IslamicFinance.de

The World Islamic Banking Competitiveness Report 2011/12, expanded in collaboration with Ernst & Young, will be officially launched on November 22 at a top Islamic banking forum in Bahrain.
The 18th annual World Islamic Banking Conference (WIBC 2011) will take place from November 21 to 23 at the Gulf Convention Centre.
More than 1,200 industry leaders from over 50 countries are forseen to cone at WIBC 2011.

Sheikh Salman bin Isa Al Khalifa, executive director of banking operations at Bahrain's Central Bank, stated that Bahrain is still planning to sell sukuk.
It seems that Bahrain has hired Citigroup Inc., BNP Paribas SA and Standard Chartered Plc to counsel on the sale of US$1 billion in bonds in October.

Albaraka Banking Group BSC (ABG) has purchased 60 percent of the issued shares of Al-Tawfeek Financial Group through its subsidiary in Bahrain, Al-Baraka Islamic Bank.
Adnan Ahmed Yousif, president and chief executive of ABG, stated that the procedures for consummating the acquisition are currently being finalized. He added that this acquisition endorses our strong commitment to the region despite the economic and political developments regionally and globally, which clearly prooves our financial soundness and successful strategy.

Rasheed Al-Mi’raj, the Central Bank of Bahrain’s (CBB’s) governor, stated that Islamic financial institutions should learn from the experience of conventional banking institutions from the international financial crunch, increase understanding, monitor and even control, risks of liquidity, and warned them against the repercussions of succumbing to the same conventional financial mismanagement of short-term financial markets instrument.
At the 3rd Islamic Finance and Banking Conference for the Accountancy and Auditing Authority for Islamic Financial Institutions (AAOIFI) the main subjects were: enforcement of IFRS standards in Islamic banking, the need for continuity of Sharia control boards in the financial institutions, the extent of the success of REIT in Islamic banking, restructuring and performance, and the extent of success of using Islamic banking in financing international business operations (for products and instruments), the challenges and difficulties of enforcing of Basel-3 standards in Islamic financial institutions, and the apportionment of excess to shareholders in Takaful companies.

Governments in the Middle East were called by Dubai Asset managers in the region to unite their regulations governing the financial services industry.
Top executives stated that each GCC country — the UAE, Qatar, Oman, Bahrain, Kuwait and Saudi Arabia — posesses its own set of rules, which sometimes don’t conform to each other and make it difficult for them to sell products.

The list following borrowers are anticipated to sell Islamic bonds: Indonesia, ABU DHABI NATIONAL ENERGY CO, QATAR INTERNATIONAL ISLAMIC BANK (QIIK), TENAGA NASIONAL BHD. (TNB), MIDCITI RESOURCES SDN BHD., AL HILAL BANK, EMERY OLEOCHEMICALS GROUP, PT BANK MUAMALAT INDONESIA, INTERNATIONAL ISLAMIC LIQUIDITY MANAGEMENT CORP., ACWA POWER INTERNATIONAL, ISLAMIC BANK OF THAILAND, PT BANK SYARIAH BRI, Russia, Senegal, TOURISM DEVELOPMENT & INVESTMENT CO., KUVEYT TURK KATILIM BANKASI AS and many others.

The banks that will advise the sukuk sale of Bahrain are: Citigroup, BNP Paribas and Standard Chartered. This is chasing Bahrain's government raising the public debt ceiling by BD1bn ($2.65bn) to BD3.5bn.

Allianz Takaful and MedGulf are partnering for the markets of Bahrain and Qatar to further develop their insurance platforms. In order to start this, Allianz Takaful will transfer 75 percent of Allianz Takaful to MedGulf BSC (Bahrain).
The whole range of takaful and insurance products in the market of Bahrain and Life and Health products in Qatar will still be sold by Allianz Takaful.

Discussions on strengthening the Islamic funds and investments industry and building international growth by tapping into new jurisdictions will be held at the 7th annual World Islamic Funds and Financial Markets Conference (WIFFMC 2011).
The theme of the conference is intitled ‘achieving international scale and creating a vibrant Islamic financial market and re-invigorating the Islamic investments industry’. It will brinf together more than 400 key players, regulators and thought leaders in the industry on September 26-27 in Bahrain.

Three local Islamic investment banks that are looking to merge are being advised by Kuwait Finance House - Bahrain (KFH-Bahrain).
Abdulhakeem Alkhayyat, managing director and chief executive officer, refused to reveal the name of the three banks.
The bank continued to extend its presence in Bahrain's competitive banking sector and empowered its expansion plans with the official opening of its branch at Isa Town Mall.

Sarasin-Alpen LLC, Oman, is a subsidiary of the private bank, Bank Sarasin & Co Ltd, Switzerland. Capital Market Authority approved that the bank markets Islamic securities, products and services to its clientele, along with its existing advisory services in private banking.
Sarasin-Alpen also influences the existing Investment Banking business of its associate, Alpen Capital LLC (Oman). Sarasin Alpen Group also has offices in Bahrain, India, Qatar and UAE.

Sakana Holistic Housing Solutions and Khaleeji Commercial Bank will work together in a Commodity Murabaha financing facility worth$10.6m (BD4m) over a four year period.The Commodity Murabaha will be operating for working capital by Sakana.

Sakana Holistic Housing Solutions recently gained access into commodity murabaha financing facility with Khaleeji Commercial Bank for BHD 4 Mil (equivalent USD 10.6 Mil) over 4 years.
The attendents at the signing ceremony were: Mr. Reyadh Yousif Sater - Chairman, Sakana, Mr. R Lakshmanan - CEO, Sakana, Mr. EBRahim Hussain EBRahim - CEO and Board Member, KHCB, Mr. Jassim Awadh - AGM Corporate & Wholesale Banking, KHCB, Mr. Khalid Turki - Executive Senior Manager - Corporate & Wholesale Banking, KHCB and Mr. Khalid Bucheery - Manager Finance, Sakana.

The planned merger of two Bahraini banks, besides having the aim to create the largest Islamic lender in the Gulf Arab kingdom, has the possibility to break the ice for more consolidation in a regional industry frozen in its tracks by unrealistic valuations and ownership limits.
The proposed tie-up between Bahrain Islamic Bank and smaller rival Al Salam Bank to develop a $4.5-billion (U.S.) entity is a big test for the region after the last attempted merger, between two Qatari banks, was a failure.

Bahrain Islamic Bank (BISB) and Al Salam Bank have appointed KPMG Fakhro for their planned mega merger.
The proposed merger between the two is considered a litmus test for the Gulf region after the last attempted merger, between two Qatari banks, failed.
If this will result in a success, it would be the first for two Gulf-based Islamic banks.

Capital Market Authority, Sultanate of Oman gave his authorization for Alpen Capital LLC, Oman to rovide advisory services in Islamic structures along with its existing investment banking advisory services.
Alpen Capital offers comprehensive services which include debt advisory, M & A advisory and equity advisory & Capital Markets. It has offices in Bahrain, India, Qatar and UAE.

Bahrain Islamic Bank and Al Salam Bank are thinking about teaming up to create the Gulf Arab state’s largest Islamic lender. The both are known to be in merger talks to create the third largest bank in Bahrain, with assets of BHD 1.7 billion ($4.5 billion).
The statement added that the two boards of directors stated that consolidation is the way forward for local banks in general and Islamic banks in particular in the aftermath of financial crisis and economic downturn and greater competitive banking environment in the region.

Capital Management House stated that it has performed the second distribution of dividends to GCC investors of its aircraft leasing investment fund for the period ending 30 June 2011.
The dividends are paid on a quarterly basis and have been calculated at 10% per annum. They a number of high net worth individuals, family offices and institutions from across the region.
The fund has been coordinated around a transaction concluded with Emirates Airlines, one of the world's leading carriers, which was announced in January 2011 and consists of the acquisition of a Boeing 777-200ER aircraft from the airline and an agreement whereby it has been rented back to Emirates.

Adnan Ahmed Yousif, the chief executive of Al Baraka Bank, stated that discussions are still on about whether a long-touted $3bn Islamic megabank is going to be based in Bahrain or Qatar although a final decision has not yet been made.
It seems that it is more likely that the bank will be based in Bahrain.

The new development bank is named Al-Emar Bank (the Construction Bank) and is founded under the support of the Organisation of Islamic Conference (OIC).
It is expected to formally be launched during the OIC meeting in the State of Qatar December 2011.