Mega Islamic bank may be launched in 2012
February 22, 2012
A long-awaited mega Islamic bank to be headquartered in Bahrain may be launched this year and $600 million of its $one billion capital will be contributed by Islamic banks in the Arab region, a senior banker has said.
The remaining capital will be subscribed by local sovereign wealth funds and other financial institutions and investors, said Adnan Youssef, chairman of the Beirut-based Union of Arab Banks (UAB).
Touted to be the world's largest Shariah-compliant unit, the bank idea was first floated in 2009 but was delayed many times because of the repercussions of the 2008 global...
Oman Islamic banks’ guidelines draft almost ready
February 9, 2012
Oman, whose banking industry more than doubled in five years, is close to finishing a draft rulebook for Islamic banking in the Gulf Arab country, said central bank governor Hamud al-Zadjali.
“We are preparing a rulebook for Islamic banking, and the first draft is almost complete,” al-Zadjali said in a phone interview today. The central bank met with local lenders on January 25 to discuss the regulations, he said.
The guidelines won’t be completed before the banking law is amended by mid-year to incorporate lenders that comply with the religion’s ban on...
GACA sukuk offering credit-positive: Moody's
February 1, 2012
On Jan. 18, the Saudi General Authority of Civil Aviation's (GACA) successfully closed a SR15 billion sukuk offering guaranteed by the Ministry of Finance (Saudi Arabia, Aa3 stable). Given the scarcity in recent years of Saudi government debt issuance, particularly Shariah-compliant instruments, Moody's believes that this transaction is credit-positive for local Islamic financial institutions (IFIs).
This sizable issuance will offer a profitability boost to local IFIs as they will have an opportunity to invest their excess cash into this profit-yielding instrument. The prohibition of riba,...
The Islamic Bank of Asia Announces Two Strategic Appointments - Harish Parameswar as Head of Investment Banking & Saleh Al Nashwan as Chief Representative of Bahrain Representative Office
January 26, 2012
The Islamic Bank of Asia (IB Asia) today announced two key senior appointments to drive the bank’s focus on investment banking and establish greater connectivity between the Middle East and Asia. Mr. Harish Parameswar is appointed Managing Director and Head of Investment Banking and will be based in IB Asia’s head office in Singapore. Mr. Saleh Al Nashwan joined IB Asia as the Chief Representative for its Bahrain Representative Office.
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Qatar International Islamic Bank Announces 2011 Results
January 23, 2012
Deposits totaled QR 16.6 billion in 2011 compared with QR 13.1 in 2010. The financing portfolio grew to QR 10.6 billion at end of 2011 compared with QR 9.2 billion in 2010. The total assets stood at QR 23.4 billion in 2011 compared with QR 18.2 billion in 2010. The shareholders equity reached QR 4.9 billion at end of 2011 compared with QR 3.8 billion in 2010. The capital adequacy as per Basel –II was 24.4 % in 2011.
Abdulbasit A.Al-Shaibei said the results were consistent with the bank’s plans and directions given by its Board of Directors. The bank hopes to move further forward...