continued... - Islamic Finance News

FEBRUARY news briefs (continued...)
Emirates Islamic Bank inaugurated the Emirates Islamic Financial
Brokerage to enable the bank’s customers to trade in the Dubai
Financial Market and the Abu Dhabi Securities Market without
compromising on Shariah principles.
Cass Business School began offering the world’s fi rst MBA
course with Islamic fi nance elements, one of the three alternative
specializations in energy and general management and fi nance.
The International Investment Bank acquired a portfolio of real
estates in France, valued at US$105 million, with a 90% stake in
the portfolio.
Dubai Islamic Bank (DIB) disclosed plans to lead up to US$5 billion
in fi nancing transactions for the year.
Brunei sold BN$90 million (US$59 million) worth of 91-day Islamic
debt securities at a yield of 3.15% via an Ijarah facility.
Universiti Brunei Darussalam began planning for the construction
of its Center for Islamic Banking, Finance and Management building
slated for the end of 2008.
The general assembly meeting of International Islamic Trade
Finance Corporation was held in Jeddah.
US law fi rm King & Spalding recorded worldwide revenues of
US$582.4 million, and profi ts per partner of US$1.31 million.
Al Salam Bank is looking to consolidate and to expand its operations
globally, beginning with Algeria and Sudan.
The Syrian government introduced new laws to encourage foreign
investments and establish an investment authority to boost
investments in the agriculture, industry, land, transportation,
telecommunication, environment, electricity and mining sectors.
DIB began distributing products from Deutsche Bank’s DWS Noor
Islamic Fund range, which comprised three mutual funds – the DWS
Noor Precious Metals Securities Fund, DWS Noor Japan Equity Fund
and DWS Noor Asia Pacifi c Equity Fund.
Bank Islam Brunei Darussalam (BIBD) introduced the fi rst entirely
Shariah compliant investment certifi cate, tradeable and marketable
before its maturity date via the short-term Musharakah Musahaman
and Al Bai facilities.
Gulf International Bank’s consolidated net income amounted to
US$255.5 million for 2006, seeing a 26% increase over 2005. The
post-tax profi t represented the highest profi ts garnered in GIB’s
history.
DIB selected Nucleus Software’s FinnOne CAS to manage its retail
operations, allowing easy access and instant information availability
to the bank.
The Kuwait Finance House-led consortium and Utama Banking
Group extended their negotiation period for the disposal of Utama’s
stake in RHB Bank.
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Islamic Finance news Guide 2008
CCH International signed an agreement with the European Islamic
Investment Bank for a sterling-denominated fi nancing facility.
Bangladesh Bank governor Salehuddin Ahmad disclosed a possibility
of introducing Sukuk into the country.
Barclays’ pre-tax profi ts hit an all-time high of £7.14 billion (US$27.27
billion) for 2006.
BIBD hosted a presentation on foreign exchange to further promote
Islamic banking in the nation.
BIMB Holdings aimed for equal revenue contributions from its two
major subsidiaries – Bank Islam Malaysia and Takaful Malaysia;
expected to be achieved by 2012.
Amwal International Investing Company revealed plans to establish
three Islamic investment funds targeting both Kuwaiti and Gulf
fi nancial markets. The company’s fi rst fund was launched in March,
with a minimum capital of KWD5 million (US$17.2 million).
Increased oil revenue has created investment opportunities in the
Gulf property market, according to the Gulf works and housing
minister.
Brunei’s banking sector was urged to boost its efforts in
accommodating micro and medium-sized enterprises via the use of
Islamic fi nance tools.
State Bank of Pakistan revealed plans to offer Shariah compliant
certifi cates equivalent to its treasury bill of PKR1.05 billion (US$17.27
billion).
Alburaq approved over £100 million (US$196.2 million) worth of
mortgage business in 2007 and expects the market to reach £1
billion (US$1.96 billion) come 2009.
Deyaar increased its capital base by 56% to AED1.56 billion
(US$424.8 million) following its 192% hike in net profi ts for 2006.
Emirates International Investment Company revealed that it will not
reap earnings from the AED1.5 billion (US$408.4 million) Sukuk it
purchased from Abu Dhabi Islamic Bank.
Al Meezan Investment Management saw net assets of PKR3.51
billion (US$58.7 million), at PKR59.41 (US$0.97 per unit), ranking it
top among Pakistani Islamic funds and open-end equity funds within
the private sector.
Standard Chartered Malaysia signed an MoU with Universiti Teknologi
Mara to establish an internship program dubbed “School of Trade”.
BankMuscat, Istithmar and a consortium of investors revealed plans
to launch the Shariah compliant Gulf African Bank in Kenya.
Goldman Sachs completed its acquisition of its stake in NBC Capital.
NBC Capital had previously announced US$1.3 billion in real estate
and private equity investments throughout Saudi Arabia and the
GCC.
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