IslamicFinance.de

Bahrain-based Sakana Holistic Housing Solutions and BMI Bank (BMI), an associate of Bank Muscat, signed a Commodity Murabaha Islamic Financing facility whereby BMI Bank provided BD 3 Million funding for 1 year to Sakana towards working capital requirements.

This agreement is in continuation of a 2 year relationship which both organizations with Islamic financing facilities amounting to BD 8.2 Million extended by BMI to Sakana which were repaid on due date.

Mr. Abdullah Bin Sulaiman Al Rajhi, Managing Director and Chief Executive Officer of Al Rajhi Bank announced that the bank has achieved a net profit for 2009 amounted to SAR 6,767 million ($1,804 million) compared to SAR 6,525 million ($1740 million) in 2008 with a rise of 4 per cent.

The laicist French government seeks to make amendments to laws improving Islamic finance investors access to France. Although a relevant draft law was turned down by the Constitutional Council in form, but not in content, French Minister of Economy, Industry and Employment Christine Lagrade made it certain that the government would work further. The French minister's advisor Thierry Dissaux told KUNA that the government would introduce amendments to French legal and tax systems in order to match Islamic financial principles.

According to recent studies, Islamic financial investments in France are estimated at roughly USD 120 billion.

Talal al-Kandari reported on Kuna.

Alinma Bank's profit fell by 85 percent in the fourth quarter of 2009 as its net income amounted to SR5.6 million ($1.49 million), compared to SR38.6 million ($10.29 million) for the previous quarter, according to a posting on the Saudi stock market (Tadawul) website on Saturday.

Barwa Bank, a major new Qatari financial services provider, today announces the approved acquisition of Qatari based investment shareholding company, The First Investor. The acquisition by Barwa Bank has received full approval from the Qatar Central Bank and filings with the Ministry of Business and Trade are in progress.

Ingress Sukuk Bhd has obtained its sukuk holders’ approval to extend the maturity date of about RM48 million in Islamic bonds, the company said today.

Kuwait Finance House (KFH) has revealed plans to expand into the US and Canada in 2010.

The sukuk market, which has been gaining ground since the second half of 2009, is expected to chart stronger growth in 2010, buoyed by the global economic recovery, low interest rates and the Government's pump-priming initiatives.

Seven Islamic banks were included in this year's study which tested the service quality performance of 27 banks across the UAE. Five of the seven Islamic banks included claimed a place within the top 10 performance ranking table.

Bank Islam Malaysia Bhd is expanding its corporate investment banking business to include initial public offerings (IPOs) as part of its expansion drive.

Islamic finance in the GCC is emerging as a credible alternative source of ship finance.

Bank of Kuwait and Middle East (BKME) has achieved a growth of 13 percent in the last three years, and is now undergoing a change to become fully Sharia-compliant.

CIMB Wealth Advisors Bhd aims to secure RM25 million premium this year from insurance and takaful products, chief executive officer Tan Beng Wah said on Monday.

The Islamic Financial Services Board (IFSB) is organising its 7th Summit on 4 - 5 May 2010 in Manama, Bahrain. The Central Bank of Bahrain is hosting the Summit, which is themed: "Global Financial Architecture: Challenges for Islamic Finance".

In a paradox that sums up so much about the country, Dubai recently unveiled the world’s tallest building in the midst of a crisis in the property market.

Malaysian and the United Kingdom Islamic banks signed off on a standardised wakala deposit agreement, which some bankers said could help the industry reduce its reliance on the controversial commodity Murabaha structure.

Concepts of corporate social responsibility (CSR) and its practices in Bangladesh have a long history of philanthropic activities from time immemorial.

In general, it is true that in Bangladesh, the status of labour rights practices, environmental management and transparency in corporate governance are not satisfactory, largely due to poor enforcement of existing laws and inadequate pressure from civil society and interest groups like consumer forums.

A focus on CSR in Bangladesh would be useful, not only for improving corporate governance, labour rights, work place safety, fair treatment of workers, community development and environment management, but also for industrialisation and ensuring global market access.

Kuwait's Investment Dar, the Islamic firm that co-owns British luxury carmaker Aston Martin, has received approval from almost 80% of creditors for a five-year plan to restructure about one billion dinars ($3.5 billion) of debt, two persons familiar with the plan told Zawya Dow Jones.

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has launched a comprehensive accidental death and disability insurance plan offered at a very affordable annual premium, a statement said.

Dubai World faces another test when it meets creditors next week to begin discussions on its other debts, totalling US$22 billion (Dh80.8billion).