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Posts Tagged ‘New Player

Britain’s First Islamic Motor Insurance

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Points of Essence:

  • Newest player Salam Halaal is a pioneer Islamic motor insurance company in Britain.  Riding on the takaful concept, the customers may now enjoy protection to their vehicles and at the same time discounts on their next premium payments. All devoid of unethical elements as under the conventional insurance. Islamonlinenet has the report.

CAIRO – A London-based Islamic insurance firm has hit UK roads with a Shari’ah-compliant car insurance product that immediately attracted Muslim and non-Muslims for its ethical nature.

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Written by Suapi Shaffaii

February 16, 2009 at 10:43 am

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

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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 bank launched in Bahrain

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Points of Essence:

  • Bahrain has recently welcome the newly launched Capinnova Investment Bank, the Shariah compliant investment arm of BBK. Focusing to serve the GCC and MENA markets, the bank which core areas of business include private equity, asset management and corporate finance, will provide Shariah compliant investment products and services. This will strengthen Bahrain’s position as one of the main global drivers of Islamic finance.

By ARTHUR MACDONALD

MANAMA: Bahrain-based BBK has announced the launch of Capinnova Investment Bank, its new Sharia-compliant investment banking arm. A wholesale Islamic investment bank, Capinnova is licensed by the Central Bank of Bahrain and capitalised at $500 million with a fully paid-up capital of $125m.

“The growth of Islamic banking industry in particular has been remarkable in recent years and it is expected to reach $4 trillion in the next five years according to a recent Standard and Poor’s rating agency report,” said BBK chief executive officer and Capinnova Investment Bank chairman A Karim Bucheery, at the launch of the bank at the Ritz-Carlton Bahrain Hotel and Spa yesterday.

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Written by Suapi Shaffaii

January 13, 2009 at 4:11 pm

Singapore’s OCBC launches Islamic unit in Malaysia

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Points of Essence:

  • Singapore based OCBC Bank has set up its Shariah compliant banking subsidiary in Malaysia. Known as OCBC Al-Amin, the subsidiary will be operational on December 1. Reuters reported.

SINGAPORE, Nov 11 (Reuters) – Oversea-Chinese Banking Corp, Singapore’s third largest lender, said on Tuesday its Malaysian unit had launched an Islamic banking subsidiary that will start operations on Dec 1.

Called OCBC Al-Amin, the Islamic unit is licensed to offer the full range of Shariah-compliant universal banking services including Islamic hire-purchase and Shariah-compliant corporate finance activities. (Reporting by Kevin Lim; Editing by Anshuman Daga)

Source: http://www.reuters.com

Written by Suapi Shaffaii

November 11, 2008 at 3:18 pm

NatWest launches sharia commercial property service

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Points of Essence:

  • Natwest Business Banking is the latest institution in the  UK to engage in Shariah financing. It will roll out commercial property mortgage products under the Shariah principle of Murabahah.

NatWest Business Banking is entering the Islamic financial services market with the launch a shariah-compliant commercial property mortgage product.

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Written by Suapi Shaffaii

November 2, 2008 at 12:57 am

Ajman Bank will be the first Islamic bank in Ajman

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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”.

Click here for more!

Written by Suapi Shaffaii

October 12, 2008 at 1:59 pm