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Posts Tagged ‘Business Growth

BNP Paribas aims for major Islamic business growth

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Points of Essence:

  • BNP Paribas plans to expand its Islamic financial business in two years’ time acommodate the growing demands from the Middle East.

by Cecilia Valente

BNP PARIBAS: Expectations remain high about growing Islamic business.

BNP Paribas Investment Partners, the French group’s fund management arm, plans to grow its Islamic business five-fold or more in the next two years, its Middle East head told Reuters on Monday.
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Written by Suapi Shaffaii

February 3, 2009 at 2:18 pm

BLME launches private banking business

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Points of Essence:

  • London based BLME has futher intensified its Islamic financial services business by setting up a fully Shariah compliant private banking business.  The new unit will serve  high net-worth individuals, entrepreneurs and their corporations in the UK, Europe and Middle East. Trade Arabia News Service has the report.

London: Tue, 27 Jan 2009

Bank of London and the Middle East (BLME), the UK Sharia’a compliant wholesale bank, has confirmed that it will be extending its wealth management division with the launch of a fully Sharia’a compliant private banking business.

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Written by Suapi Shaffaii

January 28, 2009 at 12:04 pm

Posted in General Issue

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Qatar Islamic Bank set for French move

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Points of Essence:

  • Qatar Islamic Bank will expand its wings to France with a licence in operating Islamic banking services is within sight. Together with another Gulf based lender, the banks will begin operation by end of 2009. Appropriate regulations are in tow to accomodate these new players in France. The Arabian Business has the report.

by: Stanley Carvalho

More Islamic banking services on the menu. (GETTY IMAGES)FRANCE: More Islamic banking services on the menu.

Qatar Islamic Bank and ‘another Gulf lender’ may be licensed to introduce Islamic banking services in France later this year, a member of a French banking delegation said on Wednesday.

“The regulations are ready and licences for at least these two banks are in an advanced stage. We expect the first Islamic bank to be set up before end of 2009,” said Gilles Saint Marc, a lawyer who was part of the delegation accompanying Christian Noyer, the head of the Bank of France, during a Gulf visit.
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Written by Suapi Shaffaii

January 22, 2009 at 11:41 am

Islamic Banking Set to Emerge as a $4 Trillion Industry

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Points of Essence:

  • Islamic banking is poised to reach $4 trillion in the next 5 years due to its resilience from the global financial crisis. With good governance and prudence in place, no wonder Moody’s has been favoring the potential growth of Islamic banking. Good discipline imposed on the Islamic financial institutions has worked greatly in averting risky banking ventures thus strengthening the institutional system of Islamic finance in the process. Khaleej Times has the report.

By Issac John

DUBAI – Islamic banking, which is predicted to become a $4 trillion global industry over the next five years, is the least affected sector in the current global economic meltdown triggered by subprime tsunami in the United States, experts said.Khaled Al Aboodi, CEO and general manager of Islamic Corporation for the Development of the Private Sector (ICD), was quoted as saying that since Shariah did not allow Islamic banks to invest in subprime product, they were safer from the toxic subprime assets when compared to conventional banks.

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Written by Suapi Shaffaii

December 31, 2008 at 4:16 am

Sharia-compliant banking looks north

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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.

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Written by Suapi Shaffaii

December 16, 2008 at 11:13 pm

Posted in General Issue

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Repositioning Islamic finance for global market

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Points of Essence:

  • Malaysia has outlined few measures to globalize its Islamic banking and finance industry to tap the potential market worldwide. Announced by the Deputy Prime Minister Datuk Seri Najib Tun Razak, among the measures are:
  1. to conduct more research and discourses on Islamic finance carried out at all levels and should involve regulators, practitioners as well as academicians;
  2. To improve investment in human capital;
  3. To have a resilient and facilitative legal and regulatory framework;
  4. To adopt more accommodative dispute resolution mechanisms to the application of Islamic legal rules and methods;
  5. To have other related regulations and supervision of Islamic banks and financial institutions at par with international standards;
  6. To develop new supervisory and regulatory procedures and make modifications to the existing structures or procedures

Re-Position Islamic Banking & Finance, Says Najib

KUALA LUMPUR, Nov 18 (Bernama) — The Deputy Prime Minister, Datuk Seri Najib Tun Razak today outlined general work plans to position and re-position Islamic banking and the finance industry to enable it to fully exploit the potential market of one billion Muslims worldwide.
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Written by Suapi Shaffaii

November 18, 2008 at 7:47 pm

Gulf Daily News: Al Salam Bank Bahrain’s New Branch Opens

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Points of Essence:

  • Al Salam Bank Bahrain transforms its newly opened branch at Bahrain City Center into a full banking suite to offer banking convenience for its clients. Top customer services and cutting edge facilities are prioritized at the branch to meet the sophisticated demands of its clients. Gulf Daily News has the report.

Bank opens new branch

MANAMA: Al Salam Bank – Bahrain has opened its second branch at Bahrain City Centre.

The branch houses a business centre that is equipped with the most sophisticated and state-of-the-art computer systems that are not found in any other bank in the country, executive vice- president and head of Mena Nabeel Al Tattan said.

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Written by Suapi Shaffaii

November 14, 2008 at 12:05 pm

Islamic lender wins licence for Saudi operation

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Points of Essence:

  • Kuwait Finance House is now expanding to Saudi Arabia. Currently, the Kuwait based Shariah financial institution has already set up operation bases in Bahrain, Malaysia and Singapore.
Kuwait Finance House has won a licence to operate in Saudi Arabia. (Getty Images - for illustrative purposes only)

RIYAL DEAL: Kuwait Finance House has won a licence to operate in Saudi Arabia. (Getty Images - for illustrative purposes only)

by:Inal Ersan

Islamic lender Kuwait Finance House said on Thursday its fully-owned Saudi unit has won an investment licence to operate in Saudi Arabia.

The 500 million Saudi riyal ($133.3 million) firm would be allowed underwrite, manage and offer consultancy services for securities in the Saudi market, the lender said in a statement. (Reuters)

Source: http://www.arabianbusiness.com

Written by Suapi Shaffaii

November 6, 2008 at 4:24 pm

Islamic approach key to ABG success

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Points of Essence:

  • Al Baraka Group of Bahrain attributed its strong growth to the Islamic banking business despite the global economic downturn.

Bahrain-based investment bank Albaraka Banking Group (ABG) has weathered the global financial turmoil owing to its Islamic banking model, its most senior executive said yesterday.

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Written by Suapi Shaffaii

November 5, 2008 at 9:51 pm

McKinsey report on Islamic finance industry set for launch

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Points of Esence:

  • McKinsey will launch its Competitiveness Report on the Islamic Financial Industry to coincide will the 15th Annual World Islamic Banking Conference in Bahrain next month. The report will highlight the recent developments in Islamic finance, including growth and performance, the challenges and opportunities facing the industry in the context of the current economic climate and their implications on business models.

MANAMA: The challenges facing the Islamic finance industry will be highlighted in a report to be launched next month.

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Written by Suapi Shaffaii

October 29, 2008 at 3:44 pm

Al Salam Bank Commences Operations in Algeria

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Points of Essence:

  • Apart from Bahrain and Sudan, Al Salam Bank has further expanded its Islamic banking network to Algeria to tap into potential financing requirements and investment opportunities in Algeria.

With a paid up capital of US$100 million

Algeria- The inauguration of Al Salam Bank – Algeria took place at the Sheraton Hotel in Algeria with H. E. Hussein Mohammed Al Meeza, Vice Chairman of the Board of Directors of Al Salam Bank and a number of high ranking officials and businessmen in attendance. The event marks the launch of the bank’s opening, offering high quality services to the Algerian market.

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Written by Suapi Shaffaii

October 21, 2008 at 12:14 pm

Takaful Ikhlas Aims For 20 Pct Share Of Malaysian Takaful Market In 2010

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Points of Essence:

  • Takaful Ikhlas aims to capture a 20% market share of the Takaful sector in Malaysia by 2010. Currently at 11% of the market share, the company looks set to achieve the target as it continues to expand, with RM60 million in premiums is expected to be collected by March next year.

By: ramjit

PUTRAJAYA, Oct 13 (Bernama) — Takaful Ikhlas Sdn Bhd has set the target of capturing 20 percent of the takaful market in 2010, said its chairman Sharkawi Alis.

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Written by Suapi Shaffaii

October 14, 2008 at 11:14 am

Unicorn Investment Bank buys Bahrain Financing Co

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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.

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Written by Suapi Shaffaii

October 7, 2008 at 11:38 am

More Islamic finance firms in Kuwait than conventional ones

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Points of Essence:

  • The latest report data released by the Central Bank of Kuwait showed 3 significant developments:
  1. There are 48 Sharia-compliant finance companies and 45 conventional companies in Kuwait;
  2. The volume of assets managed by Islamic companies still much lesser than of conventional companies as it stood at $39.8 billion at the end of July 2008 compared to $29.7 billion held by the IFIs;
  3. There was a noticeable growth in assets of Islamic investment companies since January this year by 18.7 % compared to the 14 % growth rate registered by conventional companies during the same period.

Dubai, Sep 25 (IANS) There are more Islamic finance-compliant investment companies in Kuwait than conventional institutions, new figures have revealed.Analysis of data released by the Central Bank of Kuwait showed that there are 48 Sharia-compliant finance companies and 45 conventional companies in that Gulf city-state, the official Kuwait News Agency (KUNA) reported.

However, the volume of assets managed by Islamic companies still remained less than that run by conventional companies.

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Written by Suapi Shaffaii

September 25, 2008 at 11:51 pm

Qatari banks’ foreign assets rise to $20bn

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Points of Essence:

  • Qatar announced the jump in profit of foreign assets owned by Qatari banks by $20.1bn in April from $15.7bn in 2007 gained from their overseas expansion. The profit for its local banks continues to grow. It was also revealed that the profits of the Shariah-compliant Islamic banking sub-sector rose last year, but the share of total assets remained at 16%. This was influenced by a greater business competition in Qatar where all leading commercial banks have started offering Islamic Islamic products through their subsidiaries.

By Pratap John
DOHA:
Foreign assets of Qatari banks have climbed to $20.1bn in April from $15.7bn in 2007 as they expanded their lending portfolios and investments abroad, the Institute of International Finance has said.

Official reserves held by Qatar Central Bank have risen to $13.4bn, equal to over four months of the country’s import cover, the Washington-based global body of financial institutions said.

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Written by Suapi Shaffaii

September 23, 2008 at 6:58 am

Dubai vies to be world Islamic finance centre

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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.

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Written by Suapi Shaffaii

September 23, 2008 at 6:43 am