Conventional banks looking for a piece of the Islamic banking pie
Most of the conventional banks in Bangladesh are increasingly becoming interested in starting Islamic banking to get more deposits. Bangladesh Bank (BB) is not, however, allowing banks to convert into...
View ArticleNoor executes $1.4 billion Islamic mandates, eyes sukuk in Turkey
<p>Noor Islamic Bank has completed Islamic capital market mandates valued at over $1.4 billion (AED5.14 billion) in the past six months in Turkey. As an Initial Mandated Lead Arranger and Joint...
View ArticleIIRA Assigns Fiduciary Ratings to Bank AlJazira
Islamic International Rating Agency (IIRA) has assigned a national scale rating of A+/A-1 to Bank AlJazira (BAJ). On the international scale, IIRA has assigned a foreign currency and local currency...
View ArticleSmart Policy: Why Islamic Banks Matter in Indonesia
Since the Government of Indonesia issued the Sharia Banking Law in July 2008, the Islamic banking industry has shown a strong growth. According to data from Bank Indonesia, between 2008 and 2012,...
View ArticleIslamic Bank expects capital ratio to reach positive position
The state-owned Islamic Bank of Thailand (IBank) believes its capital-adequacy ratio will return to positive territory this year. The expectation stems from applying the Finance Ministry's loan-loss...
View ArticleStandard Chartered to launch Islamic banking in Kenya, Indonesia
<p>Standard Chartered Plc will start offering Islamic banking in Kenya as a springboard into the rest of Africa, Wasim Saifi, its global head of Islamic consumer banking said. Moreover, it may...
View ArticleSaudi’s Al Rajhi Bank to distribute $600m dividend
Al Rajhi Bank will reportedly distribute dividends worth SR2.25bn ($599.9m) for the first six months of 2013. This is equivalent to 1.5 riyals per share. The amount is slightly higher than the 1.25...
View ArticleThree Islamic banks in Bahrain plan merger
The three Bahraini Islamic investment Banks Capivest, Elaf Bank and Capital Management House have agreed to merge in order to better compete in a fragmented market. The combination will create a bank...
View ArticleIFC Acquires 15% Stake In Gulf African Bank For $5m
<p>The International Finance Corporation (IFC) – the investment arm of the World Bank – has acquired 15 percent shareholding in Gulf African Bank, Kenya's Islamic bank, for...
View ArticleEmaan Islamic Banking officially launched
Emaan Islamic Banking, a division of Silkbank Limited, has been launched and is now available in 10 branches in 8 cities including Karachi, Lahore, Faisalabad and Islamabad. M. A. Mannan, Executive...
View ArticlePakistani lender plans Mideast expansion
Pakistan-headquartered Bank of Khyber (BoK) plans to open branches in the Middle East, as part of an expansion drive to capture the fast growing investment opportunities and facilitate the expatriate...
View ArticleEuropean Central Bank published research about Islamic finance
<p>European Central Bank, Occasional Paper No 146, June 2013</p> <p>ABSTRACT</p> <p>Islamic finance is based on ethical principles in line with Islamic religious law....
View ArticleGulf Bank pegs listing plan on IFC exit
<p>Gulf African Bank has tied its public listing plans to the exit of International Finance Corporation (IFC) from its shareholders’ roll. IFC bought a 15 per cent stake in the bank...
View ArticleBahrain Islamic Bank convenes its AGM and elects new board
An Ordinary Shareholder Assembly of Bahrain Islamic Bank (BisB) was held on Sunday 7th July 2013 with the objective of electing a new Board. The result was the election of four new members to the Board...
View ArticleSaudi's Al Rajhi Bank posts near-flat Q2 profit
Saudi-based Al Rajhi Bank posted a slight rise in its second-quarter net profit. The bank made 2.12 billion riyals ($565.3 million) in the three months to June 30, compared with 2.09 billion riyals in...
View ArticleADIB arranges US$360 million syndicated Islamic financing for Gulf Marine...
<p>Abu Dhabi Islamic Bank (ADIB) has closed a AED 1.32 billion (US$360 million) Syndicated Islamic Facility for Abu Dhabi-based Gulf Marine Services (GMS). ADIB acted as the Mandated Lead...
View ArticleBank Islam seeks expansion in region
Bank Islam Malaysia is exploring opportunities to expand its business in South-East Asia, especially in Indonesia. However, the bank has not identified suitable joint-venture partners to penetrate...
View ArticleJaiz Bank Increases Branches To 10
Nigerian Jaiz Bank has increased its branch network to ten, with the commissioning of its Katsina branch. The bank commenced operations with three branches in Abuja, Kaduna and Kano states on January...
View ArticleBahrain Islamic Bank realizes net profit for Q2-2013
Mr. Abdul Razak Abdulla Al-Qassim - Chairman of the Board of Directors announced that the Board has approved the Financial Statements for the period ended on 30th June 2013. The Bank registered BD2.4m...
View ArticleIndonesian Islamic Bank Muamalat implements Oracle core banking tech
Indonesian Bank Muamalat has implemented Oracle FLEXCUBE Universal Banking to streamline its core business processes and to enhance productivity. Oracle FLEXCUBE is now live across all of Bank...
View ArticleBritain wants to be hub for Sharia banking
<p>Three million muslims live in Britain, and more and more of them are demanding financial products compatible with their faith. British business leaders are eager to cash in on this expanding...
View ArticleCustomers are driving force of Islamic banking
<p>Mohammed Obaidullah of the Islamic Development Bank highlighted the role of customers in strengthening Islamic banks and financial institutions by asking right questions and monitoring the...
View ArticleIslamic financing rises 27% to USD1.1trn in 1 year
According to Adil Dahlawi, CEO and Managing Director of Itqan Capital, the Islamic banking sector will witness an increasing demand as Islamic financing jumped 27 percent in one year to $1.1 trillion...
View ArticleUnited Kingdom: Measures Restricting The Access Of An Iranian Bank To The UK...
Iranian Bank Mellat appealed against a decision upholding measures taken by the Treasury to restrict its access to the UK financial market. The Treasury had directed that all persons operating in the...
View ArticleTakeover deadline extended for Islamic Bank
<p>Deadlines for Qatar-based Islamic bank Masraf to announce a firm intention to make an offer for Islamic Bank of Britian have been extended to the end of August. The latest deadline again...
View ArticleBarwa Bank sees 85% surge in H1 profit to QR303.6mn
<p>Qatar-based Barwa Bank has reported half-year profits of QR303.6mn, up 85% from the QR162.9mn recorded in the same period last year. Return on equity increased from 6.6% to 11%, with earnings...
View ArticleErdogan tells Turks to shun credit cards, rounds on banks
Turkish Prime Minister Tayyip Erdogan urged Turks not to use credit cards, accusing banks of locking people into poverty with excessive fees. He said banks were growing rich on high commissions and...
View ArticleInterest free loans gaining popularity, observes banker
<p>Banc ABC’s Head of co-operate Services, Zulfikar Chando has pointed out that Islamic banking would fuel investment and spending which will in turn support national economic...
View ArticleQatar: Central bank imposes new rules on lenders
<p>New regulations introduced by the Qatar Central Bank (QCB) in mid-June will curb local banks’ investment options, potentially making sovereign bonds more appealing at the expense of...
View ArticleHamdan bin Mohammed launches Dubai Center for Islamic Banking and Finance
HH Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum has launched the Dubai Center for Islamic Banking and Finance as a new step in support of the efforts towards establishing Dubai as the world's...
View ArticleMaybank Islamic aims to expand to all Asean countries
Maybank Islamic Bhd, the Islamic banking arm of Malayan Banking Bhd (Maybank), aims to expand to all Asean member countries that Maybank has a presence in. According to its CEO Muzaffar Hisham, the...
View ArticleIslamic banking BPO at Infopark
<p>Islamic banking is yet to get a foothold in the country with RBI not extending the permission, but the Indian subsidiary of a Kuwait company is setting up a global support centre providing...
View ArticleJump in bank profits in the last six months
<p>Egypt’s banking sector witnessed a jump in profits during the first half of the current fiscal year in comparison to the same period last year, and even in comparison to the first...
View ArticleDubai Islamic Bank net profit up 25 per cent in first half of year
<p>Dubai Dubai Islamic Bank (DIB) recorded a net profit of Dh739 million in the first half of this year, up 25 per cent from Dh592 million during the same time a year ago. Net profit for the...
View ArticleIslamic banking nears its big breakthrough in Africa
<p>While Islamic banking assets have grown rapidly around the world to stand at more than USD1.3 trillion at the end of 2012, the industry has remained in its infancy in Africa. However that...
View ArticlePut trust in the cloud says Islamic Bank of Britain COO
Banks should not be afraid to go further and faster in their adoption of cloud computing, according to Mohamed Gamil, chief operating officer at Islamic Bank of Britain. IBB currently has a deal with...
View ArticleWong & Partners Acts on $885 Million Bank Islam Deal
Wong & Partners is advising Malaysian investment company BIMB Holdings on its proposed $885 million takeover of Bank Islam. The deal is subject to shareholder and regulatory approvals, and will...
View ArticleJaiz Bank reiterates commitment to Ethical Banking Services
Nigerian Jaiz Bank PLC has reiterated a firm commitment to the provision of ethical banking services to its customers. The bank has unveiled its array of value adding products and services which it...
View ArticleBahrain-based Al Baraka Banking Group lowered to ‘BB+/B’ on high MENA...
<p>Standard & Poor’s Ratings Services has lowered its long- and short-term counterparty credit ratings on Bahrain-based Al Baraka Banking Group (ABG) to 'BB+/B' from 'BBB-/A-3'....
View Article«El Wifack Leasing» veut se transformer en Banque islamique
<p>Le conseil d’administration de la société « El Wifack Leasing » a déposé auprès de la Banque centrale de...
View ArticleEl Wifack Leasing applies for approval to practice as Universal Islamic Bank
The board of directors of El Wifack Leasing company wants to transform itself into a Universal Islamic bank and has submitted an application to the Central Bank of Tunisia (BCT) in order to get the...
View ArticleAbu Dhabi Islamic Bank plans North Africa expansion
<p>Abu Dhabi Islamic Bank plans to branch out in North Africa as the UAE-based lender seeks to reach a larger population. The bank applied for licenses in Algeria and Libya and is considering new...
View ArticleJaiz Bank grows capital by 100% in a year, eyes national banking licence
Jaiz Bank is now targeting a national license from the Central Bank of Nigeria (CBN) after having grown its capital base from N5 billion when it started operations last year to about N10 billion. The...
View ArticleIthmaar Bank operating income stable at BD37m
Operating income continues to be stable at Ithmaar Bank at BD36.8 million, despite a significant compression of margins in overseas subsidiary due to a 300 basis points cut in benchmark profit rates....
View ArticleIslamic banking association launches index of bourse’s Sharia-compliant shares
<p>Islamic banking experts have called on the Central Bank of Egypt to tailor its policies regarding Islamic banking services to be more in line with those of Islamic banks themselves. The call...
View ArticleBank Negara extends deadline over Bank Islam deal to end-July
<p>Bank Negara Malaysia (BNM) has extended the deadline for the negotiations among BIMB Holdings Bhd, Dubai Financial Group LLC and Lembaga Tabung Haji (LTH) over the Bank Islam Malaysia Bhd...
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