Islamic Banking

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Tadhamon International Islamic Bank ratings affirmed

Capital Intelligence (CI) has affirmed Tadhamon International Islamic Bank's (TIIB) Long-Term and Short-Term Foreign Currency ratings at B and B respectively.
The outlook on all ratings is 'Stable'. The operating environment remains very challenging with difficult banking conditions, and this position is reflected in the bank's ratings.

Islamic banks need to be competitive: Ex-QCB chief

Conventional banks were allowed to have Islamic operations to help them have diversified sources of revenue and make the local banking industry more competitive.
Islamic banks in the country had small capital base then and that was another reason why their conventional counterparts were permitted to offer Islamic banking services.
Abdullah bin Khalid Al Attiyah thinks that the banks dispensing credit should rely more on their own judgment and risk managing abilities than on the directives of the QCB.

Gov't eyes tie-up with Islamic Development Bank for Filipino Muslims

The government is keen on improving the lives of Filipino Muslims and efforts on this are expected to have more meaningful results as the government starts talks with the Islamic Development Bank (IsDB).

Islamic Finance Seen Rising To $3 Trillion By 2016

The demand for Shariah-compliant financial products is growing very rapidly which is expected to take the total assets of this sector up to USD 3 trillion by 2016.
Scientists working with the University of Zurich professor of economics, Ernst Fehr recently made a striking discovery; based on psychological experiments, they found religiosity to have a significant influence on economic action.

IFSB response to QCB position on Islamic banking windows

The issuance by the Qatar Central Bank (QCB) of a directive requiring the country’s conventional banks which have opened Islamic banking windows (IBWs) to close them down by the end of 2011 may result in operational complexities in the implementation of the directive.
Both Professor Rifaat Abdel Karim and Islamic bankers such as Richard Thomas agree that the complexities lie with trying to match short-term deposits placed with the IBWs with their longer term liabilities.

ABC Islamic Bank reports $2.1 million net profit for 2010

ABC Islamic Bank has announced a net profit of $2.1 million for 2010.
ABC Islamic Bank's total assets declined to $1.21 billion as of 31st December 2010 from $1.32 billion at 31st December 2009 mainly due to decline in available-for-sale investments, Murabaha receivables and Ijarah assets as a result of further de-risking of the balance sheet.

NBAD set to launch first Islamic repo

The National Bank of Abu Dhabi (NBAD) will launch an Islamic repurchase agreement product which it plans to go live with in two weeks, a bank executive told reporters on the sidelines of the Global Financial Market Islamic Forum.

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.

'Profit for delayed period not Shariah-compliant'

Dubai Grand Mufti, Dr Ali Mashael has described charging of profit for the delayed period in Islamic finance property projects as non-Islamic or 'haram' .
Some Islamic banks and mortgage companies have asked investors to pay advance installments (the rental profit or Ijara) even though an already delayed project is not yet completed or handed over.

First Finance CEO hails QCB move on Islamic banking

The Chief Executive Officer of First Finance Company agrees with the Qatar Central Bank to impose greater regulation on conventional banks offering Islamic services over concerns that "unhealthy competition could lead to over-aggressive practices".
Khalid bin Ibrahim Al-Sulaiti, who is also Vice Chairman of IFS consultancy Bait Al Mushara, told Oxford Business Group (OBG), the global publishing, research and consultancy firm, that the constraints of Qatar's market also highlighted the likelihood of consolidation within the sector.

Bloomberg Releases Comprehensive Islamic Finance Platform

Bloomberg Islamic Finance Platform (ISLM) is a comprehensive solution designed to increase transparency, better connect the community and provide analytical tools to maximise investment performance in the rapidly growing market for Shariah-compliant products and services.
Bloomberg will also launch, in cooperation with the Association of Islamic Banking Institutions Malaysia (AIBIM), Malaysian Ringgit (MYR) sukuk index to provide a benchmark for MYR sovereign sukuk investments.

Islamic banks ‘may see conventional M&As’

Niche Islamic investment banks in the Middle East and North Africa (Mena) may go in for mergers and acquisitions with conventional lenders to achieve the critical mass for reaping economies of scale.
It is anticipated first the build up of national champions driven by major shareholders, as was the case with Emirates NBD in conventional banking. Nice Islamic bank, such as Islamic investment banks (which have been particularly affected by the financial crisis) may diversify through M&As with banks that complement their businesses.

Indonesia to join International Islamic finance group

BI (Bank Indonesia) has also secured approval from the House of Representatives to join the newly established International Islamic Liquidity Management .
This is to attempt to grow the country's Islamic banking sector.

Kuwait's top Islamic bank 2010 profit down 10.7%

Kuwait Finance House (KFH) said on Sunday its net profit in 2010 dropped 10.7 percent, despite a rising asset base.
In 2009, the bank's profit dived 24 percent due to the global financial crisis.

Uganda set for Islamic banking

Uganda has received applications from three Islamic banks in the Middle East to offer Shariah-compliant financial services in the country.
The African nation is changing its banking rules to allow lenders to operate under Islamic law and representatives from its central bank are in Jakarta to learn from Indonesia’s experience.

Islamic banking move is a potential game-change

Qatar Central Bank surprised commercial lenders by stipulating that they shut down their Islamic finance activities by year end, affecting banking strategies. The move leaves unanswered questions and big strategic worries for the big Western banks with a presence in the region.
Although the infrastructure around the provision of Islamic finance is onerous, the rewards are great for banks.

Govt taking steps to encourage Islamic banking: Sheikh

Investment in Islamic banking industry has touched Rs424-billion mark till 2010 and the government is taking measures to encourage Islamic banking and finance in the country. This is a statement made by Finance Minister, Dr Abdul Hafeez Sheikh.
Islamic banking and finance have been growing at a rapid pace globally as Islamic principles proved their viability worldwide, he added.

Qatar's QIB may buy Islamic bank units following central bank order

Ahmed Meshari, acting CEO of Qatar Islamic Bank (QIB) has said the lender is interested in buying the Islamic banking assets of conventional lenders in the Gulf country, who have been instructed by the central bank to close down their Islamic operations.

Amanah Islamic Bank names new chairman & CEO

Al Amanah Islamic Investment Bank of the Philippines has announced the designation of Enrique D. Bautista, Jr. as its new chairman & chief executive officer, replacing Armando O. Samia who has rejoined the marketing group of state-owned Development Bank of the Philippines (DBP).

ADIB launches capital protected ?BRIC currencies notes for 2 years

Abu Dhabi Islamic Bank, or ADIB, has launched its 97 per cent capital protected BRIC Currencies Notes that provides an opportunity to small or large investors to invest in the four major emerging economies in the world.

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