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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