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Al-Cordoby  
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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 24 February 2010 at 1:48pm
 World's biggest Islamic bank planned

Bahrain will establish the world's biggest Islamic bank within the next 6 to 12 months.

The creation of a planned Islamic investment megabank is in "fairly advanced stages" and it will likely be launched in the next 6 to 12 months, an executive at a firm advising on the project said this week, Barcelona News wrote.

A plan to form the world's largest Sharia-compliant lender, which is being promoted by Chairman of Al Baraka Banking Group Sheikh Saleh Abdullah Kamel, has been in the works for some years.

Sheikh Saleh said last April the global financial crisis had delayed the project, but they hoped to launch it by the fourth quarter of 2009.

"The key shareholders are on board and we are looking for an imminent launch, within six months to a year," Sameer Abdi, head of Islamic finance at Ernst & Young, told the Reuters Islamic Banking and Finance Summit in Bahrain.

Sheikh Saleh said in April the new institution so far had about 10 shareholders, including the Islamic Development Bank, Saudi Investment bank and the Kuwait Real Estate Bank.

Bigger Islamic banks are crucial for the industry to realize its growth potential and to compete with Islamic windows or subsidiaries of western conventional banks that have large market shares in wholesale banking services.

Abdi said the bank's "capital aspirations" were between $3 billion and $4 billion.

http://islamonline.com/news/articles/28/World-s-biggest-Islamic-bank-planned.html



Edited by Al-Cordoby - 02 March 2010 at 1:46am
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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 02 March 2010 at 1:44am
 'Islamic finance has big potential in Russia'

Maxim Osintsev is a Russian banker with a difference. He is a fluent Arabic speaker and has a passion for Islamic finance, which he says comes from the heart.

As managing director, Oil & Gas Department at Sberbank, the largest commercial bank in Russia, he is on a mission to convince his colleagues and senior management that purely as a business proposition Islamic banking makes sense because there is a ready made potential market of 20 million Muslims in the federation.

Sberbank (the National Savings Bank of Russia) is 60 percent owned by the Russian government through the Central Bank of Russia and 40 percent by the private sector including 24 percent by foreign investors and its shares are publicly listed and traded on various stock exchanges including the London Stock Exchange. Not surprisingly, the chairman of Sberbank's supervisory committee is Sergey Ignatiev, who is also the chairman of the Central Bank of Russia. Sberbank has a 50 percent share of retail deposits and 31 percent share of the total Russian loan market. Its total assets at end January 2010 were 6.99 trillion rubles.

At the same time Sberbank is also expanding overseas and is set to enter the GCC (Gulf Cooperation Council) market, which is another reason why it should also have Islamic financial products in its portfolio. Here Osintsev discusses with Arab News why Islamic finance has big potential in Russia and the CIS countries, and outlines a potential roadmap for the future implementation of Islamic finance in the country. ...

http://www.islamonline.com/news/articles/28/-Islamic-finance-has-big-potential-in-Russia-.html



Edited by Al-Cordoby - 02 March 2010 at 1:45am
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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 03 March 2010 at 12:30pm

'Banks poised for growth in aftermath of financial crisis'

Bankers and experts on Tuesday said making use of the still largely untapped resources of Islamic finance and banking is an optimal solution in light of the global economic downturn.

Islamic banking and finance proved to be the least vulnerable to losses and the least affected by the negative impact of the global financial crisis and promises major opportunities for growth, they said at the inauguration of the first Islamic Finance and Investment Forum for the Middle East, held on the eastern shores of the Dead Sea.

"In this challenging global economic and financial environment, Islamic finance has remained dynamic with a steady pace of innovation and growth," Central Bank of Jordan (CBJ) Governor Umayya Toukan said at the inauguration of the two-day forum.

"The accelerated development of the Islamic financial markets and the supporting international Islamic financial architecture as well as the trend towards greater liberalisation have enhanced the integration of Islamic finance into the international financial system," he added

http://islamonline.com/news/articles/28/Banks-poised-for-growth-in-aftermath-of-financial.html

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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 04 March 2010 at 3:04pm
 BNP Paribas Investment aims to double Islamic assets

KUALA LUMPUR -- BNP Paribas Investment aims to double its Islamic assets under management this year as the global economy recovers but higher borrowing costs worldwide could dampen market sentiment, a senior official said on Wednesday.

BNP’s Islamic assets of $500 million would be boosted by demand from sharia insurers and private banks, with investors expected to favor equities as they embrace riskier assets, the fund manager’s Southeast Asia head said.

“This first quarter, it seems like all the pipeline that was slightly delayed now is coming on stream both in terms of distribution partners who are looking to launch Islamic funds and on the institutional side where investors are putting money into this market,” Cheng Tan Feng said in an interview.

“A lot of the new assets that we see will be coming from Southeast Asia this year. We are working on deals that would double our assets under management this year.”

Islamic investors are expected to prefer open-ended funds and emerging markets such as India and China, BNP Paribas Investment’s executive director Hisham Abdul Rahim said.

“We’ve seen pockets of interest in Islamic finance emerging from places like Australia, Hong Kong, Japan, Korea, France and Britain,” Cheng said. ...

http://islamonline.com/news/articles/28/BNP-Paribas-Investment-aims-to-double-Islamic-asse.html



Edited by Al-Cordoby - 08 March 2010 at 1:43am
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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 08 March 2010 at 1:44am

Brunei to launch online Islamic banking and finance courses

A Brunei company announced plans to offer the region's first online master's degree programme in Islamic banking and finance, media reports said Wednesday, dpa reported.

Crescent Sdn Bhd said the course would "take advantage of the untapped market of Islamic finance studies, especially in countries such as China, Japan, South Korea and Australia," the Brunei Times reported.

   Islamic banking and finance is complicated by the Koran's prohibitions against earning interest from savings and loans.

   The website for the degree course was expected to be online by July or August, the newspaper said.

   Brunei Darussalam, a predominantly Muslim sultanate located at the northern tip of Borneo island, is heavily dependent on oil and gas production for its income.

   The government recently began promoting Islam-related services and products in an effort to carve out new market niches for the tiny nation

Source: http://en.trend.az/

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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 09 March 2010 at 2:00am

Board of Jordan Islamic Bank proposes dividends at a rate of 12%

AMMAN (petra) - The Jordan Islamic Bank posted JD39 million in pre-tax net profit and JD28 million in after tax profit for the 2009 fiscal year.

The board endorsed the bank's financial statement for last year and recommended the distribution of dividends at a rate of 12 per cent.

In 2009, the bank raised its capital to JD100 million and shareholders' rights reached around JD176.8 million compared to around JD161 million at the end of 2008, at a growth by 10 per cent, Board Chairman Adnan Yousef indicated.

Yousef commended the bank's results, stressing the success of Islamic banking despite the challenges facing the world as a result of the repercussions of the financial crisis

http://islamonline.com/news/articles/28/Board-of-Jordan-Islamic-Bank-proposes-dividends-at.html



Edited by Al-Cordoby - 09 March 2010 at 2:01am
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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 11 March 2010 at 1:53am

IDB to launch roadshow for Istikhlaf bank soon

Dubai The Islamic Development Bank will soon launch a roadshow to attract investment for Istikhlaf, an Islamic bank, a top banking official said here yesterday.

Adnan Ahmad Yousuf, Chairman of the Union of Arab Banks and CEO of Al Baraka Banking Group told Gulf News: "Istikhlaf will be launched with $2 billion [Dh7.34 billion] paid-up capital and $10 billion authorised capital and is being sponsored by the IDB."

Istikhlaf Bank is a project of the Islamic Chamber of Commerce and Industry (ICCI) announced by Shaikh Saleh Kamel, president of the ICCI.

Yousuf added: "IDB finished the feasibility study on the bank and it is in the final stage of launching prospectus for investors."

He said a roadshow is planned to attract investors from both public and private sectors.

Main target

On the sidelines of a major banking conference organised by the Emirates Banks Association, Yousuf said, there are two main concerns in developing such a huge financial project. One is to provide the full range of Islamic banking services and the other to avoid competition with other local Islamic banks. "The main target that Istikhlaf will seek is to invest and participate in mega projects and to share it later with other Islamic banks."  ...

http://islamonline.com/news/articles/28/IDB-to-launch-roadshow-for-Istikhlaf-bank-soon.html



Edited by Al-Cordoby - 11 March 2010 at 1:53am
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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 13 March 2010 at 3:15am

Malaysia offers closer engagement as Islamic finance gains new ground

Malaysia is inviting investors and institutions from the Middle East to use its comprehensive services platform to tap the growing interest in Islamic finance and target the burgeoning Asiap-acific markets.

Major Malaysian banks and investment companies specialising in Islamic finance products will attend the third Malaysia Services Exhibition (MSE 2010), to be held in Dubai this year to showcase their expertise and network with potential business partners.

The three-day exhibition, organised by the Malaysia External Trade Development Corporation (MATRADE) will be held from the 13 th to the 15 th of April 2010 at the Dubai International Conventions & Exhibitions Centre.

Islamic finance has been growing at 15-20% annually and Moody's says the industry is worth $700 billion. Malaysia has over 30 years of experience in this sector, increasingly being seen as a sustainable alternative to conventional banking after emerging largely unscathed from the global economic meltdown.

"Islamic finance in Malaysia is characterised by a high level of flexibility and diversity as well as a world-class infrastructure, regulations and human resources. It is the best environment capable of leading the anticipated industry growth," said Dato Yahaya Abdul Jabar, the Ambassador of Malaysia to UAE.  ...

http://islamonline.com/news/articles/28/Malaysia-offers-closer-engagement-as-Islamic-finan.html

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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 18 March 2010 at 2:45am

Bank of London and the Middle East launches Sharia'a Compliant Premier Deposit Account

London, 16 March, 2010 - Bank of London and The Middle East plc (BLME), London's leading wholesale Sharia'a compliant bank, announced today the launch of its premier Deposit Account (pDA), the first online Sharia'a compliant pDA in the UK. With a minimum investment of £50,000 this account is ideal for investors looking for a competitive rate of return on an ethical, alternative investment.

BLME's pDA allows the investor competitive returns on their investment deposited with BLME when compared with other UK high street institutions' deposit products. BLME pay profit upon maturity of the original agreement or on the anniversary of the investment - based on which comes first. BLME is covered by the FSCS £50,000 deposit guarantee scheme.

Humphrey Percy, CEO of BLME, said:

"The launch of the pDA highlights London's leading role in the development of Sharia'a compliant products in Europe. Since its establishment in 2007, BLME has witnessed a growing demand among medium to high net worth individuals for a banking option that incorporates the transparent and ethical principles inherent in Islamic finance with competitive returns.

http://islamonline.com/news/articles/28/Bank-of-London-and-the-Middle-East-launches-Sharia.html



Edited by Al-Cordoby - 20 March 2010 at 2:11am
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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 20 March 2010 at 2:16am

680 Islamic funds run $70 billion in assets

As many as 680 Islamic funds, 45 percent of which are concentrating in the GCC member states, are running assets in the neighborhood of USD 70 billion, according to a recent economic report.

There are 306 Islamic funds in the GCC member states alone, witnessing fast-track growth as a result of increasing wealth in the Arabian Gulf region thanks to edging oil prices, indicated the monthly report released by Kuwait-based Saba'ek Company.

There is a steady link between oil prices and the number of recently launched investment funds, which reflects the flow of capital into this industry, the report showed.

http://islamonline.com/news/articles/28/680-Islamic-funds-run-$70-billion-in-assets.html

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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 22 March 2010 at 2:04am
Islamic Development Bank (IDB) approves a grant of US$ 5 million for schools reconstruction in Haiti
Tuesday, 02 March 2010

The President of the Islamic Development Bank (IDB) Group, H.E. Dr. Ahmad Mohamed Ali, announced that the Bank approved a grant amounting to US$5 million, from the resources of the “Waqf Fund”, an affiliate of the Bank in favor of the earthquake victims in Haiti. The grant represents the Bank’s contribution to the international efforts aiming at reconstructing schools & educational facilities hit by the devastating earthquake in Haiti last January.

IDB Group’s President had previously addressed a letter to H.E. the UN Secretary General, Mr. Ban Ki-moon, reiterating the will and readiness of the Group to participate in the reconstruction efforts in the devastated areas in Haiti. The action came in response to the urgent call made by the UN Secretary General to international organizations / institutions worldwide, including the IDB Group, to contribute to the international efforts aiming at reconstructing Haiti.

http://www.isdb.org/irj/portal/anonymous/idb_news_en

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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 23 March 2010 at 2:55am

Al Hilal Bank Set To Open Islamic Unit In Kazakhstan

Abu Dhabi Al Hilal Bank yesterday said it had received a licence from the Kazakhstan Financial Markets Supervisory Authority to open the country's first Islamic bank under the name Al Hilal Islamic Bank.

"The new bank is fully owned by Al Hilal Bank with a capital of $36 million (Dh132.1 million). The headquarters is [to be] established in the city of Almaty with a panch in the city of Astana," Al Hilal Bank said in a statement.

The headquarters and the Astana branch will start operations on Thursday.

The bank also aims to open two new branches by the end of this year.

"Abu Dhabi companies like Mubadala Development Company and Aldar properties are having a lot of tie-ups in Kazakhstan and we are looking at financing their projects," a spokeswoman for Al Hilal Bank told Gulf News.

The spokeswoman said Kazakhstan is predominantly a Muslim country and Islamic banking is fast gaining popularity

http://islamonline.com/news/articles/28/Al-Hilal-Bank-Set-To-Open-Islamic-Unit-In-Kazakhst.html



Edited by Al-Cordoby - 23 March 2010 at 2:56am
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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 24 March 2010 at 4:55am

IDB Approves US$ 334 Million for New Development Projects

Jeddah, 15.03.2010: The Board of Executive Directors of the Islamic Development Bank (BED) which concluded its 266th session at IDB Headquarters in Jeddah, under the chairmanship of President, IDB Dr. Ahmad Mohamed Ali, approved (US$ 333.9) million for financing new development projects.

The Board approvals included new project financing in Pakistan, Bahrain, Yemen, Benin, sierra Leone, and Saudi Arabia.

The Board also approved a T.A. Grant for the Syria-Turkey Inter-Regional Cooperation Program (STICP), a program that the Bank is seeking to generalize in similar boarder areas in member countries. In addition, T.A. Grants were approved for Muslim communities in non-member countries including India, Fiji Islands, Kenya, Nepal, Thailand and USA. ...

http://www.isdb.org/irj/portal/anonymous/idb_news_en

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Rating: 0 of 0 votes Quote Al-Cordoby Replybullet Posted: 25 March 2010 at 2:47am

Space Value of Money and Islamic Finance

Islamic finance requires projects and instruments to have a space value of money.

Indeed, existing products achieve this on a variety of levels. Some involve real activity in the legal sense, and the impact on real people. ...

http://www.islamicity.com/articles/Articles.asp?ref=EB1003-4127

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