A two-day Oman Islamic Economic Forum will take place on December 17 at Al Bustan Palace Hotel. Amjad Group of Companies will organize the forum. The forum ha sthe purpose to underline the steps needed by the Sultanate to expand its capabilities in the…
It seems that European Islamic Investment Bank will cut dozens of jobs and will close a representative office in Bahrain as part of a restructuring.
The number of employees will be reduced to 17 from 35.
EIIB Chairman Shabir Randeree stated that the ba…
Kuveyt Turk has given a price to its $350m five-year sukuk. It seems that the paper priced at par with an expansion of 447.5 basis points over midswaps and had a profit rate of 5.875 percent.
Citigroup Global Markets Limited and UBS AG have been licensed for Sukuk launch in international markets maximum term of 5 years up to USD 300 million. The reason for this decision is that Bank Asya’s resources from abroad must be diversified and incre…
Rasheed Al-Mi’raj, the Central Bank of Bahrain’s (CBB’s) governor, stated that Islamic financial institutions should learn from the experience of conventional banking institutions from the international financial crunch, increase understanding, m…
Key to the growth of the housing sector in the Gulf Cooperation Council (GCC) countries is the development of mortgage finance. Because of the demography of the region where some 65 per cent of the population is under 30 years old, demand for affordabl…
Dozens of Muslim homeowners are criticizing that they have been left in limbo by a disintegrating “sharia-compliant” mortgage arrangement, giving focus on the emergence of parallel banking systems in Canada.
After Toronto’s UM Financial was put i…
UM Group has discredited rumors of bankruptcy.
Omar Kalair, UM Group’s CEO, stated that the bankruptcy rumors were due to „confusion“ around the winding up of one of its affiliated companies, UM Financial Inc. He added that other UM companies „continue…
The next big thing in the GCC’s Islamic insurance industry appears to be the bancaTakaful model.
After last week Qatar Islamic Bank distributed Damaan Islamic Insurance Company’s Takaful products, retail Islamic bank, Bahrain Islamic Bank (BISB) commun…
Noor Islamic Bank has been assigned to put in order and lead manage more than US $1.4 billion Islamic finance capital market deals in Turkey in the last 18 months, making it the most active UAE bank in the republic.
The bank revealed details of its fin…
