Americas | Finance News

2013-08-08

Court orders HDG Mansur to pay $5.8M in dispute with Islamic funds

<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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Industry body launches manual for Islamic credit unions

Islamic Finance

2013-08-02

Industry body launches manual for Islamic credit unions

The US-based World Council of Credit Unions has launched a manual discussing how to establish and operate sharia-compliant credit unions in developing countries, which could help to broaden the Islamic finance industry's retail customer base. The counc…

Islamic Finance Industry Development Challenge

ASIA / Islamic Finance

2013-07-22

Islamic Finance Industry Development Challenge

<p>The shift in global banking is not a trend, and the challenge for all of us is to bridge the gap in financial practice and seize the opportunities that lie ahead, bringing ethics back into finance.</p>
<p>Thomson Reuters and Abu Dhabi Islamic Bank (ADIB) are partnering to launch the world’s first Ethical Finance Innovation Challenge and Awards (EFICA). In the dawn of a new economic world, these awards are designed to inspire and recognise a fresh way of thinking by promoting some of the most dynamic, innovative ideas and solutions around integrity and growth.</p>
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<p><a href="http://updates.thomsonreuters.com/events/efica/#" title="http://updates.thomsonreuters.com/events/efica/#">http://updates.thomsonreuters.com/events/efica/#</a></p>
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Harvard Forum: TAKAFUL AND ALTERNATIVE COOPERATIVE FINANCE: Challenges and Opportunities

Islamic Finance

2013-07-16

Harvard Forum: TAKAFUL AND ALTERNATIVE COOPERATIVE FINANCE: Challenges and Opportunities

The Eleventh Harvard University Forum on Islamic Finance titled "Takaful and alternative cooperative finance: Challenges and Opportunities" will take place at the Harvard University, USA on April 26-27, 2014. The forum seeks to reassess and critically …

Hult Prize Competition for Student teams worldwide to solve food crisis

ASIA / Islamic Finance

2013-07-10

Hult Prize Competition for Student teams worldwide to solve food crisis

Over the past three years, the Hult Prize has taken on some of the planet's toughest challenges. These have included Education, Energy, Housing, and Water. For the 2013 Prize, President Clinton has personally selected the challenge: the Global Food C…

Dubai Exports promotes Dubai’s expertise in Islamic economy to Canadian firms in Vancouver and Toronto

Islamic Finance

2013-06-17

Dubai Exports promotes Dubai’s expertise in Islamic economy to Canadian firms in Vancouver and Toronto

Dubai Exports , the export promotion agency of the Department of Economic Development (DED), recently showcased the emirate's expertise and resources in Islamic economic services to the business community in Toronto and Vancouver across a series of sem…

Islamic Finance

2013-06-14

‘Shariah’ Bankruptcy Gets An OK

<p>A U.S. judge Tuesday approved Arcapita Bank B.S.C.'s plan to gradually liquidate itself in a process that conforms with Islamic Shariah law, which generally prohibits borrowing money with interest. The Bahrain-based investment firm entered bankruptcy protection last year with a goal of restructuring itself but ended up with a plan to orderly liquidate its private-equity investments. The modified proposal solved several concerns from creditors, including creating a new entity that will retain the firm’s management, and setting a minimum valuation for the company’s remaining assets. Arcapita manages infrastructure, real-estate, private-equity and venture-capital investments that are compliant with Shariah.</p>
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<p><a href="http://www.zawya.com/story/Shariah_Bankruptcy_Gets_An_OK-ZW20130612000006/" title="http://www.zawya.com/story/Shariah_Bankruptcy_Gets_An_OK-ZW20130612000006/">http://www.zawya.com/story/Shariah_Bankruptcy_Gets_An_OK-ZW20130612000006/</a></p>
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Arcapita Bank Judge Greenlights Ch. 11 Plan

Islamic Finance

2013-06-13

Arcapita Bank Judge Greenlights Ch. 11 Plan

<p>Arcapita Bank on Tuesday secured a New York bankruptcy judge’s approval of Chapter 11 reorganization plan, allowing it to exit bankruptcy, pay off its creditors and turn over its assets to a new entity that will manage and dispose of them over time. Sixteen months after it entered bankruptcy, the Bahraini investment bank sailed through a confirmation hearing before U.S. Bankruptcy Judge Sean H. Lane with substantial support from creditors and shareholders.</p>
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<p><a href="http://www.law360.com/articles/449179/arcapita-bank-judge-greenlights-ch-11-plan" title="http://www.law360.com/articles/449179/arcapita-bank-judge-greenlights-ch-11-plan">http://www.law360.com/articles/449179/arcapita-bank-judge-greenlights-ch…</a></p>
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ASIA / Islamic Finance

2013-06-12

IDB: Young Professionals Program (YPP)

<p>ABOUT YPP: </p>
<p>The Young Professionals Program (YPP) is the strategic talent pipeline for the professional career in the Islamic Development Bank (IDB) Group. The Program is designed for outstanding young graduates who can significantly help the IDB Group to carry out its mission and attain its objectives.</p>
<p>This Program enables each Young Professional (YP) to receive extensive exposure and experience of the IDB Group’s various activities through job rotations in different departments. Participants will initially spend two weeks Orientation stage in HRMD. Then, 27 months in Foundation stage which will be split into three rotations of 9 months each in IDB Group departments.</p>
<p>Participants will also benefit from a coaching/mentoring arrangement and a wide range of relevant training and developmental opportunities.</p>
<p>Upon successful program completion, the participant will gradually climb up the professional grades in the IDB Group</p>
<p>[…]</p>
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<div>Source: </div>
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<p><a href="http://www.isdb.jobs/careers/isdb/VacancyDetail.aspx?PageID=2513&VacancyID=59351" title="http://www.isdb.jobs/careers/isdb/VacancyDetail.aspx?PageID=2513&VacancyID=59351">http://www.isdb.jobs/careers/isdb/VacancyDetail.aspx?PageID=2513&Vacancy…</a></p>
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UPDATE: Arcapita Creditors Want to Go After Millions in Claims

Islamic Finance

2013-06-06

UPDATE: Arcapita Creditors Want to Go After Millions in Claims

In a Tuesday filing with U.S. Bankruptcy Court in Manhattan, Arcapita's official committee of unsecured creditors said it wants to challenge three sets of claims that it says could unlock millions of dollars for creditors of the liquidating firm. The c…

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IDB: Young Professionals Program (YPP)

UPDATE: Arcapita Creditors Want to Go After Millions in Claims

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