UAE

Sharjah Islamic Bank hires HSBC, StanChart for Sukuk sale

HSBC Holdings Plc (HSBA) and Standard Chartered Plc (STAN) were employed to take care of the sale of Islamic bonds for Sharjah Islamic Bank (NBS) PJSC.
The bank announced that the dollar-denominated sukuk will be sold subject to market conditions and after fixed-income investor meetings in the Middle East, Asia and Europe.

UAE insurer sees premiums quadrupling in 2011

Takaful Emarat wants to launch new products and as a result it expects gross written premiums to surge to Dh65 million ($17.7 million) in 2011.
Ghassan Marrouche stated that the new savings products, combined with the expectation that medical insurance will become compulsory in the United Arab Emirates would help the rise of written premiums. He added that demand is already increasing for Islamic insurance, or takaful, products in markets such as India, Pakistan, Jordan and Syria.

Dubai sovereign wealth fund ICD agrees US$2.8 billion loan

Dubai's ICD sovereign wealth fund has launched its largest loan since its financial crisis, containing a US$2.8 billion, five-year loan refinancing.
The leaders of an Islamic tranche will be: Dubai Islamic Bank and Standard Chartered, while Citigroup, Emirates Bank and HSBC Bank have been appointed to co-ordinate a conventional tranche.

Emirates Islamic Bank slumps into loss

UAE's Emirates Islamic Bank has admitted a net loss of $5.4m for the first quarter of 2011.
Dubai Financial Market posted that the bank's total income dropped 7.6% every year.

Muslim Philanthropy Awards [2011] Announced at World Congress of Muslim Philanthropists Banquet

Dubai, United Arab Emirates, March 23, 2011 – The Muslim Philanthropy Award winners were announced at the 4th annual banquet of the World Congress of Muslim Philanthropists in Dubai, UAE.

Every year, the Muslim Philanthropy Award honors an individual, a grantmaking institution and a corporation for their distinguished contribution to the field of philanthropy.

The Muslim Philanthropy Awards for 2011 were awarded to H.R.H. Prince Talal bin Abdul Aziz Al Saud (Personality) for demonstrating outstanding civic and charitable responsibility; Islamic Development Bank, Saudi Arabia (Grantmaker) for showing long-standing commitment to economic empowerment, human dignity, and institutional building; and Abraaj Capital, UAE (Corporation) for demonstrating longstanding leadership in advancing strategic philanthropy, creativity in responding to societal problems, and having significant positive impact on corporate giving in MENA region.

IMF raises UAE, Saudi, Qatar, Kuwait forecasts

A report of the National shows that GDP forecasts for the UAE, Saudi Arabia, Kuwait and Qatar in its World Economic Outlook was raised by the International Monetary Fund.

Dubai Islamic Bank paid $102m for Tamweel stake

In the annual report of Dubai Islamic Bank there was stated that while UAE's biggest Islamic lender tried to push mortgage financing in Dubai, the lender paid $102m in order to buy a controlling stake in Tamweel. This information was given by Bloomberg.

Islamic Finance Session at the World Congress of Muslim Philanthropists

Alberto Brugnoni, ASSAIF, will moderate the Session on 'Finance and philanthropy' at the “4th World Congress of Muslim Philanthropists - Defining the Roadmap for the Next Decade” that will convene at the Shangri-La Hotel in Dubai on March 23-24, 2011

Muslim Philanthropy is at a crossroad, challenged to build new models of giving while simultaneously refining old methods embedded in vibrant Islamic tradition. The foremost challenge in the field is to promote strategic and accountable philanthropy that complements and enhances the generations-old conventional charity, which is often personal and spontaneous

The Session will examine within a common framework the failure of zakat to achieve most of its socio-economic objectives, the stagnation of waqf institutions in performing their designated social functions and the growing divergence between the aspirations of Islamic economics and the realities of the Islamic finance industry. It will also offer actionable programme plans for zakat and innovative ways of using the institution of waqf to establish social enterprises, as possible common solutions

Economist calls for creation of mortgage insurance entity

Cites risk averse mode of banks and lack of developed credit bureaus in the UAE.
The recomandation of Dubai Dr Nasser Saidi, chief economist of the DIFC Authority, is to establish an Emirates Mortgage Guarantee Corporation (EMGC) that would provide up to 30 per cent of the mortgage value and support the gap in the UAE mortgage market.

Moody's downgrades Jafz to B2; negative outlook (UAE)

Moody's decision to downgrade Jafz was driven by the high uncertainties over the near- to medium-term evolution of the company's capital structure, which the rating agency assesses as being highly leveraged, with adjusted debt to EBITDA at 8.6 times (as per the 12-month period ending June 2010), and as unsustainable given the company's cash flow profile.
Moreover, Moody's considers it likely that the company's capital structure will remain constrained. These factors have prompted Moody's to reposition Jafz's baseline credit assessment (BCA) to 16 (equivalent to B3 on Moody's global scale) from 14 (B1 equivalent), hence the downgrade.

Political unrest in the Middle East detrimental to sovereign credit quality, says S&P report

Political unrest and the resulting economic impact in some countries of the Middle East and North Africa (MENA) are proving detrimental to sovereign credit quality in the region. This is written in the following two reports of Standard & Poor's Ratings Services: "Credit FAQ: Middle East Unrest's Credit Impact: How We Assess The Political And Economic Risks In Sovereign Ratings," and "Report Card: Middle East And North Africa Sovereign Ratings Dip As Political And Fiscal Risks Intensify."
Almost all sovereigns in the region, including wealthy oil-exporting countries, share, to varying degrees, some or many of the political and economic risks that we believe underlie the unrest.

Islamic an option for UAE banks

The UAE will not follow Qatar in banning conventional banks from operating Islamic services, as its financial system has a different legal framework. Conventional banks will remain free to offer Sharia-compliant banking products. That is the statement of the Central Bank Governor, Sultan al Suwaidi.
Islamic finance banks based in the Dubai International Financial Centre are required to operate within AAOIFI guidelines.

Saving up attractively and securely

National Bonds Corporation has announced a profit of 3.78 per cent for its bond holders despite a challenging year in 2010.
The CEO of the leading Shariah compliant saving scheme in the UAE, discussed a variety of subjects concerning the National Bonds and their customers as well as plans for 2011 and beyond.

United Arab Bank supports 'Sailing Arabia'

Under the patronage of HH Sheikh Mohammed Bin Saud Al Qasimi, Crown Prince of the Emirate of Ras Al Khaimah, United Arab Bank (UAB) announced its co-sponsorship of 'Sailing Arabia-The Tour', the regional sailing event taking place across the Arabian peninsula, in line with the Bank's commitment to developing UAE youth and the local community.

SIB, Egyptian firm sign MoU ?to set up Corplease UAE

Sharjah Islamic Bank has signed a Memorandum of Understanding (MoU) with the Corporate Leasing Company Egypt (CORPLEASE), to establish a joint venture 'CORPLEASE UAE', a UAE-based company that will provide a plethora of lease facilities.
The ceremony was attended by Mohammed Abdullah, CEO of Sharjah Islamic Bank and Tarek Azmy, Managing Director of CORPLEASE, who signed the MoU on behalf of their respective organisations.

Methaq Donates Dh 3 Million To The UAE Red Crescent Authority

Meethaq Takaful Insurance Company has offered zakat money of Dh 3 million to the UAE Red Crescent Authority (RCA).
The Managing Director of Methaq Takaful, Mr. Abdullah Al-Maamari, presented the cheque to HE Ahmed Humaid Al Mazrouie, Chairman of the RCA’s Board of Directors, in presence of HE Mohammed Khalifa Al Qemzi, RCA Secretary General, and Mr Khalil Ghneim, Methaq’s General Manager.

OIC may float takaful company

Oman Insurance Company (OIC), the largest insurer in the UAE, may float an Islamic insurance (takaful ) firm in the country. The company has appointed an advisory company which is carrying out the due diligence for it to foray in to takaful segment.

Islamic finance growing in Kazakhstan

Kazakhstan is aiming to become a Central Asian hub for Islamic finance, with plans to launch its first corporate sukuk this year and a new Sharia-compliant bank.
Kazakhstan is seeking foreign investment to help diversify its economy into areas including petrochemicals, renewable energy, tourism and agriculture. The UAE and Kazakhstan also have "good potential" for cooperation on food security.

Central Bank issues Dh3.5bn Islamic CDs

The UAE Central Bank has issued Dh3.5 billion worth of Islamic certificates of deposits (CDs) for Shariah-compliant banks in the UAE to create new investment tools and keep those banks away from the foreign markets.
The Central Bank had started issuing the country’s first Islamic (CDs) as part of a plan to create a new investment tool for Shariah-compliant banks in the country, the second largest Arab economy.

UAE banks face deadline for Saad & Algosaibi exposure

The Central Bank of UAE has told banks to allocate provisions of 80 per cent of their exposure to the collapsed Saudi family business conglomerates Saad and Algosaibi by the end of 2010.
Central bank governor Sultan Al Suwaidi said central bank's approval of the banks' audited results for 2010 would be conditional on those provisions.

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