continued... - Islamic Finance News

Standard & Poor’s projected a potential weakening in asset quality
and profi tability in Gulf banks in the future, despite a healthy local
market outlook.
Dar Al Arkan, Arab National Bank, Kingdom Installment Company
and International Finance Corporation established a SAR2 billion
(US$533.5 million) closed joint stock company for housing project
fi nancing.
Al Waab City completed its US$225 million initial Murabahah
fi nancing facility, part of a QAR3.4 billion (US$934.14 million)
project.
National Leasing Company charted a 26% growth in net profi t for the
fi rst quarter of 2007, at QAR7.09 million (US$1.94 million).
Islamic Financial Services Board begun compiling fatwas issued by
Islamic fi nancial institutions worldwide, in a bid to harmonize and
remove confl icting issues to boost the Islamic fi nance industry and
create new business opportunities.
Qatar Islamic Bank’s Sanabel fund worth QAR1 billion (US$274.75
million) received licensing from Qatar Central Bank and the country’s
Ministry of Trade and Commerce.
The Dubai Investment Group offi cially placed 27 million new shares
in Sing Holdings, via its subsidiary Dubai Ventures. The shares were
set at S$0.43 (US$0.28) apiece.
Al Burj Real Estate achieved a net profi t of AED925 million (US$251.9
million) in its fi rst full year of operations.
Maan Al-Sanea, owner of Saad Group, sought to borrow US$5 billion
to fi nance investments, including a US$6.63 billion stake in HSBC
Holdings.
Clifford Chance drafted a master agreement for its Shariah compliant
International Swaps and Derivatives Associations.
Arcapita Bank doubled the size of its Murabahah facility to US$1.1
billion from its previous US$500 million.
Dubai Bank launched its Islamic Covered Card, allowing its customers
payback fl exibility according to a percentage of their choice.
Qatar National Bank established its representative offi ce in
Singapore after having been granted approval in August 2006.
Kuwait Finance House’s profi ts for the fi rst quarter of 2007 totaled
US$369.39 million – 42% higher than the same period in 2006. The
bank’s shareholders contributed to 38% of the profi t – US$177.65
million.
Asya Katilim Bankasi closed a US$175 million syndicated Murabahah
fi nancing facility with 40 international banks.
Deyaar Real Estate has signed a AED600 million (US$163.39
million) Mudarabah facility with Dubai Islamic Bank, a debut in nonproject
fi nancing for the company.
APRIL news briefs (continued...)
www.islamicfi nancenews.com
Islamic Finance news Guide 2008
Australia began seeking Islamic fi nance expertise from major
Bahraini Islamic banks and fi nancial institutions.
United Bank of Pakistan launched UCIF, its Shariah compliant fund.
Islamic banks in southern Sudan were forced to convert to
conventional systems or cease operations following a ban mandated
in the country’s Comprehensive Peace Agreement.
ABN Amro launched the Islamic Commodity Basket Capital Protected
Note, domiciled in the GCC.
Central Bank of Bahrain’s monthly short-term Sukuk Ijarah was
oversubscribed by 340%.
Standard & Poor’s launched its fully investable GCC Shariah Index
series open to Gulf and global investors.
Kuala Lumpur Kepong’s RM250 million (US$73.08 million)
fi ve-year Sukuk Ijarah Islamic medium-term notes program was
oversubscribed to RM300 million (US$87.7 million).
National Bank of Abu Dhabi remained in the red for the fourth
consecutive quarter.
National Industrial Gases Company signed a SAR1.5 billion (US$400
million) Murabahah facility with eight banks.
Dubai Islamic Bank and ABN Amro launched the four-year Principal
Protected Water Note.
Al-Amanah Islamic Bank was put up for public bidding at a fl oor
price of PHP900 million (US$18.7 million).
A consortium which included Saba Islamic Bank and National
Telecom Corporation of the Republic of Sudan was awarded a
license to operate the second GSM network in the country.
United Bank of Pakistan launched its fi rst Shariah compliant fund,
the United Composite Islamic Fund in the UAE.
Saudi Electricity closed its Sukuk subscription at US$1.33 billion,
following initial plans to launch US$4 billion in Islamic bonds.
Bank Negara Malaysia began running a trial run of its revised capital
framework for insurers and banks effective January 2009.
Samba Financial Group projected a 4% growth in the Saudi Arabian
economy resulting from a rise in oil output.
Sukuk Exchange Center domiciled in Bahrain revealed expectations
to see up to US$600 million in bonds traded in 2007.
Bank of Nova Scotia began studying Islamic banking options.
Central Bank of UAE commenced discussions on the development
of Islamic Certifi cates of Deposit to remove excess liquidity from
banks.
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