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Methaq Takaful Insurance is planning new Takaful products that will be launched in 2010, Dr Omar Fisher, advisor to the board of the firm said at a meeting of insurance broker partners. The article did not clarify what type of products are foreseen.

Kuwait Finance House – Bahrain (KFH-Bahrain), has unveiled its new brand identity for ' Baytik Ijara Card', the first Islamic financing card that allows cardholders to acquire durable goods on a lease-to-own basis.

KFH-Bahrain's first Ijara card was initially launched in 2004. It gave customers the convenience to make purchases at hundreds of outlets in the Kingdom with the flexibility to pay back depending on period of their choice, which can range from 1 to 24 months.

Inovest (previously Al Khaleej Development Company – Tameer), a Bahrain-based shariah compliant investment company, has launched a new water technology venture in partnership with a US company.

The project size is USD 32 mn, from which USD 24 mn will be the net equity, and USD 7.2 mn is being subscribed by Inovest and its technology partner.

The product launch is subject to approval from Central Bank of Bahrain and other statutory approvals, the company added

Inovest CEO is Dr. Khalid Abdulla.

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Shamil Bank said that it had made USD 66.8 mn in total income for last year. The bank's net profit last year amounted to USD 22.8 mn, while Q4 last year, the bank sustained $16.3 million in losses.

Over the year, commodity Murahabas (bank placements) increased significantly from $424 million to $1.043 billion. The bank's Murabaha Financing (loans and advances) activities also increased from $807m to $1.048 billion.

BNP Paribas Investment Partners currently manages about half a billion USD in Sharia compliant assets and targets according to the chief executive MENA Tariq Al Samahiji to multiply this amount. The bank currently offers equity Sharia management and has recently started marketing its first Islamic bond or sukuk fund.
Al Samahiji expected the sukuk fund to attract investments from institutions and wealthy individuals, but stressed BNP would not market the fund to the retail market.

TradeArabia reported on 27 January that the Bank of London and the Middle East (BLME), will be extending its wealth management division with the launch of a private banking business. The new project will be headed by the newly appointed head of private banking Adrian Gayler, who joins BLME from Merrill Lynch International Bank Limited. Gayler will be based in BLME’s new private banking offices in Mayfair, London, along with the already established specialist wealth management team

Tradearabia reported on 22 January that Moody's Investors Service has placed the A2 local and foreign currency issuer ratings for Qatar Real Estate Investment Company (Alaqaria) under review for possible downgrade. The moves comes following the new Qatari government directive to merge Alaqari with Barwa Real Estate Company. Moody's has also placed the $300 million Trust Certificates (sukuk) issued by Qatar Alaqaria Sukuk Company (QASC) under review.

TradeArabia published a Reuters News on 8 January that Abu Dhabi's government-owned Al Hilal Bank is unlikely to break even this year and may slow overseas expansion due to the global crisis but will grow organically in the UAE. Al Hilal became operational in June last year and expected originally to turn a profit in 2009.

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