 4.14%. They are also equivalent to a 31 basis points to 45 basis points range above comparable Malaysia Government Securities (MGS). Proceeds will be used for the purchase of Islamic as well as conventional housing loans from the financial system.

QIB UK, which is situated in London, has closed its seventh Islamic capital-protected note. The bank's plans further include rolling out similar products every year. Since the launch of its "Hemaya" structured note programme in 2010, QIB UK was able to raise over US$190m. US$153m of the sum were raised by the first six tranches.According to Anouar Adham, the bank intends to launch several tranches every year.

In conclusion of a detailed and extensive selection process, Bank Dhofar chose IFS as the Consultancy and product implementation partner for Shariah compliant products for their corporate as well as individual customers. In IFS, Bank Dhofar found a trusted partner with the necessary knowledge and expertise to make offering suitable Shariah compliant products possible. According to the recently signed agreement, IFS will provide Sharia complaint products to the bank. The project consists of two phases. The first will include products for individuals while the second will include products directed towards corporates and individuals.

As the global hub of Islamic finance, waqaf and zakat (tithe) management are key areas of growth for Malaysia. In a public lecture titled "Our Markets, Our Values — A principles-based approach to creating value in Muslim majority markets" in Kuala Lumpur, Iqbal Khan - CEO of Fajr Capital Ltd - pointed out that the goof position of Malaysia and the already existing regulations provide a stable ground for a number of areas of growth in terms of Islamic finance. His lecture particularly stressed on developments and key issues in the Muslim-majority markets.

It is necessary for regulators in the Middle East to gather in order to coordinate on regulatory changes. Thus it will be possible for countries in the Gulf to profit from domestic and foreign fund manager participation.

Earlier this week, the Islamic Corporation for the Development of the Private Sector (ICD) was host to a meeting on a high level discussing the launch of a new national home finance company with committed shareholders. The brand name of the company will be Bidaya. In particular, the status of the new company's development and plans concerning the next steps towards the launch were discussed. According to Khaled Al-Aboodi - CEO of ICD - the Mortgage Law together with the recent release of draft regulations give the industry clarity and direction which was very necessary.

This month, the first international mutual funds, which will be run by a Saudi Arabian manager, will be launched from Dublin. Equity funds investing in Saudi Arabia and the Gulf region will be launched by NCB Capital. The operations will be compliant to the principles of Islamic Sharia law. This move is considered to be a continuation of the bank's strategy to become a significant player in the sharia market.

AED1.05bn (US$410m) have been set aside by the government of the UAE in order to clear defaulted debts which Emirati nationals owe. According to a recent statement, the Higher Committee of the Nationals' Defaulted Debts Settlement Fund has given its approval for this sum complying with a directive by the Gulf state’s president HH Sheikh Khalifa bin Zayed Al Nahyan. The directive states that rescheduling of loan repayments by indebted citizens is not to exceed half of their monthly income. Banks on the other side have agreed to cut interest on monies owed by 1%.

IT and Shared Services professionals , Information Security Specialists, Senior Business Analysts, Senior Program Managers, Senior System Analysts

Candidates are expected to have over 5 years of experience at a financial institution.

Engineers
Senior Architect (Dammam) , Minimum 5 years experience in Design, Supervising, Project Management
Senior Architect (Riyadh), Minimum 5 years experience in Design, Supervising, Project Management
Senior Supervisor (Riyadh), Minimum 2 years experience in building mobilization, preferably with a Master’s degree in IT

The main function is to create and maintain relations with existing and potential customers,identify and initiate selling and cross selling initiatives and provide ongoing high quality customer service, with the aim of achieving set targets and contributing to the profitability of SIB. To maximize product sales and grow market share to meet the bank\'s targets by meeting customer needs and actively selling, cross-selling retail banking products. Handle general customers’ queries feedback and redirecting them as appropriate to other staff area. Establish, build and maintain relationships with key customers.

Responsibilities include increasing business, deposits and profitability. Managing and guiding the team through well defined objectives and responsibilities to achieve optimum business. Maintaining regular contacts with priority banking customers, thus ensuring that customer attrition is maintained at the minimum. Skills essential for this role are: Knowledge of Arabic & English language. Knowledge and understanding of banking rules, regulations and compliance requirements. Strong interpersonal and relationship management skills.