continued... - Islamic Finance News

Islamic Finance news Guide 2008
The Securities Commission of Malaysia called for Islamic venture
capital to boost Malaysia’s stand in the emerging markets.
Canadian fund managers iTrust Partners launched the world’s fi rst
Islamic fund for Canadian assets.
Allco Finance of Australia formed a structured fi nance partnership
for large assets including airplanes and ships, with CIMB Group to
provide onshore fi nancing options for Malaysian companies.
Gulf Finance House and Abu Dhabi Investment House launched
two Shariah compliant crude oil investment funds worth US$150
million.
Adeem Investment Company raised US$210 million in Sukuk,
convertible into units of a fund investing in hotels and resorts.
The Sokouk Exchange Center (Tadawul) received an operations
license from the Central Bank of Bahrain.
Shamil Bank launched the Shamil Navigator Mudarabah, a 100%
capital protected note exposed to 18 Islamic stocks selected from
the Dow Jones Islamic Index.
Standard Chartered revealed plans to double its private banking
units to 20 by 2011, targeting Asia and the Middle East.
Qatar Islamic Bank launched its new identity in line with the bank’s
25 th anniversary.
Dar Al Arkan Real Estate Development listed its three-year US$600
million Sukuk Ijarah on the Dubai International Financial Exchange,
making it the fi rst Saudi Arabian company to do so.
The First Community Bank became the fi rst Kenyan commercial
bank to receive an Islamic banking license.
Dubai Islamic Bank launched a US$47 million real estate fund
investing in eight retail properties throughout the US.
Rasmala Investments doubled its capital from AED185 million
(US$50.37 million) to AED370 million (US$100.75 million).
Istithmar launched a new business initiative, Imdaad to manage the
group’s commercial, residential and industrial facilities.
Al Rayan Bank arranged a US$530 million Mudarabah facility for
Barwa Real Estate.
Amlak Finance sent a delegation to Morocco to discuss potential
expansion plans.
Shariah Capital advised New York investment advisers William D
Witter on Shariah compliant investment funds.
Tamweel launched Soyoula, a Shariah compliant home refi nancing
product.
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Lembaga Tabung Haji was commissioned to build a RM150 million
(US$44.14 million) commercial building for the Federal Territory’s
Islamic Religious Council.
Bahrain Islamic Bank signed a BH$6.13 million (US$16.25 million)
Ijarah Iqtinah agreement with Falcon Cement Company.
Goldman Sachs commenced business in the Dubai International
Financial Center.
Gulf Finance House listed 10 million Global Depository Receipts –
worth 100 million ordinary shares – on the London Stock Exchange.
Professor Bala Shanmugam of Monash University Malaysia called
for Islamic micro-fi nancing for the poor.
Standard Chartered moved 50 to 100 jobs from London to Dubai.
National Commercial Bank arranged for a US$530 million Islamic
fi nancing facility with the Arab Centers Group, a subsidiary of the
Fawaz Hokair Group.
Dubai Capital Group upped its stake in Tamweel by over 5%.
Sui Southern Gas Company signed a PKR2 billion (US$32.97
million) Sukuk fi nancing for its PKR10 billion (US$164.87 million)
infrastructural development program for 2006–07.
Commercial Bank of Dubai was granted approval by Central Bank of
Dubai to set up an Islamic window.
Islamic investment fi rm Stehwaz Holding revealed plans to list in
Dubai or London before listing locally in Kuwait.
Mobitel, MTC’s Sudan arm, signed a €270 million (US$364.58
million) Murabahah facility to fund Mobitel’s expansion plans.
TAIB Brunei has launched an Islamic investment-linked deposit
product dubbed the Taib Baraka Deposit Certifi cate.
Morgan Stanley signed a market-making agreement with the Dubai
International Financial Exchange for the provision of continuous buy
and sell prices of Kingdom Hotel Investments shares.
The Al Baraka Banking Group received regulatory approval from
Bank Indonesia to set up a representative offi ce in the country.
The National Commercial Bank in conjunction with MasterCard
Worldwide, launched the world’s fi rst Titanium Islamic MasterCard
credit card targeting the affl uent Arab population.
International Investment Group issued Sukuk worth US$200 million,
initially pegged at US$150 million.
Standard & Poor’s launched the S&P Saudi Shariah Index with six
Gulf stock indices.
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