Fitch Ratings has assigned Salam III Limited's USD100m insurance-linked Sukuk programme an expected rating of 'BBB-(EXP)'. Fitch has also assigned a rating of 'BBB-(EXP)' to the proposed first USD20m tranche under the programme. ATLANTICLUX Lebensversi…
<p>Standard & Poor’s Ratings Services has lowered the counterparty credit and financial strength ratings on Dubai-based Salama/Islamic Arab Insurance Co. (Salama/IAIC) to ‘BBB+’ from ‘A-’ . The outlook is negative. The counterparty credit and financial strength ratings on Salama/IAIC’s wholly-owned, Malaysia-based reinsurance subsidiaries, BEST RE and BEST RE Family have also been lowered to ‘BBB’ from ‘A-’ . The consolidated Salama/IAIC group displays a satisfactory business risk profile, and a strong financial risk profile. S&P has revised its view of the BEST RE subgroup’s group status to its parent to strategically important from core because the subgroup’s activities, size, and earnings potential have reduced. Despite the group and subgroup’s current difficulties, the rating agency continues to regard the consolidated Salama group’s capital adequacy as extremely strong. The outlook can be revised to stable if the situation at BEST RE stabilizes without causing material financial or reputational issues for Salama/IAIC.</p>
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<p><a href="http://www.newsinsurances.co.uk/dubai-based-insurer-salamaiaic-ratings-lowered-as-problems-at-reinsurance-subsidiaries-continue-outlook-negative/0169493576" title="http://www.newsinsurances.co.uk/dubai-based-insurer-salamaiaic-ratings-lowered-as-problems-at-reinsurance-subsidiaries-continue-outlook-negative/0169493576">http://www.newsinsurances.co.uk/dubai-based-insurer-salamaiaic-ratings-l…</a></p>
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Bahrain-based Seera Investment Bank has reported a net income of $5.1 million for the first half of this year compared with a net income of $1.7m for the same period last year. Total income was $8.5m compared with $4.6m last time. The increase in incom…
Cooperative Insurance Company is the first firm established in the form of a public joint stock cooperative in line with the general policies of Article 44 of Iran's Constitution, which seeks large-scale privatization, and promotion of cooperative sect…
<p>A judge has ruled that HDG Mansur Investment Services must return $5.8 million in fees it paid itself from two equity funds it managed under Islamic law. The Indianapolis real estate fund asset manager didn’t have the right to recalculate its fees to claim a higher take for itself, according to federal Judge Colleen McMahon of New York. The lawsuit contends that, starting in early 2012, HDG Mansur began paying itself fees in advance for future real estate transactions. When those deals never happened, the Indianapolis company came up with the underbilling rationale in an effort to cover up the unearned payments that they had been making to themselves. HDG Mansur was dropped as the funds’ manager earlier this year. The judge also ordered HDG Mansur to pay 9 percent interest on the fees that are to be returned.</p>
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<p><a href="http://www.indystar.com/article/20130807/BUSINESS/308070070/Court-orders-HDG-Mansur-pay-5-8M-dispute-Islamic-funds?nclick_check=1" title="http://www.indystar.com/article/20130807/BUSINESS/308070070/Court-orders-HDG-Mansur-pay-5-8M-dispute-Islamic-funds?nclick_check=1">http://www.indystar.com/article/20130807/BUSINESS/308070070/Court-orders…</a></p>
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Standard & Poor's reduced Al Baraka's rating from BBB- to BB+ with a negative outlook on the back of increased sovereign and economic risk in the regions where it operates, particularly Egypt and Jordan. Operating environment and credit conditions …
<p>Foot Anstey LLP, a South West law firm, is winning valuable contracts from the Middle East by specialising in Islamic finance. The firm, which has five offices across the South West región, is one of very few firms in the UK to be able to arrange finance deals in accordance with Islamic law. The Islamic finance team at Foot Anstey has recently advised Islamic banks and Middle Eastern investors on a range of high value and complex transactions. They have created structures to allow conventional and Islamic financiers to work together. Foot Anstey has already advised several Middle Eastern investors on Islamic finance deals. Although most of its business has been in the Middle East, where there is still potential growth, the firm is now looking to expand into South East Asia as well.</p>
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<p><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNElXeUBvuzvvUOt9PBo3Dlx1sAWJw&url=http://www.southwestbusiness.co.uk/news/08082013093320-foot-anstey-llp-wins-contracts-from-middle-east-by-specialising-in-islamic-finance/" title="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNElXeUBvuzvvUOt9PBo3Dlx1sAWJw&url=http://www.southwestbusiness.co.uk/news/08082013093320-foot-anstey-llp-wins-contracts-from-middle-east-by-specialising-in-islamic-finance/">http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNElXeUBvuzvvUOt9PBo3D…</a></p>
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<p>Standard & Poor’s Ratings Services has lowered its long- and short-term counterparty credit ratings on Bahrain-based Al Baraka Banking Group (ABG) to 'BB+/B' from 'BBB-/A-3'. The outlook is negative. The rating action follows S&P's review of the wider implications of deteriorated sovereign creditworthiness in the past 12 months in some countries in the Middle East and North Africa (MENA) , where ABG operates, especially Egypt and Jordan. The ratings agency lowered its assessment of ABG's risk position to "adequate" from "strong," owing to its operations in high-risk MENA countries. The ratings remain supported by ABG's strong business position, and its average funding and adequate liquidity position. The negative outlook reflects S&P's view that ABG’s capitalization could deteriorate to levels deemed as weak if, for instance, Egypt defaults and further economic stress materializes in Jordan.</p>
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<p><a href="http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62829" title="http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62829">http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62829</a></p>
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<p>US-based World Council of Credit Unions (WOCCU) recently published the “Islamic Finance Manual: Operating Policies and Procedures”, a guide that is intended to assist bankers with establishing Shariah-compliant credit unions in developing countries. The manual was developed by the Customer Owned Banking Association (COBA), an Australia-based member organization of WOCCU, based on COBA’s experience establishing Islamic investment and finance cooperatives in Afghanistan since 2004. The guide is intended to provide operating policies and procedures based on international standards for financial cooperatives and to comply with Islamic law. Each chapter includes a review of procedural requirements as well as template contracts and forms. The manual is available online from WOCCU’s website.</p>
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<p><a href="http://www.microcapital.org/microcapital-brief-world-council-of-credit-unions-publishes-islamic-operations-manual-for-shariah-compliant-credit-unions/" title="http://www.microcapital.org/microcapital-brief-world-council-of-credit-unions-publishes-islamic-operations-manual-for-shariah-compliant-credit-unions/">http://www.microcapital.org/microcapital-brief-world-council-of-credit-u…</a></p>
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<p>Dr. Mohammed Namadi Sambo, Vice President of the Federal Republic of Nigeria has received Dr. Ahmed Mohamed Ali, President of the IDB Group in Makkah Guest Palace. The discussion covered arrangements made for the implementation of number of projects approved by the Bank for Nigeria and the on-going efforts that aim at establishing a representation office in Nigeria. Discussion also touched on issues related to the IDB’s role in supporting the Transformation Agenda Progamme in Nigeria. The Programme pursues growth in a number of sectors that include projects such as electricity transmission lines, regional and national road network, partnership between private and public sector in energy and supporting exports. The IDB President has offered to organize an investment conference in Nigeria early in 2014 similar to a conference organized by the IDB last year in Abuja. The Vice president of Nigeria welcomed this initiative.</p>
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<p><a href="http://abc.az/eng/news/main/75355.html" title="http://abc.az/eng/news/main/75355.html">http://abc.az/eng/news/main/75355.html</a></p>
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