Islamic Banking

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Alinma profit plunges 85%

Alinma Bank's profit fell by 85 percent in the fourth quarter of 2009 as its net income amounted to SR5.6 million ($1.49 million), compared to SR38.6 million ($10.29 million) for the previous quarter, according to a posting on the Saudi stock market (Tadawul) website on Saturday.

KFH plans expansion in US, Canada

Kuwait Finance House (KFH) has revealed plans to expand into the US and Canada in 2010.

Benzinga Snapshot On Islamic Bonds (Sukuk): Going Strong In 2010?

The sukuk market, which has been gaining ground since the second half of 2009, is expected to chart stronger growth in 2010, buoyed by the global economic recovery, low interest rates and the Government's pump-priming initiatives.


Bank Islam taps into IPO business

Bank Islam Malaysia Bhd is expanding its corporate investment banking business to include initial public offerings (IPOs) as part of its expansion drive.

Islamic finance looks attractive to shipping industry

Islamic finance in the GCC is emerging as a credible alternative source of ship finance.

BKME to go Islamic in Q2, achieves 13 percent growth, Bank to be renamed ‘Al Ahli Al Muttahad’

Bank of Kuwait and Middle East (BKME) has achieved a growth of 13 percent in the last three years, and is now undergoing a change to become fully Sharia-compliant.

Malaysia and UK sign off on uniform wakala

Malaysian and the United Kingdom Islamic banks signed off on a standardised wakala deposit agreement, which some bankers said could help the industry reduce its reliance on the controversial commodity Murabaha structure.

DIB launches new Takaful scheme

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has launched a comprehensive accidental death and disability insurance plan offered at a very affordable annual premium, a statement said.

Dubai Bank signs MoU with Community Development Authority

Dubai Bank announced today the signing of a Memorandum of Understanding (MoU) with the Community Development Authority (CDA). The MoU marks a significant step forward in the bank's Corporate Social Responsibility (CSR) programme, and is in line with its commitment to support educational causes through its CSR activities.

Saudi Al Jazira Bank Q4 loss up, ANB profit falls

Saudi's Al Jazira Bank widened its losses for the fourth quarter by 189 percent while smaller rival Arab National Bank saw net profit falling 31.8 percent, the lenders said.

Wade urges Islamic banks to fight poverty

Bank - The Senegalese president, Abdoulaye Wade, on Monday in Dakar urged Islamic banks to help fight poverty in Islamic or predominantly Muslim countries.

Gassner's picture

Calling Islamic financial institutions to become member of the United Nations Finance Initiative is calling Islamic financial institutions to become member of the UNEP Finance Inititiave to learn and contribute to international best practice in ethical and faith based finance:

"UNEP FI is a global partnership between UNEP and the financial sector. Over 180 institutions, including banks, insurers and fund managers, work with UNEP to understand the impacts of environmental and social considerations on financial performance."

membership information package:

SFS Cyprus, Kuwait Finance House launch $150million shipping investment fund

Sharelink Financial Services Group (SFS) and Kuwait Finance House Asset Management Sdn Bhd (KFHAM) have launched a shipping venture that aims to raise 150 million dollars of investment for modern vessels.

Abu Dhabi Islamic Bank inks Emcredit deal

Abu Dhabi Islamic Bank (ADIB) and Emcredit, the UAE's government-backed credit bureau, have signed an agreement to provide credit information services in supporting the bank's financing activities.

Dubai Islamic Bank says no deposit withdrawals -TV

Dubai Islamic Bank DISB.DU has not witnessed any significant withdrawals by despositors after news of Dubai World restructuring shook global markets, the lender's financial chief said on Tuesday.

Faisal Private Bank appoints new CEO

Geneva-based Faisal Private Bank announced it had appointed Swiss national Mark Koch to replace outgoing Chief Executive Marco Rochat from Jan. 1 with a mandate to broaden the Islamic finance focus of the bank.

Najd Investments Receives Licence To Operate From The Dubai International Financial Centre - Boutique Advisory's DIFC Office To

Najd Investments Ltd today announced the opening of its Dubai office following the award of a licence by the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC).

Ajman Bank Appoints Head of Finance Division

Ajman Bank, the emirate’s first Islamic commercial bank, has officially announced the appointment of their new Head of Finance Division, Seifeldin Abdelkareem. With a career in the financial field spanning twenty eight years, Abdelkareem has a multitude of experience to contribute as new Head of Finance.

Investment in Islamic banking swells to Rs64.7b in July-Sept

Total investments in the Islamic Banking Institutions (IBIs) swelled to Rs 64.7 billion during the third quarter (July-Sept) of current calendar year 2009 as against Rs 53.5 billion in April-June this year.

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