Islamic Finance
Between $700 billion and $1 trillion - Islamic finance joins the mainstream
Islamic finance is no longer confined to the Muslim community. Richard Thomas looks at this evolving financial sector
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U.A.E. Bank Profit May Rise 18 Percent, Global Investment Says
United Arab Emirates’s eight biggest banks may report an 18 percent rise in profit in 2010 and earnings may increase further if provisions from Dubai World’s debt restructuring aren’t high, Global Investment House KSCC said.
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Ithmaar Bank posts profit of $3.6 million
Ithmaar Bank has returned to profitability at the start of this year. The Bahrain-based Islamic bank reported a profit of $3.6 million for the first quarter after impairment provisions of $8m. This compares with a profit of $3.8m for the same period last year. The operating income also remained strong at $42.9m.
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IDOTTV Eyes Increase in Mart Presence in Islamic Banking Market
IDOTTV Sdn Bhd, one of the winners of the 2010 Frost & Sullivan Malaysia Telecoms Awards, aims to increase its market presence in Malaysia's Islamic banking market for its Islamic Banking Tawarruq Trading System (IBTTS).
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RHB Revises Base Lending and Base Financing Rates
The RHB Banking Group will revise its base lending rate (BLR) per annum for RHB Bank Bhd and RHB Islamic Bank's base financing rate (BFR), from 5.80 per cent to 6.05 per cent per annum, with effect from May 17, 2010.
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Dubai Islamic Bank to get $1bn injection
Dubai Islamic Bank (DIB) shareholders have approved a Dh3.75 billion (US$1.02bn) capital injection from the Ministry of Finance arranged last year as part of the Government’s efforts to shore up the banking system.
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Malaysia Now In Strong Position for Foreign Investment
Being the largest Islamic fund management centre in Asia, Malaysia is in a strong position as a gateway for foreign investors, particularly from the Middle East, to diversify their portfolio in the region. PricewaterhouseCoopers (PwC) global Islamic finance leader and partner Mohammad Faiz Azmi, in stating this, said unlike the Gulf Cooperation Council (GCC) countries which are backed by petro wealth, Malaysia's Islamic fund management industry has been driven by a buoyant domestic private sector, stemming from its vibrant open economy.
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Awareness on Islamic Finance products/ services
Since the inception of Islamic banking more than three decades ago, the number and reach of Islamic financial institutions worldwide have risen from one institution in one country in 1975 to over 300 institutions operating in more than 75 countries. Although Islamic banks are concentrated in the Middle East and Southeast Asia, it is fast gaining acceptance in Europe and the United States as niche players. In Europe, UK has taken the lead since 2004 with the first Shariah-compliant retail bank, the Islamic Bank of Britain. In 2009, the French government announced its wish to change the regulation to allow Islamic banking, and Germany will open its first Islamic bank this year in Mannheim, a city with a large ethnic Turkish population...
Emiratis urged to invest in industrial, retail sectors
Entrepreneurs in Ajman have been advised to invest in industrial and retail sectors and to carry out feasibility studies before starting their businesses. Sultan bin Ghedayer, Chairman of the newly established Young Businessmen Council (YBC), told Emirates Business that industrial and retail are sectors untapped by the UAE nationals. Investing in these would ensure their sustainable growth, he said.
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Middle East IPO activity increases five-fold
Initial Public Offering (IPO) activity in the Middle East has risen significantly in the first quarter of 2010, recording a five-fold increase in the funds raised, according to consultancy firm Ernst & Young.
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