Posts tagged as: MENA

Jordan Islamic Bank leader in solar electricity generation

Jordan Islamic Bank leader in solar electricity generation

Jordan Islamic Bank began some time ago to develop a plan to provide alternative energy in its branches through the use of electric power generation using solar cells. The Bank seeks to disseminate to all branches and offices which achieves savings and…

Finance minister: Laws and regulations governing Islamic Bonds set to continue

Finance minister: Laws and regulations governing Islamic Bonds set to continue

<p>Laws, legislative rules and regulations governing Islamic bonds will be implemented as planned, as part of government efforts to revive the economy, according to Egyptian Finance Minister Ahmed Galal. However, he refused to say who would assume the role of Chairman of the Islamic Bonds Division within the ministry, after the sacking of previous chairman Ahmed Al-Nagar. Ahmed Al-Gabali, Advisor to the Minister on Islamic Bonds, is reportedly interested in the position but will need to be made aware of the nature of the job before applying. Galal previously published a decision to dispose of a number of legal advisors and chairmen of financial units due to their affiliation with the Muslim Brotherhood, among them Ahmed Al-Nagar, previous Chairman of the Ministry of Finance&rsquo;s Islamic Bonds Divisi&oacute;n.</p>
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<p><a href="http://www.dailynewsegypt.com/2013/08/12/finance-minister-laws-and-regulations-governing-islamic-bonds-set-to-continue/" title="http://www.dailynewsegypt.com/2013/08/12/finance-minister-laws-and-regulations-governing-islamic-bonds-set-to-continue/">http://www.dailynewsegypt.com/2013/08/12/finance-minister-laws-and-regul…</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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<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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«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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Jump in bank profits in the last six months

Jump in bank profits in the last six months

<p>Egypt&rsquo;s banking sector witnessed a jump in profits during the first half of the current fiscal year in comparison to the same period last year, and even in comparison to the first quarter of this year. The Faisal Islamic Bank of Egypt stated that its profits for the first half of the current fiscal year totalled EGP 370.8m (nearly $53m), a 30.7% increase compared to the same period last year. Bankers throughout the country expect that other institutions will also soon announce increases in their profit margins for the first half of this year, due to their subscription to government debt instruments, which have brought high returns over the last six months. The stabilisation of the country is expected to allow banks to begin lending once again at higher rates, to both individuals and companies, which would help stimulate the economy, support banks and help them achieve higher profit margins.</p>
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<p><a href="http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-last-six-months/" title="http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-last-six-months/">http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-las…</a></p>
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Jump in bank profits in the last six months

Jump in bank profits in the last six months

<p>Egypt&rsquo;s banking sector witnessed a jump in profits during the first half of the current fiscal year in comparison to the same period last year, and even in comparison to the first quarter of this year. The Faisal Islamic Bank of Egypt stated that its profits for the first half of the current fiscal year totalled EGP 370.8m (nearly $53m), a 30.7% increase compared to the same period last year. Bankers throughout the country expect that other institutions will also soon announce increases in their profit margins for the first half of this year, due to their subscription to government debt instruments, which have brought high returns over the last six months. The stabilisation of the country is expected to allow banks to begin lending once again at higher rates, to both individuals and companies, which would help stimulate the economy, support banks and help them achieve higher profit margins.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-last-six-months/" title="http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-last-six-months/">http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-las…</a></p>
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Tunisia approves the use of Islamic bonds, sukuk

Tunisia approves the use of Islamic bonds, sukuk

The NCA approved a bill that will legalize Islamic bonds or Sukuk on last Wednesday. The voting came out with a smashing majority of 102 votes against 3. The new law is likely to stimulate investments coming from the rich region of the Gulf and and clo…

MENA sees increase in number and volume of private equity investments

MENA sees increase in number and volume of private equity investments

The MENA Private Equity Association has released its 2012 annual report highlighting the outlook of the private equity industry in the region. According to the report, the sector continued to show signs of recovery in 2012 with investments and exits bo…

Iraq Gearing up for Major Investment Opportunities

Iraq Gearing up for Major Investment Opportunities

<p>Iraq is seeing a surge in investment activity. The nation begins to rebuild its domestic infrastructure and boost crude oil production. By the end of 2013, Iraq should see 3.5 million barrels of crude per day. Over this year, Iraq&rsquo;s government is set to increase spending by 18 percent, reaching $118 billion. And the IMF has already projected that Iraq should see a yearly economic growth rate of around 9 percent. Banking in Iraq has come a long way, too, although basic banking infrastructure&mdash;ATMs, bank branches&mdash;are still lacking across the nation. However, spates of violence and an endemic culture of corruption are likely to cause some problems along the way. The Iraqi dinar is expected to experience a major improvement in terms of value, but it is important to remember that the development will take a while.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.wealthdaily.com/articles/investing-in-iraq/4499" title="http://www.wealthdaily.com/articles/investing-in-iraq/4499">http://www.wealthdaily.com/articles/investing-in-iraq/4499</a></p>
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