IslamicFinance.de

Albaraka Türk Kat?l?m Bankas? A.?. (“Albaraka Türk”) has authorized ABC Islamic Bank, Emirates NBD Bank, Noor Islamic Bank and Standard Chartered Bank (together the “Initial Mandated Lead Arrangers” and the “Bookrunners”) to arrange a $150 Million equivalent Dual-Currency Syndicated Murabaha Financing Facility on its behalf.
The facility was launched into general syndication on 29 June 2011. banks from all over the world were invited.

Islamic banks in the UAE recorded a decline of around 17 per cent in its net earnings in the first half of 2010 despite a sharp rise in the profits of the Abu Dhabi Islamic Bank (ADIB). Individually, several national banks reported growth in their net income in the first half of 2010, including the government-controlled National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB). The UAE's largest bank, Emirates NBD, reported a 51 per cent fall in profits because of its exposure to Dubai World. Central Bank figures showed UAE banks are pushing ahead with a post-crisis provisioning drive because of their exposure to Dubai World, the domestic real estate sector and two Saudi financially troubled family businesses. According to a key Western financial institution, UIAE banks have emerged as more vulnerable to real estate downturns than those in other Gulf oil producers because of their massive lending for that sector.

Dubai Emirates NBD announced yesterday that the company has decided to discontinue use of Standard & Poor's (S&P) Investors Service for rating of its banking subsidiaries, Emirates Bank International (EBI) and National Bank of Dubai (NBD).

Dubai Islamic Bank is considering raising AED 3 bn (USD 817 mn) in fresh capital and converting emergency government deposits into regulatory capital. The bank's board of directors would discuss the two measures on March 25, the bank said on Tuesday in a statement on the bourse website.

Rival banks, such as Union National Bank, National Bank of Abu Dhabi and Emirates NBD Bank in the UAE have already launched similar moves.