Banking

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QIB subscription reaches QR5bn
Qatar Islamic Bank's (QIB) capital increase subscription was four times oversubscribed, reaching QR5bn. The issuance has closed, increasing its paid up capital by 10% from QR1.79bn to QR1.969bn.
Qatar: Saturday, April 05 - 2008 at 16:08

Ahli United in Takaful venture
Ahli United Bank is setting up an Islamic insurance company with a paid-up capital of $25m and authorised capital of $200m, said news reports. The company, which will be headquartered in Bahrain is a joint venture with British-based Legal and General Group Plc.
Bahrain: Saturday, April 05 - 2008 at 07:26

Emirates NBD launches Islamic property fund
Emirates NBD Group has launched an Islamic Global Property Fund. The open ended fund allows investors to buy property in mainly Europe and Asia. The bank said it launched the fund due to the huge interest in Shariah complaint finance in the region. Unlike many funds, there is no lock in period and investors will own physical property, which they can sell at any time.
United Arab Emirates: Thursday, April 03 - 2008 at 14:08

Sukuk rules to be debated at forum
New guidelines aimed at clearing up religious doubt over the booming Sukuk (Islamic bond) market will be debated at the International Islamic Finance Forum being held next month in Dubai. Following concerns that many Sukuk may not be fully conforming to the teachings of Islam, the guidelines were drawn up by the board of 18 religious advisors to Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions. The organisation's Secretary General Dr Mohamad Nedal Alchaar will give a keynote address on the harmonisation of Islamic finance practice at the forum.
United Arab Emirates: Thursday, April 03 - 2008 at 08:56

Bahrain grants licence to Credit Agricole
The Central Bank of Bahrain has granted a licence to French banking group Credit Agricole to establish a presence in Bahrain. The Bahrain office will represent Credit Agricole (Suisse) SA, a wholly owned subsidiary of Calyon, the corporate and investment banking arm of the Credit Agricole group. Geneva-headquartered Credit Agricole (Suisse) is the group's main centre of private banking expertise. Assets under management by the bank totaled $56.3bn at 2007-end.
Bahrain: Thursday, April 03 - 2008 at 08:03

NBK buys Egyptian bank
The National Bank of Kuwait (NBK) has bought Al Watany Bank of Egypt, making it part of the NBK Group. It will retain its name but incorporate NBK branding. Under the acquisition plan, branch numbers in Egypt will be doubled from the current 26 over the next two years. NBK has been on an aggressive expansion plan, having recently bought a 40% stake in Turkish Bank and increased its ownership of the International Bank of Qatar to 30% .
Kuwait: Wednesday, April 02 - 2008 at 16:46

Northern Trust to open Abu Dhabi office
The UAE Central Bank has given approval to Northern Trust, a Chicago-based multibank holding company, to open a representative office in Abu Dhabi, reported Gulf News. Northern Trust has 85 offices in 18 US states and international offices in 13 locations in North America, Europe and the Asia-Pacific region. As of last December 31, the company had assets under custody of $4.1 trillion, and assets under investment management of $757.2bn.
United Arab Emirates: Wednesday, April 02 - 2008 at 07:07

NBK plans Islamic bank in Switzerland
National Bank of Kuwait plans to set up an Islamic lender in Switzerland aimed at Gulf investors, the Financial Times reported, citing NBK's chief executive officer. Ibrahim Dabdoub said NBK applied for regulatory approval to set up the bank with a Saudi partner, whom he did not identify.
Kuwait: Tuesday, April 01 - 2008 at 08:43

Index : Banking : Page 10