IslamicFinance.de

HSBC Amanah Malaysia Bhd wants to present an innovative sukuk this year for retail investors to maintain HSBC's position as a leading sukuk house.
Rafe Haneef, chief executive officer, stated that a launch of a retail bond product is needed so that the retail investors can share the sukuk pie.
According to Rafe, the bank has almost completed its retail and corporate propositions and has also renewed its leasing products, which are world-class now.

Gatehouse Bank delivered successfully a real estate realized investment in the sale of VA Oceanside Clinic for $54.5 million. The medical facility is placed near San Deigo, California, USA.
The statement was given by Fahed Boodai, Chairman of Gatehouse Bank. The chairman added that the property is a specialized medical clinic leased to and operated by the US Department of Veteran Affairs for a period of 20 years, and has been generating an annual return of 7% that is distributed to shareholders on a monthly basis.

Abu Dhabi's First Gulf Bank (FGB) has chosen four banks for a five-year benchmark-sized Islamic bond: Citi, HSBC, National Bank of Abu Dhabi and Standard Chartered.
The timeframe for sukuk hasn't been decided yet.
Emirates Islamic Bank, is anticipated to print the first debt deal out of the Gulf, having launched price talk for a five-year, benchmark-sized sukuk.

Tadhamon Capital B.S.C.(c) completed successfully an acquisition of 50% ownership alongside Watkin Jones, of a prime purpose built student accommodation block. The block, Athena Hall is located in Ipswich, about 70 miles north east of London. The transaction was co-organized by Tadhamon Capital and Apache Capital Partners.
Athena Hall is the only purpose built student accommodation property on campus and current request significantly outweighs supply. The property has 590 rooms, 6 retail units and a dedicated car park, and will be operated and managed by Fresh Student Living.

Abu Dhabi Islamic Bank's initiatives regarding social responsibility:
- The bank has allocated approximately 2% of its annual profits to charity and has formed a dedicated committee to study the social assistance requests from individuals and institutions.
- it provided financial donations worth more than AED 8 million to the UAE Red Crescent Authority.
- Sent more than 100 people in need and those with special needs to Umrah at the expense of the bank.
- sponsored Emirates Heritage Club events, with AED 1 million.
- Supported activities of the Al Khaleej Autism Center and of Future Centre for Special Needs in Abu Dhabi and many more

Four banks were chosen by Majid Al Futtaim (MAF) Holding to manage its first Islamic bond issuance programme. The four banks are: Dubai Islamic Bank, Abu Dhabi Islamic Bank, HSBC and Standard Chartered.
The proceeds are anticipated to fund expansion plans worth $2bn for malls and shopping centres in Lebanon, Egypt and Syria, alongside plans for a hypermarket in Erbil, Kurdistan.

Gulf Finance House (GFH) has officially stated that the Tunis Financial Harbour (TFH) has started the prequalification process for prospective contractors.
This comes after an announcement made by the Tunisia government that it supports the TFH project. The project is arranged to be built in the Rawad Area. TFH is going to be North Africa's very first offshore financial centre, helping to transforme the region's economy.

The Khartoum stock exchange launched a long-awaited computer trading system that will end an era of scribbling stock prices on white boards and also marks Sudan's efforts to attract more investment.
But none of the 40 stocks listed on the display in the new trading room moved in the first 45 minutes. Trading center its attention as always on government-issued Islamic bonds which changed hands for 114,036 Sudanese pounds.

Saudi Arabia is the largest beneficiary of the services of the Jeddah-based Islamic Corporation for the Insurance of Export Credits and Investment (ICIEC), the standalone export credit agency (ECA) of the Islamic Development Bank (IDB) Group.
The request for political risk insurance (PRI) is strongly increasing and PRI supply by members of the Bern Union is remaining strong and pricing is reflecting a buyer's market. It seems that in the MENA countries, this includes demand for Shariah-compliant PRI which has increased significantly.

AmFamily Takaful Berhad is determined to contribute towards the growth and development of the Islamic finance industry. AmTakaful is registered as a takaful operator by Bank Negara Malaysia (BNM) to continue family takaful business beginning with 9 January 2012.
Combining the expertise of its shareholders and Shariah principles and values, AmTakaful will be presenting a wide range of family takaful solutions to meet the evolving lifestyle needs of all Malaysians.

Agha & Co/Agha & Shamsi (the “Firms”) were given the award “Best Islamic Law Firms of 2011” by the Global Islamic Finance Awards (GIFA). The awards were presented at the Oman Islamic Economic Forum (OIEF) by his Excellencies the Ex-Prime Minister of Malaysia Tun Abdullah bin Haji Ahmad Badawi and H.E Yaseen Anwar, Governor of the State Bank of Pakistan.
The purpose of the award is to recognize and honor institutions and individuals for their commitment to excellence as well as contribution to the development of the Islamic finance industry.

Emirates Islamic Bank has agreed upon an initial price whisper in the area of 350 basis points over midswaps for its five-year sukuk.
The potential sharia-compliant transaction is being launched by Emirates Islamic Bank but is backed by its parent company ENBD.
Lead managers on the EIB deal are the following banks: National Bank of Abu Dhabi, HSBC, Standard Chartered, Citi, RBS and ENBD Capital.

The postponement of the proposed sukuk offerings of two of Turkey's participation banks, Al Baraka Turk Katilim Bankasi and Bank Asya, showes how the dynamics of the global financial crisis, especially the on-going euro zone debt crisis and the credit crunch, are having a negative affect on more stable economies in the emerging countries.
Both banks were supposed to close their sukuk offerings by the end of 2012.
An ATPB source stated that if the market conditions are right, they may re-announce the (sukuk) transaction within this month (January 2012), probably in 2 weeks time.

An agreement between Emirates Environmental Group (EEG) and Al Hilal Bank for a year-round tree-planting programme in the UAE was signed.
The aim of the partnership is to establish a sense of environmental awareness and responsibility among children. Existing and new customers of Al Hilal Bank will be encouraged to open a Seghaar savings account for their children to be worthy of planting a tree bearing their name.

Majid Al Futtaim Holding LLC initiated a $1 billion Islamic bond program to boost cash reserves.
It appears that HSBC Holdings Plc, Standard Chartered Plc, Abu Dhabi Islamic Bank PJSC and Dubai Islamic Bank PJSC were hired as arrangers of the program.
The company wants to raise about $500 million from the sale of five-year Islamic bonds.

It seems that Abdulla Al Hamli, Dubai Islamic Bank's chief executive officer, resigned from the board of Gulf Finance House. Apparently he has decided to focus on his duties at Dubai Islamic.

Qatar Islamic Bank (QIB) has presented a project financing agreement with Al Million Services Trading and Contracting Co. W.L.L. in order to fund the purchase and operation of 500 new taxi vehicles. The financing will be put in action as per the Islamic finance methods of Murabaha, Wikala, and Istisnaa.
Abdul Kader Mydeen, Managing Director of Al Million Services Trading and Contracting Co. W.L.L., stated that the agreement completed with QIB will help the purchase and operation of the taxi cars asked by the company in order to meet the goals of MOWASALAT.

Ernst & Young's year-end Mena IPO update stated that the regional capital markets have raised $843.9m in 2011, down 69.3% from $2.8bn in the previous year. It seems that the year has closed with IPO funds worth $226.1m raised in the fourth quarter, a decline of 83.5% from $1.4bn raised in the corresponding quarter a year earlier.

National Bank of Abu Dhabi, HSBC, Standard Chartered, Citi, RBS and ENBD Capital were chosen by Emirates Islamic Bank (EIB) for a potential benchmark-sized dollar sukuk. EIB will began the investor meetings in Malaysia on January 5.

Sahulat Microfinance Society launched Sahulat Business Cooperation Group (SBCG), an interest-free microfinance unit at Metiaburz area of Kolkata city on 3rd January.
SBCG is member-owned, participatory and works on the principle of interest-free mechanism that offers a great leverage to the members. People of the locality attended the inaugural function.
The launch started with a welcome speech by regional coordinator of Sahulat at Kolkata, Mr. Rabiul Islam.