IslamicFinance.de

Moody's Investors Service has today downgraded the ratings of three Dubai-based banks -- Emirates NBD,
Mashreqbank PSC and Dubai Islamic Bank PJSC. These ratings were placed under review in August 2009 in response to a weakening of economic conditions in Dubai.

Khalijia Invest as one of the recently established investment companies in the region, specializing in Corporate Finance and Asset Management, operating in compliance with Shari’ah guidelines announces the commencement of its operations, under its five licenses awarded by the Saudi Capital Market Authority.

The World Bank plans to support standard-setting bodies of the Islamic finance industry in turning their voluntary standards into binding banking regulations.

The leasing market in Kuwait is the most active in the Middle East and North Africa (MENA) region which abounds in companies leasing autos, furniture, and other goods but sees little activity in the sector

The Investment Dar Co. K.S.C.C. ("TID") and the Coordinating Committee of TID's banks and investors ("Coordinating Committee") presented a comprehensive restructuring plan to restructure TID's financial arrangements with its wider bank and investor group in Kuwait and Dubai on 24 and 25 November, respectively.

Al Mal Bank LLC has agreed to suspend all of its regulated activities conducted in or from the QFC until such time as the current investigation being conducted by the QFC Regulatory Authority into the affairs of the Bank has been concluded.

Dubai's index DFM faltered for the second session in three, with investors showing little enthusiasm for risking more money in a highly volatile market until fresh news on Dubai World's restructuring emerges.

Madison-based World Council of Credit Unions (WOCCU) has received a $60.5 million federal contract to expand credit union services in southern and eastern Afghanistan.

The Islamic Bank of Asia (IBA), a unit of DBS, said its CEO Vince Cook has quit for personal reasons and Friday is his last day with the bank.

Saudi-based Islamic Development Bank (IDB) plans to issue Islamic bonds, or sukuk, in the first half of next year worth around $850 million.

India’s property market, where prices have risen as much as 29 percent in major cities, will escape the kind of collapse that afflicted Dubai, the CEO of the Housing Development Finance Corp states.

The international financial services information company Thompson Reuters is planning to launch a news portal covering information about the Islamic financial industry in early 2010.

A focus on Islamic finance could also attract sovereign and other funds from oil-rich Gulf states and help provide the investment that France needs.

There has been a significant increase in syndication deals since the start of 2009, with a total of 36 deals announced or closed worth a cumulative total of $9.5bn. If the rest of the year continues as it started it would suggest that total Islamic syndicated loans for 2009 will end in the region of $21bn, which would be broadly in line with 2007 levels, analyses Paul McNamara from Yasaar Media.

Dubai tries to restore its reputation on Thursday, assuring investors that major property and leisure projects would go ahead and dispatching two top officials on a public relations drive to Washington.

A consortium of four banks namely, National Bank of Egypt, Banque Misr, Arab African International Bank, and Banque du Caire arranged, underwrote and syndicated a facility for the Egyptian Nitrogen Products Company (ENPC). Faisal Islamic Bank was among the co-arrangers.

HSBC Amanah today announced the launch of HSBC Amanah Premier - the world's first Islamic banking service aimed at internationally mobile, affluent consumers.

Bahrain's emergence as an Islamic banking hub has spurred Tamkeen to put in place an ambitious plan to train 130 Bahraini graduates in Islamic finance and business accounting.

NCB Capital, the investment banking arm of National Commercial Bank, Saudi Arabia’s largest bank, believes that Islamic finance, an increasingly important element of the GCC financial sector, is well positioned to lead the way in the region’s pending economic recovery.

Despite an early intervention by governments, the global economy has not yet fully recovered. However, the signs of recovery are there and the situation is immeasurably better than a year ago according to the Central Bank of Bahrain.