IslamicFinance.de

AssetCo Plc rejected what it called an opportunistic takeover approach from Islamic investment firm Arcapita , and said it received a new loan from its principal bank.
AssetCo, which is valued at 14 million pounds, is the only company to have a fully outsourced fire and rescue service in the Middle East.

African Trade Insurance Agency (ATI) has partnered with Islamic Corporation for Insurance of Investments and Export Credit (ICIEC) to help traders cushion against political risks in North Africa.
The pact, with the Saudi Arabia-headquartered insurer, is expected to help traders doing business in the Muslim-dominated Northern Africa amidst ongoing political turmoil in the region.
Political upheaval that has seen governments in Tunisia and Egypt toppled and others like Libya and Yemen facing uprising has prompted reassessment of the region’s risk profile.
The political unrests that have also engulfed Bahrain have as well sent debt protection costs and yields on government debt up across the Gulf, the world’s top oil exporting region.

EIGHTH INTERNATIONAL CONFERENCE ON ISLAMIC ECONOMICS AND FINANCE

SUSTAINABLE GROWTH AND INCLUSIVE ECONOMIC DEVELOPMENT FROM AN ISLAMIC PERSPECTIVE

Doha, Qatar - December 25-27, 2011

CALL FOR PAPERS

The global economy continues to face the perennial problems of poverty, persistent youth unemployment, excessive inequalities of income and wealth, high levels of inflation, large macroeconomic and budgetary imbalances, exorbitant debt-servicing burdens, inadequate and aging public utilities and infrastructure, skyrocketing energy prices, and growing food insecurity. The reoccurring regional and global financial crises further intensify and magnify these problems particularly for the underprivileged segments of the world population. As a result, many countries are at the risk of failing to achieve the Millennium Development Goals (MDGs) set by the United Nations. However, some countries also present optimistic experiences to share, and from which useful lessons can be drawn for shaping the future economic scene in other countries.

AssetCo, the troubled firm that owns London's fire engines, has rejected a takeover approach from an Islamic investment fund.
Shares in the emergency services company jumped by a fifth yesterday as it revealed that the board had rebuffed an 'opportunistic' cash offer from Bahrain-based private equity firm Arcapita.
Arcapita said the approach had been supported by AssetCo chief executive and largest shareholder John Shannon and it was 'still considering its options'.

An Islamic SWF, also seen as a fund-of-funds, may actually be the necessary spark to jump-start a global Islamic asset management or, in today's hub-centric parlance, an Islamic asset management hub!
The industry has been talking up an Islamic mega bank for a few years, from Sh Saleh Kamal to Malaysia
In the post-crisis period, G-20 regulators are examining "ways and means" to reduce the systemic risk.associated with the mega-banks. Islamic finance industry, without a lender of last resort and sporadic Islamic deposit insurance, needs to examine the suggestions before wholesale adoption of a proposed mega bank.

Kazakhstan will revive plans this year for a $500 million debut sukuk issue that could create a benchmark for corporate lenders. The aim is to develop an Islamic finance sector in Central Asia’s top economy.

Shariah-compliant personal investment products are slated to flood the market as exchanges and mutual funds seek to tap Muslim investors who refrain from trading in stocks and commodities. While the MCX-owned National Spot Exchange Limited (NSEL) plans to market shariah-compliant investment products in a fortnight, SBI Mutual Fund and UTI Asset Management are looking at ways to launch such products in the next few months.
Tata Mutual, Benchmark Asset Management , Taurus Mutual and Sundaram Mutual Fund have ethics-based investment products already.

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.

The Federal Government has appointed Professor Mufti Munib ur Rehman as a member of the Religious Board for Modarabas Islamic financial institutions with immediate effect.
The appointment has been made in pursuance of Section 9 of the 1980 Modaraba Companies and Modaraba (Floatation and Control) Ordinance.

Dow Jones Indexes announced the results of the regular quarterly review of the Dow Jones Islamic Market Indexes. All changes will be effective after the close of trading on Friday, March 18, 2011.
In the Dow Jones Islamic Market World Index, 112 components will be added while 49 components will be deleted. That increases the number of components in the index to 2,528 from 2,465.
The total free-float market capitalization of the reconstituted Dow Jones Islamic Market World Index increased to US$14.31 trillion from US$14.11 trillion.

The International Finance Corp (IFC) has said that development institutions plan to come to the aid of banks in the Middle East and North Africa that face credit strains due to turmoil in the region.

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.

Bahrain braced for more protests Monday as Saudi Arabia and other Gulf states reportedly prepared to send troops to help restore order in the strategic kingdom.
The Financial Harbour business complex was blocked off by protesters a day after more than 200 people were injured there in clashes between riot police and demonstrators.
It was the worst day of violence in the tiny Gulf kingdom since seven people were killed at the start of anti-regime unrest in mid-February.

Many women have and are still contributing to the development of the contemporary Islamic finance movement, and yet their contribution, except in countries such as Malaysia, has largely been marginalized by an industry that is still dominated by middle class men.
The issue of gender equality and empowerment is one that affects all societies whether in the West or East. The issue of unequal payment for the same jobs in the City of London, one of the world's largest financial centers, is still entrenched. The number of women on the boards of FTSE 100 companies is still woefully low.

Kazakhstan plans to attract up to $10 billion in Islamic finance over the next five to seven years, Arken Arystanov, chairman of the regulatory agency at the Regional Financial Centre of Almaty (RFCA) stated.

Qatar First Investment Bank gave the announcement that its portfolio company Emirates National Factory for Plastic Industries (ENPI) has signed a new five-year, Dh250m syndicated Islamic facility, arranged by Abu Dhabi Islamic Bank. The signing ceremony took place at Abu Dhabi Islamic Bank headquarters in Abu Dhabi.
The financing will be used for the construction of a new production facility in Industrial City of Abu Dhabi 1 ("ICAD 1"), the purchase of new machinery and equipment and the refinancing of a portion of the company's existing conventional debt.

The following stocks may be active in Turkey:
- Anadolu Anonim Turk Sigorta Sirketi (ANSGR TI)
- Asya Katilim Bankasi AS (ASYAB)
- Aygaz AS (AYGAZ)
- Turkiye Vakiflar Bankasi TAO (VAKBN)

Bahrain Central Bank Governor Rasheed Mohammed Al Maraj said that so far it hasn't been seen any kind of adverse impact on the country’s banking sector. All banks are operating normally and transactions are handled at normal levels.
About withdrawals from banks due to concerns over the situation, he said he could not comment on expectations or speculations.

Islamic finance has been given the boost it needed in the Gulf by a Qatari ban on conventional banks offering sharia-compliant services.
Qatar's move last month draws a line in the sand between Islamic banks and their conventional peers, which control 83 percent of the region's banking assets.
If Qatar's move to separate conventional and sharia-compliant operations is mirrored by other central banks eager to prove their commitment to the nearly $1 trillion Islamic finance industry, this will be higher.

Bank Muamalat Indonesia is seeking to boost lending tenfold outside cities in 2011 after opening 30 new branches last year.
Islamic lenders accounted for 1.8 percent of the Rp 91 trillion ($10.4 billion) in loans to the farming industry in 2010, figures from the central bank show.
Offering services to growers of palm oil, cocoa and corn will help Islamic banks meet the government’s target of expanding assets by 55 percent this year, according to Bank Indonesia.