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SEPTEMBER news briefs (<strong>continued</strong>...)<br />
ING Investment Management announced plans to be based at the<br />
Dubai International Financial Center.<br />
Dubai World Central signed a memorandum of understanding<br />
with Amlak <strong>Finance</strong> PJSC to fi nalize a DWC customers’ fi nancing<br />
agreement.<br />
State Bank of Pakistan issued guidelines for <strong>Islamic</strong> microfi nance<br />
businesses.<br />
Central Bank of Bahrain gave offi cial recognition to the <strong>Islamic</strong><br />
International Rating Agency.<br />
Bahrain <strong>Islamic</strong> Bank announced the incorporation of Abaad Real<br />
Estate at BH$10 million (US$27 million).<br />
The <strong>Islamic</strong> Bank of Asia boosted its capital to US$500 million from<br />
US$418 million.<br />
Adeem Investment revealed plans to set up an investment bank in<br />
the UK.<br />
IDB Group’s fi nancing for socio-economic development in cumulative<br />
terms reached US$46 billion.<br />
Pakistan International Airlines fi rst Sukuk purchased two aircrafts<br />
at PKR2 billion (US$32.99 million).<br />
Mawarid <strong>Finance</strong> was launched with a paid-up capital of AED1 billion<br />
(US$272.35 million).<br />
Maybank launched three new <strong>Islamic</strong> banking products: the net<br />
Current Account-i, HomeEquity-i and ShophouseEquity-i.<br />
Abu Dhabi-based Carlyle Group sold a 7.5% stake to Mubadala<br />
Development, the investment arm of the Abu Dhabi government at<br />
US$1.35 billion.<br />
Standard & Poor’s launched its stability ratings for <strong>Islamic</strong> banks<br />
with profi t-sharing investment accounts.<br />
Doha Bank sought cooperation from Japanese companies to trade<br />
greenhouse emission rights in Qatar’s upcoming market segment.<br />
Berber Cement Company closed its US$130 million Sukuk issuance<br />
arranged by Liquidity Management Center, Emirates <strong>Islamic</strong> Bank<br />
and Alpen Capital as fi nancial adviser.<br />
Pak Elektron raised funding of PKR1.2 billion (US$20 million)<br />
through a fi ve-year privately placed Shariah compliant Sukuk based<br />
on diminishing Musharakah.<br />
Canada’s bank regulator, the Offi ce of the Superintendent of<br />
Financial Institutions, began studying two proposals for the setting<br />
up of <strong>Islamic</strong> banks in Ottawa.<br />
The Shariah Review Bureau was licensed by Central Bank of<br />
Bahrain to provide independent services for Shariah review and<br />
compliance.<br />
www.islamicfi nancenews.com<br />
<strong>Islamic</strong> <strong>Finance</strong> news Guide 2008<br />
The presidents of the Association of Italian Banks and the Union of<br />
Arab Banks confi rmed the establishment of the fi rst <strong>Islamic</strong> bank in<br />
Italy by 2008.<br />
The <strong>Islamic</strong> Bank of Britain and Bolton Business Ventures launched<br />
a scheme to make funding of up to £25,000 (US$50,545) available<br />
to Shariah compliant companies.<br />
CIMB <strong>Islamic</strong> launched the Fixed Return Investment Account-i, also<br />
known as Advance Profi t, with hopes to attract up to RM1 billion<br />
(US$288.84 million) in deposits.<br />
Bank of Japan was invited to be an observer member of the <strong>Islamic</strong><br />
Financial Services Board.<br />
Mashreq extended a bid for state-owned Banque du Caire in Egypt.<br />
<strong>Islamic</strong> Development Bank, along with the United Nations and<br />
other institutions revealed plans to halve the poverty rate in Africa<br />
by 2015.<br />
Citigroup became the fi rst foreign bank to receive a merchant<br />
banking license in Bangladesh.<br />
New fi nancial rulings on banking contracts were discussed at the<br />
<strong>Islamic</strong> Economy forum.<br />
Eversheds’ London and Qatar <strong>Islamic</strong> fi nance teams advised on a<br />
US$600 million loan for Qatari real estate company Barwa.<br />
Amlak <strong>Finance</strong> applied for permission from the Securities and<br />
Commodities Authority to buy back 5% of its shares listed on the<br />
Dubai Financial Market.<br />
Sakana Holistic Housing Solutions signed a preferred <strong>Islamic</strong><br />
mortgage fi nance provider agreement with the developers of Amwaj<br />
Plaza 1.<br />
Hong Kong hosted a full-fl edged seminar on <strong>Islamic</strong> fi nance along<br />
with the <strong>Islamic</strong> Financial Services Board.<br />
Al Salam Bank Bahrain approved a stock split of 10 shares to one,<br />
to be listed on the GCC stock exchange.<br />
BNP Paribas scheduled a re-launch of its two Sukuk by the end of<br />
2007, post-liquidity crunch which affected global debt markets.<br />
The 2 nd Annual Arab Asian Financial Forum honored the Adeem<br />
Investment Company in line with its maiden Sukuk launch.<br />
Markets saw an increase in demand for credible <strong>Islamic</strong> software<br />
solutions.<br />
Stockholm’s integration council called for Swedish banks to<br />
begin offering <strong>Islamic</strong> banking to Muslims looking for investment<br />
alternatives.<br />
Ithmaar Bank acquired a 100% holding in Shamil Bank.<br />
Page 139
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