IslamicFinance.de

Family businesses are estimated in the Middle East at around 90% of all companies in the region controlled by families. Furthermore, its importance was underlined with the launch of the Family Business Network GCC, the first of its kind in the area.
The network will be based in Dubai, including members of the Gulf Cooperation Council, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE

Mr. John Robertson Wright was appointed Non-Executive Director of EIIB by the Board of EIIB.
Mr. Wright is a career Banker with important experience in UK and international markets including assignments in India, Sri Lanka, West Africa, Canada, Hong Kong and the United States. Before this appointment he was Chief Executive of Oman International Bank for 7 years, Chief Executive of the Northern and National Irish Banks in Ireland for 5 years, Chief Executive of the Gulf Bank in Kuwait and finally Chief Executive of Clydesdale & Yorkshire Banks prior to retirement.

The latest study on Islamic finance and wealth management shows that the UAE residents are estimated to be third richest in the Muslim world with per capita income of $49,600 (Dh182, 000).
It seems that Qatar leads the Muslims world with per capita income of $79,000 followed by Brunei at $51,600.
Gulf Cooperation Council (GCC) countries dominate the top list with Kuwait, Bahrain, Oman and Saudi Arabia ranked fourth, fifth, sixth and seventh.

There is currently a tremendous opportunity for Kuwait to profile itself as a hub for Islamic finance and Islamic banking, states Belgian academic and economist Professor Laurent Marliere.
He addes that Islamic finance itself is being challenged to redefine its model, the world having great expectations concerning Islamic finance and Islamic banking, which is discipline that does not belong to the Muslims exclusively but has turned into a global phenomenon.
He underlined the fact that Islamic finance is in a riper state in Asian Muslim countries than in Arab Muslim countries.

Despite the fact that Zawya only covers Middle East-based funds, the sector is popular especially in Saudi Arabia, where 22 of the 24 funds listed are domiciled. The other two funds are from Kuwait and Bahrain.
There are two types of multi-manager funds: those that invest in a range of other funds controlled by different asset managers, named funds of funds, and those that appoint external managers with specific expertise to invest separate tranches of the provider’s portfolio, called manager of managers funds.
Analyzing funds of funds, it seems that there is a lot of interest in global Shari’ah compliant funds-of-funds (41.7%). Top performer is the $15.2m Al-Rajhi Multi Asset Conservative fund, managed by Mohammed Ishaq Ali of Al Rajhi Capital.

It seems that Islamic banking has numerous advantages and capabilities that gives it permission to play an important role in solving many economic problems in the GCC. The statement cam from Kuwait Finance House-Bahrain Chief Executive Officer and Managing Director Abdul Hakim Al Khayyat.
He added that Islamic banking services have made the way for the future easier, and have become one of the most important alternatives that many economies worldwide search.
He explained that Islamic banks can have an efficient role in solving the housing problem through its role in construction projects and real estate development, not to mention several instruments that finance that sector, such as murabaha, ijarah, and others.

Kuwait’s Beyoo Investment and Finance Co is switching its attention from financing to asset and wealth management as the investment arm of Al Imtiaz Investment Company.
Arabic language daily Al Anba announced that Beyoo's shareholders approved changing its name into Dima Capital Investment to reflect this change in activity.

Boubyan Takaful Insurance Company signed a consulting services agreement with Protiviti for Risk Management aimed at supporting the Company's development.
Protiviti will determine the areas of focus and expand them with the management of Boubyan Takaful Insurance to include them within the services of the company, which will make sure that it is working according to the highest standards. The company will also designate a clear risk management, assessment and control strategy and launch an awareness campaign about risk for all its staff members.

It seems that Kuwait's role in the fast-growing global market for sukuks could become larger, if lawmakers expand and administer a more robust legal framework to regulate the issuance of sharia-compliant debt.
However, during this time, Kuwait-based Gulf Investment Corporation (GIC) and Kuveyt Turk participation bank have raised funds in the last months by selling sukuks.

The Investment Dar K.S.C.C. has fulfilled the first payment to its Investors. All individual creditors holding stipulated judgments with payment dated for 31 December 2011 were invited to collect their cheques and sign the necessary documentation.

Hamood Sangour Al-Zadjali, the country's central bank head, stated that Oman may in future consider launching sukuk. He added that inflation in Oman was stable and would be around four percent this year.
Oman accepted Islamic banking in May this year, after previously deciding not to introduce it.

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.

Egypt has renewed interest in the growing sector of Islamic banking and finance in an effort to rebuild the economy of the country using internal methods of financing.
Part of the country's pursuit will be to launch a sovereign Sukuk, or bond, program within months. It would be Egypt's first sovereign Sukuk, ahead of country states including Saudi Arabia, Kuwait, the United Arab Emirates, Turkey and Jordan aditionally mature markets such as Great Britain and France.

Kuwait Finance House (KFH) stated in a report that sukuk (financl certificates) issuance last July worldwide amounted to aproximate USD five billion, down from the previous month by 37%, where the Saudi riyal formed about 15 percent of those sukuk.
Moreover, the report underlined the fact that sukuk market for companies in the GCC countries are continuosly expanding despite the fact that the issuance of two local versions from Saudi Arabia and an international sukuk from Qatar.

Gulf Investment Corporation GSC, Kuwait (“GIC”) launched on 3 August 2011 MYR750 million (USD253 million) under its existing 20year MYR3.5 billion (USD1.18 billion) Sukuk Wakalah bi Istithmar Medium Term Notes Programme (the “GIC Sukuk”).
The GIC Sukuk will authorize GIC to tap the Malaysian capital markets for long-dated funding and boost its asset-liability management, thereby mitigating and interest rate risks.

The Investment Dar Company stated that the investors' coordination and liaison committee has been concluded.
The committee will mediate with the company at regular face-to-face meetings, establish regular reporting processes and will assign a qualified individual to be the first contact point for all TID banks and investors to disseminate information.
Some of the members of this committee are: Al-Rajhi Bank, Bank of Bahrain & Kuwait, and Arab Banking Corporation.

The Investment Dar (TID) Investors' Coordination and Liaison Committee (the Committee) has been finished.
TID stated that the Committees task is with coordinating with the company through regular meetings in order to establish regular reporting processes in addition to appointing an individual to become the main contact for all TID banks and investors for information and updates.
According to media reports, TID has been busy getting ready for the implementation of the debt restructuring deal after Ramadan, as the company will start repaying its debts to some creditors. Local reporters say that TID is reportedly looking to set relevant mechanisms in light of the verdict issued in May, which allows the company, which is listed on the Kuwait Stock Exchange (KSE) to benefit from the Financial Stability Law.

Kuwait Finance House will focus on the retail banking services in its future expansion plans with a view to increase its activities and revenues.
As KFH Chief Executive Officer Mohammad Al-Omar stated, KHF’s excellence in the retail banking market and possession of an effective market share, are based on several strength factors, such as the legitimate platform where all KFH’s products and services are launched, which prompts clients to trust the Islamic bank.

Kuwait's Investment Dar is aranged to pay some KD82m ($298.7m) to individuals and small non-financial institutions in the first year of its debt restructuring plan. The repayments will start on June 30.

Qatar and three other GCC countries including Saudi Arabia, Kuwait and UAE are ssen as four of the top 10 countries in the world with the highest density ultra-wealthy households.
According to the study, “ultra-high-net-worth” (UHNW) households or those with more than $100m in AuM, are mostly situated in Saudi Arabia registering 18 per 100,000 households.
Qatar, Kuwait and UAE also made it to the top ten list in terms of the highest proportion of millionaire household by market with 8.9 percent, 8.5 percent and 2.6 percent millionaire households, respectively.