IslamicFinance.de

The Qatar central bank appears to see higher risks from conventional lenders operating Islamic units, clarifying a recent ruling which asked commercial banks in the Gulf state to close their sharia-compliant operations. Qatar's central bank earlier in the week asked conventional lenders to close down their Islamic operations amid worries of overlap between the two, in a surprise move that boosted shares of Islamic lenders in the country.

Qatar Central Bank surprised commercial lenders by stipulating that they shut down their Islamic finance activities by year end, affecting banking strategies. The move leaves unanswered questions and big strategic worries for the big Western banks with a presence in the region.
Although the infrastructure around the provision of Islamic finance is onerous, the rewards are great for banks.

Bahrain's Gulf Finance House (GFH) has announced the appointment of Kuwait Investment Co (KIC) to assist the Islamic lender with the recapitalization and raising up to $500m program through a convertible Murabaha as part of the restructuring plan agreed to by shareholders.

The Bank of London and The Middle East has been granted a licence by the Central Bank of Bahrain to open an office in the kingdom. The bank is a Financial Services Authority authorised independent wholesale Sharia-compliant bank based in London.

Barwa Bank announced the distribution, by mail, of share certificates. This represents the final step in the completion of the acquisition of The First Investor, First Finance Company and First Leasing Company by Barwa Bank.
Barwa Bank shareholders can update their data through one of the following channels:
By e-mail : send the template and required attachments to Investor and Shareholder Relations Department's email, investors@barwabank.com
By post : send the template and required attachments by mail to: Investor and Shareholder Relations Department at Barwa Bank, P.O.Box 27778, Doha, Qatar.
By fax : send the template and required attachments by fax to 44488676.

The first National Islamic Microfinance conference was held on 29th of January 2011 in the Lahore Chamber of Commerce and Industry . The conference was attended by Iftikahr Malik, Vice Presiden Sarrc Chamber of Commerce and Industry, Tahir Malik, Chairman Trafco Group of Companies , Mr. Zulfiqar Khokhar Additional Direcroe Islamic Banking & Finance Department State Bank of Pakistan, Mufty Iftikhar Baig, Sharia Advisoe of Albaraka bank Mufty Mahmood, Sharia Advisor Farz Foundation , Tariq Shafi, Regional Chairman FPCCI.and Ms Humera Awais Shahid, member Provincial Assembly.

Albaraka Banking Group reduced the size of a March sukuk programme to $250 million (Dh918 million)-$300 million from the planned $500 million.
The bank also plans to issue a $100 million sukuk in Egypt at the end of the year.

Investment in Islamic banking industry has touched Rs424-billion mark till 2010 and the government is taking measures to encourage Islamic banking and finance in the country. This is a statement made by Finance Minister, Dr Abdul Hafeez Sheikh.
Islamic banking and finance have been growing at a rapid pace globally as Islamic principles proved their viability worldwide, he added.

Ahmed Meshari, acting CEO of Qatar Islamic Bank (QIB) has said the lender is interested in buying the Islamic banking assets of conventional lenders in the Gulf country, who have been instructed by the central bank to close down their Islamic operations.

Research and Markets has announced the addition of Frost & Sullivan's new report "Islamic Asset Management Industry - Investment Analysis" to their offering.
This research service titled Islamic Asset Management Industry - Investment Analysis deals with the global Islamic asset management industry, with a brief focus on countries in the Gulf Cooperation Council (GCC) and related investment themes.
In this research, Frost & Sullivan's expert analysts thoroughly examine mutual funds, private equity, and venture capital.

Amanah Islamic Investment Bank of the Philippines has announced the designation of Enrique D. Bautista, Jr. as its new Chairman and Chief Executive Officer. He is replacing Armando O. Samia who has rejoined the marketing group of state-owned Development Bank of the Philippines (DBP).
Joining Bautista in the board of Amanah Islamic Bank are Jose A. Nuñez, Jr. as vice chairman, and Francisco F. Del Rosario, Jr., Jose Luis Vera, Armando Samia, Samira Gutoc, Nabil Tan, Ibrahim Mamao, and Abdul Hadjisalam as directors.

Under the patronage of HH Sheikh Mohammed Bin Saud Al Qasimi, Crown Prince of the Emirate of Ras Al Khaimah, United Arab Bank (UAB) announced its co-sponsorship of 'Sailing Arabia-The Tour', the regional sailing event taking place across the Arabian peninsula, in line with the Bank's commitment to developing UAE youth and the local community.

The Bank of London and The Middle East's (BLME) Sharia’a USD Income Fund has been ranked in the top decile of funds for 2010 by Lipper Hindsight, Thomson Reuters’ fund ranking platform.
This is proof of the fund’s good performance and its ability to provide a good balance between liquidity and return in a challenging environment.
Since its launch in March 2009 BLME’s USD Income Fund has offered investors weekly liquidity and enhanced yields through investment in Islamic money markets and the Sukuk (Islamic Bond) market.

The restructuring plan envisages TID’s shareholders injecting KD20m ($71.5m) into the company, creditors taking a 10 per cent stake in TID, and full repayment of KD1.05bn over six to eight years.
Reaching an agreement has been complicated by TID’s status as an Islamic investment company, which means that its debts carry a “profit rate” rather than normal interest, regulatory hurdles and disagreements between creditors – a mix of international and local banks and investors.

The Investment Dar Company has reached a restructuring deal with its largest creditors on its $3.7bn debt pile that includes a debt-for-equity swap.
TID's restructuring has been one of the longest-running and most convoluted in the Gulf, with a series of negotiations and breaks culminating in the dissolution of a previous co-ordinating committee of creditors late last year.

The Maldivian subsidiary of Sri Lanka's Amana Takaful Insuracne Plc, Amana Takaful (Maldives) Private Limited has applied to be listed in the Maldives Stock Exchange (MSE).
Recently a subsidiary company of Amana Group, Amana Bank Limited obtained the license from the Sri Lanka's Central Bank and the Finance Ministry to conduct commercial banking in the country.
The Maldives Stock Exchange first established on 14th April 2002 was operated by the Capital Market Development Authority (CMDA) as part of the regulator.

Qatar International Islamic Bank plans to issue a benchmark-sized Islamic bond, or sukuk, by mid year to bolster its loan book ahead of an expected uptick in lending.
No banks have been mandated yet on the deal, which is in the early stages.
QIIB plans to raise cash because it expects an increase in lending on infrastructure projects.

Al Amanah Islamic Investment Bank of the Philippines has announced the designation of Enrique D. Bautista, Jr. as its new chairman & chief executive officer, replacing Armando O. Samia who has rejoined the marketing group of state-owned Development Bank of the Philippines (DBP).

The Saudi British Bank (SABB) recently signed Islamic finance agreements totally valued at SR2 two billion with Abdul Latif Jameel Group of companies.
The deal includes three securitization agreements for the benefit of the United Installment Sales Co. Ltd. (UIS), through which SAAB will buy a group of vehicles leased to UIS clients, appoint UIS as a management and collection agent, and a stock finance Murabaha agreement.

Qatar's Doha Bank (DOBK.QA) does not expect a major financial impact from the central bank's decision to separate the Islamic operations of conventional lenders in the Gulf Arab state.
Doha Bank will continue to meet its contractual obligations within its Islamic business and will seek clarification from the central bank when required.
The central bank issued a circular to banks, saying it "has been decided to terminate the activities of the Islamic finance services" offered by conventional banks.
Other Banks effected by the directive include international lender HSBC (HSBA.L), Qatar National Bank (QNBK.QA), Commercial Bank of Qatar (COMB.QA), Al Ahli Commercial Bank AABQ.QA and International Bank of Qatar.