IslamicFinance.de

Yale University President Peter Salovey and Yale Law School Dean Robert C. Post have announced a $10 million gift to create the Abdallah S. Kamel Center for the Study of Islamic Law and Civilization at Yale Law School. This gift is from Abdallah S. Kamel, chief executive of the Dallah Albaraka Group, LLC, a banking and real estate enterprise based in Saudi Arabia. The center will bring prominent scholars of Islam to the Yale campus for public lectures, seminar discussions, visiting fellowships, and visiting professorships, attracting students from the Law School and other schools at the university to its lectures and other opportunities for collaboration.

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Last April the Qatari government signed a memorandum of understanding with the Islamic Development Bank and Saudi Arabia's Dallah Albaraka Group to establish an international Islamic bank with initial capital of $1 billion. Finance Minister Youssef Kamal, however, has not given details about the timing, ownership or other aspects of the new institution but said it would be set up soon.

THE Jeddah-based Islamic Development Bank will be preoccupied with two developments in 2011 apart from its established plan of action. This is the progress toward the launch of its mega bank project and the other is the continuation of its trust certificate (sukuk) program.
The mega bank project was promoted by Saleh Kamel, head of Dallah Albaraka Group, who has been trying to get it launched for the last few years. But his failure to get the project started off through the support of both government and private investors saw the project somehow passed on to the IDB. The plan is to launch a mega bank that will effectively be an Islamic Interbank bank, with the aim of providing short-term liquidity to the global Islamic banking market and of promoting the trading of sukuk in the secondary market by acting as a market maker.
CIMB of Malaysia, Citigroup, HSBC and Standard Chartered Bank acted as joint lead managers and joint book-runners, and NCB Capital of Saudi Arabia acted as co-lead manager for this transaction. The success of IDB's transaction was underpinned by a comprehensive international road show covering Asia, the Middle East and Europe.

Dallah Albaraka Group chairman and founder Shaikh Saleh Abdullah Kamel has been awarded the 2010 Royal Award for Islamic Finance.
Shaikh Saleh was awarded the accolade for his visinary drive, extraordinary leadership and personal commitment in spurring global accessibility of Islamic finance.
The Royal Award is spearheaded by the Malaysia International Islamic Financial Centre and supported by Bank Negara and the Securities Commission.
The seven-member jury comprises eminent individuals, syariah scholars, academicians and Islamic finance practitioners from Asia, Europe, the Middle East and the United States.