ABG wins award for social responsibility

The Arab Organisation for Social Responsibility has awarded Al Baraka Banking Group (ABG) for the best Arab Bank supporting social responsibility. The aim of the award is to encourage the role of public and private sectors, government and private institutions, in the area of social responsibility.

AAOIFI to convene its Annual Shari'a Conference

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will arrange its Annual Shari'a Conference on 7 and 8 May 2012 in Manama, Kingdom of Bahrain. The conference will be held under the patronage of the Central Bank of Bahrain.
The conference represents a part of AAOIFI's consultation with the industry to help its standard-setting efforts.
Some of the topics that will be discussed at the conference include Shari'a compliance and supervision processes, continuing development of Islamic financial and capital markets, legal issues in Islamic finance, potential areas for further growth of Islamic finance, and development of human capital resources in Islamic finance.

Islamic finance accounting changes proposed

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has suggested more specific accounting standards for real estate while increasing disclosure for Islamic banks’ investment accounts.
The move made by the Bahrain-based AAOIFI submits it is responding to the same kind of pressure to tighten standards that has been noticed in the conventional finance industry since the global financial crisis discharged in 2008.
Both suggestions were discussed at a public hearing for industry participants in Manama and there will be another hearing in Doha on April 12.

Annual General Meeting of Al Baraka Banking Group Approves Cash Dividend Payouts and Bonus Shares to Shareholders of US$ 175.36

The Ordinary and Extra-ordinary General Meetings of Al Baraka Banking Group took place on Wednesday 21st March 2012 in Manama, the capital of Bahrain. Discussions included: the report submitted by the Board of Directors on the Group's activities during the financial year ended 31 December, 2011, auditors report on the financial statements for the year ended 31 December 2011 and the report of the Unified Sharia Supervisory Board on financial year ended 31 December 2011.
Sheikh Saleh Abdullah Kamel, Chairman of the banking group stated reffering to the results that the outstanding financial results reached byt the bank in 2011 were the result of the implementation of cautiously studied ambitious strategies that made a balance between the adoption of prudent and conservative measures required.

Gulf Finance House announces its 3rd quarter financial restults

Gulf Finance House revealed its third quarter financial results for 2011.
The Bank recorded a net profit of US$ 4.1million for the first nine months of 2011, as compared to a net loss of US$ 162.2 million for the same period in 2010.
During the first nine months of the year, GFH raised its earnings by 279 per cent to US$50.02 million, compared to US$ 13.1 million during the same period last year. The reason fot this increase was mainly attributable to income from asset sales and settlement of liabilities.

AAOIFI and the World Bank co-host Annual Conference on Islamic Banking and Finance

The AAOIFI - World Bank Annual Conference on Islamic Banking and Finance will be co-hosted by AAOIFI and the World Bank. The conference will take place on 23 and 24 October 2011 in Bahrain Conference Centre, Manama, Kingdom of Bahrain.
At the conference the main subjects will be: pertinent topics for the international Islamic finance industry including inevitability of existence of Shari'a Supervisory Board in Islamic financial institutions, challenges in applying conventional international accounting standards, challenges in implementing Basel III capital adequacy standard, distribution of Islamic insurance surplus, potential of Islamic finance to promote international trade, and potential of real estate investment trusts in Islamic finance.

New global brand identity for leading Islamic investment bank

Unicorn Investment Bank launches its new brand identity, as it has now officially changed its name to Bank Alkhair B.S.C. (c). The Bank’s subsidiaries in Saudi Arabia, Malaysia and Turkey will now officially perform under the names Alkhair Capital Saudi Arabia, Alkhair International Islamic Bank Malaysia and Alkhair Capital Turkey respectively.
Furthermore, the bank presented a streamlined and more modern logo and brand elements, in keeping with Bank Alkhair’s re-aligned and more focused approach and operating strategy.

Islamic investment grows to over $1.5 trillion said Al Baker

Compliant products globally, including equities that conform with Islamic principles, sukuk and Islamic funds, stands at over $1.5 trillion.
Abdul Rahman Al Baker, the Executive Director of Financial Institutions Supervision, Central Bank of Bahrain (CBB), stated that Islamic asset management industry is an area that has become larger to an increasingly substantial segment within the financial markets. He also added that Islamic financial products symbolize a class of investment which is adressed to those looking for a socially responsible or ethical investments.

Corporate Social Responsibility and protecting environment are key factors in any Financial project

Before engaging in any financial project there should be taken into consideration two very important factors: Corporate Social Responsibility and protecting the environment.
Dr. Mustafa Al Sayyed is the one that underlined this in an economic session. He added that all stakeholders should work collectively to ensure that the above factors are considered.

Waqf Fund announces the launch of Diploma in Islamic commercial Jurisprudence for Shari’a Reviewers

Waqf Fund will launch the Diploma in Islamic Commercial Jurisprudence aimed primarily at those working for Internal Shari’a Review departments of Islamic Financial Institutions. The program is being offered with the assistance of BIBF.
Khalid Hamad, Chairman of the Waqf Fund, revealed that the programm will have seven modules. The seven modules include: (1) The Theory of Contracts and its Legal Maxims (2) Objectives of Shari’a and Usul Al Fiqh (3) Principles of Fatwa and Applied Jurisprudence (4) Islamic Financial Transactions (5) Fiqh of Zakat and Waqf (6) Fiqh of Takaful (7) Shari’a Auditing and Compliance for IFIs.

Seera Investment Bank Completes $300 million Sale of UK Investment

Seera Investment Bank revealed the sale of BWA Water Additives (BWA), a UK based company in a transaction valuing the company at around $ 300 million.
The company's new owner is Berwind Corporation.
Seera Investment Bank has a strategy of seeking investments with strong fundamentals which exhibit potential for growth.


The European Islamic Investment Bank (EIIB) has declared its first exit from an extremely successful oil venture in the US.
London-based EIIB had invested $17.5 million in acquiring a 78 per cent stake in TriTech. TriTech has now decided to sell its assets in the field for around $65m to JGC Energy Development (USA). Tha transaction is expeccted to be done within 45 days.

AAOIFI forum a big success

At this year's Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) annual conference came 400 delegates from more than 20 countries from as far afield as South Africa, North Africa, Asia and Europe.
Despite the recent unrest in the kingdom, the conference wasn't affected, it was a big success. The conference closed at the Gulf Hotel and AAOIFI will now carry out training workshops in Bahrain until Friday.

Construction of Al Baraka Banking Group Headquarter in the Bahrain Bay Goes According to Plan

Mr. Adnan Ahmed Yousif, Chief Executive of Al Baraka Banking Group, visited together with members of the executive management of the Group the site of the Group Headquarter in Bahrain Bay. A detailed explanation of construction works was given to him.
Mr. Adnan Ahmed Yousif stated his content for what he has seen. He added his delight of the great efforts that are made for the construction of this distinctive and unique of its kind architectural edifice, which is estimated to cost about U.S. $ 100 million.

Net Income of Al Baraka Banking Group Jumped by 11% to US$53.5 Million in the First Quarter of 2011

Al Baraka Banking Group announced an increase of 11% in the first quarter of 2011 compared to the net income achieved in the first quarter of 2010. Total assets increased by 3%, total financing and investments by 1%, deposits including equity of investment accountholders by 2% as at the end of March 2011 as compared with the end of December 2010.
Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, stated that the operations of banks were affected because a number of Arab countries have witnessed during the first quarter of 2011 large political and social shifts that have had temporary implications on the environment of the banking sector in those countries.

Global Banking Corporation reaffirms faith in Bahrain as Financial Hub - new CEO appointed

Mr. Oscar Silva was appointed Chief Executive Officer by Global Banking Corporation (GBCORP).
Before GBCORP, Mr. Silva worked with some of the leading banks in the region and also worked in international financial institutions in Toronto, New York, Tokyo and London.

Demand for the Kingdom of Bahrain Sovereign Debt Remained Strong

Demand for the Kingdom of Bahrain sovereign debt, which the Central Bank manages on behalf of the Ministry of Finance, are still at low levels.
Demand for debt with longer maturities remained strong. The CBB was capable o issue 12 month Government Treasury Bills at a coverage of 211%.

Majaal continues to facilitate foreign direct investment into Bahrain

First Bahrain announced that it still captivates overseas companies to set up business in Bahrain. Switz Group chose Majaal warehousing and logistics complex for its location to serve the expansion of their subsidiary brand, named Bahrain Masterbaker WLL.
They will import products such as the ever-popular cup cakes, pastries and samosa leaves from their Saudi Masterbaker operation in Saudi Arabia.
Another subsidiary, named Masterbaker Trading WLL, is also being setup in the same facility but it will import bakery ingredients from Europe and USA.

Women Scholars Struggle for a Place in Islamic Finance Sector

Engku Rabiah Adawiah Engku Ali says she became the first female Islamic finance scholar after failing to progress in her preferred field of juvenile law.
Malaysia’s Shariah Advisory Council has two female scholars on its 11-member board and Indonesia has six women on its panel of 35 experts.
There aren’t any female scholars in Islamic finance in the Middle East as women haven’t found opportunities in the male-dominated field, said Mohamad Nedal Alchaar, secretary general of the Accounting and Auditing Organization for Islamic Financial Institutions, in Manama, Bahrain.

Syndicate lenders of Kuwait’s International Leasing & Investment Company

On behalf of the syndicate of creditors, the Investment Agent ABC Islamic Bank (E.C.), confirms that no meaningful proposal has been received from International Leasing and Investment Company in respect of restructuring its debts.

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