Islamic Finance
PAKISTAN: Pakistan sells record sukuk
Pakistan's 13-fold increase in Islamic bond sales will help fund the country's budget deficit as US lawmakers debate whether to suspend aid on suspicion its military harboured Osama Bin Laden. The world's second-most populous Muslim country will take advantage of last year's 30 per cent growth in local Islamic banking assets to sell sukuk, Saleem Ullah, the central bank's director of Sharia finance, said in an interview May 6. State Bank of Pakistan sold a record Rs189 billion (Dh8.35 billion) in the fiscal year ending June 30. Sales in Indonesia of rupiah-denominated Islamic notes are equivalent to about $2 billion (Dh7.34 billion) in 2011, according to the country's Finance Ministry.
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BAHRAIN: Net Income of Al Baraka Banking Group Jumped by 11 per cent to USD53.5 Million in the First Quarter of 2011
The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C (ABG) announced that it has achieved a net income of US$ 53.5 million in the first quarter of 2011, an increase of 11% on the net income achieved in the first quarter of 2010. Similarly, statement of financial positions witnessed moderate increases. Total assets increased by 3%, total financing and investments by 1%, deposits including equity of investment accountholders by 2% as at the end of March 2011 as compared with the end of December 2010. The Group results in the first quarter of 2011 reflect the ability of the Group to maintain a steady state of growth through the strategies applied to overcome the successive political and social situations witnessed by some of the countries where the Group operate, as well as to overcome the repercussion of the global crisis, drawing on its strong capital, human and technical resources, wide network of branches, and its firmly established presence in the markets.
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PAKISTAN: Bank Alfalah & Abu Dhabi group is here to stay: CEO
The CEO of Bank Alfalah Limited dispelled any rumours that the Bank and Abu Dhabi Group is looking to exit Pakistan through divestment or sell-off. “On the contrary, the Bank is aggressively looking for growth opportunities in Pakistan which is evident from the expansion of its branch network all across Pakistan”, said Mr. Sirajuddin Aziz CEO of the bank.
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MALAYSIA: HSBC Malaysia sharpens focus on Islamic segment more products in the pipeline
HSBC Bank Malaysia Bhd (HSBC Malaysia) said it will sharpen the focus on Islamic banking to further ride on the strong demand for Shariah-based products in the country, executive director and deputy chief executive officer, Jonathan Addis said.
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MALAYSIA: WIBC Asia 2011 Sets Stage for Industry Leaders Discuss Islamic Finance
The 2nd Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2011), to be held here on June 8 and 9 will set the stage for further development of Islamic finance. Some 450 industry leaders are expected to explore new opportunities in Asia and to foster new business partnerships and boost cross-border connectivity.
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U.A.E: Dubai Islamic Bank launches second Qiyadee programme
Dubai Islamic Bank (DIB) announced the launch of its second Qiyadee programme to develop a core group of employees to assume managerial positions within the organisation. The selected Emiratis, from both inside and outside the bank, will now embark on a 36 month-long training programme to develop the necessary knowledge and skills to become the future leaders of DIB.
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U.A.E: Dubai's Islamic insurance firm seeks to increase market share
Takaful Emarat, a Dubai-based Islamic insurer, has launched three new products to increase its market share, the company said. "With our new set of products, we hope to generate gross written premiums of 65 million dirhams (17.7 million U.S. dollars),” Ghassan Marrouche, general Manager of the firm, said at a press conference. Founded in May 2008 jointly by Dubai-based Al-Buhaira National Insurance Co. and Austria's insurance group Uniqa, Takaful Emarat had a difficult start at first.
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U.A.E: UAE insurer sees premiums quadrupling in 2011
Islamic insurer Takaful Emarat expects gross written premiums to surge to Dh65 million ($17.7 million) in 2011 from Dh14 million last year as the company eyes new product launches, its general manager said. Emarat Takaful, which launched three savings products for education, general savings and wealth management, expects new products to contribute between Dh5 million and Dh10 million to premiums this year, Ghassan Marrouche told a news conference.
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U.A.E: Takaful Emarat launches new life plans
Takaful Emarat, the UAE's first dedicated life and health Takaful provider, has strengthened its offering with the launch of a suite of individual life saving plans. The personalised protection and saving plans offer customers flexible terms of protection as well as access to a wide range of Shariah-compliant investment funds managed by renowned global fund managers. The introduction of individual life saving plans endorses Takaful Emarat's intent to grow its market share in the UAE and contribute to the accelerated growth of the industry in the region.
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SINGAPORE: Standard Chartered’s Wasim Sees Singapore Islamic Market Growth
Wasim Saifi, Singapore-based global head of Islamic and consumer banking at Standard Chartered Plc (STAN), comments on the city-state’s development of Islamic finance in an e-mailed response to questions. Singapore will host the second World Islamic Banking Conference (Asia Summit) from June 8 to June 9.
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