IslamicFinance.de

Investors in Saudi Arabia are betting insurance stocks will be key beneficiaries from allowing women to drive. An index composed of 33 insurance stocks rose the most in three months. The Company for Cooperative Insurance, or Tawuniya, increased the most in seven months, other beneficiaries include Al Rajhi Takaful and Walla. The announcement to allow women to drive is one of the most dramatic moves in the government’s bid to open up society. Accroding to Jaap Meijer, head of research at Arqaam Capital, the number of cars in Saudi Arabia is likely to increase at least 20% in the next ten years as a result of the decision. He added that the increase is expected to be gradual. Net loss ratios on female drivers is likely to be lower than for men, as empirical evidence suggests that women are in fact safer drivers than men.

Growth of Shariah-compliant banks in Qatar is poised to outpace that of the UAE lenders as borrowing rises amid $200bn in government spending for the 2022 soccer World Cup. Qatar's four Islamic lenders will almost double their asset base to $100bn by 2017, Standard & Poor's has said in a report. Last year, the assets of the largest Shariah-compliant bank in the country, Qatar Islamic Bank, grew five times faster than those of the biggest one in the UAE, Dubai Islamic Bank. Spending for the world's most-watched sporting event will spur lending for roads, stadiums and hotels.

According to Arqaam Capital Ltd, EFG-Hermes Holding SAE plans to sell its 40% stake in 2013 in the investment bank it is forming with QInvest. Thus, it will turn into a holding company. EFG-Hermes' assets will be held in Lebanese unit Credit Libanais SAL and in a private equity unit managing $980 million (Dh3.6 billion).

Read more on: http://gulfnews.com/business/markets/efg-to-sell-qinvest-joint-venture-s...

Amlak had a larger net loss as income from its core business fell and impairments more than doubled. The net loss of the second quarter was Dh52.2 million (US$14.2m), compared with Dh597,000 in the same period last year.
Jaap Meijer, a senior analyst at AlembicHC in Dubai, stated that Amlak would need significant impairments on its property investment portfolio.