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Shariah-compliant bank to open in June
Al Hilal Bank, which is being set up by the government of Abu Dhabi, will become the second Sharia-compliant lender in the UAE when it begins operations in June, reported Reuters. Hilal plans to open four branches in three of the UAE's seven emirates - Abu Dhabi, Dubai and Sharjah. The lender will initially focus on offering retail banking services, before expanding into corporate and investment banking.
UAE is tops in Sukuk issuance
A recent report by Kuwait's Global Investment House has found that the UAE was the world's top issuer of Islamic bonds, also know as sukuk, over the past seven years, contributing 36.2% of global sale value, reported Reuters. Malaysia came second, contributing 32.1% of Islamic bonds by value, though it issued far more individual bonds. The world's largest Islamic bond worth $3.52bn was sold in 2006 by Dubai property developer Nakheel.
Ahli United cuts business with Iran
Bahrain's largest lender by market value, Ahli United Bank, has suspended business with Iran, yielding to US pressure to isolate Tehran over its nuclear program, reported Reuters. Two sources with knowledge of policy at Ahli United said banking activity with Iran had been "frozen". The sources declined to comment on how this would affect the bank's affiliate Future Bank, set up in 2004 with two Iranian partners.
Qatar Islamic Banks makes QR1.26bn in profit
Qatar Islamic Bank (QIB) has reported a net profit of QR1.26bn in 2007 and recommended 70% dividend to its shareholders, reported Gulf Times. The bank has also decided to increase its capital base by 20% in two phases through rights issue as part of its expansion plans, the company said in a communiqué to the Doha Securities Market. The bank's 2006 net profit was QR1.01bn, translating as 24.75% jump in the year ended 2007.
SABB named best private bank in Saudi
The Saudi British Bank (SABB) has been named the "Best Private Bank in Saudi Arabia" by the Euromoney Private Banking and Wealth Management Survey 2008. The survey results reflect increasing competition in the Kingdom's banking sector and SABB's superior performance in the industry.
Ahli United first bank in Egypt to join IFC's program
IFC, a member of the World Bank Group, announced recently that Ahli United Bank in Egypt has become the first bank in the country to join its Global Trade Finance Program as an issuing bank. The Global Trade Finance Program promotes trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries.
Bahrain Islamic Bank profits up 92%
Bahrain Islamic Bank has announced that its net profit was BD25m ($66.5m) in 2007, a 92% increase compared to 2006. The Bank's operating income in 2007 increased to BD52.2m, an increase of 64% compared to BD31.9m in 2006.
Al Waleed raises stake in Citigroup
Saudi Prince Al Waleed Bin Talal has increased his stake in Citigroup the 'maximum he could' without triggering a US regulatory review, reported Gulf News. Investment adviser P.J. Shoucair said the Prince's investment 'signals his continued support of Citi and confidence in its future'. Citigroup posted a fourth-quarter net loss of $9.83bn, the biggest loss in the US bank's 196-year history. Riyadh-based Kingdom Holding Co., 95%-owned by Al Waleed, holds 3.6% of Citigroup.
Qatar National Bank profit up 64%
Qatar's largest lender, Qatar National Bank, has reported that its fourth-quarter profit rose 64%, reported Bloomberg. Net income in the three months to Dec. 31 advanced to 653 million riyals ($180m) from 399 million riyals in the same quarter last year.
DIB to open four new branches
Dubai Islamic Bank has announced plans to open four new branches in Abu Dhabi, Sharjah, Ajman, and Ras Al Khaimah, increasing its total UAE-wide branch network to 48. The new branches will offer a wide range of services, including current, savings and investment deposit accounts, Murabaha, trade finance and many other products.
Global and Al Qudra to form investment bank
Kuwait's Global Investment House and UAE investment firm Al Qudra Holding plan to form an investment bank in Abu Dhabi, reported Reuters. Global would take the lead in setting up the investment bank, which is awaiting regulatory approvals in the UAE, and Al Qudra would be a co-investor.
Unicorn bank buys $70m US firm
Bahrain-based Unicorn Investment Bank said it had bought 80 per cent of U.S. electronics firm Victron for $70m, reported Reuters. The Islamic investment bank said it would work with Victron to support its expansion abroad. The California-based firm makes electronics for the telecommunications, auto, medical and other industries.
Amlak's profits reach 131%
Amlak Finance, the UAE's largest publicly listed finance company by market value, reporting a 131 per cent increase in net profits compared to 2006, at AED301m, reported Gulf News. Amlak's fourth quarter 2007 net profits rose to AED128.43m, reaching an all time high of 758 per cent increase over the previous year. While forecasts for Amlak's fourth-quarter profit ranged from AED69.43m to AED112.21m.
Islamic banking to be 12% of financial sector
It's predicted that in three to five years' time, Islamic banking sub sector will be 12 per cent of the total value of the financial sector in Pakistan which will help the global Islamic sector to exceed $1 trillion mark, reported Daily Times. This was revealed in the research studies presented by Mckinsey and MTI Consulting, two consulting companies at the World Islamic Banking Conference held in Bahrain recently. High growth will be fueled by adoption of Sharia-compliant banking products by the wider population than being restricted to a niche core group such as Muslims strata, as has been the case in Malaysia where Chinese are among the major consumers, they said.
Noor plans to be top Islamic bank
Dubai's Noor Islamic Bank plans to be the world's largest Islamic bank within five years, reported Reuters. CEO Hussain Al-Qemzi said the bank plans to spend between $500m and $1bn each time on a 'few' acquisitions in Europe, Asia and North Africa. Noor, which started operations two days ago, is 25% owned by Dubai Group, a unit of Dubai Holding, and 25% owned by Investment Corporation of Dubai.
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