IslamicFinance.de

The Islamic Development Bank (IDB) has given its approval for a loan worth $710-million to implement four projects in Iran. The agreement was reached in the sidelines of the IMF annual meeting in Tokyo. The money will be used for the establishment of treatment plants at upstream areas around dams and rural regions, thus assuring prevention from environment pollution.

Read more on: http://www.zawya.com/story/IDB_allocates_USD710m_to_4_projects_in_Iran-Z...

BankDhofar intends a move to introduce sharia-compliant banking services. Therefore, they plan the launch of an Islamic Banking window. The approval for the move was given at an Extraordinary General Meeting of the bank's shareholders. Also, it was agreed upon the appointment of a Sharia Supervisory Board.

Read more on: http://www.zawya.com/story/BankDhofar_EGM_nod_for_Islamic_Banking_Window...

Family businesses in the Middle East and in the Gulf region face crucial challenges and therefore turn to the government for help and support. The chairman of Al Fahim Group explains that government support and backing similar to the one during the leadership of the late Shaikh Zayed Bin Sultan Al Nahyan is necessary - local companies need to be supported by ensuring them government work and purchasing their products and services.

Read more on: http://www.zawya.com/story/Family_businesses_in_Middle_East_seek_governm...

A Memorandum of Understanding (MoU) has been signed by the World Bank and the Islamic Development Bank (IDB). It will provide a framework for collaboration between the two parties and support global, regional and country efforts in the development of Islamic Finance. The common objectives of the two banks include fostering, encouraging, and studying the expansion of Islamic finance worldwide. Some of the leading principles of the MoU are sharing knowledge sound practices in the Islamic financial services industry and cross fertilization of ideas.

An issuance of a full-fledged Islamic Banking Regulatory Framework (IBRF) by the Central Bank of Oman (CBO) is expected in the very near future. Therefore, Oman is ready to dive into Islamic finance. By the end of 2015 a growth in Islamic finance assets of 20% of the total banking and insurance assets in the Sultanate is expected. Investment in research and innovation is encouraged in order to meet the needs of the increasing market appetite.

At this year's Oman Investment Forum 2012 the executive president of the Central Bank of Oman (CBO) announced that the regulatory framework for Islamic Banking has been finalised. Also, amendments to the Banking Law are being worked on. The local banks Bank Nizwa and Al Izz Islamic Bank received initial approvals to practice Islamic banking.

Read more on: http://www.zawya.com/story/Oman_finalises_Islamic_Banking_rules-GN_09102...

According to an announcement, Al Ansari Exchange and the Bill & Melinda Gates Foundation will sign a partnership of $10 million (Dh36.72 million). The partnership aims to support two significant health issues: polio eradication and treatment and prevention of neglected tropical diseases (NTDs). The agreement will start with an initial co-funded contribution of $4 million in support of polio eradication activities in Pakistan and Afghanistan. Prevention and treatment of NTDs in sub-Saharan Africa is planned as well. The partnership initiatives shall represent focused, strategic philanthropy and have a strong positive effect on the life of people in the poorest countries.

Read more on: http://www.zawya.com/story/UAE_firm_partners_Gates_Foundation_in_health_...

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.

See more under: http://www.zawya.com/story/Dubai_Women_Establishment_to_Host_Third_Arab_...

After Oman allowed sharia-compliant lending last year, new Islamic banks are bolstering their balance sheets in order to challenge the sultanate's larger conventional lenders. Al Izz Islamic bank recently enabled subscription for its initial public offering of 40 per cent of the lender and reports strong interest. In addition, in June 2012 Bank Nizwa attracted 681m rials ($1.77bn) of bids in a successful share sale, which exceeds the necessary amount 11 times. However, competition is not to be underestimated.

More on: http://www.zawya.com/story/Markets_watch_new_Oman_banks_flex_muscles-ftc...

In an announcement on Wednesday, Bank of London and The Middle East plc (BLME) informed about a significant senior secured transaction with Greenergy Biofuels Limited. BLME is the lead arranger and the main shareholders with equal stakes are BLME and a bank basedin Qatar. The facility is secured against the assets of a biodiesel plant located in Immingham, Humberside, UK.

More on: http://www.zawya.com/story/BLME_arranges_senior_secured_Murabaha_finance...

The move to stipulate a minimum RO10 million capital for takaful firms aroused serious concern among Oman insurance companies. Reason therefore is that such a move will most probably pose a major entry barrier for local companies. That is why insurance companies prefer window operations in takaful business like the proposed regulation in banking sector. The proposal by Capital Market Authority (CMA) concerns a minimum envisaged capital of RO10 million and a three-member board for standalone companies for Sharia-compliant takaful insurance business. Feedback from insurance companies is expected within two week's tima.

More on: http://www.zawya.com/story/Oman_Insurers_upset_over_norms_for_takaful_fi...

According to a study by Al Izz Islamic Bank, the assets of Islamic banks in Oman are expected to pass the mark of RO 2 billion by 2015. The assets of Islamic banks in the country represent 10% of the total banking assets. The study further points out several factors which stimulate Islamic monetary services the most. Among them are demographic indicators, since 72% of the Sultanate's population is aged between 15 and 80 and is mostly Muslim. The concept of Islamic financing is strongly supported by the population.

More on: http://www.zawya.com/story/Oman_Islamic_bank_assets_at_OMR2bn-ZAWYA20120...

The home to most millionaires in the world changes from the US to the Asia-Pacific region. Already the millionaire population in the Middle East is 2.7% higher with 450,000. Wealth rose 0.7%, thus reaching $1.7 trillion. This information given by Capgemini and RBC Wealth Management is an indication of growth of the investable wealth of the region's high net worth individuals independent from the Middle East's vulnerability to protests and demonstrations.

More on: http://www.zawya.com/story/Middle_East_millionaires_get_wealthier_USD1tr...

KFH-Bahrain plans to launch a new financing product for small and medium enterprises (SMEs) in partnership with Tamkeen. The new product will offer unique Islamic financing solutions and a subsidy of 50%. Thus, the growth of the corresponding companies shall be supported.

More on: http://www.zawya.com/story/KFHBahrain_launches_SMEs_Finance_programme_wi...

Baker & McKenzie assisted Saudi Binladin Group with a SAR 1,000,000,000 short term sukuk al murabaha. The sukuk was issued by SBG Sukuk Limited as an exempt offering in Saudi Arabia. The sole Lead Manager in relation to the transaction is HSBC Saudi Arabia.

More on: http://www.zawya.com/story/Baker__McKenzie_act_for_Saudi_Binladin_Group_...

After Capital Market Authority (CMA) has approved of the prospectus for Alizz islamic bank's shares offering, the bank has set the launch date of its initial public offering (IPO) on September 22. The IPO consists of 400mn shares. Expextations are that the bank will draw unbanked sections of the population into the market and that by 2015 Islamic banking assets in the country will exceed RO2bn.

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 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.

Qatar First Investment Bank (QFIB) is announced to acquire two properties in prime locations in Central London. These are the Leinster Inn Hotel at Leinster Square, and Westbourne House, Westbourne Grove. The acquisition is carried out in association with a consortium of investors from the GCC. The transactions aim to capitalise on the growing demand for real estate in Central London by converting both buildings into high-end luxury residential apartments.

According ot a report by Standard & Poor's Ratings Services, a trend to develop and globalize the sukuk market is being set. Since conventional banks worldwide tend to producing fewer and shorter loans, companies look for an alternative in terms of financing. In this case, it is very probable that Islamic financial instruments become a significant source of funding, particularly in the GCC and Asia. While these regions mark the center of a huge estimated $1 trillion market, they also need high capital for developing their infrastructure.