Kuwait Finance House KSC : “KFH” offers educational product with credit privileges

Kuwait Finance House (KFH) offered a new financing product that allows the public to purchase seats at schools and universities using monthly installments. KFH purchases seats at universities, schools, and institutes, then resells those seats to the public. People can pay through monthly installments, and the ceiling of the service is KD 15,000. The first installment can be postponed for six months, and the service is possible for all people in Kuwait, regardless of whether they are KFH clients or not. However, the service is subject to the credit rules and regulations. The person requiring the service must have an original price quote, original ID, a recent salary certificate that shows the net salary, and a balance inquiry for the clients of other banks.

IDB - Islamic Development Bank : IDB Observes International Anti-Corruption Day

Marking the international anti-corruption day, IDB Vice-President (Operations) Mr. Birama Boubacar Sidibe reiterated the need to recognize fraud and corruption as one of the greatest obstacles to socio-economic development and undermining policies and projects aimed at alleviating poverty world-wide. He stated that the IDB Group takes pride that its policies and programs are in line with the core Islamic values of integrity, ethics and preventing fraud and corruption. The event was organized by IDB's Group Integrity Office (GIO) which holds annual awareness raising activities. In line with its fraud and corruption prevention mandate, the IDB Group has adopted several key anti-corruption policies and guidelines to fight corruption. A multi-lingual 24/7 "Speak-up Hotline" to report corruption is expected to be launched in IDB shortly.

Kuwait Finance House KSC : KFH: Meeting the wealth management needs of high net worth clients

Kuwait Finance House KFH Wealth Management General Manager Matthew Welch stated that reinforcing the Bank's private banking and wealth management service is a key pillar of the restructuring and transformation plan that the Bank is presently implementing. Matthew noted the rising competition in the high net worth segment and that clients are increasingly discerning in selecting the institution with whom they choose to invest. He explained that KFH is keen on harnessing the investment capabilities of the wider KFH group to bring new opportunities and investment ideas for the benefit of the Bank's high net worth client base. In addition, he noted that clients now expect increased access to investment advisory and discretionary management services to help them navigate the present volatile market conditions.

Iranian Bank Seeks U.K. Damages After Ruling

Iran's Bank Mellat is claiming GBP500 million ($782 million) from the U.K. Treasury after a London court ruled against a British decision to sanction the bank. In June, the U.K.'s highest court ruled against sanctions that had been imposed on Bank Mellat as a result of its alleged links to Tehran's nuclear program. The London ruling follows a similar decision in favor of Bank Mellat at a European Union court. But it won't lead to an end to restrictions against the bank for now because EU sanctions remain in place on Mellat. The U.K. sanctioned Mellat in 2009, banning its operations in the country and freezing its assets after it was accused of facilitating Iran's nuclear program. The measure was expanded to the rest of the European Union the following year.

Kuwait Finance House KSC : KFH launches Quran Application for android users

Kuwait Finance House (KFH) has launched the first version of a Quran Application for android users. Strategy and Corporate Affairs General Manager Fahad Al-Mukhaizeem said that KFH is keen to grant this gift since Ramadan is approaching. Moreover, Al-Mukhaizeem explained that this service sheds lights on the meanings of the Quran, and helps reciters in memorizing it. He revealed that the number of users is expected to reach 2 million users by the end of the year, after launching the current version that will be constantly updated through Play Store. It is worth noting that the new version has high resolution, in addition to features like night reading. Furthermore, the application will include many meanings in English, Arabic, French, and Turkish, not to mention the feature that allows users to listen to the Quran. Features also include choosing the colours that the reader wishes to see.

IRU - International Road Transport Union : Islamic Development Bank, Arab transport industry and IRU pool resources for more growth and prosperity in the Arab World

At the 7th IRU Euro-Asian Road Transport Conference, the IRU, the Islamic Development Bank (IDB) and the Arab Union of Land Transport (AULT) unveiled the results of their 18-month joint project, aimed at achieving more trade and profitability, safer roads and faster border control procedures to help the economic integration of the Arab world at regional and global level. The project revolved around three main components: the development of professional training, a Truck Accident Causation Feasibility Study, and the implementation of a road transport facilitation strategy. An appropriate legal framework to effectively facilitate road transport is a prerequisite, as well as the removal of non-physical barriers, such as customs procedures formalities. The development of manager and driver professional training at the international standards was also identifies as key to effectively increase the industry's efficiency and safety.

Citigroup Inc : Citi and Bahrain Association of Banks Host ‘Women in Banking’ Roundtable

Citi Bahrain and the Bahrain Association of Banks (BAB) recently organized a 'Women in Banking' roundtable that determined that there is a need to establish a forum to support and empower women working in Bahrain's banking and financial sector. Female banking executives from more than 15 institutions attended the seminar. Speakers pointed out the role of women in the banking and financial sector, which is the largest single employer in the Kingdom, with women making up 37 percent of its workforce. Challenges facing women in the financial sector like the prevailing attitude towards women, an existing male-dominated workforce, the organizational culture and a lack of female role models were discussed. The event was closed with a suggestion to form a working group to formulate recommendations on how best to further the development of women in the banking sector.

Bank Indonesia : Maintaining the Islamic Financial Industry’s Growth in an Improved Quality

Bank Indonesia holds The 3rd Bank Indonesia International Seminar on Islamic Finance on 30-31 May 2013, in Bali. The seminar's theme is, "A New Phase of Islamic Finance: Capturing the Untapped Area to Improve the Quality of Economic Development".The seminar is expected to revisit the essense and purpose of the Islamic finance, and explore new sources of growth to maintain the current high level of growth in the Islamic finance industry. The area of discussion includes shariah norms in the economy, the application of Islamic finance in the government sector, the promotion of inclusive growth, and the implementation of macroprudential policies in Islamic finance. The seminar is attended bymore than 200 participants representing regulators, practitioners, and scholars in Islamic banking and finance, both domesticand international.

Jordan Islamic Bank Co PLC : Musa Shihadeh receives the award of wise leadership from Tatweej Academy

Tatweej Academy for Excellence Awards and the Arab Organization for Social Responsibility have granted Mr. Musa Shihadeh, Vice Chairman, General Manager of Jordan Islamic Bank (JIB) a red sash and gold medal of Distinguished and a Certificate of Excellence in the field of wise leadership. This ceremony honors Shihadeh in appreciation of his distinguished efforts in settling islamic banking rules in Jordan, and possessing leadership and management characteristics. The ceremony was held in Dubai with the participation and attendance of institutions and management figures who were honored for the achievements and initiatives.

QIIB shareholders approve 35% dividend; to increase members of the Board of Directors to 11 from 9

The ordinary general assembly of Qatar International Islamic Bank's (QIIB) shareholders, chaired by the bank Chairman Dr Sheikh Khalid bin Thani bin Abdullah Al Thani, approved all the 11 items figured in the agenda. These include the approval for the board of directors' decision to issue $2bn sukuk, election of two members to the Governing Council, and an annual dividend of 35 percent. The bank's total revenue in 2012 amounted to QR1.183bn while the net profit reached QR679m recording a growth rate of 4 percent on year-on-year basis. The issuance of the $2bn sukuk depends on international market conditions.



Jordan Islamic Bank Co PLC : IIRA upgrades credit rating of JIB and reaffirms Its Sharia Quality Rating of AA(SQR)

The Islamic International Rating Agency (IIRA) situated in Bahrain has upgraded the credit rating of Jordan Islamic Bank (JIB) on the national scale, whereas the international scale ratings of JIB have been reaffirmed. The outlook on the ratings is 'stable'. The report issued by the agency also reaffirmed JIB's Sharia Quality Rating of AA, which confirms the bank's conformance to very high standards of Islamic Shari'a principles in its dealings and finances.

Jordan Islamic Bank Co PLC : JIB and Hajj Fund sign an agreement of issuance Hajj Sukuk

Jordan Islamic Bank (JIB) and Ministry of Religious Endowments / Hajj fund have signed the agreement of issuance Hajj Sukuk for citizens who are interested in participating in the fund through Jordan Islamic Bank. Citizens can subscribe in Hajj Sukuk as a tool for saving and investment that complies with Sharia principles. Underwriting can be done through all JIB's branches and offices.

Ithmaar Bank B.S.C. : Ithmaar support for Education Scholarship Fund

Ithmaar Bank helped support a local charity that provides an Education Scholarship Fund (ESF) for children of financially challenged families. Ithmaar Bank Chief Executive Officer and Member of the Board, Mohammed Bucheerei, presented the cheque for the ESF to Azra Mohammed Mohsin, President of the Pakistani Women's Association (PWA) which established the fund. More than 100 children are receiving support from the ESF in the current academic year .

Finance House PJSC : Islamic Finance House Opens its New Main Branch in Abu Dhabi

Finance House PJSC (IFH) has made an announcement about the grand opening of its new main branch. It is located in the centre of Abu Dhabi. IFH is committed to growing across the UAE and to serving the customers who are seeking Shari'a compliant financial services. It offers a wide and diversified portfolio of Shari'a compliant products including personal and business finance alongside investments. Thus, it aims to enrich the financial experience of its customers using a customer-centric approach.

ADIB Community Banking To Serve Non Profit Organisations

Abu Dhabi Islamic Bank said it will start to provide a new business line focused on UAE community that is in accordance with banking requirements for non-profit organizations. A new service, called ADIB Community Banking, shall provide help to Charities, Philanthropy Associations, Special Needs Foundations and Islamic affairs authorities in order to fulfill their special needs.

Syndicate content