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Weqaya Takaful Insurance & Reinsurance was assigned a BBB credit rating with a stable outlook by Standard & Poor's. Thus, its rating has been reaffirmed. The rating is based on continuous regular surveillance of the company's performance for the second year in a row by the rating agency. It is a reflection of Weqaya's competitive position and strong capitalisation.

A key business demographic in the Middle East are family businesses. However, various factors like increased competition, a global economy that is going through turmoil, reduced or more expensive credit facilities, the call for greater transparency and, in some countries, greater regulation have caused family businesses serious difficulties. The latter are not able to change these factors, which are mostly beyond their control. What they can do, on the other hand, is to improve their corporate governance. Generally, corporate governance is defined as structures, policies, plans and regulations which determine the way the management of an entity will function.

During 2012, members of Aman Union have provided $ 17.4 billion for investment and export insurance for OIC countries. According to Secretary-General Dr. Abdel-Rahman Taha, this contribution by the union is 17.6% higher than the one in 2010. He further expressed deep concern about the uncertain economic outlook which prevails globally.

According to Hussain Al Qemzi, CEO of Noor Islamic Bank, three to five years will be necessary in order to to comply with new central bank regulations. The regulations state requirements for lenders to limit their exposure to state entities in the Gulf state. The new rules restrict banks from lending more than 100% of their capital to government institutions or more than 25% of their capital to any state-related entities. Hussain Al Qemzi described the given timeframe as "challenging".

Following the example of other North African countries, Morocco is working on the draft of a law aiming to allow the sale of Islamic bonds. Thus, the country makes efforts to lure more investors to their debt after the surge of global sukuk offerings reached record amounts. The bill will be put to parliament immediately after the completion of the draft. Details on the exact time when this is to be expected are not revealed. Other two African countries - Tunisia and Egypt - are working on draft laws concerning sukuk sales as well.

According to a recent statement, Saudi Hollandi Bank has completed a SR1.4 billion ($373.3 million) sukuk issue. It is further said that despite the seven-year maturity of the subordinated sukuk, it can be redeemed by the issuer after the end of the fifth year. The price of the Islamic bond 1.15% higher than the six-month Saudi interbank offered rate. The issuance was marketed to Saudi investors, among which were government funds, banks, insurance companies, corporates and sophisticated investors.

According to Tan Sri Dr Zeti Akhtar Aziz, governor of Bank Negara Malaysia (BNM), Socially responsible investment (SRI) will appeal significantly to Islamic finance. In particular, the recent global financial crisis has played an important role. He further explains that apart from financial returns, SRI accords primary consideration to the impact on economic activity and on the broader society as well. This way, the important dimensions of environmental sustainability, social responsibility and governance can be incorporated.

According to a senior banker, UAE banks face difficulties in implementing the central bank’s new regulations on curtailing lending to government firms. Noor Islamic Bank's CEO - Hussain Al Qemzi - explains that the objective of the central bank is not clear enough. He further adds that it is not the optimal timing for exercising control and putting in place regulations so that banks do not have enough time to change the situation. They are unable to sell the huge amount the possess of these assets in such a short time in the market available.

Kuveyt Turk has made an application for a a German banking licence. According to its Chief Executive - Ufuk Uyan - it thus aims to become the first Islamic bank in Germany. The company is now waiting for a response from German financial watchdog BaFin. Kuveyt Turk's plans include opening a number of branches in Germany and probably in other European countries later. Moreover, it is decided upon an initial capital investment worth 45 million euros ($58 million) in the planned German unit.

The Global Islamic Microfinance Forum will be held on 8th to 10th December in the World Trade Centre in Dubai. The purpose of the forum is to porpagate Islamic microfinance across the world and to strengthen the dialogue with international donor and development agencies.

Malaysian Governor calls to a more balanced global economic growth. She claims that the Islamic finance must include lower income groups in order to ease the access of financial services to all segments of society.

Arabia CSR Network took part on the prestigious World Responsible Economy Forum thus representing the Arab region. The key issues of Forums where about 5000 business leaders, sustainability professionals and students came together were: sustainable marketing, corporate models and governance. The Network presented their key perspectives during the panel session and also speaking in plenum on the third day of the conference.

Thalassemia medical centre has acquired a Transcranial Doppler Ultrasonography (TCD) machine that can help prevention of stroke in patients with sickle cells as a donation from the Dubai Islamic Humanitarian Foundation and Dubai Islamic Bank. The center registers over 150 sickle cell patients who will benefit from a new machine.

Task: Manage an established and highly regarded global Sukuk fund, based in Malaysia.

Requirements: degree in business, economics or a related subject and ideally have an MBA; at least 8 years successful fund management experience. You have demonstrable experience promoting funds across emerging markets and have a worked with Sukuk based funds. You are an experienced leader and you understand when changes need to be made and when they do not. You are able deligate tasks and work with international teams to maximise fund performance but, if required, you are able to get involved in the day-to-day management of the fund.

Job Requirements:
University Degree, 3-5 years of experience within a Relevant field, Fixed Income Derivatives Experience (Islamic Finance Exp is preferred), Experience w/ Calypso, Kondor+, Murex,Summit, Swift Alliance,Euclid, Crest and Citidirect is preferred.
Salary of up to $50k monthly and additional benefits coverage.

Interested candidates please send CV or call Rhythy Yeung at 3653-1010

Five senior members of QInvest have been replaced in order to increase effectiveness and efficiency while maintaining the bank’s strategic direction which is now concentrated on the joint venture with Egypt’s EFG-Hermes.

Shariyah Review Bureau and Ahmad Lootah & Associates will cooperate in future in order to better serve the growing demands of UAE clients that are seeking advisory on sharia investments. The strategic relationship marks the commitment of both companies to certifying businesses and their transactions from the view of sharia investors.

Kuwait’s The Investment Dar (TID) continues negotiations of the repayment to its creditors in its B-claim group that was due in June but TID missed the deadline for their repayment. The company declined the claim of creditors for an independent adviser to value TID’s holdings. There is still no fixed payment schedule for repayment as the negotiations are still ongoing.

SAUDI Hollandi Bank had emitted a sukuk in value of SR1.4 billion ($373.3 million) with a maturity period of seven years, but it can be redeemed by issuer already after the end of the fifth year. The aim of the issuance is mainly focused on developing the Islamic business of the bank by following prudent asset management strategy and assets-liabilities mix and maintaining a sufficient capital buffer.

The International Monetary Fund claims, the political instability as well as the stability of state institutions in Egypt could delay the financial injection in value of $4.8bn loan from the fund.