Al Hilal Bank

Al Hilal Bank appoints Khaled Abdulla Neamat AlKhoori as new CEO

Al Hilal Bank announced the appointment of Khaled Abdulla Neamat AlKhoori as its new Chief Executive Officer. Prior to his appointment at Al Hilal Bank, Khaled AlKhoori held a number of positions at Abu Dhabi Investment Authority (ADIA). At ADIA, Khaled was responsible for managing the firm’s global investment mandate, ensuring a balance between different investment styles, geographies and sectors. He also served as Director of the Private Equity Department for three years, focusing on mega funds and credit investments in the US and European markets. Khaled AlKhoori holds a Summa Cum Laude BSBA degree in Finance and Accounting from Boston University, US, and has completed a General Manager Program from the Harvard Business School in 2005.

Al Hilal Bank in boardroom reshuffle after twin resignations

Al Hilal Bank has reshuffled its board after the abrupt departure of its chairman and chief executive within a week of each other. The Abu Dhabi-based Islamic bank said a new board had been appointed under the chairmanship of Mohamed Abdullah Al Rumaithi, following the resignation of the former chairman Ahmed Ateeq Al Mazrouei on Monday. Mr Mazrouei’s decision to quit came just a week after the resignation of the chief executive Mohamed Jamil Berro. Sarie Asaad Arar, previously the bank’s chief business officer, was appointed last week as the acting chief executive. The bank said both resignations were for “personal reasons”, declining to give details.

Chairman of Abu Dhabi's Al Hilal Bank resigns -sources

The chairman of Abu Dhabi's government-owned Al Hilal Bank has resigned, a week after the chief executive quit. Ahmed Ateeq al-Mazrouei, chairman since 2008, has left for personal reasons. Senior board member Mohamed Abdullah al-Rumaithi has been appointed to succeed him. Last week Al Hilal's chief executive Mohamed Jamil Berro resigned, also citing personal reasons, after seven years with the bank. Al Hilal's profit for 2014 plunged to 90 million dirhams ($24.5 million) from 442 million dirhams in 2013 because of large loan impairments, according to the lender's latest financial statement. The bank's total assets grew to 41.4 billion dirhams from 38.7 billion dirhams.

Al Hilal Bank Group CEO Jamil Berro resigns

Abu Dhabi-headquartered Shariah-compliant lender Al Hilal Bank has announced resignation of Mohamed Jamil Berro as the CEO, a position he has held since the bank’s establishment in 2008. Berro explained that his resignation is due to personal reasons. The bank’s Board of Directors further revealed that Sarie Asaad Arar will be appointed as Acting Group CEO, who currently holds the position of Chief Business Officer at Al Hilal Bank, and possess over 25 years of banking experience in the UAE.

Al Hilal Bank inaugurates new eco-friendly branch in Abu Dhabi’s iconic Masdar City

Al Hilal Bank has on Tuesday, June 2, 2015 inaugurated its new branch in Masdar City, a mixed-use project being developed in Abu Dhabi which is envisioned to emerge as the world’s most sustainable eco-city. Aside from meeting the conventional and Islamic banking needs of the surrounding community, the branch also serves as a hub for students of the nearby Masdar Institute of Science and Technology. The banking facility integrates elements such as a vending machine and wall-mounted touch screens for social media interaction to provide a venue for the Institute’s students and faculty to do research or simply to relax. Al Hilal Bank now has a total of 25 branches spread across the UAE in addition to three overseas branches in Kazakhstan.

CORRECTED-OFFICIAL-Abu Dhabi's Al Hilal Bank says CEO has not resigned

Abu Dhabi's government-owned Al Hilal Bank said on Thursday its chief executive Mohamed Jamil Berro had not resigned, correcting an earlier comment from a spokeswoman who said he was leaving. The CEO still remains in his position and it is business as usual for the bank, according to a statement from the bank. Earlier, the bank's spokeswoman told Reuters that Berro had resigned, with Al Hilal's executive vice president of wholesale banking, Sarie Ahmed Arar, assuming the role of acting CEO. The bank's spokeswoman mistakenly informed Reuters that Berro had resigned, the statement said without elaborating.

Dubai bank lures female borrowers with perfumed Mastercards.

Al Hilal Bank is reportedly partnering with Hind Al Oud perfume manufacturer that specialises in musky Arab scents to create a themed card targeting women. Al Oud will also provide complimentary perfumes alongside the perfumed MasterCard.

Dubai Islamic Bank picks arrangers for potential tier 1 sukuk

Dubai Islamic Bank said on Tuesday it picked eight banks to arrange fixed income investor meetings from Thursday for a potential benchmark size dollar-denominated capital-boosting sukuk issue. These banks, as well as Al Hilal Bank, Emirates NBD, National Bank of Abu Dhabi, Noor Bank, Sharjah Islamic Bank will arrange the roadshows. The meetings will be held in Asia, the Middle East, and Europe and a sukuk transaction which enhances its Tier 1, or core, capital may follow subject to market conditions.

Al Hilal Bank welcomes Governor of Kazakhstan’s Central Bank to Abu Dhabi

Al Hilal Bank recently received Kairat Kelimbetov, the Governor of the National Bank of Kazakhstan at its headquarters in Abu Dhabi. Both parties discussed the key role of Al Hilal Bank as the first and only Islamic bank operating in Kazakhstan. Mohamed Jamil Berro, Al Hilal Bank’s Group CEO, personally welcomed Governor Kelimbetov and briefed the guest on the Islamic products offered by Al Hilal. Kelimbetov noted the role of Al Hilal Bank’s activities in the development of Islamic finance in Kazakhstan, and added that the National Bank of Kazakhstan will continue to support development of Islamic finance in Kazakhstan.

Global Growth Company is a Al Hilal Bank

The Al Hilal Bank was chosen from a diverse pool of GGC candidates this year, representing companies from a cross-section of industry sectors. GGCs currently come from more than 65 countries. The Al Hilal Bank is now part of the ‘New Champions,’ a larger WEF community of pioneers, disruptors and innovators. It will be able to contribute to the Forum’s platform of meetings, projects and knowledge products for pursuing responsible and sustainable growth.

Al Hilal Bank Awaits New Legislation for Islamic Finance

Almaty-based Al Hilal Islamic Bank may expand into neighbouring markets as legislation in the Central Asian countries changes. Islamic finance is gaining popularity in the region, but Al Hilal is currently the only sharia-compliant lender in Kazakhstan. The Abu Dhabi government wholly owns Al Hilal's parent company and according to its chief executive, Prasad Abraham, the bank is considering increasing its geographical presence as part of its 2015 business plan.

Fitch upgrades Al Hilal Bank, affirms 8 others’ ratings

International ratings agency Fitch on Thursday upgraded Al Hilal Bank and affirmed 8 other banks and one non-bank financial institution rating. Fitch said it had upgraded Al Hilal Bank's (AHB) Viability Rating (VR) and affirmed the VRs of the other seven banks and all other ratings. The affirmation of the banks' Long-Term IDRs, Support Ratings and Support Rating Floors, reflects the extremely high probability of support available from the UAE authorities and governments, if required. Abu Dhabi Islamic Bank, Al Hilal Bank, Dubai Islamic Bank, Mashreqbank, Commercial Bank of Dubai, RakBank, Sharjah Islamic Bank, Bank of Sharjah and Dunia have been rated in the report.

Al Hilal Bank issues $500m sukuk

Abu Dhabi-based Al Hilal Bank has issued $500 million Perpetual Additional Tier 1 sukuk. The transaction, which was 9 times oversubscribed, drew demand worth $4.5 billion from over 200 investors. The offering follows Al Hilal Bank’s inaugural senior sukuk offering in October 2013 and has been structured to increase the probability of compliance with Basel III. The issuance was priced at par with a profit rate of 5.5 per cent, which represents the lowest coupon achieved by any bank for a USD Tier 1 issuance outside of the United States since 2008. Joint lead managers for the issue included Al Hilal Bank, Abu Dhabi Islamic Bank, Al Rayan Investment, Citigroup, Emirates NBD Capital, HSBC, Sharjah Islamic Bank, National Bank of Abu Dhabi, and Standard Chartered Bank.

Abu Dhabi’s Al Hilal Bank Raises $500 Million From Islamic Bonds

Government-owned Al Hilal Bank PJSC raised $500 million from the sale of perpetual bonds. The Shariah-compliant securities, which don’t mature, will pay a coupon of 5.5 percent. Pricing was tightened from an original guidance of about 6 percent as bids of about $5 billion were received. Al Hilal Bank, Citigroup Inc., Emirates NBD Capital Ltd., HSBC Holdings Plc, National Bank of Abu Dhabi PJSC and Standard Chartered Plc managed Al Hilal’s bond sale. The lender has the fifth-highest investment grade rating at Moody’s Investors Service.

UPDATE 1-UAE's Al Hilal Bank eyes capital-boosting sukuk issue - leads

Abu Dhabi government-owned Al Hilal Bank may sell a benchmark-sized Tier 1 capital-boosting sukuk after announcing plans to meet fixed income investors, joining a raft of issuers from the United Arab Emirates taking advantage of benign markets. The unlisted Islamic lender has chosen itself as well as Citigroup , Emirates NBD, HSBC, National Bank of Abu Dhabi and Standard Chartered to arrange roadshows. A benchmark-sized, U.S. dollar-denominated sukuk offer with a perpetual lifespan may follow the investor meetings, subject to market conditions. Al Hilal will meet investors in the Middle East on June 15 before moving to Hong Kong on June 17, followed by Singapore on June 18. After a day in London on June 20, roadshows end in Switzerland on June 23.

Fitch Rates Al Hilal Bank's USD2.5bn Trust Certificate Programme 'A+'/'F1'

Fitch Ratings has assigned Al Hilal Bank's (Al Hilal; A+/Stable/F1) USD2.5bn trust certificate issuance programme a final Long-term rating of 'A+' and a final Short-term rating of 'F1'. At the same time, Fitch has assigned Al Hilal's USD500m senior unsecured fixed rate certificates (sukuk) issued under the programme a Long-term rating of 'A+'. The certificates have a profit rate of 3.267% per annum and mature on 8 October 2018. The ratings assigned to the programme and the certificates are driven solely by Al Hilal's Issuer Default Ratings (IDRs), as the sukuk structure is viewed as an originator-backed/asset-based structure. The ratings of the trust certificate issuance programme and the certificates are highly sensitive to any rating action on Al Hilal.

Al Hilal Bank's debut Sukuk oversubscribed at $6.3 billion

Al Hilal Bank (AHB), rated A1by Moody's and A+ by Fitch, priced its highly successful debut $500 million Sukuk issued at par with 3.267 per cent semi-annual profit rate with a spread of 170 bps over the US Dollar at five-year mid swaps (MS). AHB, Citigroup, HSBC, NBAD and Standard Chartered Bank acted as Joint-Lead Managers and Joint Bookrunners, with BIBD, Maybank IB, SIB and UNB acting as co-Managers. The geographical distribution of the issue was as follows: 37 per cent to the UAE, 21 per cent to the rest of the Middle East, 22 per cent to Asia, 17 per cent to Europe, and 3 per cent to US offshore investors. The Trust Certificates will be listed on the Irish Stock Exchange under AHB’s $2.5 billion Trust Certificate Programme.

Abu Dhabi's Al Hilal Bank to price debut sukuk Tues, subject to markets

Abu Dhabi government-owned Al Hilal Bank will price its debut Islamic bond offering on Tuesday, subject to market conditions, especially the shutdown of the U.S. government. Books are now open for the transaction, with commitments from investors already totalling $2.75 billion. The five-year sukuk will be of benchmark size - traditionally understood to be worth at least $500 million - with initial price guidance set at 190 basis points over midswaps. Al Hilal is due to conclude meetings with fixed-income investors on Monday in London. Citigroup, HSBC, National Bank of Abu Dhabi and Standard Chartered are arranging the roadshows, along with Al Hilal itself.

Al Hilal Bank's trust certificate issuance programme rated

Fitch Ratings has assigned Al Hilal Bank's USD2,500,000,000 trust certificate issuance programme an expected Long-term rating of A+ and expected Short-term rating of F1. Key rating drivers are solely Al Hilal's Issuer Default Ratings.

Al Hilal to issue $500m Islamic bond

Abu Dhabi-based Islamic lender Al Hilal Bank plans to launch a $500m sukuk by the end of the year. The bond is expected to be used for general business purposes such as liquidity management and to form the first tranche of a $2.5bn bond programme.

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