Home | About Us | Sign In | Contact Us | What’s New   Below are the last 7 days news from Islamic Banking and Finance 500.   News by Country News by Industry News by NewsDate Latest Company News Updates - By Newstype Company (Industry-NewsDate) News Title Awards/ Achievements Dubai Islamic Bank UAE - Banking (August 5, 2008) The bank is awarded Cedar Management Consulting for its support in effectively program managing the implementation of DIB's new core banking system, Flexcube from i-flex solutions. Source: AME Info Global Investment House Kuwait - Diversified Financial Services (August 5, 2008) The company announced that its Global Islamic Fund of Funds was ranked number one in July 2008 by Zawya. Source: Global Investment House PricewaterhouseCoopers International Limited United Kingdom - Business Services (August 5, 2008) The company won the Best Takaful Advisory Firm category at the recent 2008 International Takaful Awards, which celebrated the Islamic insurance sector. Source: UK Trade & Investment Standard Chartered Bank UAE - Banking (August 4, 2008) The bank has been named the Best Project Finance House from Euromoney Islamic Finance Award 2008. Source: Khaleej Times Capital Issues Saudi Reinsurance Company (Saudi Re) Saudi Arabia - Insurance (August 7, 2008) The company, with capital of USD266.7m, will write traditional reinsurance and provide Sharia-compliant products for clients in the region. Source: Business Insurance Changes in Shareholding Dubai Financial Market UAE - Diversified Financial Services (August 9, 2008) The company announced that the value of shares bought by foreign investors, or non-UAE nationals, during last week reached AED1.917b comprising 37.49 per cent of the total value of stocks traded during the period. Source: Gulf In The Media Gulf Bank Kuwait - Banking (August 7, 2008) The bank has secured a central bank approval to buy back up to 10 percent of its stock. Source: Arabian Business Malayan Banking Bhd Malaysia - Banking (August 9, 2008) The bank's share price fell for the second straight day, on concerns that its Bank Internasional Indonesia deal may actually be completed. Source: Business Times Online Takaful House UAE - Insurance (August 4, 2008) The company debuts on Dubai Financial Market. Source: Zawya Contracts/Deals AmBank (M) Berhad Malaysia - Banking (August 8, 2008) The bank and Pos Malaysia Bhd announced a strategic tie-up to enable easy purchase of AmBank's popular NexG Prepaid MasterCard. Source: Bernama Bahrain National Holding Company Bahrain - Diversified Financial Services (August 4, 2008) The company's subsidiary,Bahrain National Life Assurance (BNL), has signed an exclusive partnership agreement with Assicurazioni Generali for the development of Generali employee benefits (GEB) in Bahrain. Source: Gulf Daily News Barwa Real Estate Qatar - Real Estate (August 6, 2008) The companyand Qatar Islamic Bank (QIB) announced a Murabaha Sharia'-compliant financing deal worth 1.1 billion Qatari riyals. Source: Gulf News First Leasing Bank Bahrain - Banking (August 4, 2008) The bank has signed a USD13.5m agreement to lease construction and transportation equipment to Konstruktor Engineering Qatar. Source: Gulf Daily News Maaden Saudi Arabia - Mining/Petroleum (August 6, 2008) The company is close to reaching a deal with Sahara Petrochemical Co to set up a caustic soda joint venture in the kingdom. Source: Saudi Gazette Marina West Bahrain - Banking (August 5, 2008) The bank has signed an agreement with the Bahrain Society of Engineers (BSE) to be a platinum sponsor and exhibitor at a top property expo. Source: Gulf Daily News Qatar Islamic Bank Qatar - Banking (August 6, 2008) The bank and real estate company Barwa announced today a Murabaha ShariaÆ-compliant financing deal worth 1.1bn Qatari riyals. Source: Gulf News Saudi Hollandi Bank Saudi Arabia - Banking (August 4, 2008) The bank announced the signing of a USD195m fully Islamic financing for Arabian Amines Company, the new joint venture between Al-Zamil Group and the global petrochemicals manufacturer Huntsman Corporation. Source: Company Website Tamweel Co UAE - Diversified Financial Services (August 9, 2008) A delegation from the company visited Project of Al Hanoo Group in Sharjah and signed an agreement with Al Hanoo Holding. Source: Gulf Base Earnings Abu Dhabi National Energy Company (Taqa) UAE - Diversified Financial Services (August 8, 2008) The comapny's second quarter profit more than doubled, boosted by foreign acquisitions and high oil prices. Source: Al Watan Al Watany Bank Ltd Egypt - Banking (August 7, 2008) The bank posted a record first half profit as loans surged. Source: Reuters Arab Banking Corporation BSC Bahrain - Banking (August 5, 2008) The bank posted a net profit of USD15.7m for the first half of the year, an increase of 72.8 per cent over the same period last year. Source: Gulf Daily News Arab Banking Corporation BSC Bahrain - Banking (August 4, 2008) The bank suffered a USD71m loss in the second quarter this year as it was again hit by exposure to the subprime crisis. Source: Gulf Daily News Hannover Re Germany - Insurance (August 7, 2008) Capital market and exchange rate movements dampen the company's profitability for the first half of 2008. Source: Yahoo.Finance HSBC Bank United Kingdom - Banking (August 5, 2008) The bank met analysts' forecasts with a 28 per cent fall in its first-half profit, as a USD14b hit from bad debts on US home loans and asset writedowns offset strong Asian growth. Source: Gulf Daily News HSBC Holdings Plc United Kingdom - Banking (August 4, 2008) The bank's profit slides 29% as bad debt charges top USD10b. Source: Mena FN Investcorp United States - Diversified Financial Services (August 7, 2008) The company acquires approximately USD210m of debt from major investment and commercial banks. Source: CPI Financial Investment Dar (The) Kuwait - Diversified Financial Services (August 5, 2008) The company expects a profit rise in 2008 despite a slight second-quarter decline as the Islamic bank expands by setting up units in London and Dubai. Source: Reuters Jordan Investment Trust PLC Jordan - Diversified Financial Services (August 3, 2008) The company announced its mid-year financial results, revealing that its net profit in the first half of 2008 have reached JD3m. Source: Mena FN Malayan Banking Bhd Malaysia - Banking (August 5, 2008) The bank could suffer total losses of up to RM3.5b if it is forced to sell down the 20% block in PT Bank Internasional Indonesia Tbk (BII) within two years. Source: The Edge Daily Oman Telecommunications (Omantel) Oman - Telecom (August 5, 2008) The company posted net profit of USD194.5m in the six months ended June 30, up 54.3pc from the year-earlier period. Source: Gulf Daily News Ras Laffan Industrial City Qatar - Diversified Financial Services (August 5, 2008) The company announces financial close. Source: Meed Expansion/Diversification Masraf Al Rayan Qatar - Diversified Financial Services (August 4, 2008) The company is planning to set up a representative office in the Libyan capital Tripoli before December as part of its expansion strategy. Source: Gulf Times Future Plans Abu Dhabi Commercial Bank UAE - Banking (August 9, 2008) The bank has plans stretching from the Gulf to southeast Asia. Source: Gulf Base Al Mazaya Holding Kuwait - Real Estate (August 4, 2008) The company's subsidiary, Al Mazaya Qatar, , announced its plans to issue 50 million shares in an initial public offering (IPO) at QR10 per share in the last quarter of the current year. Source: Mena FN Axis Real Estate Investment Trust (Axis REIT) Malaysia - Diversified Financial Services (August 6, 2008) The company plans to acquire some RM500m worth of properties to boost its portfolio to over RM1b by next year. Source: The Edge Daily Axis REIT Managers Bhd Malaysia - Diversified Financial Services (August 5, 2008) The company is looking to buy properties worth about RM566m. Source: Bernama CIMB Bank Berhad (formerly as Bumiputra Commerce Bank Berhad) Malaysia - Banking (August 5, 2008) The bank focuses more on new products to help deposit growth in New products to help deposit growth. Source: The Star Online Dubai International Financial Exchange Ltd (DIFX) UAE - Diversified Financial Services (August 5, 2008) The company is planning reforms to boost liquidity in a move that could edge it closer to a merger with rival bourse the Dubai Financial Market (DFM). Source: Gulf Daily News Emaar Financial Services UAE - Diversified Financial Services (August 5, 2008) The company plans financial services unit in Saudi Arabia as part of a regional expansion plan. Source: Gulf Daily News Fidelity Bank Nigeria - Banking (August 6, 2008) The bank is working on strategies to start Islamic banking in its operations. Source: All Africa HSBC Bank United Kingdom - Banking (August 6, 2008) The bank sharpening its focus on Islamic lending in Turkey and across the Middle East. Source: Guardian Maaden Saudi Arabia - Mining/Petroleum (August 4, 2008) The company will borrow around USD8b in the third quarter of 2009 to finance an aluminium plant. Source: Mineweb Investments Kuwait Investment Authority Kuwait - Diversified Financial Services (August 4, 2008) The company plans to as much as triple investments in Japan to USD48b. Source: Gulf Daily News Management Changes Boubyan Bank Kuwait - Banking (August 7, 2008) The bank could appoint Former deputy governor of KuwaitÆs Central Bank, Mr. Nabeel Al-Mannae, as the Executive Chairman. Source: Arab Times Online Central Bank of Kuwait Kuwait - Banking (August 7, 2008) The bank's former Deputy Governor, Mr. Nabeel Al-Mannae, could be appointed the Executive Chairman of local Islamic lender Boubyan Bank. Source: Arab Times Online Gatehouse Bank United Kingdom - Banking (August 6, 2008) The bank has strengthened its Capital Markets Origination and Structuring team by appointing Mr.Michael Clarke as a Director. Source: Company Website HSBC Qatar Qatar - Banking (August 9, 2008) The bank has hired Mr. Raj Sinha as Head of Equity Research. Source: The Peninsula National Bank of Bahrain Bahrain - Banking (August 4, 2008) The bank has promoted seven of its staff members to managerial positions. Source: Gulf Daily News Shamil Bank of Bahrain Bahrain - Banking (August 5, 2008) The bank has announced a corporate restructuring in line with its long-term strategic objectives. Source: Gulf Daily News Shamil Bank of Bahrain Bahrain - Banking (August 4, 2008) The bank has appointed Mr. Ahmed A. Rahim as Deputy Chief Executive. Source: AME Info Miscellaneous Central Bank of Bahrain Bahrain - Banking (August 5, 2008) The bank highlights it's role. Source: Gulf Daily News Central Bank of Egypt Egypt - Banking (August 9, 2008) The bank raises interest rates for the fifth time this year to tame inflation running at over 20 per cent, increasing both deposit and lending rates by 50 basis points. Source: Khaleej Times Central Bank of Kuwait Kuwait - Banking (August 5, 2008) The bank no longer allows local banks to buy US dollars from it and sell them to it for currency trades, bankers, a move that has blocked offshore banks from betting on the dinar. Source: Gulf Daily News Central Bank of UAE(The) UAE - Banking (August 9, 2008) The bank released that mortgage loans up 55pc to Dh65b in March. Source: Gulf Base Dubai International Financial Centre Authority(DIFC) UAE - Diversified Financial Services (August 4, 2008) The company clarified its position on news reports that have recently appeared regarding 'Rashed Investment Bank' an Islamic investment bank proposed to be set up in Dubai. Source: Company Website ETF Securities Limited United Kingdom - Diversified Financial Services (August 5, 2008) The physically backed precious metals exchange traded commodities (ETCs) platform of the company has been found to be Shariah compliant. Source: Hedge Funds Review Etisalat UAE - Diversified Financial Services (August 9, 2008) The company gauges customer satisfaction with training through a survey. Source: Gulf Base ICB Islamic Bank Limited Bangladesh - Banking (August 8, 2008) The bank is one of the 30 banks who have failed to keep their commitment to slash the lending rates by the June deadline, flouting both central bank and bank owners association's advice. Source: The Daily Star Islami Bank Bangladesh Ltd. Bangladesh - Banking (August 8, 2008) The bank is one of the 30 banks who have failed to keep their commitment to slash the lending rates by the June deadline, flouting both central bank and bank owners association's advice. Source: The Daily Star New Business Amlak Finance UAE - Diversified Financial Services (August 5, 2008) The company partners with RERA to launch the regionÆs first Escrow Awareness Campaign. Source: Company Website Association of Islamic Banking Institutions Malaysia Malaysia - Business Services (August 7, 2008) EÆtemad Islamic Finance the first advisory aimed at the globalization of Sharia compliant finance and banking, has been launched in the Dubai International Finance Centre, UAE. Source: Company Website Bahrain Telecommunications Company (Batelco) Bahrain - Telecom (August 3, 2008) The company announced the launch of Cisco Unified Communication, a unified communications solution designed for small to medium enterprises (SMEs). Source: Gulf Daily News Bank Islam Malaysia Berhadá Malaysia - Banking (August 8, 2008) The bank launches its first Islamic structured investment product at 18th Flr, Darul Takaful, Jln Sultan Ismail, KL at 10am. Source: The Edge Daily Bank Muamalat Malaysia Berhad Malaysia - Banking (August 8, 2008) The bank offers specially-designed home financing packages to buyers of PKNS properties. Source: Bernama Banque Saudi Fransi Saudi Arabia - Banking (August 9, 2008) The bank has launched syndication of a USD300m loan through Calyon, Intesa Sanpaolo, RZB, SMBC and WestLB. Source: AME Info CIMA Sri Lanka Sri Lanka - Business Services (August 5, 2008) The company now offers a certificate course in Islamic Finance. Source: Daily Mirror Dow Jones Indexes United States - Diversified Financial Services (August 4, 2008) The company will launch 'The Global Dow', an index whose components are selected by the editors of The Wall Street Journal. Source: Mena FN Emirates NBD Bank UAE - Banking (August 4, 2008) The company together with Hyatt Regency Galleria had recently launched an exciting new promotion offering Emirates NBD customers a free membership for one child or self at the Hyatt Regency Galleria Ice Rink. Source: Company Website EonCap Islamic Bank Malaysia - Banking (August 5, 2008) The bank pairs up with MasterCard Worldwide to launch what it bills as the world's first Islamic debit MasterCard. Source: Finance Asia Landmark Hotel Group UAE - Real Estate (August 5, 2008) The company will launch ten Shariah-compliant hotel and serviced apartment projects in the UAE and KSA by the end of 2010. Source: Arabian Business MasterCard Worldwide United States - Diversified Financial Services (August 5, 2008) The company and EonCap Islamic Bank have jointly launched what they are billing as the world's first Islamic debit MasterCard, the EonCap Islamic Debit MasterCard. Source: Finance Asia National Bank of Commerce Uganda - Banking (August 5, 2008) The Islamic Development Banking has teamed up with the bank and they are in the process of opening up the Islamic bank. Source: The New Vision Praesidium LLP UAE - Business Services (August 5, 2008) Praesidium PTE, a subsidiary of the company has been appointed as the first SII Accredited Training Provider offering the Islamic Finance Qualification (IFQ) in Singapore. Source: Mondo Visione Securities & Investment Institute United Kingdom - Business Services (August 5, 2008) The company and And Praesidium announces Islamic Finance Qualification (IFQ) - First Regional Launch in Singapore. Source: Mondo Visione Tamweel Co UAE - Diversified Financial Services (August 5, 2008) The company announced the commencement of its Egypt operations during a special ceremony held in Cairo. Source: iStock Analyst The Securities and Exchange Board of India (Sebi) India - Diversified Financial Services (August 8, 2008) The company is likely to clear the long pending application of Taurus Parsoli Ethical Fund to launch a Shariah fund by the end of this month. Source: Business Standard New Office Locations Mobile Telecommunications Co. Kuwait - Diversified Financial Services (August 7, 2008) The company unveiled in Africa. Source: Gulf Base Ratings Changes Fitch Ratings United States - Business Services (August 9, 2008) The company affirms BankDhofar at 'BBB+'/'F2', outlook stable. Source: Gulf In The Media Global Investment House Kuwait - Diversified Financial Services (August 9, 2008) The company is assigned with BBB, Outlook stable by Fitch Ratings. Source: Gulf Base National Commercial Bank Saudi Arabia - Banking (August 5, 2008) The bank is affirmed at 'A+'/'F1' Stable outlook by Fitch . Source: Alacra Store Saudi British Bank Saudi Arabia - Banking (August 4, 2008) Fitch Ratings has affirmed bank's ratings at Long-term Issuer Default (IDR) 'A', Short-term IDR 'F1', Individual 'B' and Support '1'. Source: AME Info Sale/Purchase of Company Stakes Al Amanah Islamic Investment Bank Philippines - Banking (August 7, 2008) Development Bank of the Philippines (DBP) has acquired the entire stake of the Government Service Insurance System (GSIS) in the bank, bringing to 90% its holdings in the countryÆs lone Islamic bank. Source: Business World Commercial International Bank Egypt - Banking (August 4, 2008) The bank announced that a firm owned by Dubai's ruler had bought a 5.24 per cent stake in the bank, the emirate's second major investment in a year in Egypt's financial sector. Source: Gulf Daily News Development Bank of the Philippines Philippines - Banking (August 7, 2008) The bank has acquired the entire stake of the Government Service Insurance System (GSIS) in Al- Amanah Islamic Investment Bank of the Philippines, bringing to 90% its holdings in the countryÆs lone Islamic bank. Source: Business World Dubai Capital Group UAE - Diversified Financial Services (August 5, 2008) The company eyes bank stakes in Egypt's Commercial International Bank. Source: Gulf Daily News Malayan Banking Bhd Malaysia - Banking (August 8, 2008) The bank has bought another 5 per cent of PakistanÆs MCB Bank for about USD213m, raising its stake in the South Asian nationÆs biggest lender to 20 per cent. Source: Business Times Online Home : IBF 500 : Research On Demand : About Us : Contact Us : Sign In : Site Map : What's New Copyrights © 2007, FinGlobe Inc., All Rights Reserved. Terms of Use | Privacy Policy