Posts Tagged ‘UAE’
Ajman Bank eyes 6% of market share in UAE
Points of Essence:
- Ajman Bank plans to gain control of 6% of the UAE’s market share of Islamic banking in the next 3 years. With the Ajman Government holding a major stake in the bank, it will start with a string of new branch openings throughout the year as well as niche financing products. With the effects of the global economy are still felt worldwide, the bank is nevertheless convinced that it will see the desired outcome. The Arabian Business has the report.
By Mohamad Al Kady on Tuesday, February 03, 2009
Ajman Bank has plans to control six per cent market share of UAE’s Islamic banking and 50 per cent in Ajman over the next three years.
The bank officially inaugurated its banking operations in Ajman yesterday as Yousif Khalaf, the Chief Executive Officer of Ajman Bank, revealed an ambitious plan to expand its Islamic banking operations in the country within the next three years.
Standard & Poor’s cuts ratings on UAE banks
Points of Essence:
- UAE based Islamic financial institutions have been snubbed rating-wise by S&P by according them a revised down rating and outlook for the upcoming year. This was largely contributed by the uncertainties in the economic outlook of the UAE due to the gloomy global financial sector. CPI Financial has the report.
Rating agency Standard & Poor’s has revised down its ratings on Dubai Islamic Bank, Emirates Bank International, National Bank of Dubai and Sharjah Islamic Bank.
Standard & Poor’s has lowered its long- and short-term counterparty credit ratings on Dubai Islamic Bank to ‘A-/A-2′ from ‘A/A-1′ and revised its outlook on the bank to negative from stable; revised its outlook on Emirates Bank International and National Bank of Dubai to negative from stable and affirmed its ‘A/A-1′ counterparty credit ratings on the two banks; and revised its outlook on Sharjah Islamic Bank to stable from positive and affirmed its ‘BBB/A-2′ counterparty credit ratings on the bank.
Sharia-compliant banking looks north
Points of Essence:
- Islamic banks in the UAE seem to be venturing out of Dubai by setting up branches in the northern side of the Emirate.This was spurred by the demand in the Islamic financial services offerings. The Arabian Business has the report.
by Jason J. Nash
Islamic banking and insurance services are gaining ground in the Northern Emirates, as consumers, companies and public institutions increasingly come to rely on such services to meet their financing needs.
UAE intervenes in merger as property woes mount
Points of Essence:
- As the real estates in Dubai plunged deeper into crisis, the Government of the United Arab Emirates had to intervene in the recently announced merger of Amlak and Tamweel, the UAE’s largest mortgage lenders. The Government-owned Real Estate Bank was set up to address the issues of funding, liquidity and solvency faced by the two troubled institutions. The new Islamic bank bank will boost real estate sector in the UAE as more housing loans will reach the UAE nationals. The bank can now solicit for deposits from the public and have access to the federal funding, the privileges mortgage lenders are not allowed. Reuters has the report.
By Lin Noueihed
DUBAI (Reuters) – Two of the United Arab Emirates’ largest mortgage lenders, already on track to merge, will be brought under a government-owned bank, the UAE finance ministry said on Sunday, in the first sign of federal government intervention in Dubai’s troubled property sector.
Trading in both Amlak AMLK.DU and Tamweel TAML.DU, which have been struggling amid the global credit crunch, was suspended after the finance ministry said it would supervise their merger under the government’s Real Estate Bank to ensure a fair valuation and protect shareholders.
Women only banking branch in Dubai
Points of Essence:
- Emirates Islamic Bank pioneered a banking branch solely for women in Dubai. Apart from guaranteeing the female gender only access, the branch offers banking products with discounts and packages as well as facilities tailored to women. LA Times has the report.
DUBAI: New bank branch caters to women only
Photo: Princess Haya Bint Al Hussein and Emirates Islamic Bank officials inaugurated a new bank branch devoted to women. Credit: Emirates Islamic Bank
In a first of its kind, Dubai last week unveiled a new banking service that caters only to women.
The Emirates Islamic Bank newest branch in the United Arab Emirates offers women a financial zone free of men, but also custom-made banking products, including retail-outlet discounts, special travel packages and discounts on bank products in addition to exclusive ladies lounges, free Internet and text-message banking.
“Catering to the individual needs of our customers has always been a core part of our business model, and opening an exclusive Al Reem branch is an extension of that belief,” said Faisal Aqil, an official at Emirates Islamic Bank told the daily Gulf News.
Salama Insurance joins forces with NCB Capital investment arm
Points of Essence:
- The world’s largest takaful and re-takaful group, Salam Insurance has recently sealed a partnership deal with NCB Capital, the investment banking arm of National Commercial Bank to extensively market the Islamic insurance products in the UAE . Gulf News reported.
Staff Report
Dubai: Salama Islamic Arab Insurance Company, the world’s largest Takaful and Re-Takaful group, announced its strategic alliance with NCB Capital, the investment banking arm of National Commercial Bank, in a bid to further promote the spread of Sharia compliant insurance solutions.
Sharjah Islamic Bank launches its latest ATM machine on Lake Khalid in Sharjah
Points of Essence:
- Sharjah Islamic Bank is sensitive to its customers’ specific banking needs. The bank has recently launched a new ATM which is designed with drivers and pedestrians in mind. Previously in April this year, the bank launched ATM for its disabled customers.
Sharjah Islamic Bank has recently launched a new ATM, designed to serve both drivers and pedestrians. Located on Lake Khalid in Sharjah, near the Holiday Inn International Hotel; the ATM will be situated near the Holiday Inn Hotel and is the latest device to join the Bank’s growing network of ATMs, which is currently being expanded throughout the UAE.
Ajman Bank will be the first Islamic bank in Ajman
Points of Essence:
- Another new entrant to the Islamic banking industry, Ajman Bank, will be offering Islamic financial services in United Arab Emirates. Based in the Emirates of Ajman, the bank will be the first in the UAE to raise capital by issuing IPO to seek public funding.
Posted on October 11, 2008 by ribh
Ajman Bank PJSC, which is expected to start its operations in January 2009, will be the first Shariah based Islamic bank incorporated and headquartered in the Emirate of Ajman. The Bank’s strategy is “to target the rapidly expanding Shariah financial services market with innovative products and services, designed to meet customers’ needs, all supported with outstanding levels of customer service”.
Tamweel Reverts to 80% Limit on Housing Loans
Points of Essence:
- The current credit woes had influenced Tamweel to restore its original 80% home financing scheme, thus slashing its current promotional offer of up to 90% financing. Citing a need to be prudent with its resources, it plans to finance more genuine home buyers rather than speculative buyers, which industry analysts said it signals the end of an era of “easy and liberal” home loans.
By Issac John
DUBAI – Tamweel, a Dubai-based Islamic mortgage company, said on Thursday it had ended a promotional offer of up to 90 per cent home financing and was increasing its equity requirements by reverting to its original 80 per cent scheme, a move banking analysts say signals the end of an era of “easy and liberal” home loans.
Nabil Abou Alwan, group head of marketing and product development at Tamweel, said the mortgage firm was trying to be prudent with its resources to finance more genuine home buyers, rather than speculative buyers. “Given the current credit crunch, the move will boost our capacity to finance end-users who are willing to put up more equity,” he told Khaleej Times.
Unicorn Investment Bank buys Bahrain Financing Co
Points of Essence:
- Unicorn Investment Bank of Bahrain mulls acquiring conventional banks in Europe, Southeast Asia and the Gulf and converting them into Shariah compliant banks. Bahrain Financing Co was its first purchase apart from a subsidiary already established in Malaysia.
- Despite a gloomy financial setting around the globe, the Bank is ready to issue $1.5 billion worth of sukuk in the Gulf region by the end of this year.
by Jason Benham
Bahrain-based Unicorn Investment Bank said on Sunday it was looking to spend up to $2 billion to buy banks in Europe, Southeast Asia and the Gulf and plans to arrange $1.5 billion of Islamic bonds by year end.
Fred Stonehouse, head of strategic mergers and acquisitions at the Islamic bank, said it planned to convert any banks it acquires to comply with Islamic banking rules that ban interest.
“In the UK we see potential businesses (banks) we could acquire and Islamicise as appropriate,” he told Reuters.
Tamweel plans $544m Sukuk despite crunch
Points of Essence:
- Tamweel plans to launch up to Dh2 billion ($544.5 million) in Islamic bonds for local market consumption in the first quarter of 2009, asserting that the global liquidity squeeze had only affected certain companies in the financial sector.
Dubai-based Islamic mortgage lender Tamweel said on Monday it was planning to launch up to Dh2 billion ($544.5 million) in Islamic bonds in the first quarter of 2009 despite the global liquidity crunch.
“There are ideas to sell sukuk to the local market. They would be in the range of Dh1-2 billion,” Tamweel chairman Sheikh Khaled Al-Nahayan told Reuters on the sidelines of a property fair.
“Already there is a desire (for sukuk),” he said, adding that the liquidity squeeze had only affected certain companies in the financial sector.
Malaysia, Dubai ’should develop Islamic finance’
Points of Essence:
- The Malaysian Second Finance Minister attempted to clear doubts about the strategic direction of Islamic finance in Malaysia for the perceived lack of Government’s initiatives and the current political uncertainties in the country. The Minister rebutted these contentions by offering information on the initiatives already provided by the Government and assured the current political situations are not anywhere near a crisis.
Tan Sri Nor Mohammad Yakcop, Malaysian Minister of Finance II, says the country has received investment commitments from blue chip investors such as Mubadala Development Company, which earlier this year signed a definitive agreement to develop five zones in Node 1 of the Iskandar Development Region in Johor- Bloomberg News
By Babu Das Augustine, Banking Editor
Published: October 03, 2008, 23:41
Dubai: The Malaysian Islamic financial sector is seen as one of the most progressive and attractive in the world given the numerous incentives planned and further liberation in the coming years.
Over the past decade, the international financial community has taken note of Malaysia’s strategic direction in developing and nurturing Islamic banking and finance. The strategies are being implemented through clear and deliberate policies spelt out in both the Financial Sector Master Plan as well as the Capital Market Master Plan.
Currently, Malaysia is the largest Islamic banking and financial services market in the world that has the critical mass of diversified players – Islamic banks, investment banks, takaful companies, development financial institutions, savings institutions, fund management companies, stock brokers and unit trusts.
Abu Dhabi Islamic Bank Postpones Personal Customer Installments During Ramadan
Points of Essence:
- Abu Dhabi Islamic Bank recently announced that it will defer installments for its Murabahah customers as a goodwill gesture to provide them relief in meeting their other liabilities during Ramadhan and Eid al Fitr festivals. A tradition observed since the last 10 years, it is not known whether the other UAE based banks will follow suit.
Abu Dhabi Islamic Bank (ADIB) has confirmed that it will postpone installments for Murabahah customers during the Holy Month of Ramadan, waiving its rights to profits generated through the purchase of a number of its banking services.
The move, which has been designed to help customers save money during a month that may prove one of the most costly this year for many, has been agreed as a goodwill gesture on behalf of the Bank as part of its ongoing Ramadan and Eid Al Fitr celebrations.
IFC announce Islamic financing solutions for small and medium enterprises
Points of Essence:
- Dubai based Islamic Finance Company has commenced offering shariah compliant financial services to SMEs to tap the highly potential business area yet greatly underserved industry. This will give avenues for the institution for its portfolio diversification, opportunities to cross sell products, and a source of stable income.
Islamic Finance Company (IFC), head quartered in Dubai, announced the commencement of full scale shariah compliant financing solutions to the small and medium enterprises commonly referred to as SMEs.
IFC has spent a lot of time researching and studying the financial needs of this growing segment and has a new dedicated department to serve this niche market.
IFC has qualified resources and technical capabilities to offer fully shariah compliant financing solutions to SME’s in order to meet all their working capital, trade and Capex needs.
Dubai Bank plans $5bn Islamic bond programme
Points of Essence:
- Dubai Bank plans to raise $500 million in Islamic bonds this year as part of a $5 billion notes programme to finance growth. Swiss investment bank, UBS and Standard Chartered have been appointed as lead arrangers. The bonds would be listed on the London Stock Exchange and the Dubai International Financial Exchange.
DUBAI INC.: Dubai Bank is a unit of Dubai Banking Group which is owned by Dubai Holding which is owned by Dubai's Ruler Sheikh Mohammed bin Rashid Al-Maktoum (pictured). (Getty Images)
Dubai Bank plans to sell about $500 million in Islamic bonds this year as part of a $5 billion notes programme to finance growth as it looks to become a global Islamic lender by 2013.
The unlisted bank, a unit of Dubai Banking Group (DBG), could sell its first tranche in the next “couple of months”, depending on market conditions, Chief Executive Officer Salaam Al-Shaksy told newswire Reuters on Wednesday.
The Islamic lender, which appointed Swiss investment bank UBS and Standard Chartered as lead arrangers, had received a good response from potential investors for the sukuk sale, Al-Shaksy said.
“We are talking about an Islamic bank sukuk, which has not been issued for quite some time,” Shaksy said when asked whether he was concerned about difficulties in the regional debt markets.
Dubai vies to be world Islamic finance centre
Points of Essence:
- Dubai based Islamic financial institutions under Dubai Group are all in aggressive expansion mode to position Dubai as a premier international Islamic center.
By Karen-Remo Listana
Soud Ba'alawy
Dubai Group, a conglomerate of seven private financial institutions, is banking on Islamic finance for its expansion plans, Emirates Business has learned.
“It is important for us to be the Islamic centre,” said Soud Ba’alawy, Dubai Group’s Executive Chairman. “Islamic banking is growing. There are more opportunities and it means it has room for more banks. We see Dubai together with Dubai International Financial Centre will become the Islamic centre and we have the chance to become so.”
Ba’alawy, who is also the chairman of DIFC, said the group’s Shariah-compliant subsidiaries – Dubai Banking Group (DBG) and Noor Investment Group (NIG) – are in an aggressive expansion mode in Islamic banking arena to catapult Dubai on the premier league.
