Shanghai Daily

UN Security Council removes Iranian bank from sanction list

The United Nations Security Council announced on Sunday that it has removed Iranian Bank Sepah and its international subsidiary from a sanctions list. This move came after Saturday's announcement of a UN report confirming that Iran has completed necessary preparatory steps to start the implementation of a plan of action aiming to resolve the nuclear issue. Bank Sepah had been under a Council-mandated asset freeze since 2007. It provides support for the Aerospace Industries Organisation (AIO) and subordinates, including Shahid Hemmat Industrial Group (SHIG) and Shahid Bagheri Industrial Group (SBIG), according to the UN website.

Islamic finance industry enters 2013 with new strength

2012 is considered to be a turning point for banking in compliance with Islamic principles. New markets and new regulations in the Middle East contributed very much to the flourishing of the sector. According to data from Ernst and Young, globally assets managed in line with Shari'ah will reach in 2013 record heights, amounting to 1. 8 trillion U.S. dollars, up from 1.2 trillion U.S. dollars in 2012. The ongoing turmoil in the Middle East and the Euro zone debt crisis were not able to stop Islamic banks in the Middle East from expanding their markets and business.

Gulf Arab Private Equity sector picking up: expert

After an investment, which turned out unsuccessful, at the beginning of the ongoing Arab turmoil, there is some positive perspective. A combination of excess liquidity and renewed business confidence has given motivation to new investment activities in the private equity sector. As Shailesh Dash, founder and CEO of Al Masah Capital, explained, the amount of money raised by private equity fund managers in the Gulf region has reached approximately 16.5 billion U.S. dollars in the last 10 years. He further cited two studies by consulting firms Preqin and Bain & Company which found out that private equity firms in the Gulf Arab region are in possession of between 3.8 billion to 5 billion U.S. dollars.

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