issue no. 172 - july–september 2009 / rajab–ramadan 1430

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APPOINTMENTS NEWHORIZON July–September 2009 On the move Azhar A Jaffri has been appointed as director on the board of Takaful Pakistan. Jaffri is also chairman and CEO of House Building Finance Corporation (HBFC), which is one of the main sponsors of Takaful Pakistan. Takaful Pakistan was incorporated three years ago, is sponsored by both Pakistani and foreign financial institutions, and can underwrite risks in all avenues of general insurance. Jaffri became chairman and CEO of HBFC in February 2009, and has 30 years of experience in banking and financial services. Arab Banking Corporation (ABC) has made a couple of significant appointments recently. Roy Gardner has been named group chief financial officer. He moves from Citibank, where he was chief financial officer for treasury and trade solutions, covering the cash and trade business worldwide. Gardner has 32 years of experience in all, of which 20 were gained in the Middle East. Most of his time in Saudi Arabia was as chief financial strategist at Saudi American Bank (SAMBA). Dr Salah Al-Majdhoub (left) is the new chief operating officer of Tharawat Investment House, an Islamic investment company in Bahrain. Dr Al-Majdhoub holds a PhD from Virginia Tech University, having previously studied at the King Fahd University of Petroleum and Minerals in Saudi Arabia. He also holds an MBA in finance from the University of Bahrain. Dr Al-Majdhoub has represented Kuwait Finance House as a member of the board of directors for Mena Telecom since its inception and up to 2008. Meanwhile, ABC has also named Faisal Alshowaikh as head of Islamic financial services. His job will be to expand and advance the Islamic finance business, which was first established in London in 1999. The business presently covers real estate, leasing and Islamic home finance through its Alburaq retail finance business. Alshowaikh joins ABC from Ajman Bank in the UAE, where he was deputy CEO and head of business. Prior to that, he established Asian Finance Bank in Malaysia, and expanded it into Indonesia. Also, he started the first Islamic shipping fund in Malaysia and South East Asia. Alshowaikh also held senior posts at Gulf International Bank, Bahrain Islamic Bank and Standard Chartered Bank. HSBC Amanah Takaful Malaysia has appointed Zainudin Ishak as executive director and CEO. He has worked in the insurance industry for over 20 years. He moves from another local joint venture takaful provider, where he was also CEO. He started his career in the broking division of a local insurance operator. Ishak has been a full associate of the Malaysia Insurance Institute since 1994. CFA Institute, a global educational institute for investment professionals, has moved its Islamic finance and environmental, social and governance investing operations to London, and has appointed Usman Hayat, FRM, CFA, as director. Hayat moves to London from CFA Institute’s Asia Pacific office, and his main remit will be to assist in developing educational content for investment professionals. Prior to joining CFA Institute, Hayat worked as a consultant in the capital markets of Pakistan, and as joint director of Pakistan’s Securities and Exchange Commission. Dubai International Financial Centre (DIFC) has announced the appointment of Abdulla Mohammed Al Awar as chief executive officer of DIFC Authority. He was previously managing director, and succeeds the preceding CEO, Nasser Al Shaali, who will return to the private sector after a three year tenure. As managing director of DIFC Authority, Al Awar is charged with developing overall strategy for the centre. Raja Teh Maimunah Raja Abdul Aziz has been chosen as the new global head of Islamic Capital Market (ICM) at Bursa Malaysia, the Malaysian exchange. Her role will be to spearhead the expansion and development of ICM infrastructure, products and services as well as the marketing of ICM products and services internationally. She will also develop cross border ICM capabilities to help the initiatives of the Malaysia International Islamic Financial Centre. She moves from Kuwait Finance House (Malaysia), where she served as chief corporate officer and executive director of international business. Salman Younis is no longer managing director and CEO of Kuwait Finance House (KFH) (Malaysia), but will continue to work as senior advisor to the chairman and CEO of KFH in Kuwait. Ab Jabar Ab Rahman, hitherto the deputy CEO of KFH in Malaysia, is now acting CEO. He has over 30 years of experience in Islamic finance. Younis, who was once an employee of Citi Islamic Investment Bank in Bahrain, will remain a member of the board of directors of KFH Malaysia. 44 IIBI www.newhorizon-islamicbanking.com
NEWHORIZON Rajab–Ramadan 1430 RATINGS & INDICES MSCI GCC Countries Islamic Index Below is the performance of the MSCI GCC Countries Islamic Index vs its standard counterpart over the last year, together with sector weights and top 20 largest constituents, provided by MSCI Barra, an indices and risk/return portfolio analytics provider. Detailed information on the MSCI Global Islamic Indices can be found on MSCI Barra’s website www.mscibarra.com Performance of the MSCI GCC Countries vs MSCI GCC Countries Islamic Index 2nd June 2008 to 29th May 2009 MSCI GCC Countries Islamic Index – Top 20 Constituents Security Name GICS Sector Weight AL-RAJHI BKG & INVST CRP Financials 19.7% SAUDI TELECOM CO Telecommunication services 7.1% KUWAIT FINANCE HOUSE Financials 6.4% ALINMA BANK Financials 5.1% EMAAR PROPERTIES Financials 3.9% PUBLIC WAREHOUSING (THE) Industrials 3.1% SAUDI ELECTRICITY CO Utilities 2.8% SAVOLA Consumer staples 2.4% YAMAMAH SAUDI CEMENT CO Materials 1.7% SOUTHERN PROVINCE CEMENT Materials 1.7% QATAR ISLAMIC BANK Financials 1.7% Sector MSCI GCC Countries Index MSCI GCC Countries Islamic Index MSCI GCC Countries Index MSCI GCC Countries Islamic Index Difference Energy 3.33% 1.35% 1.98% Materials 26.25% 13.14% 13.11% Industrials 6.82% 7.12% -0.30% Consumer discretionary 0.26% 0% 0.26% Consumer staples 2.14% 2.86% -0.72% Healthcare 0% 0% 0.00% Financials 45.16% 60.81% -15.65% Information technology 0% 0% 0.00% Telecommunication services 14.41% 11.30% 3.11% Utilities 1.63% 3.41% -1.78% AL RAYAN BANK Financials 1.6% SAUDI CEMENT Materials 1.5% MAKKAH CONS Industrials 1.4% JABAL OMAR DEVELOPMENT Financials 1.3% YANBU CEMENT Materials 1.3% ARABIAN CEMENT Materials 1.3% BANK AL-JAZIRA Financials 1.2% BANK ALBILAD Financials 1.2% THE QASSIM CEMENT CO Materials 1.1% MSCI GCC Countries Index MSCI GCC Countries Islamic Index YTD Performance 12-MTHS Performance 11.86% -48.45% 15.54% -51.84% Data as of 1st June 2009 www.newhorizon-islamicbanking.com IIBI 45
Page 1: ISSUE NO. 172 JULY-SEPTEMBER 2009 R
Page 4 and 5: EDITORIAL NEWHORIZON July-September
Page 6 and 7: NEWS NEWHORIZON July-September 2009
Page 8: NEWS NEWHORIZON July-September 2009
Page 11 and 12: NEWHORIZON Rajab-Ramadan 1430 POINT
Page 14 and 15: ANALYSIS NEWHORIZON July-September
Page 16 and 17: ACADEMIC ARTICLE NEWHORIZON July-Se
Page 18 and 19: ACADEMIC ARTICLE NEWHORIZON July-Se
Page 20 and 21: ANALYSIS NEWHORIZON July-September
Page 22: ANALYSIS NEWHORIZON July-September
Page 25 and 26: NEWHORIZON Rajab-Ramadan 1430 ANALY
Page 28 and 29: POINT OF VIEW NEWHORIZON July-Septe
Page 30: POINT OF VIEW NEWHORIZON July-Septe
Page 33 and 34: NEWHORIZON Rajab-Ramadan 1430 IIBI
Page 39 and 40: NEWHORIZON Rajab-Ramadan 1430 ACADE
Page 42 and 43: BOOK REVIEW NEWHORIZON July-Septemb
Page 46: GLOSSARY NEWHORIZON July-September

issue no. 172 - july–september 2009 / rajab–ramadan 1430

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