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QIIB becomes first Islamic bank in #Qatar to launch card for domestic work

QIIB has launched a card for domestic workers, which provides flexible and easy solutions for both workers and employers, and complies with the standards required and set by various government agencies. The employer can transfer the salary of the domestic worker directly to the card via QIIB mobile banking application or Internet banking. The card is also a secure and certified record of all monthly salary payments for domestic workers, and can be used in all ATMs and points of sale. The cardholder can also use it to pay for utility bills, make online purchases and transfer money to their home country.

Alizz Islamic Bank completes merger process with Al Yusr Islamic Banking

Alizz Islamic Bank has completed all processes related to the integration of Al Yusr Islamic Banking. This includes the integration and transferring of customers, services, employees, assets, and liabilities from the Al Yusr Islamic Banking window to Alizz Islamic Bank’s operating system. This merger has led to the formation of a larger Islamic banking entity that can effectively compete in the market. Alizz Islamic Bank now has a wider network of 17 branches in various governorates of the Sultanate. In addition to expanding the digital services, customers will have access to an award-winning mobile banking application. Alizz Islamic Bank is a wholly-owned and fully licensed Islamic banking subsidy of Oman Arab Bank, which is part of the extensive Arab Bank Plc network.

Banks cannot charge fees on loan deferral says Central Bank of #Bahrain

The Central Bank of Bahrain (CBB) has clarified that no fees, except insurance, can be charged by lenders on the four-month loan deferral for Bahrainis and local companies. The regulator also said no late payment fees must be charged on credit cards’ outstanding balance due for payment this month. S&P noted that the measures carried out by the CBB have been effective so far. The measures include relaxation in prudential requirements and asking banks to defer instalments for six months, in a bid to help the private and retail sectors cope with the pandemic.

Jaiz Bank: First shared-profit bank in #Nigeria approaches 10 years

Nigeria’s first non-interest bank has moved from being a regional bank to a national bank, with several branches and customers. JAIZ International was established on 11th of November 2011, and began the long walk to the actualization of their dreams. On 6 January 2012, operations commenced at the branches in Abuja, Kaduna and Kano. In 2013 it was permitted to increase shareholding capital to $92.3 million (NGN14.3 billion), and subsequently applied for a national banking license which it received in 2016. Audited financials from the company show that the company is fast growing to make up for the early years of little or no profit. Total assets grew 54% YOY, from N108.4 billion in 2019 to N167 billion in 2019, while deposits rose 50% to N127 billion, from the N85 billion recorded in 2018. The recently reported Q2 2020 unaudited reports show that the bank had a fair outing in the second quarter of the year, with a clear improvement across all indicators in comparison to Q2 2019.

Egypt's Faisal Islamic Bank records $7.15bln in business volume during August

The Faisal Islamic Bank of Egypt has reported a 9.3% increase in its volume of business to EGP 112.751bn in August 2020, compared to EGP 103.149bn in August 2019. The bank’s total assets reached EGP 109.713bn in August 2020, which reflects a 13% growth compared to the EGP 97.124bn reported in August 2019. Faisal Islamic Bank aims to open five new branches over the course of the current year, bringing its total network of branches to 41. It aims to further expand its branch network to 46 by the end of 2021. The bank also plans to offer a number of new services, including “Meeza” debit and pre-paid cards, and new bill e-payment service “Fawri”.

Malik Riaz’s Bank ‘EIBL’ to offer Islamic Housing Financing for Bahria Town

Escorts Investment Bank Limited (EIBL) is planning to launch Islamic housing finance. Malik Riaz, the Pakistani business tycoon owns EIBL. The new financing is expected to help in the business of the parent project of EIBL, Bahria Town. Bahria Town recently announced a cheap housing scheme in different cities for both Pakistani residents and expatriates. The scheme would appeal to customers towards the housing project as well as the bank. Shariah-compliant housing finance and micro-financing products are to be issued by EIBL besides the earlier offered interest-based products.

ADIB partners with Ministry of Finance to offer NextGen eDirham cards

Abu Dhabi Islamic Bank (ADIB) has partnered with the UAE’s Ministry of Finance (MoF) to offer the new range of eDirham cards. eDirham cards offer a smart payment method accepted by more than 5,000 government services in ministries, federal and local authorities. The system offers many advantages, including low costs and the possibility of paying service fees through different payment channels, which include eDirham apps for phones, e-wallet, vouchers, and self-service eKiosks. The ADIB eDirham Gold and ADIB eDirham Signature cards represent the third generation of the eDirham cashless payment service.

Nigerian Islamic bank Jaiz targets N5.41b gross income in Q4

Jaiz Bank has projected that the flagship non-interest bank will post a gross income of N5.41 billion in the fourth quarter with average pre-tax profit per average sales expected at 13.03%. The bank predicted that profit before tax will be N705.37 million while profit after tax is expected to close the three-month period at N634.83 million. Jaiz Bank Managing Director Hassan Usman said overall vision of the bank was to become the leading non-interest financial institution in Sub-Saharan Africa. The bank wants to develop small and medium enterprises (SMEs), grow with them and support them not only for profit making but to ensure the country achieves real growth. He noted that while the bank would continue to expand its operations across the country by opening more branches, it will significantly leverage on technology and bring the semi-banked and unbanked population into the formal economy.

Asia Pacific Investment Bank to launch new Islamic digital finance fund

Asia Pacific Investment Bank (APIB) will be launching an Islamic digital finance fund in Malaysia to invest in shariah-compliant financial technology (fintech) start-ups. The fund will be launched in collaboration with OUD Asset Management, a boutique fund management company. APIB director Datuk Foo Yong Hooi said the bank also collaborates with Ripple to explore ways to facilitate cross-border transactions more efficiently. According to Foo, the collaboration with OUD is very important now as the financial industry is adopting digital transformation at a pace faster than ever before, and this fund would be able to support the digital economy transformation of Malaysia.

Bahrain's GFH inks deal to hold majority share in Sharia investment firm

GFH Financial Group announced that it has acquired an additional 21.8% stake in Global Banking Corporation. The deal gives GFH a majority stake of 50.4% in the Bahrain-based investment bank following Central Bank of Bahrain approval to acquire up to a 60% shareholding. Established in 2007, GB Corp targets high-net-worth individuals and institutional and government clients across the GCC countries. As of December 2019, GB Corp reported total assets of $125 million and assets under management of approximately $500 million.

Islamic Corp. for the Dev. of the Priv. Sec. -- Moody's - ICD's credit profile reflects its robust capital position, strong liquidity balanced against weak asset quality

According to Moody’s Investors Service, the Islamic Corporation for the Development of the Private Sector’s credit strengths lie within its robust liquidity buffer and high quality treasury portfolio. While ICD remained lossmaking in 2019, the size of the losses narrowed significantly, and capital adequacy was supported by ongoing payments from shareholders under the second general capital increase. Moody’s analyst Thaddeus Best expects that the ICD will temper its balance sheet expansion in order to preserve capital. It is anticipated that the bank’s increased focus on term lending operations will help ease credit risk over the coming years.

Kenanga Cap Islamic partners Bay for digitised factoring solution

Kenanga Capital Islamic (KCI) has collaborated with a financing company Bay Group Holdings to enhance digitisation in the local factoring market. The collaboration will introduce a maiden local solution to the local factoring market through merging private and public sectors under a platform to tap into an underserved market, which is expected to grow fivefold from its current RM20 billion value. The partnership with Bay is expected to advance KCI’s position in the factoring market, reduce its overall operational costs as well as improve its efficiencies. Registered and regulated by the Securities Commission of Malaysia in 2016, Bay provides innovative digital solutions through its supply chain management platform and Bay P2P financing platform.

APIB aims to cooperate with domestic financial institutions to promote Islamic finance industry

Asia Pacific Investment Bank (APIB) aims to cooperate with domestic financial institutions to promote the internationalisation of the Islamic finance industry. APIB CEO Chris Wang is confident that APIB could be the bridge that connects Malaysia and China. In light of the US-China trade war and the Covid-19 pandemic, the government is facing a critical challenge in leveraging the country’s position. Wang said APIB could help the government achieve the goal by making the country’s Islamic finance industry more dynamic. APIB is an offshore Islamic investment bank, established in January 2015 with the approval of the Labuan Financial Services Authority, headquartered in Labuan and its main operating office based in Kuala Lumpur, with representative offices in Shanghai and Nanjing, China.

DIB Tier 1 Sukuk (3) Ltd. -- Moody's announces completion of a periodic review of ratings of Dubai Islamic Bank PJSC

Moody's Investors Service (Moody's) has completed a periodic review of the ratings of Dubai Islamic Bank (DIB).
Dubai Islamic Bank's A3 long-term Issuer ratings are derived from the bank's ba2 standalone baseline credit assessment and a five notch systemic support uplift based on Moody's view of a very high likelihood of government support from United Arab Emirates (rated Aa2), in case of need. DIB's ba2 BCA reflects the bank's solid profitability, deposit-funded balance sheet, and healthy liquidity reserves. These strengths are moderated by Moody's expectation of downside pressure on the bank's solvency in the 12-18 months on the back of lower oil prices, reduced investor confidence and the coronavirus-induced disruption.

Sombank takes Islamic banking to the cloud with Temenos

Somalia's Sombank selected the Temenos Islamic Banking solution in the cloud to accelerate its digital transformation and create innovative products to increase access to financial services in Somalia. Sombank will implement the full front-to-back Temenos Islamic Banking platform, which combines the capabilities of Temenos Infinity and Temenos Transact. Temenos’ cloud-native technology will allow Sombank to create innovative digital products and offer lower cost services. Currently, Sombank serves customers via branch and online network and representative offices throughout Somalia. The bank will use the Temenos Infinity digital front office to create a unified customer experience for all financial and non-financial services across all channels.

CIMB hunts for marcomms and CSR lead for group Islamic banking

CIMB Bank is looking for a director, Islamic marketing, communications and CSR, group Islamic banking (GIB). The appointed individual will develop and enhance the CIMB Islamic brand platform in line with business aspirations. The individual will also offer strategic marketing and communications support to GIB consumer banking, commercial banking, transaction banking, wholesale banking and asset management. The individual is expected to have at least 10 years of experience of relevant banking background in established banks or financial institutions, in-depth knowledge of Islamic marketing, communications and corporate responsibility, and working knowledge of Shariah and governance.

Emirates Islamic announces First Half 2020 Financial results

Emirates Islamic announced its financial results for the half year ending 30 June, 2020. The Bank reported a net profit of AED 12 million for the first half of 2020. The total income is of AED 1.1 billion, lower by 15% year-on-year. Funded Income margins are lower by 25 bps year-over-year due to lower profit rate environment. Total assets stand at AED 64.2 billion, decreased by 1% from end 2019. Customer accounts stand at AED 45 billion, broadly flat from end 2019, while current and savings accounts balance up 10% from end 2019.

Faisal Islamic Bank's profit down 54% in Q1 2020

The consolidated financial results of Faisal Islamic Bank of Egypt showed a 53.6% year-on-year (YoY) drop in its net profits to EGP 483.53 million in the first quarter (Q1) of 2020 from EGP 1.043 billion. Meanwhile, the bank’s revenues fell to EGP 2.63 billion in the January-March period, compared to EGP 3.22 billion in the corresponding period a year earlier. It is worth mentioning that in 2019, Faisal Islamic Bank of Egypt reported consolidated net profit of EGP 2.78 billion, up from EGP 2.56 billion in 2018, including minority shareholders’ rights.

Property financing campaign launched by #Bahrain-based Al Baraka Islamic Bank

Al Baraka Islamic Bank has launched a promotional campaign to provide property financing to the beneficiaries of the Housing Ministry’s Mazaya programme. Under the campaign, profit rates will be calculated at competitive rates, there will be no down payments, and zero banking fees. The bank will also cover the fees of life insurance for the beneficiaries and will provide fire insurance for the property. Also, there will be instant prizes for the executed deals. The financing is up to BD120,000 with maximum duration of 25 years.

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