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Fitch Ratings has appointed Bashar Al Natoor as Global Head of Islamic Finance, based in Dubai. In this new role, Mr. Al Natoor will coordinate all Islamic Finance activities and expertise across Fitch's Sovereign, Financial Institutions, Corporate, Structured Finance, Infrastructure and Insurance teams. As well as being involved in the rating process of Islamic Finance instruments, the Islamic Finance Group will continue to monitor and report on this sector, produce research and commentary as well as criteria development. Mr Al Natoor has more than 14 years' experience in the Islamic Finance market. Since joining Fitch in 2007, he has overseen Fitch's Sukuk criteria and Islamic Finance practices, undertaken research and written numerous published articles on Islamic Finance.

The Gulf Bond and Sukuk Association (GBSA), the trade association representing the Arabian Gulf fixed income market, has endorsed proposed standard language for collective action clauses and pari passu clauses for sovereign bond contracts. The language would enhance the predictability and orderliness of sovereign debt restructurings by bolstering existing "collective action clauses" through the introduction of a single vote mechanism that would bind all bondholders to a restructuring proposal, as long as 75 percent of bondholders vote in favor. The documents and further information are available on the website of International Capital Market Association: www.icmagroup.org/resources/Sovereign-Debt-Information/

The Venture Capital industry in the Middle East and North Africa region is set to grow five-fold in the next three years, according to Dany Farha, CEO of BECO Capital, a regional Venture Capital firm focused on technology investments in the MENA region. Farha said this boom will be propelled by the UAE and Saudi Arabia. Tech VC activity in the region is still on the rise across all functions, from fund raising and deal flow, to closing transactions. Almost 60 percent of the companies that BECO saw were revenue-generating and more 20 percent were close to break-even. BECO Capital is targeting investments in the whole of the GCC region, with a special focus on start-ups in Kuwait, Saudi Arabia and the UAE, Egypt, Jordan and Lebanon.

Al Salam Bank Bahrain has reported total comprehensive income for 2014 down 52 per cent at BHD 16.68 million. The bank showed a 79.6 per cent increase in total assets to BHD 1.96 billion while liabilities rose 95 per cent to BHD 1.6 billion. Income from financing contracts was up from BHD 26.1 million to AED 51.5 million while total operating income was up 76 per cent to BHD 46 million. However, earnings per share slipped from 8.3 to 8 fils. Al Salam Bank Bahrain reported a jump in operating expenses from BHD 11.4 million to BHD 26.4 million.

Bahrain's central bank is drafting legal documentation to set up a sharia board of scholars that would oversee the kingdom's Islamic finance sector. The central bank already has a sharia board but its scope is limited to vetting its own products. A country-level approach could help to limit differences between products, speed the design of new products and boost investor confidence. A "legal instrument" is now being prepared that would set out details of the sharia board, Khalid Hamad, the central bank's executive director of banking supervision, said. He did not specify a timeframe. The United Arab Emirates is the only other regulator in the Gulf to have announced a plan to adopt a centralised sharia approach.

A new takaful model is being implemented by the Central Bank of Bahrain (CBB) this month onwards and is expected to attract new entrants to the market and foster competition. The objective of modifying the existing takaful rules is to facilitate a faster growth of the business in Bahrain while protecting the interest of all stakeholders, vis-ˆ-vis participants, shareholders and operator, CBB executive director for financial institutions supervision Abdul Rahman Al Baker said. The new CBB rules on client money aim at enhancing the regulatory framework in relation to appointed representatives and insurance brokers. Since their release in October last year, the market response has been quite positive, he added.

H. E. Eng. Sultan bin Saeed Al Mansouri, UAE Minister of Economy and Chairman of the Insurance Authority, issued Decision No. (25) of 2014 Pertinent to Financial Regulations for Traditional Insurance Companies and Decision No. (26) of 2014 Pertinent to Financial Regulations for Takaful Insurance Companies, which regulate the financial, technical, investment, and accounting operations of Traditional and Takaful insurers operating in the UAE. Included in the regulations, an actuary is accredited for every insurance company operating in the UAE and there are new investment rules to protect the rights of policyholders and companies against risks.

Vodafone Qatar has completed the process to become a fully Shariah-compliant company. Professor Dr Ali Qaradaghi, commissioned by Vodafone Qatar 's Board of Directors with the responsibility of transforming the company, said Vodafone Qatar successfully refinanced its conventional interest-bearing borrowings with a Shariah-compliant 'wakala' investment agreement in December. A Shariah compliance review was conducted by the Islamic Finance consultant. Vodafone Qatar said all these activities have been performed under the supervision of Prof Qaradaghi, followed by a comments review and the arrangement of Shariah-compliant alternatives when necessary. All non-compliant activities have been discontinued.

The UK and the Islamic Development Bank (IDB) have signed a new Memorandum of Understanding to help boost business opportunities and create jobs for thousands of women across the Middle East and North Africa. The Arab Women's Enterprise Fund will see the IDB and the Department for International Development working together to improve the competitiveness of women entrepreneurs in the Arab world. It will also address legal and cultural barriers that block women getting ahead in business. DFID will contribute £10 million to provide grants to help poor women access markets. IDB will match this with a further £10 million in Sharia-compliant Islamic finance.

Standard Chartered Saadiq has launched an Islamic financial education programme this month. This programme aims to educate the UAE Community in the ways of responsibly handling their financial future in a Halal way. This programme comprises of a basic and an advanced module which focus on the prohibition of transactions which involve riba, fair distribution of profit and loss as well as prohibition of transactions which involves uncertainty or speculation. This is an extension of the Financial Education for Youth programme which Standard Chartered Bank has been running since 2013.

A nine member delegation comprising of leading Shari'a scholars from Morocco met with Mr. Rasheed Al Maraj, Governor of the Central Bank of Bahrain. The visiting delegation wants to learn from the Bahrain experience in Islamic finance. Mr. Al Maraj welcomed the eminent scholars and assured them of CBB's full support in their Islamic finance journey. During their three day visit the delegation met with the CBB officials, leading Shari'a scholars in Bahrain and global Islamic finance bodies such as AAOIFI, IIFM and CIBAFI. Morocco has been gearing up to offer Islamic financial services in the wake of strong domestic demand.

Tawreeq Holdings, an investment group based in Dubai and Luxembourg, has launched an Islamic trade receivables financing platform catering to the Gulf region's small businesses, with plans to tap the capital markets to fund the venture. The firm's CEO Haitham Al Refaie said the concept aims to give smaller firms a funding alternative to bank loans. Besides start-up capital from regional investors, the firm plans to raise additional funds, he added without giving monetary figures. Tawreeq's platform provides sharia-compliant factoring by connecting corporates, suppliers and investors to securitise trade receivables.

Family businesses in the GCC are looking to increase the number of women in senior management positions over the next decade to emulate the success of their global counterparts, says a new study. The joint study undertaken by Alsayedah Khadijah Bint Khawilid Center and Strategy& (formerly Booz & Company) investigates the role of women in family businesses across the region. However, the study reveals there are still major obstacles for women hoping to participate in family businesses, particularly cultural perceptions of a patriarchal society and fierce competition from family members.

Tawreeq, an independent Dubai/Luxembourg based group, has launched a supply chain finance platform targeting SME’s. The company led a development process to devise a Shari'ah-compliant workflow for supply chain finance. At its core is an IT platform that connects all elements under a single, cloud-based system that allows global reach and service. Tawreeq tackles challenges faced by SMEs through cash-flow tools known as factoring and reverse factoring. Tawreeq has worked closely with Amanie Advisors to ensure Shari'ah compliance and certification of its products and processes.

Abu Dhabi's government-owned Al Hilal Bank said on Thursday its chief executive Mohamed Jamil Berro had not resigned, correcting an earlier comment from a spokeswoman who said he was leaving. The CEO still remains in his position and it is business as usual for the bank, according to a statement from the bank. Earlier, the bank's spokeswoman told Reuters that Berro had resigned, with Al Hilal's executive vice president of wholesale banking, Sarie Ahmed Arar, assuming the role of acting CEO. The bank's spokeswoman mistakenly informed Reuters that Berro had resigned, the statement said without elaborating.

Alkhabeer Capital has signed a strategic agreement with Alareen Holding Company, Saudi Arabia-based real estate development company, to get exposure to the Saudi residential development market. Saudi Arabia will need significant supply of new housing projects in order to keep pace with the growing population. Due to the growing young population, the rapidly declining household sizes and evolving Saudi lifestyle, demand for residential units is expected to remain healthy across the Kingdom, according to Ahmad S. Ghouth, Deputy CEO at Alkhabeer Capital. The cooperation with Alareen enables Alkhabeer to access the growth potential,

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will hold the 14th edition of its Annual Shari'a Conference on 22 and 23 March 2015 in Manama, Bahrain. The conference will be held under the auspices of the Central Bank of Bahrain. Discussions will include on topics relating to application of Shari'a to international Islamic finance products, services and practices as well as continuing innovation of Islamic finance to support further growth and expansion of the industry. Following the conference, AAOIFI will hold training sessions for its Certified Shari'a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) qualification programs from 24 to 27 March 2015.

Al Hilal Bank is reportedly partnering with Hind Al Oud perfume manufacturer that specialises in musky Arab scents to create a themed card targeting women. Al Oud will also provide complimentary perfumes alongside the perfumed MasterCard.

Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Islamic Development Bank (IDB) are planning a joint meeting in Bahrain next month aimed at discussing issues of internationalisation of Islamic financial services. The roundtable meeting of the directors of operations and investment of Islamic banks, themed 'Internationalisation Strategies of Islamic Financial Institutions', will be held on February 23 and 24. Through the meeting, the council expects to increase awareness and information sharing about the CIBAFI Strategic Plan 2015-2018.

Qatar Islamic Bank ( QIB ) plans to raise up to 2 billion riyals ($549.4 million) through a capital-boosting sukuk. Qatar's largest sharia-compliant institution by assets announced the sukuk after reporting fourth-quarter net profit that was up an estimate-beating 30.4 percent year on year. On Sunday QIB said that its board had proposed a Basel III-compliant Tier 1 sukuk worth up to 2 billion riyals, subject to shareholder and regulatory approval. QIB's total capital adequacy ratio, a combination of Tier 1 and Tier 2 capital, stood at 14 percent at the end of 2014, against a 12.5 percent minimum prescribed by Qatar's central bank.