CPI Financial

Al Baraka to provide Shari'ah-compliant finance to small projects in Egypt

Al Baraka shall provide Shari'ah-compliant finance to small projects in Egypt with cooperation with World Bank through the Social Fund and its subsidiary in Egypt. Bank authorities claimed in their statement that small projects hast become the highest priority for countries and international financial instututions due to high unemployment rates.

MARC confirms CIMB Islamic's MYR 2 billion Sukuk programme’s ratings

Malaysia's CIMB Islamic Bank defended its AA+/Stable rating on MYR 2 billion Tier-2 Junior Sukuk programme, issued by rating agency MARC . The programme rating is one grade lower than bank's financial institution rating of AAA. However, MARC confirmed the stable outlook for the rating of the programme, as CIMB Bank meets their expectations for the rating category.



The IFSB-IRTI-IDB publishes report on Islamic Finance: Global Financial Stability

A report on Global Financial Stability was launched at the Inaugural Financial Stability Forum organised by the Islamic Financial Services Board (IFSB) on Tuesday, 6th April in Khartoum. The report examines the intrinsic strength of the Islamic finance model, the state of the Islamic financial services industry and challenges and strategies for strengthening financial stability in the Islamic financial services industry.

Alrajhi Bank has achieved the highest profits among all Saudi Banks

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.

Barwa Bank announces acquisition of The First Investor (TFI)

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.

KFH plans expansion in US, Canada

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

Barclays analysts give views on Nakheel Sukuk

The comments from Barclays came in a report which recommended that investors sell their Nakheel Sukuk. How much money banks and investors are likely to obtain from Nakheel is under some dispute since the Dubai World conglomerate which Nakheel is a part of announced last December that it would be seeking to restructure its debt.

Shari’ah-compliant Structured Trade Finance Fund to be launched by Gatehouse Bank and DDCAP

Gatehouse Bank will launch a Shari’ah-compliant Structured Trade Finance Fund in early 2010. Parnter is the wholesale Islamic market intermediary company DDCAP. The aim of the fund is to invest capital in structured trade finance transactions.

Arab Bank lists funds on the Cayman Island Exchange

CPI Financial reported on 22 April that Arab Bank Fund Managers (Guernsey), a subsidiary of Arab Bank lists nine investment funds on the Channel Islands Stock Exchange. The IIAB Sukuk and Murabaha MENA Fund and the IIAB MENA Feeder Fund, are Shari’ah compliant funds and are both part of International Islamic Arab Bank Protected Cell Companies (IIAB PCC). The investment adviser for these funds is AB Invest in Jordan.

All of the funds are dollar denominated and open-ended, with monthly valuation and dealing.

The Guernsey administrator for all the funds is Legis Fund Services.

Source: http://www.cpifinancial.net/v2/News.aspx?v=1&aid=203&sec=Wealth%20Manage...

Syndicate content