Posts tagged as: Islamic Banking

Ithmaar Bank operating income stable at BD37m

Ithmaar Bank operating income stable at BD37m

Operating income continues to be stable at Ithmaar Bank at BD36.8 million, despite a significant compression of margins in overseas subsidiary due to a 300 basis points cut in benchmark profit rates. However, a net loss of BD2.8m was announced for the …

Jaiz Bank grows capital by 100% in a year, eyes national banking licence

Jaiz Bank grows capital by 100% in a year, eyes national banking licence

Jaiz Bank is now targeting a national license from the Central Bank of Nigeria (CBN) after having grown its capital base from N5 billion when it started operations last year to about N10 billion. The capital increase will enable the bank to apply for N…

Abu Dhabi Islamic Bank plans North Africa expansion

Abu Dhabi Islamic Bank plans North Africa expansion

<p>Abu Dhabi Islamic Bank plans to branch out in North Africa as the UAE-based lender seeks to reach a larger population. The bank applied for licenses in Algeria and Libya and is considering new operations in Tunisia and Morocco. Chief executive Tirad Mahmoud said the bank is seeking to expand in nations with a critical mass in terms of population and economic activity. Abu Dhabi Islamic Bank has also moved into countries including Saudi Arabia, Egypt and Sudan, Mahmoud said. The bank wants to be better placed to serve companies, such as Dubai-based mall operator Majid al-Futtaim, which operate across the Middle East and North Africa. Banks that comply with Islam&rsquo;s ban on interest have become increasing popular after the revolts implemented Islamists into power in some North African countries.</p>
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<p><a href="http://english.alarabiya.net/en/business/banking-and-finance/2013/08/12/Abu-Dhabi-Islamic-Bank-plans-North-Africa-expansion.html" title="http://english.alarabiya.net/en/business/banking-and-finance/2013/08/12/Abu-Dhabi-Islamic-Bank-plans-North-Africa-expansion.html">http://english.alarabiya.net/en/business/banking-and-finance/2013/08/12/…</a></p>
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El Wifack Leasing applies for approval to practice as Universal Islamic Bank

El Wifack Leasing applies for approval to practice as Universal Islamic Bank

The board of directors of El Wifack Leasing company wants to transform itself into a Universal Islamic bank and has submitted an application to the Central Bank of Tunisia (BCT) in order to get the approval. The transformation of the company comes by v…

«El Wifack Leasing» veut se transformer en Banque islamique

«El Wifack Leasing» veut se transformer en Banque islamique

<p>Le conseil d&rsquo;administration de la soci&eacute;t&eacute; &laquo; El Wifack Leasing &raquo; a d&eacute;pos&eacute; aupr&egrave;s de la Banque centrale de Tunisie (BCT) une demande d&rsquo;agr&eacute;ment pour la transformation de la soci&eacute;t&eacute; en Banque islamique universelle. Dans un communiqu&eacute; publi&eacute; sur le site du Conseil du march&eacute; financier (CMF), la m&ecirc;me source souligne que l&rsquo;instruction du dossier d&rsquo;agr&eacute;ment demeure encore au stade initial et que le conseil d&rsquo;administration de la soci&eacute;t&eacute; El Wifack Leasing ne peut s&rsquo;exprimer jusque l&agrave; sur les issues potentielles que peut prendre cette demande. A d&eacute;faut d&rsquo;obtention de l&rsquo;agr&eacute;ment, la soci&eacute;t&eacute; continuera &agrave; d&eacute;velopper son activit&eacute; et lancera sa deuxi&egrave;me tranche d&rsquo;augmentation de capital, a avanc&eacute; El Wifack Leasing.</p>
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<p><a href="http://directinfo.webmanagercenter.com/2013/08/11/el-wifack-leasing-veut-se-transformer-en-banque-islamique/" title="http://directinfo.webmanagercenter.com/2013/08/11/el-wifack-leasing-veut-se-transformer-en-banque-islamique/">http://directinfo.webmanagercenter.com/2013/08/11/el-wifack-leasing-veut…</a></p>
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«El Wifack Leasing» veut se transformer en Banque islamique

«El Wifack Leasing» veut se transformer en Banque islamique

<p>Le conseil d&rsquo;administration de la soci&eacute;t&eacute; &laquo; El Wifack Leasing &raquo; a d&eacute;pos&eacute; aupr&egrave;s de la Banque centrale de Tunisie (BCT) une demande d&rsquo;agr&eacute;ment pour la transformation de la soci&eacute;t&eacute; en Banque islamique universelle. Dans un communiqu&eacute; publi&eacute; sur le site du Conseil du march&eacute; financier (CMF), la m&ecirc;me source souligne que l&rsquo;instruction du dossier d&rsquo;agr&eacute;ment demeure encore au stade initial et que le conseil d&rsquo;administration de la soci&eacute;t&eacute; El Wifack Leasing ne peut s&rsquo;exprimer jusque l&agrave; sur les issues potentielles que peut prendre cette demande. A d&eacute;faut d&rsquo;obtention de l&rsquo;agr&eacute;ment, la soci&eacute;t&eacute; continuera &agrave; d&eacute;velopper son activit&eacute; et lancera sa deuxi&egrave;me tranche d&rsquo;augmentation de capital, a avanc&eacute; El Wifack Leasing.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://directinfo.webmanagercenter.com/2013/08/11/el-wifack-leasing-veut-se-transformer-en-banque-islamique/" title="http://directinfo.webmanagercenter.com/2013/08/11/el-wifack-leasing-veut-se-transformer-en-banque-islamique/">http://directinfo.webmanagercenter.com/2013/08/11/el-wifack-leasing-veut…</a></p>
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Bahrain-based Al Baraka Banking Group lowered to ‚BB+/B‘ on high MENA sovereign and economic risks

Bahrain-based Al Baraka Banking Group lowered to ‚BB+/B‘ on high MENA sovereign and economic risks

<p>Standard &amp; Poor&rsquo;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&amp;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&amp;P's view that ABG&rsquo;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&amp;cg=2&amp;t=1&amp;id=62829" title="http://www.bi-me.com/main.php?c=3&amp;cg=2&amp;t=1&amp;id=62829">http://www.bi-me.com/main.php?c=3&amp;cg=2&amp;t=1&amp;id=62829</a></p>
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