The stock of outstanding GCC fixed income instruments rose to $239.8 billion in the first six months of this year. The largest debtors are the Qatari public sector (23 per cent), the UAE financial sector (16 per cent) and the UAE public sector (15 per …
<p>While Islamic banking assets have grown rapidly around the world to stand at more than USD1.3 trillion at the end of 2012, the industry has remained in its infancy in Africa. However that could be about to change. By the end of this decade it’s quite possible that banking complying with Shariah law could grow to account for up to 10 per cent of banking assets in five or six sub-Saharan African countries, including Kenya and Nigeria. Behind the buzz is real demand from African domestic consumers for the choice to bank in accordance with their faith. Governments and regulators in Africa no longer view Islamic banking as a niche industry, but actively seek to encourage its development. There’s also growing awareness of the significant liquidity pool now available in Islamic finance, particularly across the Middle East, as a source of funding for crucial infrastructure investment. Sub-Saharan Africa has a great opportunity to develop a healthy Islamic banking eco-system much faster than other regions of the world.</p>
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<p><a href="http://www.cpifinancial.net/features/category/islamic-finance/post/22307/islamic-banking-nears-its-big-breakthrough-in-africa" title="http://www.cpifinancial.net/features/category/islamic-finance/post/22307/islamic-banking-nears-its-big-breakthrough-in-africa">http://www.cpifinancial.net/features/category/islamic-finance/post/22307…</a></p>
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Standardisation of the regulations governing Islamic finance is a must to ensure the globalisation of Islamic finance, according to Hussain AlQemzi, GCEO of Noor Investment Group and CEO of Noor Islamic Bank. Although regional standardisation bodies ex…
The Deloitte Islamic Finance Knowledge Center (IFKC) in the Middle East has signed an MOU of a collaborative training initiative with the Islamic Research & Training Institute (IRTI). This collaboration aims to develop industry-based training progr…
Dubai Islamic Bank (DIB) has announced the launch of the Al Islami FlexiBeta Dirham Certificate, a two-year Islamic certificate, providing investors with exposure to either emerging market equities or gold, depending on market conditions. The Certifica…
<p>In NCB Capital's (NCBC) view, the 14.7% YoY growth in Albilad’s net income is the result of an increase in NSCI income and fee and other Income. Although the bank’s total operating income came broadly in-line with NCBC's estimate, lower than expected operating expenses including provisions resulted in net income that was 9.4% better than the estimate. Albilad’s NSCI grew 10.7% YoY to SR228mn, in-line with the estimates, led by a 25.3% YoY growth in net loans. Albilad’s investment base also expanded about 8 times which enabled the strong NSCI growth. However, despite the shift from cash towards higher yielding assets, NCBC's calculation suggest that NIMs declined 4bps YoY and 9bps QoQ. This implies that the front loan rates have been declining by a significant level. Albilad’s total operating expenses including provisions grew 5.0% YoY, but came-in 2.7% below the estimates, enabling the 14.7% YoY growth in profits.</p>
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<p><a href="http://www.cpifinancial.net/news/post/21829/ncb-capital-comments-on-albilads-strong-growth-in-profits" title="http://www.cpifinancial.net/news/post/21829/ncb-capital-comments-on-albilads-strong-growth-in-profits">http://www.cpifinancial.net/news/post/21829/ncb-capital-comments-on-albi…</a></p>
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<p>The global remittance and foreign exchange brand UAE Exchange today announced a new partnership with the United Nations World Food Programme (WFP) as part of its Corporate Social Responsibility (CSR) program. To mark the beginning of this collaboration that coincides with the upcoming start of Ramadan, UAE Exchange held a launch ceremony and announced a donation in support of WFP’s school feeding program in Africa, which will help fund 100,000 school meals to poor students. The event was attended by senior officials from UAE Exchange and WFP along with special invitees and the media.</p>
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<p><a href="http://www.cpifinancial.net/news/post/21751/uae-exchange-joins-the-fight-against-world-hunger-alongside-the-un-world-food-programme" title="http://www.cpifinancial.net/news/post/21751/uae-exchange-joins-the-fight-against-world-hunger-alongside-the-un-world-food-programme">http://www.cpifinancial.net/news/post/21751/uae-exchange-joins-the-fight…</a></p>
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The two entities signed an MoU on the potential merger and a steering committee of senior representatives from both parties has been formed. Subsequently, a service provider was appointed to undertake valuation of both entities. KHCB has also appointe…
Some firms are starting to combine sukuk, using portfolios of long-term issues to back short-term certificates. This lets them create liquidity programmes that address the persistent shortage of money market instruments needed by Islamic banks to manag…
The Seminar on Strategies for the Development of Islamic Capital Markets was held on June 27 in Hong Kong to promote discussions, understanding and experience-sharing in the area of Islamic capital markets. The event was organised by the Islamic Financ…
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