Tagged: Gulf Times

QIIC profit edges up to QR35.84mn in H1

QIIC profit edges up to QR35.84mn in H1

<p>Qatar Islamic Insurance Company has reported a 3% rise in first-half net profit to QR35.84mn despite expenses growing faster than income mainly due to a 13% rise in general and administrative costs. Income from investments in associates almost quadrupled to QR3.97mn, rental income grew 16% to QR4.53mn, wakala fee by 8% to QR23.98mn and other income by 28% to QR1.06mn. However, income from shareholders&rsquo; investments shrank 30% to QR6.73mn and shareholders&rsquo; share in policyholders&rsquo; investment income by 5% to QR7.74mn. Nevertheless, total income grew 5% to QR48mn. Total assets were valued at QR662.22mn comprising policyholders&rsquo; assets of QR365.41mn and shareholders&rsquo; assets of QR296.81mn. Total shareholders&rsquo; equity stood at QR263.39mn on a capital base of QR150mn and earnings-per-share was QR2.39 at the end of June 30, 2013.</p>
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<p><a href="http://www.gulf-times.com/business/191/details/361398/qiic-profit-edges-up-to-qr3584mn-in-h1" title="http://www.gulf-times.com/business/191/details/361398/qiic-profit-edges-up-to-qr3584mn-in-h1">http://www.gulf-times.com/business/191/details/361398/qiic-profit-edges-…</a></p>
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Islamic finance to power Kerala startups

Islamic finance to power Kerala startups

<p>Cheraman Financial Services Ltd, jointly promoted by the Kerala government and non-resident Keralites, is to fund hundreds of cash-strapped student startups coming up in Kerala state, India. The Islamic financial institution has set aside Rs150mn for companies in the Startup Village, Kerala&rsquo;s answer to Silicon Valley, from its Rs2.5bn Alternative Investment Fund that primarily targets the Shariah-compliant service and manufacturing sectors. There are more than 900 firms with innovative products started by students waiting to set up their units. At least one company of students with innovative ideas is being set up each day at the Startup Village. The Village aims to host 3,000 startups by 2020. Coming up on the same campus in this port city is the Kerala Technology Innovation Centre, another zone exclusively for bio-technology.</p>
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<p><a href="http://www.gulf-times.com/india/185/details/361061/islamic-finance-to-power-kerala-startups" title="http://www.gulf-times.com/india/185/details/361061/islamic-finance-to-power-kerala-startups">http://www.gulf-times.com/india/185/details/361061/islamic-finance-to-po…</a></p>
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Barwa Bank sees 85% surge in H1 profit to QR303.6mn

Barwa Bank sees 85% surge in H1 profit to QR303.6mn

<p>Qatar-based Barwa Bank has reported half-year profits of QR303.6mn, up 85% from the QR162.9mn recorded in the same period last year. Return on equity increased from 6.6% to 11%, with earnings per share rising from QR0.55 to QR1.01 on the back of a 10% increase in total assets to QR27.8bn. The highlight of the first half has been the high level of activity in corporate banking as major infrastructure projects have started to bear fruit. Also, contributing ware the strong performances in the bank&rsquo;s treasury and trading businesses. Barwa Bank has also seen selective expansion in its retail footprint with two new high-profile branches nearing commissioning and good response to its special outlets located in the Ministry of Interior and the Navy.</p>
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<p><a href="http://www.gulf-times.com/business/191/details/360571/barwa-bank-sees-85%25-surge-in-h1-profit-to-qr3036mn-" title="http://www.gulf-times.com/business/191/details/360571/barwa-bank-sees-85%25-surge-in-h1-profit-to-qr3036mn-">http://www.gulf-times.com/business/191/details/360571/barwa-bank-sees-85…</a></p>
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TFI’s Shariah JV fund acquires properties in UK

TFI’s Shariah JV fund acquires properties in UK

<p>Barwa Bank&rsquo;s investment banking division, The First Investor (TFI) and Investra Investments have announced the first two property acquisitions of their UK joint venture fund. The fund invests in income-generating property in the distribution, logistics and light-industrial sector of the UK, targeting net quarterly dividends of 7%-9% per annum and capital appreciation over three years. Both TFI and Investra have seeded the fund with approximately QR56mn capital from their respective balance sheets. TFI and Investra have put together an institutional grade investment programme in collaboration with Pelham Associates as well as internationally renowned lawyers, tax advisors and administrators to deliver best in class governance, investment management and risk management. TFI and Investra will be continuing their investment programme in the UK distribution, logistics and light-industrial sector until Q1, 2014.</p>
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<p><a href="http://www.gulf-times.com/business/191/details/357817/tfi%E2%80%99s-shariah-jv-fund-acquires-properties-in-uk" title="http://www.gulf-times.com/business/191/details/357817/tfi%E2%80%99s-shariah-jv-fund-acquires-properties-in-uk">http://www.gulf-times.com/business/191/details/357817/tfi%E2%80%99s-shar…</a></p>
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International Islamic backs charity auction

International Islamic backs charity auction

Qatari entrepreneur and philanthropist, Sheikh Ali bin Abdullah al-Thani and International Islamic CEO, Abdulbasit A. al-Shaibei participated in the celebrations held as part of the Charity Art and Photography Auction at the College of North Atlantic in Qatar on May 22. More than 100 selections of art and photography were up for bids. The majority of these pieces have been donated by members of CNA-Q’s art and photography clubs. The proceeds from the auction will go to Qatar Red Crescent. Institutions such as Qatar Red Crescent are committed to serving the local community and others in need. Through various projects they undertake such initiatives.

Barwa Bank employee breaks Guinness record

Barwa Bank employee breaks Guinness record

Qatar resident Ziyad Rahim, head of market risk at Barwa Bank, recently broke a Guinness World Record by completing the Marathon Grand Slam in just 41 days. In the process, he set the fastest time to complete a marathon on each continent and the North …

IILM treads fine line in designing maiden sukuk

IILM treads fine line in designing maiden sukuk

The Malaysia-based International Islamic Liquidity Management Corp (IILM), backed by nine central banks and monetary agencies as well as the Jeddah-based Islamic Development Bank, has said it plans to issue up to $500mn of dollar-denominated sukuk in the second quarter of this year, and eventually expand the programme to as much as $3bn. However, the company faces a delicate task as it designs its maiden sukuk: it must make the issue attractive enough for investors to buy, but not so attractive that most of them buy to hold. The IILM’s mission is to create a highly liquid tool which Islamic banks will trade to manage their short-term funds. Whether it gets the balance right will affect the development of Islamic money market trading in the Gulf and Southeast Asia over the coming year.