Wissam Shawkat, an Iraqi calligrapher who moved to Dubai at the end of 2002, splits his time between fine art calligraphy and designing logos for some of the largest companies in the UAE. As well as logos for regional companies trying to emphasise thei…
Middle Eastern debt issuance surged 40 per cent in the first half of 2013, the strongest period on record, according to new data released by Thomson Reuters. Debt raised reached $26bn, including $20.8bn of investment grade corporate debt in the first t…
<p>Aston Martin's indebted majority owner has won the backing of sufficient creditors to proceed with a fresh debt restructuring plan – using the British luxury carmaker as collateral – ahead of a planned seven-year asset disposal program. Investment Dar's proposed restructuring received the minimum required backing of at least 13 per cent of creditors, but did not exceed the 56 per cent maximum that the company would allow.</p>
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<p><a href="http://www.ft.com/intl/cms/s/f72def94-ddad-11e2-892b-00144feab7de,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ff72def94-ddad-11e2-892b-00144feab7de.html&_i_referer=http%3A%2F%2Fwww.newsblur.com%2Fsocial%2F113996%2Fislamicfinance.de-blurblog#axzz2XLE7u5nK" title="http://www.ft.com/intl/cms/s/f72def94-ddad-11e2-892b-00144feab7de,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ff72def94-ddad-11e2-892b-00144feab7de.html&_i_referer=http%3A%2F%2Fwww.newsblur.com%2Fsocial%2F113996%2Fislamicfinance.de-blurblog#axzz2XLE7u5nK">http://www.ft.com/intl/cms/s/f72def94-ddad-11e2-892b-00144feab7de,Author…</a></p>
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<p>Investment Dar has become overextended in the global financial crisis and its complex debt restructuring has dragged on for four years. The indebted Kuwaiti shareholder of ASTON MARTIN has offered a new debt restructuring deal to creditors, using its shares in the British luxury car brand as collateral. Under the plan, creditors of Kuwait’s Investment Dar will be given the option of becoming lenders to Oasis Holding (a Jersey-registered 'special purpose vehicle', SPV) while taking a 50 percent discount on what they are owed. The private equity group’s 24 per cent stake in Aston Martin and its 28 per cent stake in affiliate Asmar, which also holds shares in Aston Martin, will be among assets to be shifted across to the SPV. Altogether, Kuwaiti investors own 60.5 per cent of Aston Martin.</p>
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<p><a href="http://www.ft.com/intl/cms/s/0/da553976-d8e0-11e2-84fa-00144feab7de.html#axzz2Wrs1jnlO" title="http://www.ft.com/intl/cms/s/0/da553976-d8e0-11e2-84fa-00144feab7de.html#axzz2Wrs1jnlO">http://www.ft.com/intl/cms/s/0/da553976-d8e0-11e2-84fa-00144feab7de.html…</a></p>
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Insurance major XL Group and Islamic specialist Cobalt underwriters will offer sharia-compliant insurance for companies buying commercial property, paving the way for Islamic investors to tap London’s subscription-based insurance market for the first time. The new offering will allow multiple insurers to take part in Islamic insurance deals, adding scale to the fledgling sharia-compliant insurance industry in the UK. Under Islamic insurance, premiums are reflected as contributions, capital is segregated from the participants’ funds and there is transparency on cost. It’s necessary to abide by the scholars’ principles on how things should be structured.
A joint venture deal between Middle East’s EFG-Hermes and Qatar’s QInvest has failed because the Egyptian Financial Supervisory Authority did not approve it in time. Under the terms of the deal, QInvest would have injected $250m into a joint venture banking business, and owned 60 per cent. Businessmen in Egypt have complained that, since the 2011 revolution officials have shied away from making big decisions because of fears over possible allegations of corruption. Analysts had also speculated that the failure of the regulator to approve the deal might be linked to the trial of the two chief executives of EFG-Hermes, alongside the two sons of the former president, over profits from the 2007 sale of El Watany Bank of Egypt. However, EFG-Hermes has said in the past that it did not believe the case had anything to do with the delay in approving the joint venture.
After the debt troubles of Kuwait’s Investment Dar (TID) of the past few years, some creditors are hoping for their first payment in June. However, creditors are still concerned over Investment Dar’s court-agreed repayment schedule. The asset disposal plan is reportedly making progress, against a tough economic backdrop, while resisting pressure to sell at distressed prices to buyers who sense a desperate vendor. The debt plan agreed by the court split the creditors into three groups, with repayment over eight and a half years.
After the Arab Spring, an international but Arab-led investment plan is urgently needed to deal directly with the job shortage and promote economic stability across the region. The Arab Stabilization Plan is a private sector led policy response that en…
The entire board of the Financial Services Association of the United Arab Emirates reportedly resigned after having lost trust and confidence in the group’s co-founder and sole shareholder Arwa Hamdieh. She herself claims having disbanded the board due to delays in implementing decisions. The board represented a third of the association’s members.
A Gulf investment bank has provided sharia-compliant funding worth millions of dollars for a Brazilian sugar and ethanol maker. The deal is an example of how smaller firms can be considered new investment possibilities for the wealthy Islamic lenders o…
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