Tagged: Arab News

Almarai plans hybrid sukuk

Almarai plans hybrid sukuk

Saudi Arabian dairy producer Almarai Co. has chosen four banks to arrange the sale of a hybrid sukuk. The firm has mandated the investment banking arm of Banque Saudi Fransi, BNP Paribas, HSBC's Saudi Arabian unit and Standard Chartered to arrange the …

IILM reshuffles Shariah board

IILM reshuffles Shariah board

The Malaysia-based International Islamic Liquidity Management Corp. (IILM) has reshuffled its Shariah board, losing four of its original six members. The IILM has been troubled by internal management upheaval, like the change of its chief executive lat…

Customers are driving force of Islamic banking

Customers are driving force of Islamic banking

<p>Mohammed Obaidullah of the Islamic Development Bank highlighted the role of customers in strengthening Islamic banks and financial institutions by asking right questions and monitoring the bank&rsquo;s activities and dealings. The customer is the driving force who can make Islamic banking move, he said while giving a lecture on the relevance of Islamic banking and finance in the modern world at the Islamic Education Foundation. Obaidullah called for the establishment of independent Shariah bodies to monitor and approve the activities of Islamic Banks. Moreover, Islamic banking and finance have become a strong industry that will not be shaken by defaulting of some institutions or individuals, he added emphasizing the importance of taking protective regulatory measures. Obaidullah hoped that India would soon get on the bandwagon of Islamic banking since the country could get the much-needed funds available in GCC countries for its infrastructure projects.</p>
<div>
<div>Source:&nbsp;</div>
<div>
<div>
<p><a href="http://www.arabnews.com/node/334478" title="http://www.arabnews.com/node/334478">http://www.arabnews.com/node/334478</a></p>
</div>
</div>
</div>
<div>
<a href="http://www.facebook.com/plugins/like.php?href=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5447&amp;layout=button_count&amp;show_faces=false&amp;action=like&amp;colorscheme=light&amp;width=100&amp;height=21&amp;font=&amp;locale=" title="I Like it" rel="nofollow" target="_blank"><span>Facebook Like</span></a> <a href="http://www.islamicfinance.de/?q=node/5447" title="Plus it" rel="nofollow" target="_blank"><span>Google Plus One</span></a> <a href="http://twitter.com/share?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5447&amp;count=horizontal&amp;via=&amp;text=Customers%20are%20driving%20force%20of%20Islamic%20banking&amp;counturl=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5447" title="Tweet This" rel="nofollow" target="_blank"><span>Tweet Widget</span></a> <a href="http://www.islamicfinance.de/?q=node/5447" title="Share on Linkedin" rel="nofollow" target="_blank"><span>Linkedin Share Button</span></a> <a href="http://www.facebook.com/sharer.php?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5447&amp;t=Customers+are+driving+force+of+Islamic+banking" title="Share on Facebook." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/facebook.png" alt="Facebook" title="" width="16" height="16"></a> <a href="http://www.google.com/bookmarks/mark?op=add&amp;bkmk=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5447&amp;title=Customers+are+driving+force+of+Islamic+banking" title="Bookmark this post on Google." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/google.png" alt="Google" title="" width="16" height="16"></a> <a href="http://bookmarks.yahoo.com/myresults/bookmarklet?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5447&amp;t=Customers+are+driving+force+of+Islamic+banking" title="Bookmark this post on Yahoo." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/yahoo.png" alt="Yahoo" title="" width="16" height="16"></a> <a href="http://del.icio.us/post?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5447&amp;title=Customers+are+driving+force+of+Islamic+banking" title="Bookmark this post on del.icio.us." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/delicious.png" alt="del.icio.us" title="" width="16" height="16"></a> <a href="http://www.linkedin.com/shareArticle?mini=true&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5447&amp;title=Customers+are+driving+force+of+Islamic+banking&amp;summary=Mohammed+Obaidullah+of+the+Islamic+Development+Bank+highlighted+the+role+of+customers+in+strengthening+Islamic+banks+and+financial+institutions+by+asking+right+questions+and+monitoring+the+bank%E2%80%99s+activities+and+dealings.+The+customer+is+the+driving+force+who+can+make+Islamic+banking+move%2C+he+said+while+giving+a+lecture+on+the+relevance+of+Islamic+banking+and+finance+in+the+modern+world+at+the+Islamic+Education+Foundation.+Obaidullah+called+for+the+establishment+of+independent+Shariah+bodies+to+monitor+and+approve+the+activities+of+Islamic+Banks.+Moreover%2C+Islamic+banking+and+finance+have+become+a+strong+industry+that+will+not+be+shaken+by+defaulting+of+some+institutions+or+individuals%2C+he+added+emphasizing+the+importance+of+taking+protective+regulatory+measures.+Obaidullah+hoped+that+India+would+soon+get+on+the+bandwagon+of+Islamic+banking+since+the+country+could+get+the+much-needed+funds+available+in+GCC+countries+for+its+infrastructure+projects.%0A&amp;source=IslamicFinance.de" title="Publish this post to LinkedIn" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/linkedin.png" alt="LinkedIn" title="" width="16" height="16"></a> <a href="http://digg.com/submit?phase=2&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5447&amp;title=Customers+are+driving+force+of+Islamic+banking" title="Digg this post on digg.com" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/digg.png" alt="Digg" title="" width="16" height="16"></a>
</div>

Saudi sukuk market gains momentum in 2nd quarter

Saudi sukuk market gains momentum in 2nd quarter

<p>Depressed initial public offering (IPO) activity in the Gulf Cooperation Council (GCC) continued into the second quarter (Q2) of 2013 with three new listings raising a total of only $ 48 million. This compared to two IPOs in Q1, 2013 raising an aggregate of $ 337 million, representing an 86 percent decrease in total value raised. The average offering value dropped 94 percent this quarter compared to the same quarter last year where four IPOs were witnessed raising a total of $ 1.1 billion. While the value of offerings significantly dropped this quarter, the number of offerings remained relatively stable at 3 IPOs. In contrast, Europe&rsquo;s IPO markets have continued to gain momentum in Q2, building on the successful start to the year, with $ 6.8 billion being raised, a 58 percent increase on the $ 4.3 billion raised in the first quarter of 2013.</p>
<div>
<div>Source:&nbsp;</div>
<div>
<div>
<p><a href="http://www.arabnews.com/news/457560" title="http://www.arabnews.com/news/457560">http://www.arabnews.com/news/457560</a></p>
</div>
</div>
</div>
<div>
<a href="http://www.facebook.com/plugins/like.php?href=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5383&amp;layout=button_count&amp;show_faces=false&amp;action=like&amp;colorscheme=light&amp;width=100&amp;height=21&amp;font=&amp;locale=" title="I Like it" rel="nofollow" target="_blank"><span>Facebook Like</span></a> <a href="http://www.islamicfinance.de/?q=node/5383" title="Plus it" rel="nofollow" target="_blank"><span>Google Plus One</span></a> <a href="http://twitter.com/share?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5383&amp;count=horizontal&amp;via=&amp;text=Saudi%20sukuk%20market%20gains%20momentum%20in%202nd%20quarter&amp;counturl=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5383" title="Tweet This" rel="nofollow" target="_blank"><span>Tweet Widget</span></a> <a href="http://www.islamicfinance.de/?q=node/5383" title="Share on Linkedin" rel="nofollow" target="_blank"><span>Linkedin Share Button</span></a> <a href="http://www.facebook.com/sharer.php?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5383&amp;t=Saudi+sukuk+market+gains+momentum+in+2nd+quarter" title="Share on Facebook." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/facebook.png" alt="Facebook" title="" width="16" height="16"></a> <a href="http://www.google.com/bookmarks/mark?op=add&amp;bkmk=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5383&amp;title=Saudi+sukuk+market+gains+momentum+in+2nd+quarter" title="Bookmark this post on Google." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/google.png" alt="Google" title="" width="16" height="16"></a> <a href="http://bookmarks.yahoo.com/myresults/bookmarklet?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5383&amp;t=Saudi+sukuk+market+gains+momentum+in+2nd+quarter" title="Bookmark this post on Yahoo." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/yahoo.png" alt="Yahoo" title="" width="16" height="16"></a> <a href="http://del.icio.us/post?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5383&amp;title=Saudi+sukuk+market+gains+momentum+in+2nd+quarter" title="Bookmark this post on del.icio.us." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/delicious.png" alt="del.icio.us" title="" width="16" height="16"></a> <a href="http://www.linkedin.com/shareArticle?mini=true&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5383&amp;title=Saudi+sukuk+market+gains+momentum+in+2nd+quarter&amp;summary=Depressed+initial+public+offering+%28IPO%29+activity+in+the+Gulf+Cooperation+Council+%28GCC%29+continued+into+the+second+quarter+%28Q2%29+of+2013+with+three+new+listings+raising+a+total+of+only+%24+48+million.+This+compared+to+two+IPOs+in+Q1%2C+2013+raising+an+aggregate+of+%24+337+million%2C+representing+an+86+percent+decrease+in+total+value+raised.+The+average+offering+value+dropped+94+percent+this+quarter+compared+to+the+same+quarter+last+year+where+four+IPOs+were+witnessed+raising+a+total+of+%24+1.1+billion.+While+the+value+of+offerings+significantly+dropped+this+quarter%2C+the+number+of+offerings+remained+relatively+stable+at+3+IPOs.+In+contrast%2C+Europe%E2%80%99s+IPO+markets+have+continued+to+gain+momentum+in+Q2%2C+building+on+the+successful+start+to+the+year%2C+with+%24+6.8+billion+being+raised%2C+a+58+percent+increase+on+the+%24+4.3+billion+raised+in+the+first+quarter+of+2013.%0A&amp;source=IslamicFinance.de" title="Publish this post to LinkedIn" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/linkedin.png" alt="LinkedIn" title="" width="16" height="16"></a> <a href="http://digg.com/submit?phase=2&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5383&amp;title=Saudi+sukuk+market+gains+momentum+in+2nd+quarter" title="Digg this post on digg.com" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/digg.png" alt="Digg" title="" width="16" height="16"></a>
</div>

Rating boost for Bank AlJazira

Rating boost for Bank AlJazira

<p>Islamic International Rating Agency (IIRA) has assigned a national scale rating of A+/A-1 (SR) to Bank AlJazira. On the international scale, IIRA has assigned a foreign currency and local currency rating of A-/A-2. Outlook on the rating is &lsquo;stable&rsquo;. The fiduciary score has been assessed in the range of &lsquo;71-75&rsquo;, reflecting adequate fiduciary standards. The assigned credit ratings incorporate the bank&rsquo;s improving asset quality and standalone profitability as well as an adequate liquidity profile and capitalization levels. However, BAJ, like other banks in Saudi Arabia, remains sensitive to concentration related risks. While large single exposures are likely to persist in the portfolio, segment-wise broadening will overtime reduce its possible impact, in case of impairment in large financings.</p>
<div>
<div>Source:&nbsp;</div>
<div>
<div>
<p><a href="http://www.arabnews.com/news/456767" title="http://www.arabnews.com/news/456767">http://www.arabnews.com/news/456767</a></p>
</div>
</div>
</div>
<div>
<a href="http://www.facebook.com/plugins/like.php?href=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5354&amp;layout=button_count&amp;show_faces=false&amp;action=like&amp;colorscheme=light&amp;width=100&amp;height=21&amp;font=&amp;locale=" title="I Like it" rel="nofollow" target="_blank"><span>Facebook Like</span></a> <a href="http://www.islamicfinance.de/?q=node/5354" title="Plus it" rel="nofollow" target="_blank"><span>Google Plus One</span></a> <a href="http://twitter.com/share?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5354&amp;count=horizontal&amp;via=&amp;text=Rating%20boost%20for%20Bank%20AlJazira&amp;counturl=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5354" title="Tweet This" rel="nofollow" target="_blank"><span>Tweet Widget</span></a> <a href="http://www.islamicfinance.de/?q=node/5354" title="Share on Linkedin" rel="nofollow" target="_blank"><span>Linkedin Share Button</span></a> <a href="http://www.facebook.com/sharer.php?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5354&amp;t=Rating+boost+for+Bank+AlJazira" title="Share on Facebook." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/facebook.png" alt="Facebook" title="" width="16" height="16"></a> <a href="http://www.google.com/bookmarks/mark?op=add&amp;bkmk=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5354&amp;title=Rating+boost+for+Bank+AlJazira" title="Bookmark this post on Google." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/google.png" alt="Google" title="" width="16" height="16"></a> <a href="http://bookmarks.yahoo.com/myresults/bookmarklet?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5354&amp;t=Rating+boost+for+Bank+AlJazira" title="Bookmark this post on Yahoo." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/yahoo.png" alt="Yahoo" title="" width="16" height="16"></a> <a href="http://del.icio.us/post?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5354&amp;title=Rating+boost+for+Bank+AlJazira" title="Bookmark this post on del.icio.us." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/delicious.png" alt="del.icio.us" title="" width="16" height="16"></a> <a href="http://www.linkedin.com/shareArticle?mini=true&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5354&amp;title=Rating+boost+for+Bank+AlJazira&amp;summary=Islamic+International+Rating+Agency+%28IIRA%29+has+assigned+a+national+scale+rating+of+A%2B%2FA-1+%28SR%29+to+Bank+AlJazira.+On+the+international+scale%2C+IIRA+has+assigned+a+foreign+currency+and+local+currency+rating+of+A-%2FA-2.+Outlook+on+the+rating+is+%E2%80%98stable%E2%80%99.+The+fiduciary+score+has+been+assessed+in+the+range+of+%E2%80%9871-75%E2%80%99%2C+reflecting+adequate+fiduciary+standards.+The+assigned+credit+ratings+incorporate+the+bank%E2%80%99s+improving+asset+quality+and+standalone+profitability+as+well+as+an+adequate+liquidity+profile+and+capitalization+levels.+However%2C+BAJ%2C+like+other+banks+in+Saudi+Arabia%2C+remains+sensitive+to+concentration+related+risks.+While+large+single+exposures+are+likely+to+persist+in+the+portfolio%2C+segment-wise+broadening+will+overtime+reduce+its+possible+impact%2C+in+case+of+impairment+in+large+financings.%0A&amp;source=IslamicFinance.de" title="Publish this post to LinkedIn" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/linkedin.png" alt="LinkedIn" title="" width="16" height="16"></a> <a href="http://digg.com/submit?phase=2&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5354&amp;title=Rating+boost+for+Bank+AlJazira" title="Digg this post on digg.com" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/digg.png" alt="Digg" title="" width="16" height="16"></a>
</div>

King Khalid Foundation, NCB support four charity projects

King Khalid Foundation, NCB support four charity projects

<p>The National Commercial Bank (NCB) recently signed an agreement with King Khalid Foundation to give financial donations to the best charity foundations that were able present a plan of a charity project. The aim of this initiative is to support training programs and build the capabilities of charity foundations&rsquo; staff to promote efficiency, effectiveness and performance, which will be positively reflected on the society. The list of wining projects included Qualifying the Adolescents project presented by Charity Society for Marriage &amp; Family Care in Baha, Rehabilitation of Visually Impaired project presented by Ebsar Foundation, My Skill is Enough project presented by Albir Society Jeddah, and Qualifying the Job Seekers from Ensan Committee project presented by Charity Committee for Orphans Care (Ensan), Riyadh. Each foundation received a financial donation at the value of SR 200,000.</p>
<div>
<div>Source:&nbsp;</div>
<div>
<div>
<p><a href="http://www.arabnews.com/news/455154" title="http://www.arabnews.com/news/455154">http://www.arabnews.com/news/455154</a></p>
</div>
</div>
</div>
<div>
<a href="http://www.facebook.com/plugins/like.php?href=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5290&amp;layout=button_count&amp;show_faces=false&amp;action=like&amp;colorscheme=light&amp;width=100&amp;height=21&amp;font=&amp;locale=" title="I Like it" rel="nofollow" target="_blank"><span>Facebook Like</span></a> <a href="http://www.islamicfinance.de/?q=node/5290" title="Plus it" rel="nofollow" target="_blank"><span>Google Plus One</span></a> <a href="http://twitter.com/share?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5290&amp;count=horizontal&amp;via=&amp;text=King%20Khalid%20Foundation%2C%20NCB%20support%20four%20charity%20projects&amp;counturl=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5290" title="Tweet This" rel="nofollow" target="_blank"><span>Tweet Widget</span></a> <a href="http://www.islamicfinance.de/?q=node/5290" title="Share on Linkedin" rel="nofollow" target="_blank"><span>Linkedin Share Button</span></a> <a href="http://www.facebook.com/sharer.php?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5290&amp;t=King+Khalid+Foundation%2C+NCB+support+four+charity+projects" title="Share on Facebook." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/facebook.png" alt="Facebook" title="" width="16" height="16"></a> <a href="http://www.google.com/bookmarks/mark?op=add&amp;bkmk=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5290&amp;title=King+Khalid+Foundation%2C+NCB+support+four+charity+projects" title="Bookmark this post on Google." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/google.png" alt="Google" title="" width="16" height="16"></a> <a href="http://bookmarks.yahoo.com/myresults/bookmarklet?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5290&amp;t=King+Khalid+Foundation%2C+NCB+support+four+charity+projects" title="Bookmark this post on Yahoo." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/yahoo.png" alt="Yahoo" title="" width="16" height="16"></a> <a href="http://del.icio.us/post?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5290&amp;title=King+Khalid+Foundation%2C+NCB+support+four+charity+projects" title="Bookmark this post on del.icio.us." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/delicious.png" alt="del.icio.us" title="" width="16" height="16"></a> <a href="http://www.linkedin.com/shareArticle?mini=true&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5290&amp;title=King+Khalid+Foundation%2C+NCB+support+four+charity+projects&amp;summary=The+National+Commercial+Bank+%28NCB%29+recently+signed+an+agreement+with+King+Khalid+Foundation+to+give+financial+donations+to+the+best+charity+foundations+that+were+able+present+a+plan+of+a+charity+project.+The+aim+of+this+initiative+is+to+support+training+programs+and+build+the+capabilities+of+charity+foundations%E2%80%99+staff+to+promote+efficiency%2C+effectiveness+and+performance%2C+which+will+be+positively+reflected+on+the+society.+The+list+of+wining+projects+included+Qualifying+the+Adolescents+project+presented+by+Charity+Society+for+Marriage+%26amp%3B+Family+Care+in+Baha%2C+Rehabilitation+of+Visually+Impaired+project+presented+by+Ebsar+Foundation%2C+My+Skill+is+Enough+project+presented+by+Albir+Society+Jeddah%2C+and+Qualifying+the+Job+Seekers+from+Ensan+Committee+project+presented+by+Charity+Committee+for+Orphans+Care+%28Ensan%29%2C+Riyadh.+Each+foundation+received+a+financial+donation+at+the+value+of+SR+200%2C000.%0A&amp;source=IslamicFinance.de" title="Publish this post to LinkedIn" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/linkedin.png" alt="LinkedIn" title="" width="16" height="16"></a> <a href="http://digg.com/submit?phase=2&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5290&amp;title=King+Khalid+Foundation%2C+NCB+support+four+charity+projects" title="Digg this post on digg.com" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/digg.png" alt="Digg" title="" width="16" height="16"></a>
</div>

Saudis not insuring homes despite floods

Saudis not insuring homes despite floods

Few Saudis are insuring their homes despite the recent floods and the relatively low-cost SR 5,000 annual premium per house on average. Sheikh Khaldoun Barakat, chairman of the board of directors of Arab Reinsurance Company, said current prices are “reasonable” and based on a house’s location, preparations to avoid risk and other factors.
He added companies and shops need to have insurance because there is a high risk of heavy losses if an accident or disaster occurs. Homeowners and businesspeople in Saudi Arabia are unaware of the importance of insurance against disasters. according to Barakat. Insurance experts said that government and the private sector should raise awareness of the importance of housing insurance.

DIB eyes acquisitions in Asian markets

DIB eyes acquisitions in Asian markets

Dubai Islamic Bank (DIB) is anxious to expand but is being held back in part by the unrest dominating the Middle East, according to its CEO Abdulla Al-Hamli. The bank expects to see close to 17 percent growth in net profit this year. DIB shares are up 43 percent so far this year to 2.88 dirhams, giving it a market capitalization of about AED 10.9 billion. After the global credit crisis the bank cut real estate investment to 27 percent of its portfolio from 45 percent in 2008. DIB’s non performing loans peaked at 14.5 percent after the crisis and dropped to 12 percent by the end of 2012. DIB is considering its expansion into Asian markets like Malaysia, Indonesia and India.

Aljazira Takaful Ta’awuni hopeful of IPO success

Aljazira Takaful Ta’awuni hopeful of IPO success

The Saudi Capital Market Authority (CMA) board has approved Aljazira Takaful Ta’awuni Company’s (ATT) initial public offering (IPO) of 10,500,000 shares, representing 30 percent of its share capital, amounting to SR 350 million. The offer price will be SR 10 per share and the subscription period will be from May 13 to 19. ATT’s chairman Abdulmajeed Al-Sultan said the step will improve the company’s financial position and enable it to realize its strategic objectives to become the local and regional leader of Shariah-compliant cooperative insurance. Despite being still under establishment, Aljazira Takaful Ta’awuni is considered to be one of promising companies in the cooperative insurance sector in Saudi Arabia.

Sovereign wealth funds keen on Turkish markets

Sovereign wealth funds keen on Turkish markets

In the past, European arrangers and investors dominated issuance of international bonds from Turkey. But in recent months the Gulf has started to play a major role, for commercial and possibly even political reasons. One reason for the shift is Turkey’s move into Islamic finance. The fact that three of Turkey’s four Islamic banks are affiliates of Gulf banks has also helped steer sukuk issuance to the region. Another factor behind the trend is Turkey’s increasing emphasis on developing political and economic ties with the Gulf. Pricing is also a factor. A compression of yields in the Gulf over the past 18 months has reduced the returns from bonds issued within the region.