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The Islamic Development Bank (IDB) Group, based in Jeddah, Saudi Arabia, will be hosting a two-day business forum under the title “IDB Group-Nigeria Business Forum” in cooperation with the Federal Ministry of Finance of Nigeria and the Nigerian National Investment Promotion Commission (NIPC).
The objective of the Business Forum, planned to be held during the period from 15-16 March 2012, at the Transcorp Hilton Hotel, Abuja, is to make the Nigerian public mre sensitive and underline the products and services being provided by the IDB Group, including eligibility criteria, modes of financing, terms and conditions of financing, procurement, and other operational matters.

Bank Sohar signed an agreement with Dar al Sharia Legal & Financial Consultancy of Dubai, to help it with all the main aspects of launching its Islamic banking window.
Since then, the bank has been working on introducing authentic, Sharia-based banking solutions to its customers. It seems that it has recognized three areas of utmost importance for ensuring that its Islamic window is a solution that respects the basic tenets of Islam, the sensibilities of Omanis and is within the guidelines of the Central Bank of Oman.

Abu Dhabi Islamic Bank stated that it will launch The Report: Abu Dhabi 2012.
The report will offer detailed coverage of the resilience that the Islamic finance sector is revealing against a backdrop of global economic uncertainty, bucking trends by registering growth as customers look for reliable alternatives to the conventional finance market. It will also investigate the potential that exists for Islamic finance to increase its role in financing Abu Dhabi’s large-scale infrastructure projects.
BG has closed seven year of partnership with the Abu Dhabi Islamic Bank (ADIB) with the purpose to document the latest developments in the Emirate’s Islamic financial services industry.

GRI's latest Sustainability Report for 2010/2011 at Application Level A, catching the financial year 1 July 2010 to 30 June 2011, includes a summary of prioritized material problems based on a stakeholder survey.
The report contains 33 pages, supplemented by 26 pages of GRI Index and 14 pages of Annex, in which it is disclosed most of the quantitative data in response to performance indicators.
Efforts were made in comparison with last year through following ways:
- An online stakeholder survey to which 159 stakeholders responded.
- A review by a newly-established External Feedback Committee comprised of five members selected by the GRI.
- Inclusion of disclosures relating to the NGO Sector Supplement indicators relating to Program Effectiveness.

According to Prof. Rob Melville, a visiting faculty member of Cass Business School Dubai, a key factor for listed companies in Gulf region to reach performance objectives is good corporate practices.
He added that the relationship between corporate governance and firm performance in companies listed on Gulf Co-operation Council (GCC) stock markets is not only an important consideration for investors’ decision-making but also a critical determinant of these companies’ corporate governance practices.
A research paper co-authored by him shows that 56 % of companies in the GCC don't have a complete understanding of the benefits of corporate governance and 95 % of the companies attested that their governance practices needed to be improved in some capacity.

The OIC Ministers Responsible for Water embraced the OIC Water Vision at the conclusion of their Conference which was held in Istanbul, Turkey, from 5 to 6 March 2012.
The host of the conference was the Ministry of Forestry and Water Affairs of Turkey. Attending at the conference were the Ministers Responsible for Water, Deputy Ministers, senior officials, OIC institutions, observes and relevant international organizations.
The OIC Water vision gave a framework for cooperation among the OIC countries for overcoming the common and major challenge of maximizing the productive use of water and minimizing its destructive impacts.

It seems that the Singaporean government is considering an endowment fund to promote Islamic education in the south-eastern Asian country.
The three-million-dollar fund will be developed by the Islamic Religious Council of Singapore (MUIS). It will be applied to promote Islamic education in the south-eastern Asian country.
MUIS manages and expands 200 waqfs properties in Singapore, with a total asset value of S$250 million. These properties, held in trust, hand over an annual rental income of millions of dollars, makes Singapore the region's most advanced country in the development of waqfs.

In order to comply with the needs of the real economy, Islamic finance offers a complete and competitive solution in meeting funding and investment requirements of businesses.
Tan Sri Dr Zeti Akhtar Aziz, the Governor of Bank Negara Malaysia, noted that considering its international outreach and dimension, and ability to supply a total financial solution, Islamic finance is now at the point where it offers new opportunities to support the economy and overall financial stability.
The governor added that the now well-developed existing Islamic financial markets, involving the sukuk and Islamic money markets, have been especially instrumental in intermediating funds in the Islamic financial system.

Gulf Investment Services (GIC) Holding took the decision to end its investment in India-based Parsoli Corporation.
GIC and Baader Bank of Germany have invested in Parsoli Corporation in 2006. The investment didn't end well because of imprudent actions of the promoters of the company and both the foreign investors decided to exit from this investment in 2010.
Referring to the group's exit from the UAE business, it is anticipated to be completed soon as the liquidation proceedings are at an advanced stage.

Dubai Islamic Bank Pakistan Limited (DIBPL) has annlounced a record pre-tax profit of Rs 316 million for the year ending December 31, 2011.
The year 2011 pointed numerous achievements for DIBPL and the bank opened 39 new branches in a short period of time, having now 75 banks in 30 cities.
DIBPL is determined to keep the momentum going for 2012 as well, having the purpose to take the branch network to surpass 100 branches together with opening 25 branchless banking booths. This would allow an overall footprint of 125 outlets for the bank nationwide.

The Islamic Development Bank (IsDB) Group, based in Jeddah, Saudi Arabia, will host a two day business forum under the title "IsDB Group-Nigeria Business Forum" in cooperation with the Federal Ministry of Finance of Nigeria and the Nigerian National Investment Promotion Commission (NIPC).
The event will be held during the period from 15-16 March 2012, at the Transcorp Hilton Hotel, Abuja. Its objective is to sensitize the Nigerian public and highlight the products and services being offered by the IsDB Group, including eligibility criteria, modes of financing, terms and conditions of financing, procurement, and other operational matters.

The Hawkamah Institute for Corporate Governance and the Institute of Risk Management (IRM) formalized a partnership agreement to offer risk management tools and know-how to Gulf Cooperation Council (GCC) executives and boards.
According to an official statement from Hawkamah, the IRM will supply a two-day programme on the fundamentals of risk management, which will involve case studies developed especially for the GCC region.

A NEW BREED OF TECHNOLOGY & DESIGN INVESTMENT HOUSE TO BE LAUNCHED AND SHOWCASED PARIS, JULY 2012

Qatari Aurum will be launching its first large-scale foray into the world of Technology and Design during an annual gathering of other GCC-based investors and private equity houses in Paris during July this year. The newly¨established group, comprising high net-worth venture capitalists from Qatar, is yet to launch formally but has already set about making waves in an industry reserved for Silicon Valley start-ups and traditionally large-scale US private equity houses. It is expected that the Group will announce its inaugural acquisition of equity in a globally established internet start-up at the Capital & Projects Exchange, Paris, France, July 2012.

The focus of the group is toward bringing a wealth of technology know-how in the internet media and software design services to the GCC region. There is a course laid out to use this investor insight in gathering the choicest design and development houses locally within the region and injecting them with world-class expertise, fuelling a technology-drive unsurpassed in recent times.

Norton Rose Seminar Documentation

Making Their Mark: Women Working in the Middle Eastern Financial
Industry

OECD: Women’s Access to Finance in the Middle East and North Africa (MENA) Region

Women’s Empowerment through Islamic Microfinance in Egypt

IDB Prize for Women’s Contribution to Development: PROMOTING WOMEN’S ROLE IN FINANCE AND ECONOMY

Bahraini Islamic bank Al Baraka Banking Group set its purpose for 15% growth in net profit this year and wants to buy a 75pc stake in an unlisted Indonesian bank as part of its global expansion plan.
Adnan Ahmed Yousif, Al Baraka's chief executive, revealed that they are discussing with Chinese shareholders of an Indonesian bank.

Al Baraka had a 2011 full-year profit of $212m, up 10pc on the profit registered in 2010. The bank plans to open 50 more branches this year throughout the world, out of which 20 will be in Turkey and five in Algeria, respectively Egypt.

It appears that Dubai's Jebel Ali Free Zone is discussing with banks how to repay its Dh7.5 billion ($2bn) Islamic bond until November, with most of the liability set to be given up by using a syndicated loan and a new sukuk. The banks that are taken into consideration are: Dubai Islamic Bank, National Bank of Abu Dhabi and Standard Chartered.
Although no details have been set up, the majority of the sum will be capitulated into new facilities, with a small amount coming from internal cash reserves.

Paul Trowbridge, the chief executive of United Arab Bank (UAB), notes that eccentricity is a virtue, pulling out the lender's newest Islamic credit card, printed vertically more than horizontally. He added that the bank has to work hard in order to get acknowledged, but the bank's advertising blitz is worth it.
It seems that the lender tried to be distinct through high-profile events such as enlisting Fabio Cannavaro, a former captain of the Italian national football team.
The bank extended its loan book last year and wants to conserve the pace of expansion with four branch openings this year.

KFH Research made a report about the future of Islamic finance in Africa that shows that there are various promising opportunities for the growth and development of Islamic banking in Africa; especially North African countries, in addition to Kenya, Nigeria, Senegal and South Africa.
In addition, the report noted that Africa hosts 38 Islamic finance institutions, and stressed that most African countries have amended their legislations to allow Islamic institutions to operate.

Global Donors Forum is the annual convening of World Congress of Muslim Philanthropists to promote effective giving and forge strategic partnerships for high-impact social investment.

The dates for the Global Donors Forum are now confirmed. The Forum will be held in Kuala Lumpur, Malaysia from April 26-28, 2012. The Global Donors Forum is pleased to announced that Forum will be declared open with a keynote address by Dato' Sri Najib Razak, the Prime Minister of Malaysia.

Dubai Islamic Bank cut its dividend by a third - to 10 % - after the Central Bank denied approval for its payout to shareholders. But according to Kashif Moosa, the bank's head of investor relations, the regulator gave no reason why it had advised Dubai Islamic Bank (DIB) to cut its dividend.
The bank's shares fell 1.3 per cent to Dh2.19 each in trading after the announcement.
Last year, a consultation with the IMF recommended the UAE rein in dividend payments in its banking sector to prevent difficulties in managing the after-effects of Dubai's debt crisis.