IslamicFinance.de

Lors d’une séance plénière, la Chambre des Représentants a adopté à la majorité des voix, le projet de loi n° 103.12 relative aux établissements de crédit et organismes islamiques. Le texte prévoit la création d’une place financière de dimension régionale et internationale pour incorporer ce segment de la finance internationale, soulignant la nécessité d’offrir une gamme de produits et de services financiers non seulement aux citoyens résidents mais aussi aux MRE, dont les pays d’accueil offrent des produits de type finance participative. Ce texte a été adopté par 75 voix pour et 19 absentions.

Moody’s Investors Service on Tuesday assigned to Sharjah Islamic Bank ( SIB ) issuer ratings of A3/Prime-2 and a stand-alone bank financial strength rating of D+, which is equivalent to baseline credit assessment (BCA) of baa3. The rating assignment reflects SIB’s very strong capital buffers, relatively low borrower and sector concentrations and satisfactory profitability and liquidity metrics, according to the rating agency. Moody’s assessment of Sharjah Islamic Bank’s franchise takes into account the growing importance of Islamic finance and associated franchise opportunities in the United Arab Emirates, according to the rating agency.

Turkish Islamic lender Bank Asya has ruled out reports of ending share sales talks with Qatar Islamic Bank (QIB). Several reports on July 2 claimed Bank Asya and the QIB have ended exclusive talks regarding the QIB acquiring a stake in the Turkish lender after failing to agree on price. The reports also quoted sources claiming Turkish state-run bank Ziraat Bank may now be the most likely partner for Bank Asya, but the two banks have not officially begun negotiations. Ziraat Bank officials said there had not yet been any official attempts to move toward Bank Asya, but they did not deny the possibility of such an acquisition either. Meanwhile, on July 1, Bank Asya announced it has moved to sell assets worth around 133 million liras.

Some shariah-compliant banks are removing the word “Islam” from their names — a sign of both the potential of Islamic finance to grow, and the obstacles to it becoming mainstream. The changes are part of the banks’ plans to expand. They aim to move well beyond a relatively small group of customers who stress religious permissibility, to a much larger customer base for whom pricing and service quality are key. This approach could help Islamic banks establish themselves globally. Name changes can also help Islamic banks expand in markets where regulation limits their branding options.

Qatar Islamic Bank (QIB) and Turkey's Bank Asya have ended exclusive talks over QIB acquiring a stake in the Turkish lender, with valuation concerns said to be behind the decision. Turkish state bank Ziraat Bank may now be the most likely partner for Bank Asya but the two banks have not officially begun talks. It is not clear what size stake has been under discussion. Bank Asya shares slumped 9.9 percent to 1.36 lira, their lowest since April 1, by 1304 GMT, on the news that Asya was no longer holding exclusive talks with QIB. Islamic lender Bank Asya has been under pressure to sell assets, after major investors sympathetic to Turkish Prime Minister Tayyip Erdogan withdrew deposits.

Ithmaar Bank has issued an investor report on its Shamil Bosphorus Modaraba (SBM), indicating the fund will not achieve its investment objectives and stating that there is also a low probability that investors will have their entire capital returned. The Bank will be contacting investors to discuss the investor report and to explain available options. The SBM is a $90 million investment fund opened in November 2007 and provided equity for the acquisition, development and sale of a diversified pool of assets that included land, property and development sites in Turkey. During 2013, the Bank attempted to negotiate an exit from Turkey with its Turkish partners and more recently it has been conducting enquiries through its appointed advisers and consultants.

On the African continent, the Islamic finance market’s assets are estimated to be more than $1.6-trillion (about R17-trillion) and are expected to surge to more than $5-trillion by 2020. The growth of Islamic banking has not gone unnoticed by the National Treasury. Earlier this year, former finance minister Pravin Gordhan revealed that South Africa will launch sukuk. Several banks like Absa, FNB, Al Baraka Bank and HBZ Bank offer Islamic commercial and corporate banking products in South Africa. The total Islamic banking sector in South Africa is estimated to be worth as much as R12-billion. However, the banks have their sights also set on expansion beyond South Africa’s borders.

Nigeria’s Jaiz Bank Plc has recorded a 141 percent increase in total assets, from N14 billion ($86 million) in 2012 to N34 billion ($209 million) at the end of the bank’s 2013 financial year. Customers’ deposits experienced a similar exponential surge to N21.9 billion ($134.3 million) - a 567 percent increase over the previous year. Last week, the bank announced that its social responsibility unit, Jaiz Foundation gave N10 million ($61,000) relief materials to victims of Boko Haram bombing in Borno State. Jaiz hopes to get a National operating license before the end of the year. Besides, the bank hopes to list on the Nigerian Stock Exchange in the next few years to avail more Nigerians the opportunity to invest in the bank.

Saudi Postal Corporation and Alinma Bank, one of the fastest growing banking institutions in Saudi Arabia, have entered into an agreement with Western Union to offer Western Union money transfer services in the kingdom. Under the agreement, remittance services will be offered through the Ersal money transfer service which is the money transfer joint venture launched by Saudi Post and Alinma Bank in 2013. Starting in Ramadan, the service will be available at 15 post office locations across the kingdom, taking the number of Western Union locations in the country to over 200.

Shareholders of Jaiz Bank Plc yesterday approved the bank's bid to get a national operating licence in order to establish its presence across the country. It also emerged that the bank has grown its assets base to N34 billion as at the end of its 2013 financial year. This represented an increase of 141 per cent compared to the N14 billion recorded in 2012. The bank hopes to acquire the National Operating License before the end of the third quarter, to enable it operate in all the 36 states of the federation. Chairman of the bank, Alhaji Umaru Abdul Mutallab, said that in no distant future, the company would be listed on the Nigerian Stock Exchange.

Bank Negara Malaysia is issuing two concept papers on Ijarah and Istisna' for public consultation. The concept paper aims to seek feedback from members of the public, Islamic financial institutions and related stakeholders on the Shariah and operational requirements for the application of ijarah and istisna' contracts.

Background
As part of the initiatives to strengthen the Shariah-compliance practices among Islamic financial institutions (IFIs), Bank Negara Malaysia is developing a Shariah-based regulatory policy with the objective to provide a comprehensive guidance to the lslamic financial industry to enhance end-to-end compliance with Shariah and therefore, ensure the integrity and sustainability of the IFI.

Islamic Bank of Britain plc (IBB) has appointed Sultan Choudhury as Chief Executive Officer (CEO) and Director. He previously held the position of interim Managing Director of IBB. IBB is celebrating its 10 year anniversary this year and Mr Choudhury is the Bank’s longest-serving employee. He joined IBB when it was formed in 2004 and has since set up the Bank’s Head Office operations and Branch Network. Mr Choudhury has also led the development and implementation of IBB’s full product range and service delivery channels. As CEO, Mr Choudhury is working with IBB’s new parent company on plans to expand property finance to businesses, including development finance.

UK-based retail lender Islamic Bank of Britain (IBB) plans to broaden its product range to win business both locally and across Europe, aided by the backing of its new Qatari shareholder Masraf Al-Rayan. IBB is developing its commercial property business to widen fee-based income as it aims to post a profit for the first time, newly-appointed CEO Sultan Choudhury said. Masraf Al-Rayan in February injected 75.8 million pounds ($129 million) into IBB to support its expansion plans. The bank's property finance business has doubled in size in the last year, which could allow IBB to expand later into Europe, said Choudhury, adding its retail operations would remain focused in the UK. IBB also aims to buy some of the 200 million pounds of sukuk that the British government will issue this week.

Gatehouse?Bank has completed its first real estate financing deal. The £11.7m deal funds a joint venture between Princeton Property Partners and Resolution Property, and will turn an office block in Fitzrovia into eight flats. Meanwhile, Gatehouse Bank has hired Nick Westoby from RBS, Arnaud Schaller from Credit Agricole and Eduardo Martin from Banco Popular Espanol to bolster its real estate financing unit. Gatehouse said it has financing deal worth more than £500m in the pipeline.

Jaiz foundation, the corporate social responsibility (CSR) arm of Jaiz Bank, has donated relief materials worth N10 million to victims of Boko Haram insurgency in Borno state. The items donated included 200 bags of grains, 1,600 pieces of clothing materials for both men and women, 660 gallons of groundnut oil, among others. Borno state governor, Alhaji Kashim Shettima, assured that the materials will be distributed to victims of Boko Haram insurgency, especially during the Ramadan. Shettima assured of the state government's readiness to continue to identify with the bank and called on other institutions and corporate bodies to emulate Jaiz and Dangote foundations.

Maybank Islamic Bhd is optimistic of up to 12% growth this year, news that bode well for its parent Malayan Banking Bhd’s (Maybank) aspiration of 15% return on equity (ROE) for 2014. Maybank Islamic accounts for 40% of the group’s revenue and profit for the first-quarter ended March 31, 2014 (1Q14). In 1Q14, total income grew 26% to RM1.319 billion. Nevertheless, pretax profit and zakat for the same period dropped 7% to RM315.1 million, mainly due to the increase in the overhead expenses. This was disclosed at Maybank Islamic launch of its MasterCard Ikhwan Card-i, the bank’s first Mastercard offering.

The Islamic Development Bank Group is holding its Annual Meeting in Jeddah, Saudi Arabia, from 22-26 June 2014 and celebrating the IDB’s 40th Year Anniversary. The meetings will be attended by finance and economy ministers of the (56) member countries and more than 1,000 delegates. The Annual Meeting of the IDB Group will take place over a five-day period in conjunction with sub-meetings. Meanwhile, on the occasion of the 40th Anniversary of the IDB Group, a number of events will be held including a forum titled “Fostering Dynamic Ecosystems in Developing Economies”, which will be held on June 23, 2014. In addition, an exhibition on innovation will be held alongside the Annual Meeting, with more than 40 innovative projects and solutions from 19 member countries.

Last week, Britain mandated five banks to arrange a 200 million pound ($336 million) sukuk issue which could be issued in coming weeks, subject to market conditions. Britain's choice of HSBC, Qatar's Barwa Bank, Malaysia's CIMB, National Bank of Abu Dhabi and Standard Chartered as arrangers appeared designed to ensure easy distribution and tight pricing. But the choice was notable for excluding all of Britain's six full-fledged Islamic banks; none was included in the mandate. That could reduce the impact of the issue in developing expertise and depth in Britain's Islamic banking sector. It may also limit British banks' access to the issue.

Muslims in America are becoming a significant demographic force, and with that comes significant votes, which in turn translates into influence wielded in the social world they inhabit. And if Muslims in America today want to see interest payments prohibited on loans, then banks must find alternative ways to do business with them. These banks get around the prohibition of interest on loans by treating loans more like leases or profit-sharing arrangements. Giant financial institutions in the US now have their own Sharia advisory boards, while banks with relatively small assets rely on opinions from the Sharia Advisory Board of America.

Asia presents huge developmental potential for Islamic finance and is likely to be the main driver of Islamic banking growth in the near future, given the untapped potential in India, Bangladesh and Indonesia, a Kuwait Finance House Group report said. Islamic finance can be utilised for greater integration of financial markets with the real economy and for improvement of the economic balance between emerging and frontier markets, according to the report. However, the report did not provide details of Islamic banking operations in countries like India, Bangladesh and Indonesia. Driving the industry in the region is Malaysia, particularly in areas of Islamic banking, bonds and funds, it said.