AMEInfo

Yasaar Human Capital launched in the DIFC

Yasaar Human Capital, is launched in the Dubai International Financial Centre, as a specialist executive search and human resources firm working within the Islamic finance sphere. The team behind Yasaar Human Capital focuses on executive search, talent management and advisory.

Majid Dawood is Chief Executive of Yasaar Limited, which is already active in the field of Sharia consultancy and media.

Fuwad Beg is CEO of the new entity, Yasaar Human Capital.

Bahraini Saudi Bank takeover approved

Bahrain's Al Salam Bank has announced that Bahraini Saudi Bank's shareholders had accepted its takeover offer.

Fitch affirms Jordan Islamic Bank for Finance and Investment at 'BB-'; outlook stable

Fitch Ratings has today affirmed Jordan Islamic Bank for Finance and Investment's (JIB) ratings at Long-term Issuer Default (IDR) 'BB-' (BB minus) with stable outlook, Short-term IDR 'B', Individual 'C/D' and Support '3'.

Dubai Islamic Bank sets up JV in Jordan this year

Dubai Islamic Bank is set to implement this year its joint-venture with Jordan Dubai Capital and Dubai International Capital to invest in Industrial Development Bank and convert it to the Jordan Dubai Islamic Bank.

Abu Dhabi Investment House Strategic Direction

Abu Dhabi Investment House shifted its direction in 2008 towards the 'real economy', which includes health, agriculture, communications and clean energy sectors. The company increasingly changed its strategy in 2005, 2006 and 2007 from traditional investment, real estate and financial markets methods included the 'Vision 3' alliance between Abu Dhabi Investment House, Gulf Finance House and Ithmaar Bank.

The goal of the alliance is to benefit from the combined expertise in the identification of investment opportunities within the hospitality, infrastructure and agricultural sectors, including InfraCapital, the GGC's first Islamic investment bank focused on infrastructure and AgriCap, a fund given over to the development of numerous agricultural projects. The AED 400 mn Al Joud fund, the new GCC listed equities fund, performed very well.

Until now, the company did not venture into America or European markets and is considering capitalising on distressed assets in these markets.

ADIB board approves AED 2 bn sukuk

The board of Abu Dhabi Islamic Bank has approved issuing a AED 2 bn (USD 545 mn) sukuk to the government.

BMB Group wins mandate to manage Global Zakat and Charity Fund for OIC

The International Zakat Organisation ('IZO'), an important new charitable body of the Organisation of The Islamic Conference ('OIC'), announced its selection of The BMB Group to lead a new global charitable initiative which promises to be the largest in the Islamic world.

The proposed Global Zakat & Charity Fund would be over USD 3 bn in size and will manage charitable funds to address needy causes in the world.

The Fund will invest in community development projects with an emphasis on sustainability. The four major areas to be targeted are: (1) income generation through the provision of private equity investments to small and medium enterprises, (2) development of social enterprise through the establishment of hospitals, educational institutions and housing developments (3) development of agricultural and other vital infrastructure and (4) the provision of relief and emergency funding.

Mat Hassan Esa is the CEO of International Zakat Organisation.
Dr Humayon Dar is the CEO of BMB Islamic.
BMB appoints David Gibson-Moore as Managing Partner.

Pak-Qatar Family Takaful Limited (PQFTL) rated by JCR-VIS Credit Rating Co. Ltd. A-

Pak-Qatar Family Takaful Limited (PQFTL) has been assigned an initial Insurer Financial Strength (IFS) rating of 'A-' (Single A Minus) by JCR-VIS Credit Rating Co. Ltd.

Islamic gold security to launch in Dubai

A sharia-compliant tradeable security backed by gold will be launched in Dubai next week, Reuters has reported.

Emaar US subsidiary files for bankruptcy protection Chapter 11

The US subsidiary of Emaar Properties, John Laing Homes, has sought Chapter 11 bankruptcy protection due to sharp decline in home sales.

Central Bank of Bahrain issues Legal and General two licenses

The Central Bank of Bahrain has granted licenses to Legal and General Gulf and Legal and General Gulf Takaful. The two companies will be established with total paid up capital of BD 10 mn which will be contributed equally by British Insurer Legal & General Group Plc. (LGEN.L) and Ahli United Bank B.S.C. (AUBB.BH).

Global, Investment Dar cut salaries

Global Investment House laid off around 40 employees, and reduced salaries by up to 20 %. Investment Dar has cut salaries by 5 to 20 % but said it had no plans to lay off staff.

Gulf Finance House reports quarterly loss and 14 % lower annual profits

Bahrain's Gulf Finance House has reported a Q4 loss of USD 10 mn after it made 'provisions on investments' compared with net income of USD 108.8 mn for the same period. Total year earnings are down to USD 291 mn (Dh 107 mn) in 2008 compared to USD 340 mn in 2007.

Investment Dar appoints Credit Suisse as financial adviser

AMEinfo reported on 25 January that Kuwait-based financial services company Investment Dar has appointed Credit Suisse Group to advise the firm on its financial strategy.

Qatar Islamic to keep financing policies

The Qatar International Islamic Bank (QIIB) has said that its financing policies for real estate, vehicles and other purposes remain unchanged even as other banks tighten their lending policies.

Bank Al Jazira plans SAR 150 mn dividend

Bank Al Jazira`s Board plans a SAR 150 million or SAR 0.5 a share, cash dividend payout for 2008.

Bank Al Jazira plans USD 40 mn dividend

Ameinfo reported on 8 January that Saudi-based Bank Al Jazira plans a SAR 150 mn or SAR 0.5 a share, cash dividend payout for 2008.

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