IslamicFinance.de

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.

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.

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.

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.

Tamweel hired banks for a possible bond sale as it looking for financing to repay liabilities and increase lending. The shares presented a jumprecord in a month.
Citigroup, Standard Chartered and Dubai Islamic Bank will make appointments for investor meetings in Asia, Europe and the United Arab Emirates.
Tamweel plans to raise at least $300 million to $500 million from Islamic bond sale in the fourth quarter.

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.

Dubai Islamic Bank has launched a brand new concept: the first exclusive Al Islami Private Banking branch. This offers greater convenience and a range of exclusive services for Al Islami Private Banking customers.
At the Al Maktoum Road branch, Private Banking customers will be allowed to the personalised services of highly-experienced relationship managers who will help them identify and achieve their financial goals.

Dubai’s Department of Finance has developted a plan to raise $800 million. It wants to monetize road toll receipts. The aim is to fund infrastructure projects.
A six-year financing could support the Roads and Transport Authority’s infrastructure projects.
Th main arrangers and book-runners for the financing are: Citibank, Commerical Bank of Dubai, Emirates NBD and Dubai Islamic Bank.

In the annual report of Dubai Islamic Bank there was stated that while UAE's biggest Islamic lender tried to push mortgage financing in Dubai, the lender paid $102m in order to buy a controlling stake in Tamweel. This information was given by Bloomberg.

Dubai Islamic Banks lawyers stated in their closing arguments in court that the loan facilities, which allegedly led to a $500 million fraud, would not have been given had it not been for the approval of two Pakistani former bank executives on trial.
They presented a list of claims to the court. However, the defence team, on behalf of the five men accused of defrauding the bank of more than $500 million (Dh1.8 billion), argued in the Court of First Instance that their clients were paying back the loans they took in instalments.

The Standard Chartered Bank (SCB) Pakistan has appointed Azhar Aslam as head of Islamic banking.
Azhar Aslam joins the bank from Dubai Islamic Bank where he was Country Head, Corporate and Investment Banking.

Standard & Poor's Ratings Services said today it has affirmed its 'BBB-/A-3' long- and short-term counterparty credit ratings on Dubai Islamic Bank (DIB). They have withdrawn these ratings at the bank's request. The outlook was negative at the time of the withdrawal.

Dubai Islamic Bank posted a full-year net profit of AED806m down from AED1.21bn in 2009. This statement was given by the bank itself.
DIB said provisions amounted to AED864m in 2010, while assets grew nearly seven percent to AED90.1bn.
The board proposed a cash dividend of 10 percent.

Since the global economic downturn in 2008, Dubai has sought to display signs of financial improvement. And the glitzy sheikhdom of the United Arab Emirates (UAE) has begun to demonstrate growth, except in real estate.
Despite the pessimism pervading the market, Dubai launched a Shariah-compliant real estate investment trust (REIT) in November. Emirates REIT, jointly developed by Dubai Islamic Bank and Eiffel Management, a French REIT specialist, joins a number of Shariah-compliant REITs that have been set up Asia and the Middle East over recent months. Governments and Islamic financiers alike hope the new products will spur investment from Muslims and non-Muslims into these regional real estate sectors.

The dominant market position of Jordan Islamic Bank is likely to remain uncontested for the foreseeable future, enabling the bank to sustain its business expansion. This was the conclusion made recently by Cyprus-based Capital Intelligence, the credit-rating agency that specializes in emerging markets.
Despite the entry of an increased number of Gulf Cooperation Council-based Islamic banks, including Al-Rajhi Bank and Dubai Islamic Bank, in the domestic Islamic banking market, Jordan Islamic Bank (JIB) continues to control a substantial share of Shariah-compliant financing and deposits in Jordan.

Dubai Islamic Bank has been assigned an 'A' rating by Fitch Ratings, the New York and London-headquartered global ratings agency.

Before joining Dubai Islamic Bank, Al-Gebali served as the CFO at Boubyan Bank, Kuwait. During his 23 years of professional experience, Al-Gebali has held senior positions at Global Investment House, Gulf Investment House, Kuwait Financial Center and International Financial Advisors.

Dubai Islamic Bank (DIB) announced today that it has made some strategic appointments to support its growth and expansion strategy. Under the new management restructure, Dr. Adnan Chilwan has been appointed Deputy CEO - Chief of Consumer and Wholesale Banking, while Mohammed Al Nahdi has been appointed Deputy CEO - Chief Operating Officer.
The Business Group - Consumer and Wholesale Banking - headed by Dr. Chilwan, will be responsible for all the business functions of the bank, i.e. Consumer Banking, Corporate Banking, Real Estate and Contracting and Treasury. The Support Group, led by Al Nahdi, will be responsible for support functions like Central Operations, Information Technology, Legal, Compliance, Administration and Collections.

A new REIT was established Dubai this week, and is likely to list in London within the next 18 months.
The REIT is a collaboration between Dubai Islamic Bank and Eiffel Management.
Before undertaking a dual listing in the next 18 months, Emirates REIT will initially list on the Dubai Nasdaq stock exchange.

Dubai Islamic Bank has partnered with French property firm Eiffel Management to launch the emirate's first Shari'ah-compliant real estate investment.
The REIT will initially look to draw capital from the local market but plans to expand to attract funds throughout the region and then globally.