IslamicFinance.de

IslamicFinance.de offers an overview about new job openings of October 2012 herewith - firms aiming to be included please send a job profile/hyperlink to newsdesk@islamicfinance.de - the full details of the advert has to be accessed by the hyperlink below the brief description:

Product Manager, Islamic Banking

Standard Chartered Bank - United Arab Emirates-SCB (United Arab Emirates)
Job Description
?Development of Islamic wealth products across CBMS, insurance and investment streams to create customer value proposition.
?Ensure successful implementation of the Islamic banking strategy across high value segment.
?Concentrated responsibility to work with the Priority/Wealth/Private/SME product/frontline teams and support functions to build on the current Islamic banking capabilities and to create seamless customer experience
?Act as a product specialist for RMs on client meetings to introduce and explain the Saadiq solutions to meet their needs
?Financial budgeting and business forecast. Evaluation of financial performance.

Ahmad Rizlan was apoointed as the new CEO of Etiqa Takaful Bhd by Etiqa Insurance & Takaful. The new CEO has to report to the CEO of Etiqa Insurance & Takaful since the latter is responsible for the entire insurance and takaful group. Rizlan will be in charge of leading the takaful business in Etiqa including the performance of Etiqa Takaful here and regionally.

Read more on: http://www.thesundaily.my/news/529859

An update on the status of Dana Gas' $1bn Sukuk-al-Mudarabah is made known, the maturity of which was on 31th October at midnight. The discussions with an Ad-hoc Committee of Sukuk holders about amendment terms and extension of the Sukuk are still going on. The desire of amendment and extension is due to the recent liquidity challenges which have resulted from challenging external macro-economic and political circumstances in the region. So far, the company has not paid all of the money due on the maturity date to its Sukuk holders.

Read more on: http://www.zawya.com/story/Dana_Gas_provides_update_on_the_USD1bn_sukuk_...

Dubai Women Establishment (DWE) will again be the host of its flagship Arab Women Leadership Forum. The third edition of the forum will be held on 19th - 20th November at the Grand Hyatt in Dubai. The main focus of the forum will be issues and opportunities regarding the role of women in the boardroom. The theme of the forum is announced to be "Board Leadership '&' the Case for Diversity". National as well as internationally recognised speakers and accomplished women role models will take part. In addition, the forum will play the role of a high-level networking platform for conference attendees.

Read more on: http://gulftoday.ae/portal/d3563b47-a8a2-44bc-bda3-640272425c98.aspx

The case of missing deposits worth over Dh1 million in total has been solved. On Wednesday, a banker was charged with embezzlement in a Dubai court. The 39-year-old Jordanian banker with Dubai Islamic Bank is said to have embezzled funds by squirrelling away payments from customers who had completed their bank loans via a loan recovery agency. The criminal acts took place during the period between 2009 and 2011 when the banker was working at Dubai Islamic Bank.

Read more on: http://gulfnews.com/news/gulf/uae/crime/banker-charged-with-embezzling-m...

CEO of AlHuda Centre of Islamic Banking and Economics - Zubair Mughal - explained at an International Microfinance Conference in at an International Microfinance Conference that in the time of the global financial crisis even developed countries are making efforts to fight the global issue of poverty. The conference was organised by the Government of Indonesia together with the World Bank. 600 people took part in the conference, among them delegates and experts from 30 different countries. Some of the prominent participants were President of Indonesia Dr Susilo Bambang Yudhoyono, Noble Prize Winner Dr Muhammad Yunus, Director of Global Microcredit Summit Campaign Dr Larry Reed, and Mayada El. Zoghbhi from the World Bank.

Read more on: http://www.brecorder.com/money-a-banking/198/1253396/

According to a recent announcement by Ithmaar Bank, it will convert the banking licence of its wholly-owned subsidiary in Switzerland, Faisal Private Bank, to a family office. The decision to make such a conversion includes focusing on the further development of Ithmaar Bank's core business of retail and commercial banking. The conversion will be compatible with the interests of the clients and stakeholders. The format of Ithmaar Bank's presence in Switzerland is to be approved in due course by the Swiss financial services regulator.

Read more on: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=340872

The government of Hong Kong released the conclusions of a consultation which ended in May 2012. Thus, a taxation framework for Islamic bonds is provided on a par with that for conventional bonds. The promotion of Islamic finance development in Hong Kong has been taken into consideration. Due to Hong Kong's leading role as an international financial centre and China's global financial centre, Hong Kong is able to match the needs of fund raisers and investment demands of investors among China, the Middle East and other parts of the world interested in Islamic financial products. The legislative amendments released are expected to contribute to anchoring more asset management activities in Hong Kong.

Read more on: http://www.tax-news.com/news/Hong_Kong_Releases_Consultation_Conclusions...

Islamic Financial Services Board (IFSB) intends to make a revision of its capital adequacy guidelines for Islamic financial institutions. The draft for industry feedback is to be released in November. Although IFSB determines the global guidelines for Islamic finance, national financial regulators have the final say regarding how much capital banks must maintain and in what form. The revision is necessary due to the change from Basel II standards to the stricter Basel III standards.

Read more on: http://thepeninsulaqatar.com/latest-news/212596-ifsb-to-revise-capital-a...

Adnan Ahmad Yousif, CEO of Al-Baraka Bank, had a meeting with Deputy Prime Minister Ch Parvez Elahi on Tuesday. At the meeting, high appreciation for the steps taken by noted religious scholar Mufti Taqi Usmani for interest free working in the banks was shown.

Read more on: http://www.dailytimes.com.pk/default.asp?page=2012\10\31\story_31-10-2012_pg10_1

The plans of the Islamic Financial Services Board (IFSB) are directed towards revising its capital adequacy guidelines for Islamic financial institutions. The draft is expected to be issued in November in order to receive industry feedback. While the IFSB is responsible for the global guidelines for Islamic finance, national financial regulators determine how much capital banks must maintain and in what form. The original guidelines on capital adequacy were released by the IFSB in December 2005. At that time, they were based on Basel II standards. However, now stricter Basel III standards are used which require corresponding changes in the guidelines.

Read more on: http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=540592...

TH Plantations Bhd (THP) has made a sukuk murabahah programme worth up to RM1bil in nominal value. The establishment is made together with the Pilgrimage Fund Board. THP made known to Bursa Malaysia that RM200mil of sukuk have been issued as part of the programme. The tenure of the sukuk is up to 15 years with a maturity date Oct 29, 2027.

Read more on: http://biz.thestar.com.my/news/story.asp?file=/2012/10/31/business/12250...

Abu Dhabi will be the host of the annual general meeting of the World Future Council (WFC). The event will be held in the Middle East for the first time in the coming month. Prominent personalities from all over the world will take part in the discussion of the interests of future generations in sustainable policy-making. The title of the meeting is ‘Securing Our World: The Crucial Next 5 years’ and it will be conducted from November 21 to 25. WFC has had success in inspiring a number of governments to frame legislations and policies in order to conserve natural resources.

Read more on: http://gulfnews.com/news/gulf/uae/environment/abu-dhabi-to-host-sustaina...

Although since the catastrophic Jeddah floods of 2009 it has been talked a lot about corruption and incompetence in government departments and city municipalities, the issue of state owned enterprises or SOEs has hardly received any attention. That given the fact that these SOEs make up about 50% of the country's non-oil economy and account for over 25% of the employees in the private sector. The management of the Kingdom's SOEs are rarely held responsible for the waste of public funds on the mismanagement of the country’s national assets. As the main reason for this, the way of choosing the boards of directors of these SOEs or state owned enterprises is pointed out.

Read more on: http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20...

According to an announcement by the Kuala Lumpur Islamic Financial Forum (KLIFF), Al Rajhi Bank is awarded The Most Outstanding Islamic Finance Product for its Al Rajhi Collateralised Commodity Murabahah-i (CCM-i). The Islamic Finance Awards 2012 ceremony took place in conjunction with the 9th Kuala Lumpur Islamic Finance Forum (KLIFF 2012).

Read more on: http://www.bernama.com/bernama/v6/newsindex.php?id=705234

There has been a noteworthy growth in trade between African countries and the rest of the world. Trade with the Gulf region especially has increased 170%. African countries are in the process of changing from dependent on external aid to closely tied with the Middle East in terms of trade and investment. This makes Islamic finance a key factor in facilitating further development of trade and investment flows between Africa and the Middle East. Moreover, this is particularly important for providing funding for key areas such as SMEs and project finance.

Read more on: http://www.tripolipost.com/articledetail.asp?c=2&i=9396

KFH Malaysia has made a calling for better awareness among customers on the topic of Islamic banking. Customers should know that Islamic bank is an alternative financial approach but also that, in some aspects, it has better value propositions. The Islamic finance industry has been functioning for 30 years already. With over 300 Islamic financial institutions worldwide in 75 countries, it is a fast growing financial branch where 100 largest Islamic banks register an annual asset growth rate of 26.7%.

Read more on: http://www.theborneopost.com/2012/10/27/islamic-banking-provides-better-...

According to Ernst & Young, the strong move Jersey Finance has made into the Gulf region will result in huge benefit to the company due to an expected significant rise in Islamic finance. Estimates predict a growth in sukuk demand from US$300 billion to US$900 billion by year 2017. The leading source of demand is said to be South East Asia and the Middle East. An increase of Jersey's involvement in the Arab world is possible through capitalisation on its strong links with the Arab states.

Read more on: http://www.thisisjersey.com/business/2012/10/29/jersey-poised-to-profit-...

The Philippine Stock Exchange (PSE) plans to finish a list of Shariah-compliant stocks by next year. This way, it hopes to attract local and foreign Muslim investors. The ideas for next year include an index as well. Working together with National Commission for Muslim Filipinos (NCMF), they hope to contribute to the project and have already gathered experts from Shariah-compliant boards to discuss the processes.

Read more on: http://www.abs-cbnnews.com/business/10/26/12/pse-finish-shariah-complian...

The past year and a half were marked by economic stagnation which has affected numerous businesses. However, some Egyptian Islamic investment banks have a vision on how to act in the new emerging order. For example, Ridge Islamic Capital, has found a niche in the finance sector and intends to capitalize on it. The portfolio of the investment bank includes Sharia-compliant investment banking, asset management and wealth management services. Their target market is, according to experts, primarily for Islamic finance.

Read more on: http://www.egyptindependent.com/news/economic-flux-islamic-banking-and-f...