IslamicFinance.de

The stock markets in the United Arab Emirates look likely to trade softly as they reopen on Monday after the Eid holidays, although Abu Dhabi's Dana Gas might just rise sharply after it reached an agreement on overdue payments from the government of Kurdistan.
The markets in the UAE are the only ones open in the Gulf. Others, like Egypt, will pick up trading later this week. There is no fresh, major corporate news in the UAE except Dana's settlement, which will see Kurdistan immediately pay Dana's consortium $1 billion, including $400 million that will be used for investment in the region. Dana will receive 35 percent of the money. In addition to Dana's share of the $600 million payment, "Future benefits to Dana Gas should be much larger, given the massive resource potential of the two fields, Khor Mor and Chemchemal. Dana Gas's share of 2P reserves in the two fields amounts to close to 1 billion barrels of oil equivalent, with huge upside", said Allen Sandeep, head of research at Cairo-based Naeem Brokerage. He continuid: "Overall, we view this as a major positive development for Dana Gas."

Government-owned Al Hilal Bank PJSC raised $500 million from the sale of perpetual bonds. The Shariah-compliant securities, which don’t mature, will pay a coupon of 5.5 percent. Pricing was tightened from an original guidance of about 6 percent as bids of about $5 billion were received. Al Hilal Bank, Citigroup Inc., Emirates NBD Capital Ltd., HSBC Holdings Plc, National Bank of Abu Dhabi PJSC and Standard Chartered Plc managed Al Hilal’s bond sale. The lender has the fifth-highest investment grade rating at Moody’s Investors Service.

After the huge success and high demand to the first car manufacturing note, the Abu Dhabi Islamic Bank launched a new capital-protected note earlier this year. It matures in 18 months, provides 100 per cent capital protection at maturity to minimize risk, with an expected return of up to 10 per cent. The note is currently open for subscription with a minimum amount of US$30,000. It offers the opportunity to invest in the world's leading car manufacturers. These include Toyota Motors, Hyundai, KIA Motors, BMW and TATA Motors Ltd.

To work with Head of Islamic Product Management to manage new Islamic Wholesale produt roll-outs according to the time-line and business requirement. The job-holder will also contribute towards growing the overall Islamic business by assisting the unit head to formulate product strategies and guide the Relationship Managers and other key stake-holders to develop their Islamic product awareness. This is a specialist position which requires the candidate to have a strong applied knowledge of Islamic product structuring and management.

1. Co-ordinate customer-bank interactions regarding bank products and services.

2.Ensure timely processing of high quality credit proposals by the team for existing and potential customers through compilation and analysis of complete borrower information.

3.Supervise relationship management of assigned Affluent/Commercial/SME portfolio.

4.Identify prospective opportunities, actively market such prospects and negotiate with customers for obtaining their business and maintain follow-ups.

[...]

•Developing and managing a comprehensive consumer credit risk policy and roadmap, which supports business segment strategies and overall strategy for Islamic Products of Retail Bank in compliance with Shariah principles and guidelines
•Managing credit approval process for all islamic products of the Retail Bank
•Monitoring the risk management performance of credit products/portfolios and providing an ongoing assessment of credit risks in the Asset portfolio and product strategies.
•Establishing operating policies and procedures relating to credit approval and verification, collections/ repossession/foreclosure management and fraud.
[...]

This role is responsible for developing and growing profitable long-term relationships with Local and International corporates, and Government clients in GCC. The role holder is also responsible for establishing a good understanding of client needs and delivering solutions across Debt Market product lines for the assigned group of multinational and corporate clients, gaining significant business and sustainable returns for the Bank.

Job Purpose:

To safeguard the organisation, its customers, reputation, assets and the interests of stakeholders by identifying and managing all threats to the achievement of its business objectives.

Duties and Responsibilities:

Design and implement an overall risk management process for the organisation.
Manage the process of identifying and assessing the risks affecting the business.
Oversee, and in some areas implement, the plan of risk control actions.
Monitor, evaluate and challenge the organisation’s success in managing its risks.
Organise appropriate risk reporting, internally and externally.

A global US firm is looking to recruit an Islamic finance associate into its expanding Abu Dhabi based offices. The ideal candidate will have between 2-4 years' experience from the UK, Australia, NZ or Canada.

09 November 2012, Ref REM-PM-1286

A RM500mil (US$163mil) Islamic bond has been issued by the National Bank of Abu Dhabi. The issued sukuk has an interest rate of 4.75% and will mature in 15 years. The joint lead managers of the transaction besides the Malaysian national bank were HSBC, Maybank Investment Bank and Standard Chartered.

Abu Dhabi Islamic Bank said it will start to provide a new business line focused on UAE community that is in accordance with banking requirements for non-profit organizations. A new service, called ADIB Community Banking, shall provide help to Charities, Philanthropy Associations, Special Needs Foundations and Islamic affairs authorities in order to fulfill their special needs.

Dubai Investments is in talks with investors and financial institutions to fund a second phase of the Mussafah manufacturing unit of Emirates Float Glass.
Sultan Bin Saeed Al Mansouri, Minister of Economy, officially inaugurated the upgraded Emirates Float Glass (EFG) factory, wholly-owned by Dubai Investments, at the Abu Dhabi Industrial City in Mussafah.

Abu Dhabi Islamic Bank stated that it will launch The Report: Abu Dhabi 2012.
The report will offer detailed coverage of the resilience that the Islamic finance sector is revealing against a backdrop of global economic uncertainty, bucking trends by registering growth as customers look for reliable alternatives to the conventional finance market. It will also investigate the potential that exists for Islamic finance to increase its role in financing Abu Dhabi’s large-scale infrastructure projects.
BG has closed seven year of partnership with the Abu Dhabi Islamic Bank (ADIB) with the purpose to document the latest developments in the Emirate’s Islamic financial services industry.

Difficult funding in Europe is making Middle East issuers to tap the still-liquid Islamic finance markets for funds.
Dubai-based Emirates Islamic Bank issued a $500 million, five-year Islamic bond with a yield of 4.718%, while Abu Dhabi-based First Gulf Bank sold a $500 million, five-year sukuk with a yield of 4.046%.
Moreover, Saudi Arabia's General Authority of Civil Aviation stated it plans to launch a government-guaranteed sukuk to pay for a new terminal at Jeddah airport, and Dubai-based Islamic mortgage company Tamweel announced a five-year, $300 million sukuk.
Majid Al Futtaim recently started a $1 billion Islamic bond program, while Doha Bank, Bahrain's Al Baraka Banking Group, Emirates Telecommunications Co. of the United Arab Emirates and Abu Dhabi National Energy Co., among others, could all be looking to issue Islamic debt this year.

The prime theme of this event will be the impact of the recent rapid changes on the
Islamic finance sector in all pertinent aspects. The Conference will consider the
spectacular political and socio-economic developments that we have been witnessing and
their probable effects on the performance and future position of Islamic financial
institutions (IFI’s), the regulatory set-ups, and popularity of Islamic products being
offered to the public, governments and business firms.

The Conference is being organised by Emerald Group Publishing, the world’s leading
scholarly publisher of journals and books on business and management. Over 220
academic journals are currently published by Emerald, covering some 24 managerial
disciplines, in addition to a strong and growing presence in other related fields such as
LIS, social sciences, and engineering.

This Conference follows on the success of the Global Islamic Marketing Conference held
in Dubai over the period 20-22 March 2011, organised by Emerald in association with the
United Arab Emirates University.

Conference Objective

The chief objective of the forthcoming Conference is to assess the future of this sector,

Al Hilal Bank has chosen three banks to arrange its debut sukuk. The deal is forseen to emerge in the first quarter of 2012.
Standard Chartered, HSBC and National Bank of Abu Dhabi have been assigned by unlisted Al Hilal for a benchmark-sized deal under a bond programme which could be worth up to $3 billion.

Abu Dhabi Islamic Bank (ADIB) will hold investor meetings for a potential dollar-denominated Islamic bond, or Sukuk.
Meetings will begin in Kuala Lumpur on Nov. 17, and will cover Singapore and the United Arab Emirates (UAE), before ending in London on Nov. 21.

Mashreq Al Islami stated that it is in discussions with three entities including corporates and government related entities to establish sukuk programmes.
Moinuddin Malim, Chief Executive of Mashreq Al Islamic, stated that there is enough liquidity in the market and therefor they are trying hard to establish a local currency denominated sukuk market. They are talking at this point with three entities who have the potential for benchmark-sized ($500 million upwards) sukuk issuance.

Abu Dhabi Islamic Bank (ADIB) will launch its 100% capital protected 'ADIB Diversified Basket Note' that supplies an opportunity to small or large investors to profit from the anticipated strengthening of prices of eight leading commodities.
The note presents an investment plan of three years in the equally weighted commodities of gold, oil, lead, nickel, aluminum, cotton, corn and sugar.

The economic growth in many Gulf countries has signified that an ever increasing number of Muslims and non-Muslims are looking to invest their wealth in a Shariah compliant manner.
Noticing the need for more and more awareness about these principles, universities and institutions in Dubai have introduced various courses to cater to the increasing demand.
The Canadian University of Dubai (CUD) is issuing an MBA in Islamic Banking – the only UAE accredited university degree of its kind to exist in the Middle East — this year at NAJAH Education and Careers exhibition in Abu Dhabi that will take place from October 18 to 20.