Islamic Finance
Dubai Islamic bank profits fall 33 percent in Q2
Dubai Islamic Bank posted a net profit of 301 million dirhams (81.9 million dollars) for the second quarter of 2010, down 33 percent from the same period last year, a statement said. DIB, the largest Islamic lender in the United Arab Emirates, had netted 450 million dirhams (122.5 million dollars) in the second quarter of 2009.
Filed Under: News Articles
IBQ launches ‘Do Good Deeds’ charity drive
IBQ has announced its annual “Do Good Deeds in the Month of Charity” campaign with several community-oriented initiatives. For the third year in a row, Al Yusr Islamic banking service of IBQ has launched activities with the Al Yusr tent located on Mansoura Street in Doha. This year the tent is in partnership with W Hotel & Residences and welcomes 150 Ramadan observers for daily Iftar banquets.
Filed Under: News Articles
A role for sports in Islamic finance?
An olympic and world cup sukuk may soon be a reality as nations evaluate bids...
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, made an extraordinary comment in April this year, “… we are conducting feasibility studies to evaluate the costs and benefits of a bid [for the 2020 Olympics].” Qatar submitted a bid to host the 2022 World Cup, and bid committee Chairman, Shaikh Mohammad Khalifa Al Thani, said, "… A World Cup in Qatar will be a new World Cup, bringing people and different cultures together in the name of football…" I've been involved in sports for 40 years – tennis, bicycling and basketball – and after reading such comments, a question comes to mind: what role should Islamic finance play in ‘local’ sports, besides offering Islamic mortgages for villas and apartments in, say, Dubai Sports City or ‘guidance’ on appropriate attire and logo/ emblem?
Etiqa profit up on strong business channels
Etiqa Takaful Bhd’s pre-tax profit increased by 18% to RM107mil in the financial year ended June 30 (FY10) from RM90mil in FY09. This was supported by strong performance across all business channels and innovations in business operations and processes.
Filed Under: News Articles
HSBC Eyes 150,000 Customers for New Plans
HSBC Bank Malaysia Bhd aims to sign up at least 150,000 customers for its new HSBC Advance and HSBC Amanah Advance global proposition plans within twelve months after the launch.
Filed Under: News Articles
Al Baraka continues global expansion
Bahrain-based Al Baraka Banking Group (ABG) has lenders in Malaysia and Indonesia in its sights as it seeks to continue global expansion, president and chief executive Adnan Yousuf told Gulf News.
Filed Under: News Articles
Abu Dhabi banks join Emiratisation efforts
Banking is one of the most important sectors in the country, and as Emiratisation efforts in the capital continue to grow, this sector presents no exception to the process.
Filed Under: News Articles
Islamic finance continues to thrive in Asia
The global Islamic bonds or sukuk issuance market for the first half of 2010 has doubled on-year to US$20 billion.
Filed Under: News Articles
Emirates Islamic Bank launches Ramadan Promotion
Emirates Islamic Bank gets into the spirit of Ramadan by launching INTALEQ (Vehicle Finance) Promotion. This new Sharia-compliant vehicle finance promotion will run until the end of September 2010, giving its customers an easier way to gift themselves a car during this auspicious time of the year.
Filed Under: News Articles