IslamicFinance.de

The Johor government and Kuwait Finance House (Malaysia) Berhad signed an agreement to build 121 new schools worth RM294 million in the next three years.
The state government appointed KFH Malaysia to meet an urgent demand for new religious schools in the state.
26 schools are already half-completed under the project's first phase.

Abraaj Capital launched its first integrated sustainability report. The report presents depth and context to the group’s performance in 2010 and determines how sustainability is central to the group’s culture and business.
The report was developed using the Global Reporting Initiative (GRI) G3 guidelines and evaluates the progress Abraaj Capital has shown on its economic, social and environmental commitments in 2010. The John D Gerhart Center of Philanthropy and Civic Engagement at the American University in Cairo worked with Abraaj Capital in preparing the report.

Egypt’s National Bank for Development (NDB) together with Abu Dhabi Islamic Bank (ADIB) launched a new Sharia-compliant service that can help customers finance their education or travels with up to LE 150,000 and LE 200,000, respectively.
The service permits the bank to lease to a customer a specific service to “exist in the future,” like education or travel, for a certain period of time with a set number of regular installments.

Fitch ratings decided to lift its outlook on Tamweel's Sharia-compliant residential mortgage-backed securities (RMBSs). The reason is the good performance of underlying assets and the stabilisation of the Dubai property market.
Until this time, 334 of initially 595 properties have been sold or repurchased.
After Dubai Islamic Bank acquired a controlling interest in the company, Tamweel's rating was upgraded.
Sincer 2009 Tamweel has been stable with improved funding costs.

Eversheds has given advice to Almana Group on its five year $215 million RegS floating rate Trust Certificate sukuk.
The leading partner of the Eversheds team was Amjad Hussain and he was supported by solicitor Jaime Oon and London based partners Indraj Mangat and Paul-Michael Rebus.

Gulf Investment Corporation (GIC) has gathered 750 million Malaysian ringgit (255 million US dollars) by selling five-year Islamic bonds at 4.90 percent.
The Sukuk, which is part of a 3.5 billion ringgit funding program set up earlier, will be launched on Wednesday to about a dozen investors.
This statement came from a source familiar with the deal, who prefers to remain unidentified as the deal has not been made yet.

Danajamin Nasional Bhd has made a guarantee to Senari Synergy Sdn Bhd’s RM380mil 20-year Islamic medium-term notes programme.
Danajamin chief executive officer Ahmad Zulqarnain Onn stated that Senari was the first company in Sarawak to be given its financial guarantee.

Capital Intelligence (CI) announced Bahrain-based AlBaraka Islamic Bank (AIB)'s Long and Short-Term Foreign Currency ratings at BB+ and A3 respectively. These ratings integrate a one-notch uplift on the basis of AlBaraka Banking Group (ABG) ownership, the parent, the support level being affirmed at 2.
Although it's a small bank, AIB now requests a significant market share of Islamic banking assets in Pakistan through its recent acquisition in that country.
AIB's strenghts are liquidity and capital adequacy.

The National Bank of Abu Dhabi and Abu Dhabi Islamic Bank executed the Gulf region's first Shari'ah-compliant repo transaction, in a move that will help absorb liquidity. The statement came from the two banks.

Adnan Ahmed Yousif, the chief executive of Al Baraka Bank, stated that discussions are still on about whether a long-touted $3bn Islamic megabank is going to be based in Bahrain or Qatar although a final decision has not yet been made.
It seems that it is more likely that the bank will be based in Bahrain.

The purpose of this fund is to secure long term gains from the investments in the combination of large and mid size Shariah complaint companies.
The Bonanza – Pragmatic Shariah fund has the aim to give around 160 million Indian Muslims an alternative investment opportunity.

Albaraka Türk Kat?l?m Bankas? A.?. (“Albaraka Türk”) has authorized ABC Islamic Bank, Emirates NBD Bank, Noor Islamic Bank and Standard Chartered Bank (together the “Initial Mandated Lead Arrangers” and the “Bookrunners”) to arrange a $150 Million equivalent Dual-Currency Syndicated Murabaha Financing Facility on its behalf.
The facility was launched into general syndication on 29 June 2011. banks from all over the world were invited.

Meezan banks bottom-line almost doubled during 1HCY11.
Since the returns from investments accounted for 57% of the top-line in 1HCY11, the bank has benefited from higher investment in Ijarah Sukuk.
But beginning with June 30, the banks financing portfolio fell to Rs48 billion.

G Capital in partnership with Gürmen Group, has taken into posession Adabank in Turkey for US$ 75 million.
GFH, the parent company of G Capital, has already had a key role in establishing following institutions: Arab Finance House (Lebanon 2003), Solidarity (Bahrain - 2004), First Leasing Bank (Bahrain - 2004), Khaleeji Commercial Bank (Bahrain - 2005), Asian Finance Bank (Malaysia - 2006), Qinvest (Qatar - 2006) and First Energy Bank (Bahrain -2008).

It is possible that Bank Nizwa opens for business by either the end of the year or early 2012. Bank Nizwa is expected to have a capital base of OR150m ($389.6m).

Abu Dhabi Commercial Bank (“ADCB”) presented the new look of its comprehensive Islamic Banking solution to clients across the UAE.
The Islamic Banking service offers increased product lines from liabilities and assets to credit cards and investments to furnish a Shari’ah compliant product for a host of conventional ADCB product and service on offer.

Noor Dubai Foundation has successfully completed a treatment mobile eye camp in Ghana.
The latest statistics from the Ghana Eye Foundation show that of the 20 million people living in Ghana, 200,000 are blind and over 600,000 people are visually impaired.
During the six days in which the camp lasted in the state of Tamale, thousands of individuals were screened and over 300 were operated.

Because of the high consumer loans and outstanding credit card bills, Turkey’s leading bankers have pointed out that people should be more careful when spending their money.
Data show that consumer loans alone rose 42 % in 2010, while credit card debt grew 24 %.
Taking Turkey’s large youth population and strong economic growth in consideration, Hüseyin Ayd?n, Turkish Banks Association (TBB) chairman and Ziraat Bank head, said it is normal to see a rise in consumer spending in a stable economy.

Malaysia's Securities Commission has launched revised Sukuk guidelines that it says will streamline the approval process and time-to-market for Sukuk issuances. The revisions take place beginning with August 12.
The MSC called for greater transparency and disclosure to investors and it stated that the revisions now line up the Islamic capital market with the country's Capital Market Masterplan II, launched in April.

PT Bank Muamalat Indonesia has pointed to a launch of a $50m Sukuk towards the end of the year.
The bank will also raise funds by selling IDR800bn ($93.8m) of subordinated debt next year to raise its capital.