continued... - Islamic Finance News

NOVEMBER news briefs (continued...)
Sharjah Islamic Bank completed its evaluation and preparatory
stage of its eServices Banking project – Internet Banking.
National Asset Management teamed up with Amana Capital to
launch the NAMAL Amana Equity fund.
Ithmaar Bank announced plans to complete the 100% acquisition of
Shamil Bank, increasing its share by 40%.
DP World utilized funds raised from the Middle East’s largest ever
initial public offering to expand in emerging markets such as Latin
America and Africa.
OSK Investment Bank began contemplating a stand-alone Islamic
banking subsidiary, having received approval from Bank Negara
Malaysia.
Standard Chartered launched the Islamic investment product TRAIni
(Total Return Alternative Investments), the Islamic version of the
conventional alternative investment, which captures yield spreads
across a basket of global currencies to provide diversifi cation
benefi ts to investors.
Global consultants KPMG suggested the creation of a mega Middle
East Islamic bank that would not only have a larger capital base to
fi nance large projects but also offers competitive funds.
DLA Piper revealed plans to establish an offi ce in Qatar by the fi rst
quarter of 2008.
Prestige Scale agreed to a proposed Musharakah arrangement with
Kuwait Finance House Malaysia for the acquisition of Glomac Tower,
KLCC from Glomac Al Batha.
Abu Dhabi Commercial Bank was eyeing a stake in a Malaysian
Islamic bank, speculated to be RHB Islamic Bank.
The Dubai Financial Market listed Hajj and Umrah travel company
Al Firdous Holdings.
Investment Dar planned to increase its capital and list on the London
Stock Exchange by end-2007 via the sale of US$500 million worth of
shares, equivalent to 20% of its capital.
The Chartered Institute of Management Accountants began
producing a four-part study guide series covering topics on Islamic
commercial law, Islamic banking and Takaful, Islamic capital markets
and instruments and accounting and analysis of Islamic fi nancial
institutions.
The Islamic Financial Services Board cited limited availability of
statistical information and lack of cross-country historical data
with suffi ciently long time-series as major challenges in the Islamic
fi nance industry.
HSBC Malaysia was awarded an Islamic banking license to set up
a stand-alone subsidiary by Bank Negara Malaysia. The bank had
applied for the license in the middle of 2007, during Zair J Cama’s
term as CEO and chairman.
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Islamic Finance news Guide 2008
Atlas Asset Management launched its second pension fund, Atlas
Pension Islamic Fund.
KIPCO Asset Management Company launched the Al Raya
Investment Company KSC, with the private placement of 170 million
shares, targeting international investors in developed markets.
The Employees Provident Fund revealed plans to increase its
holdings of overseas investments to seek higher returns.
OCBC received the go-ahead from Bank Negara Malaysia to set up
an Islamic banking subsidiary in the country.
State Bank of Pakistan reported 15% growth in Islamic banking in
Pakistan in 1Q2007 to 3.2% in assets of the total banking sector. As
at March 2007, total Islamic banking assets stood at PKR135.64
billion (US$2.23 billion).
NCB Capital launched the Al-Ahli BRIC Secured Equity Fund, investing
in Shariah compliant companies in Brazil, Russia, India and China.
The Bahrain Monetary Agency granted two separate licenses to
ADDAX International Bank and the National Bank of Bahrain.
Amlak Finance appointed Cedar Management Consulting
International to draw up and implement a new growth strategy for
the company.
Dubai Islamic Bank opened three new branches in Sharjah and Abu
Dhabi, increasing its total UAE-wide branch network to 44.
Deutsche Bank offi cially opened its branch at the Qatar Financial
Center, offering investment banking and private wealth management
services.
Securities and Investment Company concluded a transaction
on behalf of the Dubai Financial Group to acquire a 60% stake in
Bahrain’s Taib Bank.
Central Bank of Bahrain revealed that the consolidated balance
sheet of Bahrain’s banks, in both retail and wholesale reached
US$222.4 billion at the end of 3Q2007.
Arab Bank offi cially launched AB Capital, the investment banking
arm of the Arab Bank Group, after being licensed by the Dubai
Financial Services Authority to operate as a regulated entity.
Morgan Stanley provided Dubai Holding with US$1.26 billion in
fi nancing on a fully underwritten basis. The facility was provided as
a short-term bridge loan to Dubai Holding Investments Group, the
investment arm of Dubai Holding.
The Dubai International Financial Center welcomed Malaysia’s
crown prince Dr Raja Nazrin Shah, who visited Dubai to explore
opportunities between the UAE and Malaysia.
State Bank of Pakistan directed all banks having Islamic banking
branches to submit details of products to be offered via its Islamic
banking windows before operations commence.
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