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Qatar Charity CEO Mr. Yousef bin Ahmad Al-Kuwari and Silatech CEO Dr. Tarik M. Yousef signed an agreement committing the two organizations to work jointly to support young Arab entrepreneurs through Silatech’s Narwi micro-giving portal. The agreement follows the 2013 signing of a Memorandum of Understanding to cooperate in technology, fund-raising and technical assistance. “Narwi” (narwi.com) will allow visitors to the site to directly contribute toward financing the young Arab entrepreneur of their choice in countries including Palestine, Lebanon, Jordan, Iraq, Yemen and Somalia. Funds on Narwi are given as revolving donations, so that when the entrepreneur repays the original loan, the donation moves on to support others as well.

Prospects for the 2022 World Cup in Qatar are unsettling bond investors already rattled by political turmoil between the country and its neighbors, with its sukuk on course for its worst month in more than a year. FIFA Executive Committee member Theo Zwanziger told Germany’s Bild this week that Qatar probably won’t host the world’s biggest soccer event in 2022 because of the summer heat. While Qatar dismissed his comments, it’s creating more market turbulence for the country, which has been at odds with Saudi Arabia and the United Arab Emirates over its support for the Muslim Brotherhood in the region. The bond due January 2018 will drop further if its neighbors continue to isolate Qatar and this FIFA situation isn’t resolved.

Qatar has expressed its willingness to set up an Islamic bank in Tajikistan, which would be the first Shariah-based financial institution in the Central Asian country. The establishment of a full-fledged Islamic bank under Qatari-Tajikistan partnership was discussed when Ezdan Holding chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani called on Tajikistan President Emomalii Rahmon in the country's capital Dushanbe last week. Sheikh Dr Khalid said the Qatari business community was viewing the Tajikistan market with great interest and willing to invest in the country, besides sharing its knowledge and expertise with local businessmen in different sectors, particularly Islamic banking. He termed as "extremely positive", the Tajikistan government's decision to enact necessary legislation required for Islamic banking.

A delegation of the Qatari Businessmen Association (QBA) visited Kenya last week to enhance bilateral business relations between the two countries and open up new areas of investment. The delegation was headed by Sheikh Dr Khalid bin Thani bin Abdulla al-Thani, second deputy to QBA chairman and Ezdan Holding chairman. The delegation included Ezdan Holding CEO Ali Mohamed al-Obaidly and Vodafone Qatar CEO Kyle Whitehill among other businessmen and QBA members. The delegation was received by Kenya’s Minister of Foreign Affairs and International Trade, Amina Mohamed, who brought them together with senior officials from the Kenyan Ministry of Foreign Affairs and members of Kenya’s business community. Sheikh Dr Khalid said Kenya has become a promising and attractive business environment.

The Islamic banks in Qatar outpaced conventional banks in the country in terms of growth in net profit during the second quarter of 2014 (Q2,14). Qatar Islamic Bank (QIB) reported a 15.0 percent YoY bottom-line growth in Q2 14, mainly due to improvement in top-line as well as fee income. Masraf Al Rayan reported 12.1 percent YoY growth in its bottom-line due to strong growth in net financing income, Global Investment House (GIH) noted in its Q2, 14 “GCC Banking Sector” analysis. The GIH analysts who covered five major Qatar-based banks said the loan books of banks in Qatar grew the most in the region, by registering 15.4 percent growth on year-on-year basis, followed by the banks in Saudi Arabia (9 percent), UAE (4.8 percent) and Kuwait (4.6 percent).

Qatar is exploring investment opportunities in Ethiopia’s banking, insurance, real-estate development, and health and communication sectors. This was announced by a Qatari businessmen delegation, chaired by Sheikh Dr Khalid bin Thani bin Abdullah al-Thani, chairman of Ezdan Holding Group. Dr Mulatto Shuma, president of Ethiopia, highlighted government’s readiness to offer all possible support to encourage foreign investment in Ethiopia by offering facilities and incentives as well as adopting a policy that protects investments in the country. Other members of the delegation included Ali Abdulrahman al-Hashemi, delegated member of Mackeen Holding Company; Ali Ibrahim Abdulghani, CEO of Qatari Islamic Insurance Company; and Kyle White Hill, CEO of Vodafone Qatar.

Qatar International Islamic Bank (QIIB) has announced the appointment of Ehab Eshehawi (pictured) as its Chief Operating Officer (COO). Eshehawi has more than 25 years’ experience in managing Technology and Operations in the USA, Europe, Asia and Mideast, including 14 years’ experience in the US with Fortune 500 Companies, and 15 years’ experience with international banking institutions. He spent the last 15 years with Arab Banking Corporation and Ahli United Bank focused on supporting banking mergers and acquisitions. Eshehawi is holder of a Bachelor degree in Business Administration, minor in Business Computers Information Systems, and a MBA from the USA.

A study commissioned by Qatar Foundation on foreign labour recruitment to Qatar has called on the authorities to fix a minimum wage for all occupations in the construction sector and ensure timely payment of salaries. The report, titled “Migrant Labour Recruitment to Qatar”, was commissioned as part of the Qatar Foundation Migrant Worker Welfare Initiative. An assigned minimum wage for all occupations in the construction sector in Qatar, regardless of nationality, would help to prevent the exploitation of workers from particular countries, said the report. Moreover, cost of food should not be linked to wages.

Qatar Islamic Bank (QIB), Noor Bank and Warba Bank, the mandated lead arrangers, announced the successful closure of a $155m Shariah-compliant receivable backed syndicated financing facility for a UAE-based Jafza entity. The facility is a transaction that enabled the obligor to securitise its future receivables guaranteed by multinational oil and gas companies. Noor Bank acted as lead arranger and bookrunner for the facility besides its role as the account bank, documentation bank, Shariah-coordinator, as well as investment and security agent. The facility was designed to refinance existing debt and finance the company’s future capital expenditure.

Qatar CSR network has launched The Qatar CSR Report 2013, entitled "The Initiative", in partnership with Qatar University and participation of the Ministry of Economy and Commerce. The Report is available in both Arabic and English. The Ministry of Economy and Commerce intends to launch a Qatari CSR index that takes into account similar international experiments based on relevant UN standards. The Ministry also seeks to form a CSR network that covers Qatari companies in general and companies registered in the Qatari stock exchange in particular, in order to promote the exchange of ideas and help these companies work closely to meet CSR standards.

Barwa Bank , Sharia compliant banking service provider from Qatar, has announced the opening of a representative office in Dubai International Financial Centre (DIFC). ?Currently in its fifth year of operation, Barwa Bank enjoys strong relations with major corporates, an increasingly growing SME portfolio and one of the fastest growing retail banking activities in Qatar. This momentum is expected to increase in 2014, as it continues to build up activities. This is the first time Barwa Bank has opened an office overseas and is in line with the bank's plans to develop the Sharia-compliant financial market outside as well as within Qatar, said Khalid Al Subeai, Acting CEO at Barwa Bank.

Turkish Islamic lender Bank Asya has ruled out reports of ending share sales talks with Qatar Islamic Bank (QIB). Several reports on July 2 claimed Bank Asya and the QIB have ended exclusive talks regarding the QIB acquiring a stake in the Turkish lender after failing to agree on price. The reports also quoted sources claiming Turkish state-run bank Ziraat Bank may now be the most likely partner for Bank Asya, but the two banks have not officially begun negotiations. Ziraat Bank officials said there had not yet been any official attempts to move toward Bank Asya, but they did not deny the possibility of such an acquisition either. Meanwhile, on July 1, Bank Asya announced it has moved to sell assets worth around 133 million liras.

Qatar Islamic Bank (QIB) and Turkey's Bank Asya have ended exclusive talks over QIB acquiring a stake in the Turkish lender, with valuation concerns said to be behind the decision. Turkish state bank Ziraat Bank may now be the most likely partner for Bank Asya but the two banks have not officially begun talks. It is not clear what size stake has been under discussion. Bank Asya shares slumped 9.9 percent to 1.36 lira, their lowest since April 1, by 1304 GMT, on the news that Asya was no longer holding exclusive talks with QIB. Islamic lender Bank Asya has been under pressure to sell assets, after major investors sympathetic to Turkish Prime Minister Tayyip Erdogan withdrew deposits.

Asya Katilim Bankasi AS (ASYAB), the Turkish banks in talks to sell a stake to Qatar Islamic Bank, has hired Goldman Sachs Group Inc (GS:US) as exclusive financial adviser on the deal. The Istanbul-based lender said in March that it was in exclusive talks with QIB for a strategic partnership, while the Doha-based bank said it was interested to take a stake in the lender. Bank Asya, in today’s filing, didn’t give more details. Bank Asya fell 2.9 percent to 1.66 liras at 10:35 a.m. in Istanbul. It’s gained about 14 percent this year.

QInvest sees Turkey as being a key driver is Islamic finance growth worldwide and will be exploring the opportunity at the 9th Turkish-Arab Economic Forum, takingplace in Istanbul on 28th and 29th May 2014. QInvest has an office in Istanbul and offers cross-border services to clients from its presence in Qatar, Turkey and Saudi Arabia.The bank has been involved in a number of high profile sukuk issuances in Turkey. Besides, QInvesthas also been active in other areas of Islamic finance in the country, including Murabaha, and mezzanine and equity finance. The Bank is active in the Turkish asset management industry and is in talks with a leading portfolio management company to advise on sharia'a-compliant asset management.

Pak-Qatar Takaful Group recorded a strong growth with a combined turnover of Rs5.5bn ($54m) for the year ended December 31, 2013. The Group made a profit of Rs74m ($0.7m) during the year. Pak-Qatar Takaful Group, which comprises of Family Takaful and General Takaful, reviewed and approved the financial statements of Pak-Qatar Family Takaful and Pak-Qatar General Takaful for the year during the group's board meeting held recently in Doha. The company's paid-up capital is in excess of Rs710m, with credit rating of 'A' (Stable Outlook) by JCR-VIS Credit Rating Co Ltd.Pak-Qatar Family is recipient of several domestic and international awards and nominations.

Qatar-based Islamic Holding Group reported a net profit of QR2.96bn for the first quarter of 2014, up 40 percent compared to QR2.11bn in the corresponding period in 2013. Dr Yousef Ahmed Al Neamah, Chairman and Managing Director of the group, said during a meeting of the board of directors that these positive results are an indicator of growth potential. He added that there was a sense of optimism, especially at the Qatar Exchange. The group seeks to discover new opportunities for investment, achieving better growth and adequate return for the shareholders.

Qatar Islamic Bank (QIB) has entered into exclusive discussions to acquire a stake in Turkey’s Bank Asya. QIB is seeking to finalise the transaction within the next few months, subject to obtaining the required regulatory approvals. The Qatari bank did not say what stake it might buy or disclose any other details. Bank Asya had said earlier it had started talks on a strategic partnership with QIB and planned to complete the process soon. It gave no further details. The Islamic bank has been in focus since state-owned companies and institutional depositors have reportedly withdrawn 4 billion lira ($1.8 billion), or some 20 percent of the bank’s total deposits. Bank Asya said it had weathered the mass deposit withdrawals and was not at risk.

The Board of Directors of The First Investor (TFI), Barwa Bank Group’s 100 percent owned investment banking subsidiary, has appointed Yousef Ali Al Obaidan as the Acting Chief Executive Officer of TFI. Since joining TFI in 2007, Yousef has spearheaded the company’s Investment Banking activities. He has gathered experience leading investment banking initiatives targeting investment opportunities through originating and successfully overseeing the establishment of several projects and companies in Qatar. Yousef graduated with a Bachelor of Arts in Finance and a Master of Arts in Integrated Marketing & Communications from the California State University.

Asset growth rates at Islamic banks in Qatar have dropped to just above those of their conventional peers, cutting a large lead which the industry held in previous years and suggesting the impact of a regulatory ban on Islamic windows is fading. Islamic banking assets grew 12.2 percent in 2013 to 218.8 billion riyals ($60 billion). That was only marginally faster than 11.2 percent growth posted by conventional banks during the same period. Before the ban of Islamic windows, they captured 54.6 billion riyals of assets. Since Qatar's ban took effect at the end of 2011, Islamic banks have added 57.5 billion riyals of assets to their balance sheets. This suggests that if Islamic banks absorbed the assets from the Islamic windows in their entirety, their growth excluding this factor has been minimal.