Morocco expects to sign a $ 2.4 billion loan deal next month with the Islamic Development Bank (IDB). The North African country has agreed a package with the IDB under which it will receive $600 million each year from 2013 to 2016. A small part of that sum will be a donation rather than a loan. A formal signing will be held in May. Moreover, Morocco is expected to raise around $ 1.5 billion this year by selling its first sukuk, with a final decision on borrowing to be taken by July. Morocco’s government has said it will limit its public debt to 60 percent of GDP despite the rising budget deficit.
April 24, 2013 | Posted in
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Global Banking and Finance Review has announced Medgulf Allianz Takaful BSC (c) as the winner of the award ‚Best Bancassurance Distribution Network Bahrain 2013‘. The award honours the company’s distribution network and regional presence. Medgulf Alli…
April 24, 2013 | Posted in
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Turkey’s Bank Asya is set to complete the general syndication stage of its Shariah-compliant loan imminently.
Source:
http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHZPnrCAKfZUUG7GuM_t5……
April 24, 2013 | Posted in
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Qatar-based bank Masraf Al Rayan is in the final stages of due diligence to acquire a stake in a Libyan lender. According to the group chief executive Adel Mustafawi, after preparing the required studies, a memorandum of understanding will be signed be…
April 24, 2013 | Posted in
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London-based Gatehouse Bank plc (Gatehouse) has announced that its associate has successfully completed the sale of a real estate investment located in San Francisco’s South Financial District in California. The total amount of the sale reached $71m (£46.4m), which yielded a profit on equity of 100% post costs and taxes. This real estate investment consists of two office buildings situated on a 15,306 sq ft parcel of land and is adjacent to the proposed Transbay Redevelopment Project. Gatehouse Bank and its associate were assisted by Arch Street Capital Advisors, L.L.C. and SKS Investments in this transaction.
Al Baraka Bank (Pakistan) unveiled its new head office, ‘Al Baraka House’ in the city of Karachi, Pakistan on 20 April 2013. The new building was inaugurated by Chairman Al Baraka Bank Pakistan, Adnan Ahmed Yousif, who is also the President and Chief Executive of Al Baraka Banking Group. Adnan Ahmed Yousif emphasized the global strength of Al Baraka as a global Islamic bank, with presence of over 500 branches in more than 15 countries around the world.
April 24, 2013 | Posted in
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Senior Shariah scholars and advisers of Islamic banks and conventional banks with Islamic windows have agreed to standardise Forex and interbank Musharakah agreements between Islamic banks and Islamic banking windows. This move will facilitate the avai…
April 24, 2013 | Posted in
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Burj Bank has launched an employee driven CSR initiative called “Giving beyond the Workplace Campaign”. As part of the programme, Burj Bank Employees along with the Senior Management team visited the TCF (The Citizen’s Foundation) Qayyumabad campus. Burj Bank members adopted one class each for the day where they spent their time in storytelling, book reading and educating the students about the importance of Earth Day. Moreover, Mr. Ahmed Khizer Khan, President & CEO of Burj Bank also presented a donation cheque from Burj Bank’s Charity Fund to Asaad Ayub Ahmad, President & CEO of TCF. This marked the beginning of a new relationship between the two organizations.
April 24, 2013 | Posted in
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Mercer in partnership with the Institute for International Research Middle East (IIRME), will be presenting the findings of its latest survey on Corporate Social Responsibility and Sustainability Programs, Policies and Practices in the region at the 10…
April 23, 2013 | Posted in
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Mohammed Abdulla, Chief Executive of Sharjah Islamic Bank rang the opening bell at Dubai Financial Market (DFM) to celebrate the listing of a Sukuk issued by Sharjah Islamic Bank (SIB) on NASDAQ Dubai. The listing of SIB’s 500 million dollar Sukuk prov…
April 23, 2013 | Posted in
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