GFH Capital, Leeds United and Shari’ah law

The takeover of Leeds United Football Club by GFH Capital raised disputes on the level of Shari’ah compliance associated with the deal. A statement by David Haigh, deputy chief executive officer and chief operating officer of GFH Capital, stumbled upon rather negative reception. He compared Leeds United to young Pamela Anderson in terms of good shape and future perspective. Also, the fact that a soccer club where alcohol, gambling and pork feature in the mix is subject of acquisition, the question arises whether it is at all compliant with the Shari’ah principles.

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Dubai's Tamweel Q3 profit falls on provisions, funding costs

Islamic mortgage provider Tamweel registered a drop in the profit during the third quarter of the year. The drop is as high as 46,5%, which misses the forecasts of analysts by far. The 8.4 million dirhams ($2.3 million) net profit in Q3 of 2012 contrasts with 15.7 million dirhams in the same period last year. The forcasts by Arqaam Capital and EFG Hermes lied at a profit of 22 million dirhams.

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Dubai Bank to be rebranded by November-end

According to an official announcement, by the end of November 2012 Dubai Bank will be rebranded as Emirates Islamic Bank (EIB). By merging the two Islamic banking holdings of the Emirates NBD Group, a stronger, more resilient proposition for customers will be provided. With the completion of the alignment process, customers will be able to enjoy an expanded network of 50 branches, 100 ATMs and CDMs across the UAE. Also, there will be free access to over 700 ATMs and CDMs which are part of the Emirates NBD Group.

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Global Islamic Microfinance Forum

Call for Participation

Islamic Microfinance A Real Hope for Poor

Global Islamic Microfinance Forum

8th - 10th December, 12 at Dubai, U.A.E

AlHuda-Centre of Islamic Banking and Economics (CIBE) is a well known name in Islamic Banking and Finance sector which focuses on training, awareness, advisory and publications on Islamic Banking & Finance in order to promote the industry.

It is our pleasure to invite you and your team to participate in “Global Islamic Microfinance Forum” planned to be held on 8th - 10th December, 12, 2012 in Dubai U.A.E. We are in great need of Islamic microfinance as Islamic microfinance has the accurate substitution to cut down the global poverty due to its unique characteristics, its provides ample benefits & sustainable solutions to Microfinance institutions which can be utilized for poverty alleviation and social development in effective way.

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Gulf Islamic banks ready to step in as HSBC pulls back

Just as HSBC Holdings announced it would shrink its Islamic banking operations in a number of countries, the National Bank of Abu Dhabi made plans to increase the contribution of its Shariah-compliant operations three times over the next eight years. Thus, it becomes clear that HSBC's move is nothing but a sign of its own priorities. While it is set to continue its operations mainly in Malaysia and Saudi Arabia with a limited presence in Indonesia, local banks have the opportunity to step in for it.

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Corporate Social Responsibility in the UAE

Due to relative stability in a volatile region, Dubai has quickly become role model for its neighbour countries. Appealing opportunities for foreign companies as well as for individual investors are offered. The next step for Dubai's development is Corporate Social Responsibility (“CRS”). Nonetheless, the implementation of CRS activities has stumbled upon several obstacles including cultural, religious and reactionary to global forces.

Dh5.6m to help 249 needy families

The Dubai Islamic Humanitarian Foundation donated a sum of Dh5.6 million altogether which was to help 249 families during the past nine months. The money was used to cover school fees for children of 183 families, buy dialysis units and ultrasound imaging equipment for four hospitals, etc.

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MICROFINANCE EVENT: AlHuda Center, Akhuwat Organize Global Islamic Microfinance Forum, Dubai, December 8-10, 2012

The Global Islamic Microfinance Forum 2012 will take place from 8th to 10th of December 2012 in Dubai. Major theme of the event is “Islamic Microfinance – A Hope for Poor”. On the 9th and 10th of December there will be an optional workshop titled “Shariah and Marketing Techniques in Microfinance”. Participants will be taught about the Islamic microfinance model. The goal is to encourage its practice on a national as well as international level, including in non-Islamic businesses. The organizer of the event is AlHuda Center of Islamic Banking and Economic (CIBE), a nonprofit consulting firm from Pakistan.

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Dubai SME organises 2nd Corporate Governance Conference to promote sustainable and globally competitive SMEs

The 2nd Corporate Governance Conference for SMEs was organised and opened in Dubai by Dubai SME. As part of the Department of Economic Development (DED), Dubai SME is occupied with with the development of the small and medium enterprise sector. The conference is held under the title 'Execution and Best Practices in Corporate Governance'. Its purpose is to promote implementation and exemplary practices of corporate governance as well as to focus on SMEs that have initiated corporate governance. At the corporate event, guide on effective execution of corporate governance and a case study on the implementation of it in Dubai SMEs will be made public.

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Fear of floating: Raising finance in the Gulf

Dubai capital market seems to be lively again after two new Islamic bonds in value of $500m respectively $650m has been issued this year. After a long period of uncertainity, this should be a turning point for secondary market as well as key driver for region's capital markets in order to get back on the desired growth path.

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Dubai Women Establishment to Host Third Arab Women Leadership Forum in November

Dubai Woman Establishment is going to organize the 3rd edition of Arab Women Leadership Forum on November 19-20. The event called "Board Leadership and the Case for Diversity" will focus on issues and opportunities surrounding the role of women in the boardrooms. Among the participants will be an elite group of women leaders from around the region that will share practical ideas and deliberate on topics related to board leadership and diversity of a woman.

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Global demand for Islamic bonds or Sukuk will grow three-fold

According to a study of Ernst and Young, there will be three times higher demand for Islamic bonds (or Sukuk) till 2017. It is also assumed that this year could be the biggest year for Sukuk as the supply is close to demand. The Continuing standardization by Islamic finance organizations should help Sukuk securities to grow in long-term, analysts says.

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Deutsche Bank’s Aram Says Gulf Arab Bond Sales to Remain Strong

Deutsche Bank claims the GCC bond sales will remain strong as companies in these countries look for alternative financial sources as those of European banks that are continuously declining. CEO for the Middle East believes that the GCC region relies a lot on bank loans, which are going to be less and less accessible.

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DIB announces new investment products

On Tuesday Dubai Islamic Bank (DIB) announcedthe launch of its new investment product, Al Islami Aurum+ 1 Dirham Certificate. It is an innovative investment product providing strategic exposure to the commodity markets while, at the same time, assuring a high level of capital protection. The Certificate is developed by the Royal Bank of Scotland (RBS). Its aim is to generate returns in any market environment by the means of taking exposure and switching between oil and gold.

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GFH Capital in talks to takeover Leeds United

GFH Capital discusses the takeover of the English football club Leeds United and has considerably advanced in its negotiations. Even though a football club is not typical for a bank's business, GFH Capital has discussed logistic and other issues at length and it is possible for the investment operation to be finalized by the end of the year.

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State utility DEWA eyes sukuk issue in 2013 - CEO

Dubai Electricity and Water Authority (DEWA) considers the launch of a sukuk next year. The initiative shall be part of DEWA's refinancing plans. Other products in combination with the sukuk, such as securitisation, will also be included. The issuance is expected to lead to benefits from lower borrowing costs. The money gained is intended to be used for repayment instead of investment.

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BIMB not opposed to buying debt-ridden Dubai Group’s stake in Bank Islam

After legal proceedings were lobbed at Dubai Group over its US$10bil debt, the question arose what can be expected regarding the 30.5% interest it held in Bank Islam, where 51% of it belongs to BIMB. It is suggested that BIMB may acquire the stake from the Dubai state investment vehicle. In this way it will gain practically full control of Bank Islam. A notable fact is that BIMB as well as Bank Islam share a common shareholder pilgrim fund Lembaga Tabung Haji, which owns 51.76% of the former and 18.5% of the latter.

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GCC and Asia likely to use sukuk funding

Recently a number of GCC companies issued landmark corporate and infrastructure sukuk in Malaysian ringgit. According to a report by Standard & Poor’s Ratings Services, this might be a sign of a starting trend of development and globalization of the market. Islamic financial instruments are becoming more popular since conventional banks worldwide offer fewer and shorter loans. Especially for countries of GCC and Asia, Islamic financial instruments will very probably become a key funding source.

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Japanese insurer all set to enter Saudi takaful market through joint venture

Insurance company Tokio Marine Middle East Ltd intendt to launch a new Saudi joint venture aiming to spearhead its activities in the Kingdom and beyond. Alinma Tokio Marine KSA, the joint venture between Tokio Marine Middle East, Saudi Basic Industries Corporation (SABIC), Saudi Arabia's Alinma Bank, and a number of local smaller investors will start working together in the very near future. The capital of the new company is estimated at SR100 million.

Dar Al Takaful eyes 40% growth

Dar Al Takaful plans to a number of products with small and medium enterprises, travel, medical and institutional business as a target group. Thus, profitable volumes are expexted to contribute to achieving the premium targets set for 2012. The companiy's intentions are to achieve a 40% growth a year in the next two years. So far, an 85 per cent year-on-year growth in its premium business are a fact after only seven months of the current year.

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