Yemen

The Arab World’s Social Accountability - From Shouting to Counting

With the help of social accountability, citizens in the Arab world are holding public institutions accountable for delivering public services and improving the welfare of citizens. The citizens therefor work with governments in a productive, meaningful way by using evidence-based analysis and advocacy.
The World Bank and CARE Egypt helped organizing the Affiliated Network for Social Accountability (ANSA)-Arab World Regional Strategic Planning and Social Accountability Workshop in Amman, Jordan from June 5-9, 2011. At the the five-day workshop in Jordan there were over 40 representatives from government, CSOs, media, and private sector from seven Arab countries – Jordan, Egypt, Lebanon, Yemen, West Bank and Gaza, Morocco and Tunisia that attended.

Sukuk yields rise most in 9 months on unrest

Islamic bonds, led by securities in the Arabian Gulf, underperformed emerging-market debt in February as spreading unrest across the Middle East caused the biggest monthly rise in yields since May.
Investors are shunning Middle East assets as protests expanded to Oman, Bahrain, Yemen and Libya, holder of the largest proven oil reserves in Africa. Moody’s Investors Service and Abu Dhabi Commercial Bank say Islamic bonds aren’t likely to recover unless demonstrations that have toppled Tunisia’s and Egypt’s rulers and killed hundreds end soon.

Saudi King's $15 Billion Housing Grant Won't Eliminate Shortage

Saudi King Abdullah’s pledge to increase spending on housing by 55 billion riyals ($15 billion) probably will do little to relieve the country’s home shortage unless it’s coupled with long-delayed changes in mortgage financing laws.
The kingdom’s 86-year-old monarch last week announced plans to spend about 110 billion riyals on programs aimed at boosting housing, education and social welfare. Governments from Jordan to Yemen have offered concessions to quell public discontent after popular uprisings toppled leaders in Tunisia and Egypt last month and sparked protests across the Middle East and North Africa.

Dow Jones Islamic Markets commentary: Lessons from the turmoil

Dow Jones Islamic Market Index (DJIM) suffered the largest losses in February. Political crisis and civil unrest in Egypt, Jordan, Bahrain, Yemen, Morocco, escalating even to a civil war like in Libya, weighed on the markets.
The turmoil led the DJIM Kuwait Index to drop 8.64% . DJ Dubai Financial Market (DFM) Titans 10 Index lost 4.83%.These declines stand in stark contrast to the rise in energy prices, which usually lift Middle Eastern markets.

Asia sukuk draw Gulf funds as crisis worsens

The political conflict that has spread to Bahrain, Libya, Yemen and Morocco will make it more expensive for companies to issue Islamic bonds in the region and in Malaysia. The Asian nation is attractive to borrowers because of its lower yields.
But spreading unrest across the Middle East may be encouraging Shariah-compliant investors to increase purchases of Asian assets and will spur sales of Islamic bonds.

Yemen’s biggest Islamic bank to buy $33 mln gov't sukuk

Tadhamon International Islamic Bank is planning o buy as much as 7 billion rials ($33 million) of sukuk when the government sells the debt this month.
The government is expected to offer 25 billion rials of sukuk in the first portion of a planned 100 billion-rial note program.

Yemen Introduces First Sukuk

Yemen announced Saturday the first sukuk, Islamic bonds, had been issued as the country is seeking to benefit from the surplus liquidity of the Islamic banks to finance big investments that can help boost the national economy.
The Islamic Sukuk Unit at the Central Bank of Yemen was responsible for the issuance which was part of a one-year programme introducing sukuk worth YR 100 billion by the end of 2011.
Every three months, the unit will issue sukuk worth $ 125 million.

Al Amal Microfinance Bank wins Islamic Microfinance Challenge 2010

Al Amal Microfinance Bank of Yemen has been awarded US$104,000 under the Islamic Microfinance Challenge 2010, a partnership launched to encourage the reach of Islamic financial services to micro-entrepreneurs.
CGAP, Deutsche Bank, Grameen-Jameel Pan Arab Microfinance, and Islamic Development Bank partnered to sponsor this global competition to uncover viable business models that provide microfinance products compatible with Islamic law, or Shariah.

Yemen plans debut sukuk

Yemen is the latest country that announces the possible raise of the much-needed financing from the financial markets through a debut sovereign sukuk issuance sometime in the first half of 2011.
The International Monetary Fund (IMF) and the World Bank are assisting Yemen on the technical aspects of issuing commercial paper under a technical agreement which the World Bank Group has with the Jeddah-based Islamic Development Bank (IDB) Group to assist its member countries to help formulate policies to raise financing for infrastructure, development and budgetary support.

Islamic Microfinance Network instituted in Pakistan

To assemble international Islamic Microfinance organizations under one platform, Islamic Microfinance Network (IMFN) has been established in Lahore – Pakistan. The initial member countries of Islamic Microfinance Network are Iraq, Jordan, Yemen, Ghana, Mauritius and Kazakhstan.
The objective of this network is to provide best methodologies of Islamic microfinance, Shariah guidelines, and lasting relations and manpower to the industry.

Yemen to issue Islamic bonds

Yemen is planning to issue Islamic sukuk, or Islamic bonds, to diversify government financing and help lower a budget deficit currently running at around 8% of gross domestic product.
Experts and Islamic banks in Yemen recommended the issuing of Islamic bonds. In this regard, the participants of the second conference of Yemeni Islamic banks, held in May, recommended the need to carry out standards for the issuance of Islamic bonds because of their benefit to the community development.

Malaysia, Yemen, Gulf Investment, France: Islamic Bond Alert

The following borrowers are expected to sell Islamic bonds: MALAYSIA, YEMEN, DUBAI, GULF INVESTMENT CORP., FRANCE, SAUDI INTERNATIONAL PETROCHEMICAL CO., GENERAL ELECTRIC CO., PALESTINE MONETARY AUTHORITY, NAKHEEL PJSC, SABAH CREDIT CORP., CREDIT AGRICOLE SA, NOOR ISLAMIC BANK, NATIONAL COMMERCIAL BANK, KPJ HEALTHCARE BHD., EMIRATES TELECOMMUNICATIONS CORP., SENEGAL, ALBARAKA BANKING GROUP., ISLAMIC DEVELOPMENT BANK, THAILAND, KNM GROUP BHD., CAGAMAS BHD., SAUDI ARABIAN OIL CO., GAMUDA BHD., EGYPT, PT BANK MUAMALAT INDONESIA, SENAI-DESARU EXPRESSWAY BHD., MALAYSIA DEBT VENTURES BHD, INDONESIA, TURKEY, KAZAKHSTAN, PHILIPPINES, SAUDI ELECTRICITY CO., EMIRATES INTEGRATED TELECOMMUNICATIONS CO., LAFARGE MALAYAN CEMENT BHD..

Yemen's SBYB live with iMAL Islamic core banking system

Path Solutions the world's number one provider of Islamic banking software solutions, today announced that Shamil Bank of Yemen and Bahrain the third largest Islamic bank in Yemen, with a fully paid capital of six billion Yemeni Riyals, has gone live with Path Solutions' iMAL Islamic core banking suite.
SBYB is focused on expanding the range of Islamic products available to retail and corporate customers and improving the level of customer experience.
SBYB is now benefiting from the most advanced Islamic banking solution available on the market. With Path Solutions' iMAL the bank has greatly enhanced its ability to process trade finance transactions and grow its trade business as well as improve its local compliance and performance management capabilities.

Yemen receives USD 120 mn from IDB for grain silos

Yemen is to sign USD 120 mn agreement with the Islamic Development Bank (IDB) to finance a project of Grain Silos in Salif area of Hodeidah governorate.

Sukuk Manfa’a with a value exceeding SAR 857 mn

According to CPIFinancial on 21 January, Al Salam Bank-Bahrain works with Tadhamon Islamic International Bank in agreement with Rawacheen Al Hijaz to issue Sukuk Manfa’a with a value exceeding SAR 857 mn on Burj Al Jewar, a commercial/residential tower overlooking the Holy Mosque in Mecca. Rawacheen Al Hijaz will act as the lead manager of the Sukuk Manfa’a.

The Sukuk program will give each Sukuk holder the right to benefit from the unit for a period of 19 Hijri years either to use it or sell, lease to others, grant or bequeath. The holders can also exchange their unit with another.

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