IslamicFinance.de

SHUAA Capital and National Bonds Corporation have signed a memorandum of understanding to set up a strategic alliance.
SHUAA Capital will provide financial advisory, brokerage, and investment management services to National Bonds Corporation in the UAE and the broader Middle East and North Africa region. Both alliances will launch a number of initiatives to develop their respective customer bases and further National Bonds's mission of promoting a culture of savings in the UAE and wider GCC.

Qatar International Islamic Bank is going to raise the salaries and allowances of its Qatari staffs by 60 percent after the big salary hike of national employees in the government sector.
The aim is that its national staff shows their creativity and perform their jobs with satisfaction.

Emirates NBD is taking into consideration the opening of a representative offices in China and a number of Asia Pacific countries and the expantion of its Islamic banking operations in the region, joining an increasing number of Middle Eastern lenders looking for a larger presence in some of the world’s fastest-growing economies.
Emirates NBD already opened a branch in Singapore where it gives the opportunity of wholesale banking, treasury and wealth management services to take advantage of increasing trade flows between South East Asia and the Middle East.

It seems that because of the economic uncertainty and the availability of Islamic finance, Middle Eastern real estate investors are begining to look East to markets such as Malaysia.
Middle Eastern investment into Malaysian real estate projects has boosted to 11.4% in the third quarter of 2011 compared with the same period in 2010.
The fact that Malaysia has been offering Shariah compliant financial services for over 25 years makes it very attractive to buyers from the Middle East.

Emirates NBD's asset management arm and Man Group will tie-up in order to see the hedge fund firm manage one of the lender's sharia-compliant funds.
Emirates Islamic Alternative Strategies Fund will be taken over by Man Investments. The assets will be assigned to the Man GLG Multi-Strategy Fund.
Deon Vernooy, senior executive officer of Emirates NBD Asset Management, revealed the fact that the Emirates Islamic Alternative Strategies Fund is now worth $20 million.

It is foreseen that project Islamic bonds will gather steam in Saudi Arabia with the launch of the first project sukuk this month as issuers looking to vary sources of funding following global financial woes that may deteriorate lending from international banks.
It is expected that this will provide a financing alternative and attract more issuance in the future.
The first price guidance for the sukuk is seen at 6-month Saudi interbank offered rate (SAIBOR) plus 95-105 basis points. The final price though is foreseen to be known on Sept. 28 and could provide an idea of the demand for such a project, giving energy for further offerings.

The first-ever Code of Corporate Governance for SMEs was launched by Sheikh Ahmad Bin Saeed Al Maktoum, in the presence of HE Sultan Bin Saeed Al Mansoori, the UAE Minister of Economy, Mr. Sami Al Qamzi, Director General of the Department of Economic Development (DED); and Mr. Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME.
The launch took place during the first-ever Conference for Corporate Governance for SMEs held by Dubai SME. The primary purpose of the conference is to develop awareness among Dubai’s SMEs the importance of embracing corporate governance early.

It is foreseen that project Islamic bonds will raise steam in Saudi Arabia with the launch of the first project sukuk this month as issuers are looking to mix sources of funding following global financial woes that may degenerate lending from international banks.

Tamweel will launch a $300-$500 million sukuk in the fourth quarter. The statement was given by Varun Sood, the acting chief executive of Tamweel.
He added that they are depending on the fact that there is demand for Islamic paper.
Three banks were chosen for the sukuk, but no details were given.

The banks that will advise the sukuk sale of Bahrain are: Citigroup, BNP Paribas and Standard Chartered. This is chasing Bahrain's government raising the public debt ceiling by BD1bn ($2.65bn) to BD3.5bn.

Compliant products globally, including equities that conform with Islamic principles, sukuk and Islamic funds, stands at over $1.5 trillion.
Abdul Rahman Al Baker, the Executive Director of Financial Institutions Supervision, Central Bank of Bahrain (CBB), stated that Islamic asset management industry is an area that has become larger to an increasingly substantial segment within the financial markets. He also added that Islamic financial products symbolize a class of investment which is adressed to those looking for a socially responsible or ethical investments.

Nakheel revealed the fact that he wants to construct 102 beachfront townhouses on the Palm Jumeirah, and at the same time the company exposed that the value of its sukuk is undervalued on the marketplace.
Rashid Ali, Nakheel’s chairman, stated that its aim is to have the same as last year. He also added that Nakheel is confident of delivering new projects over the next few years.
Although Nakheel has successfully completed its financial restructuring, it is aspiring to extend its retail business and increase community services such as the expansion of Dragon Mart Mall and the construction of two new Neighborhood Community Centers.

Global Islamic fund assets under management (AuM) advanced 7.6 % to $58 billion in 2010, with concentration in equities accounting for 39 per cent of the assets, but fetching new money into equities is demanding and difficult.
The growth is owed to market performance and partially on account of new money inflows.
The year 2010 was a record for Sukuk having issuance of $50bn.
The addressable world for Islamic fund managers is beyond $500bn, growing by 10-15pc annually. In the GCC, for example, liquid wealth of Sharia sensitive investors is anticipated to add more than $70bn to Islamic funds by 2013.

ABDUL-MAJID JAFFRY states that only good governance, developing appropriate systems and putting checks and balances in place will not resolve the problem of prevalence of corruption.
He added that building individual and national character on God-consciousness (Taqwa), fear of transcendental accountability and success and failure in the hereafter are the solution against corruption.

Bonanza Portfolio Ltd together with Pragmatic Wealth Management Pvt Ltd has launched India's premier Shariah Portfolio Management Services. The name of the service is Bonanza-Pragmatic Shariah fund and is appointed to offer an alternative investment opportunity to 150 million Indian Muslims.
The fund is going to invest only in permissible sectors like automobiles, construction & reality, healthcare, metal & mines, power & utility, consumer goods & services, capital goods & industrials, information technology & oil & gas.
The fund will be 100% equity based.

Emirates Islamic Bank (EIB) has chosen a new CEO and elected a board of directors.
The new CEO is Jamal Bin Ghalaita, after EIB's former chief executive resigned in May and his deputy was appointed acting CEO.
The bank's shareholders also accepted the resignation of the board of directors and selected as representatives a new board consisting of seven members.

ABC Islamic Bank (E.C.), Emirates NBD Bank PJSC, Noor Islamic Bank and Standard Chartered Bank have successfully closed the signing of a US$ 350,000,000 equivalent Dual-Currency Syndicated Murabaha Financing Facility for Albaraka Türk Kat?l?m Bankas? A.?.
The signing took place on 12 September 2011.

Bahraini group is helping universities begin courses in Sharia-compliant business practices to avoid a shortage of experts in the US$1 trillion (Dh3.67tn) market.
Khairul Nizam, the deputy secretary general of the Accounting and Auditing Organisation for Islamic Financial Institutions, stated that the industry will need 15 % more personnel over the next five years and 25 % more in a decade.
Countries like Nigeria, Thailand, Australia and France plan to present legislation to facilitate Islamic financing, moves that will increase demand for scholars to certify that the products meet requirements on no interest payments.

Allianz Takaful and MedGulf are partnering for the markets of Bahrain and Qatar to further develop their insurance platforms. In order to start this, Allianz Takaful will transfer 75 percent of Allianz Takaful to MedGulf BSC (Bahrain).
The whole range of takaful and insurance products in the market of Bahrain and Life and Health products in Qatar will still be sold by Allianz Takaful.

In late 2012, Bursa Malaysia will advocate the launch of an ESG Index. Similarly, Hong Kong and Singapore stock exchanges have taken on their own action to guarantee that both government and corporations step up in their social responsibility to build a more sustainable future.
Key leaders from various industries will come together at this year's CSR Asia Summit in Kuala Lumpur on 27 and 28 September to discuss CSR developments across four themes: Asian CSR strategies; environmental issues; community investment; and, sustainable supply chains and food security.