Posts tagged as: Trade Arabia

Sedco to distribute Islamic funds via private banks

Sedco to distribute Islamic funds via private banks

Saudi investment firm Sedco Capital plans to register its Islamic funds in Switzerland and distribute them through tie-ups with global private Banks. This is part of efforts to diversify its client base outside Saudi Arabia. Sedco Capital has incorpora…

Mortgage lender Tamweel to delist from Dubai bourse

Mortgage lender Tamweel to delist from Dubai bourse

Sharia-compliant mortgage lender Tamweel said on Monday its shareholders had approved the company's delisting from the Dubai stock exchange, paving the way for its acquisition by Dubai Islamic Bank. Dubai Islamic Bank said in January it planned to acqu…

Top Bahraini banks face possible downgrade

Top Bahraini banks face possible downgrade

Moody's Investors Service said it has placed four Bahraini banks – National Bank of Bahrain (NBB), BBK, BMI Bank and Bahrain Islamic Bank (BIsB) – on review for possible downgrade of its deposit, issuer and senior debt ratings. As part of the same rati…

GCC banks close dual-currency deal for Asya

GCC banks close dual-currency deal for Asya

A consortium of Gulf-based banks has announced the successful closing of a $230.5 million and a euros 115.3 million syndicated dual-currency Murabaha financing facility for Turkish Bank Asya. Launched at $225 million, the facility was oversubscribed to…

GCC banks close dual-currency deal for Asya

GCC banks close dual-currency deal for Asya

A consortium of Gulf-based banks has announced the successful closing of a $230.5 million and a euros 115.3 million syndicated dual-currency Murabaha financing facility for Turkish Bank Asya. Launched at $225 million, the facility was oversubscribed to…

Major CSR forum opens in Jeddah

Major CSR forum opens in Jeddah

The two-day Forum for Corporate Social Responsibility, where several issues of corporate social responsibility (CSR) in Saudi Arabia will be discussed, opened in Jeddah on April 9. Moreover, the names of the winning Saudi companies recognised for imple…

S&P sees strong years ahead for sukuk

S&P sees strong years ahead for sukuk

According to a report released by Standard & Poor’s (S&P), the sukuk market can expect another few strong years after global issuance of sukuk expanded for the fourth year in a row in 2012. The report “Investors Are Snapping Up Sukuk, Despite Questions About Creditworthiness” points out that there is little to hinder another strong performance by the sukuk market in the next few years. The sukuk market is believed to have the potential to grow and join the mainstream. New sukuk issuance worldwide is expected to exceed $100 billion again this year. However, yields in the region have been declining, and even fell under those on conventional debt.

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NBB plans to acquire Bahrain Islamic Bank

NBB plans to acquire Bahrain Islamic Bank

The National Bank of Bahrain (NBB) is likely to acquire the loss-making Bahrain Islamic Bank (BisB) and give itself an Islamic finance arm. NBB’s chairman Farouk Almoayyed said that the acquisition is a business opportunity as his bank does not have an Islamic banking operation. They are confident that it will do well under their management, he added. Last year, BisB, the first Islamic bank in Bahrain, posted a net loss of BD36 million ($94.95 million). NBB however is looking strong and is keen to move into the Islamic market.

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Savola EGM approves sukuk issuance

Savola EGM approves sukuk issuance

At a recent extraordinary general meeting (EGM) the Savola Group gave its approval for the issuance of a sukuk. The bond’s total total value shall not be higher than the company’s paid-up capital. THe EGM furthermore voted the delegation of the issua…

Kuwaiti lender sees Islamic banking boom

Kuwaiti lender sees Islamic banking boom

According to the chairman of Boubyan Bank, Islamic banking in Kuwait is growing double as fast as conventional banking. Throughout the Arab region, the demand is expected to be strong. In the first nine months of this year, credit volumes at Islamic ba…

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