Citigroup is the third largest bond underwriter in the Gulf region this year, up from fourth a year earlier and 19th in 2011. It’s also the fourth-largest arranger of syndicated loans, up from 11th last year....
TheAbu Dhabi Forum on Entrepreneurship, which is organised by the Khalifa Fund for Enterprise Development, will take place at the Abu Dhabi National Exhibition Centre (Adnec) from October 7 to 9. The forum aims to highlight important projects by young …
TheAbu Dhabi Forum on Entrepreneurship, which is organised by the Khalifa Fund for Enterprise Development, will take place at the Abu Dhabi National Exhibition Centre (Adnec) from October 7 to 9. The forum aims to highlight important projects by young …
<p>Dubai Dubai Islamic Bank (DIB) recorded a net profit of Dh739 million in the first half of this year, up 25 per cent from Dh592 million during the same time a year ago. Net profit for the second quarter of this year reached Dh437 million, up 31 per cent from compared to Dh334 million registered during the corresponding time last year. Net revenue for the first half of the year amounted to Dh2.1 billion, an increase of 10 per cent from Dh1.9 billion recorded during the same period in 2012. As of the end of June, the bank’s total assets reached Dh111.1 billion, customer deposits grew by 23 per cent to Dh82.4 billion. The bank’s gross investing and financing assets rose 1.4 per cent to Dh59.6 billion. During the first half of the year, the bank expanded its retail franchise to include three branches and 23 ATMs to its network. Additionally, it completed its acquisition of Tamweel, an Islamic home finance provider.</p>
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<p><a href="http://gulfnews.com/business/banking/dubai-islamic-bank-net-profit-up-25-per-cent-in-first-half-of-year-1.1215877" title="http://gulfnews.com/business/banking/dubai-islamic-bank-net-profit-up-25-per-cent-in-first-half-of-year-1.1215877">http://gulfnews.com/business/banking/dubai-islamic-bank-net-profit-up-25…</a></p>
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<p>Ramadan 19, named as “Emirati Humanitarian Work Day”, is an annual event in memory of the late Shaikh Zayed Bin Sultan Al Nahyan and aims to inculcate the spirit of giving and philanthropy nationwide. As many as 1,500 charitable activities will be organised across the country by 270 local and federal departments to mark the day. The activities will feature presenting refrigerators and air conditioners to the needy families, setting up a chocolate factory to offer jobs to people with special needs, workshops for needy families, a day for orphans and distribution of Ramadan rations and Eid Al Fitr gifts. Moreover, the UAE has launched the “Egypt in Our Heart” campaign, which will contribute to infrastructure development in Egypt, Besides, other initiatives have been launched, to help Syrian refugee children and to combat blindness and visual disability, among others.</p>
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<p><a href="http://gulfnews.com/news/gulf/uae/government/flurry-of-philanthropic-works-in-memory-of-shaikh-zayed-1.1213272" title="http://gulfnews.com/news/gulf/uae/government/flurry-of-philanthropic-works-in-memory-of-shaikh-zayed-1.1213272">http://gulfnews.com/news/gulf/uae/government/flurry-of-philanthropic-wor…</a></p>
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<p>Ramadan 19, named as “Emirati Humanitarian Work Day”, is an annual event in memory of the late Shaikh Zayed Bin Sultan Al Nahyan and aims to inculcate the spirit of giving and philanthropy nationwide. As many as 1,500 charitable activities will be organised across the country by 270 local and federal departments to mark the day. The activities will feature presenting refrigerators and air conditioners to the needy families, setting up a chocolate factory to offer jobs to people with special needs, workshops for needy families, a day for orphans and distribution of Ramadan rations and Eid Al Fitr gifts. Moreover, the UAE has launched the “Egypt in Our Heart” campaign, which will contribute to infrastructure development in Egypt, Besides, other initiatives have been launched, to help Syrian refugee children and to combat blindness and visual disability, among others.</p>
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<p><a href="http://gulfnews.com/news/gulf/uae/government/flurry-of-philanthropic-works-in-memory-of-shaikh-zayed-1.1213272" title="http://gulfnews.com/news/gulf/uae/government/flurry-of-philanthropic-works-in-memory-of-shaikh-zayed-1.1213272">http://gulfnews.com/news/gulf/uae/government/flurry-of-philanthropic-wor…</a></p>
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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. About $10 billion of last year’s Turkish issuance came in the final four months of the year, and was dominated by banks. The Gulf is central to the current stream of issuance. 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 because yields from Turkey are generally higher for similar credit ratings.
Strong investor demand supported by improving liquidity is expected to boost both issuance and performance of sukuk this year. Global issuance expanded for the fourth year in a row in 2012, growing 64 per cent to about $138 billion. While sukuk is stil…
Falcon Private Bank is planning to launch a fund early next month that will invest in global sukuk.The fund will be offered to the bank’s clients and could grow to $500 million, according to Zafar Khan, Falcon’s Mena chief executive. There is alreade substantial demand from the bank’s clients for global sukuk investments, he added. He also considers the yields of the past two years dislocated and the current yields more realistic to the underlying risk.
According to a report from Standard and Poor’s, an increasing number of African countries are considering issuing sukuk to fund their huge infrastructure needs and to diversify their investor base. South Africa, Nigeria, Senegal, and Mauritania have all announced in recent years their intention to issue sukuk bonds. Moreover, following the Arab spring and the rising influence of Islamist parties in some countries, the development of Islamic finance has gained importance for their governments, for example in Egypt and Tunisia. Standard & Poor’s believes that sukuk issued by African sovereigns could address an investor base in the GCC or at the Islamic Development Bank.
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