IslamicFinance.de

Global-Saudi is an investment bank with a capital of 50 million Saudi riyals. It carries out conventional and Islamic financial services such as the establishment and management of investment funds, portfolio management, international brokerage, private and public placement, underwriting, advisory, dealings as a principal and as an agent as well as custody. Additionally, Global-Saudi obtained approval from the Authority to launch 3 Investment Funds, which are the Global GCC Market Fund, Global GCC Equity Fund and Global Saudi Equity Fund (Noor Fund).

Al-Khabeer Merchant Finance Corporation announced on 12 January 2009 to create a SAR 400 mn real estate fund for the benefit of Jazan Economic City projects.

Bank Al Jazira`s Board plans a SAR 150 million or SAR 0.5 a share, cash dividend payout for 2008.

Mohammed Rasooldeen reported in Arab News on 12 January that Saudi-based Alinma Bank will launch operations at the end of the 2nd quarter of 2009. The bank had a declared net income of SAR 390 mn for the interim period, including SAR 274 mn pre-operating income. Total assets stood at SAR 15.56 bn with total investments of SAR 14.97 bn, and shareholders' equity SAR15.39 bn.

Abdulmohsen Al-Fares is the chief executive officer of Alinma.

The Shariah guidance committee members are Abdulrahman Ibn Saleh Al-Atram, president, Abdullah Ibn Wakeel Al-Shaikh and Suliman Ibn Turki Al-Turki, members of the board.

Ameinfo reported on 8 January that Saudi-based Bank Al Jazira plans a SAR 150 mn or SAR 0.5 a share, cash dividend payout for 2008.

Arab News reported on 31 December that Saudi Hollandi Bank closed its SAR 775 mn first tranche of a SAR 1.5 bn Tier-II Sukuk issuance approved by the bank`s shareholders. The 10-year floating rate note is 2 % above SIBOR (Saudi Interbank Offered Rate) and can be called at the end of 5 years. According to the Chairman Mubarak Al-Khafrah Saudi Hollandi is the first to support its capital in this way. Saudi Hollandi Capital acted as sole lead manager & book runner for this transaction.

Geoff Calvert is the managing director.

Gulf Base cited Reuters that Saudi SABIC received regulatory clearance for its planned SAR 5 bn Sukuk sale. The approval was posted on the Saudi bourse website. SABIC is the worlds biggest chemicals firm by market value.

Source: http://www.gulfbase.com/site/interface/NewsArchiveDetails.aspx?n=61385

The Star Malaysia reported on 22 April that CIMB group intends to expand its Islamic banking business in Dubai and Saudi Arabia via acquisitions.

The group via Bumiputra-Commerce Holdings Bhd recently acquired a 19.99% stake in China-based Bank of Yingkou Co Ltd.

CIMB group chief executive is Datuk Nazir Razak.

Source: http://biz.thestar.com.my/services/printerfriendly.asp?file=/2008/4/22/b...

Mohannad Sharaw, Saudi Gazette, reported on 18 April that Bank AlJazira increased the bank's capital from SAR 2.250 bn (255 mn equities) to SAR 3 bn (300 million equities), or a 33.3 percent increase and the the total number of shares of 27 stakeholders reached 142,201,320 mn, representing 63 % of the bank's 255 million equities. The SAR 750 mn hike will be deducted from the net profits account according to the SAMA regulations.

The 42nd general annual meeting of the bank was held at Jeddah Hilton led by Taha Bin Abdullah Al-Qwaiz, head of the board, along with Abdullah Saleh Kamel, Abdullah Al-Angari, Khalid Bin Omar Al- Baltan, Eng. Abdul Majid Al-Sultan, Khalifa Bin Abdul Latif Al-Mulhim, Mishari Bin Ibrahim Al- Mishari, and Mohammad Bin Abdullah Al-Mudbel.

The board likewise approved dividend of SR0.50 per each equity owned and registered at Tadawul by the end of the stock market session on Wednesday and the added profits on April 29.

Source: http://www.zawya.com/story.cfm/sidZAWYA20080418071404

Tradearabia reported on 15 April that the Initial Public Offering (IPO) of the new Islamic bank, Alinma, oversubscribed the SAR 10.5 bn (USD 2.8 bn) three days before the close of subscriptions.

Alinma Bank sought to sell 1.05 billion shares at 10 riyals each representing 70 % of the banks capital. The bank raised 10.64 billion riyals from about 5.4 million subscribers.

The Public Investment Fund and two state pension funds - the General Organisation for Social Insurance (GOSI) and the Public Pension Agency - will equally share the remaining 30 % of Alinma's SAR 15 bn capital.

Source: http://www.tradearabia.com/news/CM_141803.html

Moody's released on 14 April that Moody's assigns first-time IFSR of Aa3 to ICIEC with stable outlook stable outlook.

The Corporation was established in 1994 at Jeddah, Saudi Arabia. ICIEC provides export credit insurance and re-insurance for exports emanating from its member countries, to anywhere in the world, to cover the non-payment of export receivables resulting from commercial or non commercial risks.

ICIEC is a member of the Islamic Development Bank Group (IDB, rated Aaa by Moody's), which holds 51% of ICIEC's issued shares through its waqf fund, a special fund established by IDB.

Moody's notes that ICIEC's rating reflects both the stand-alone fundamentals as well as potential support from its shareholders/IDB Group member countries.

Source: http://www.ameinfo.com/153294.html

ProLogis released on 8 April that they entered into a 50/50 joint venture agreement to create ProLogis Middle
East with Arcapita, an Islamic investment bank based in Bahrain. The Joint-Venture will develop and acquire a USD 1 bn portfolio of advanced
logistics warehouse space in the Gulf Cooperation Council (GCC) region.

Jeff Schwartz is chairman and chief executive officer of ProLogis.
Atif Abdulmalik is chief executive officer of Arcapita. "
Joseph Ghazal is senior vice president and head of
ProLogis Middle East. "

Companies:
http://www.prologis.com
http://www.arcapita.com

Source: http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/0...

Souhail Karam reported on Reuters, 13 April, on the profit rise of 2.1 % of Saudi-based Rajhi Bank in Q1 from core business operations.

Net Income from investment rose 11.5 % to SAR 2.03 bn. Income from banking services increased 18 % to SAR 454 mn. Growth is targeted by diversifying its sources of revenue, developing the investment and corporate banking sectors along with retail banking. According to analysts posted profits could be even higher, but were impacted by the cost of international expansion.

Rajhi plans to add 160 branches in Saudi Arabia by mid-2008.

Chief Executive is Abdullah Sulaiman al-Rajhi.

Source: http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/id...

Business Intelligence Middle East reported on 9 April that Standard & Poors revisied Saad Group outlookto 'stable' on improved capital structure. At the same time, the 'BBB+' long-term corporate credit ratings were affirmed.

Standard & Poor's credit analyst is Mohammed Fayek.

The potential for a rating upgrade is constrained by leverage and the potential for volatility in portfolio value. A sustained weakening of equity markets or a more aggressive growth strategy and subsequently higher leverage for the group could have negative implications for the rating.

Saad issued a Sukuk.

Source: http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=19032

Parag Deulgaonkar reported on 7 April about the extraordinary shareholder meeting of Tamweel, deciding to restructure Tamweel as a holding firm. The UAE mortgage business, property investment, escrow management services and Tamweel International will be the first four operating units.

The company also plans to raise Dh 5.1 bn through sukuk in 2008. This total amount includes Dh 1.1 bn of convertible sukuk and Dh 4 bn of non-convertible sukuk.

Further Tamweel has signed a joint venture agreement with Al Oula Development Company in Saudi Arabia, where the company expects to open a subsidiary later this year. Other expansion plans include Egypt.

Wasim Saifi is CEO of Tamweel.
Zayed bin Saqer Al Nehayan is Chairman of Tamweel.

Source: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=...

Trade Arabia reported on 5 April based on Reuters that Inma Bank plans SAR 10.5 bn (USD 2.8 bn) in biggest Saudi Initial Public Offering (IPO) from April 7 to 16 selling 1.05 billion shares representing 70 % of the bank's capital SAR 15 bn capital. The Public Investment Fund, General Organisation for Social Insurance (Gosi) and the Public Pension Agency will each hold 10 %.

The IPO was previously delayed. Start of operations of the new Islamic bank is planned for the second half of 2008 with 15 branches.

The CEO is Abdel-Mohsen al-Faris. Lead Manager is Samba Capital.

Source: http://www.tradearabia.com/news/BANK_141332.html

The Islamic Financial Services Board (IFSB) released on 1 April that the IFSB Council adopted two documents to further facilitate efforts towards enhancing the soundness and stability of the Islamic financial services industry.

In its 12th meeting held at the Islamic Development Bank's (IDB) headquarters in Jeddah on March 26th 2008, the Council of the Islamic Financial Services Board (IFSB) resolved to approve two documents that aim to further facilitate efforts towards enhancing the soundness and stability of the Islamic financial services industry. The two documents are:

Guidance Note in Connection with the Capital Adequacy Standard: Recognition of Ratings by External Credit Assessment Institutions (ECAI) on Shari'ah-Compliant Financial Instruments (Guidance Note)

Technical Note on Issues in Strengthening Liquidity Management of Institutions Offering Islamic Financial Services: The Development of Islamic Money Markets (Technical Notes)

Guidance Note in Connection with the Capital Adequacy Standard: Recognition of Ratings by External Credit Assessment Institutions (ECAI) on Shari'ah-Compliant Financial Instruments (Guidance Note)

AME Info reported on 30 March that the long awaited Saudi mortgage law is being considered by Saudi-Arabia's Consultative Council.

Islamic financing will play a promiment role in housing finance and it is expected that also the takaful industry will benefit from this move.

Full Text: http://www.ameinfo.com/151657.html

Kuwait News Agency reported on 24 March that the Saudi-based Al-Rajhi bank, the largest Islamic bank globally, received approval to open a branch in Kuwait.

Full Text: http://aawsat.com/english/news.asp?section=6&id=12201

Khaleej Times reported on 26 March about The Islamic Corporation for the Development of the Private Sector (ICD), an arm of the Jeddah-based Islamic Development Bank (IDB).
 
According to Khaled M. Al Aboodi, the new CEO, international projects include the feasibility study to establish an Islamic bank in Maldives and further studies regarding sukuk issues of banks in Mauritania and Indonesia. ICD has also initiated an Islamic investment bank in Azerbaijan.
 
In Saudi-Arabia ICD has established a real estate company called Ewaan, which is capitalised at SR4 00 mn. The company plans to build housing complexes for the low and middle-income people.
 
ICD provides a variety of financial products to its clients such as direct financing through equity participation, term-financing, line of financing to commercial banks and national development financing institutions (NDFIs), short-term corporate finance, asset management, structured financing, and advisory services to private and public companies.
 
Source: