UAE's Biggest Islamic Bank Lists $750m Sukuk on Nasdaq Dubai

Source: Arabian Business

  • Nasdaq Dubai on Tuesday welcomed the listing of a $750 million sukuk by Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE. It is Nasdaq Dubai’s first sukuk listing of 2019 and DIB’s seventh altogether on the exchange. DIB is the leading UAE-based sukuk issuer by value on Nasdaq Dubai with a total of $6 billion including the latest listing. The bank’s principal activities centre on retail banking, business banking, corporate banking, real estate, contracting finance, investment banking and treasury activities....

Al Mustashar Islamic Bank Goes Live in Record Time

Source: Bobs Guide

  • Baghdad, Iraq: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that Al Mustashar Islamic Bank, a recently established bank in Iraq, is now operating on its multi-awards winning Islamic banking software suite ICS BANKS ISLAMIC. Al Mustashar Islamic Bank is a newly registered bank in Iraq that obtained approval of the Central Bank of Iraq in the second quarter of 2018, to offer Shariah-compliant banking services. ICSFS have successfully...

Bank Nizwa Voted ‘Best Islamic Bank in Oman’ in the Islamic Finance

Source: AlBawaba Business

  • Bank Nizwa has been named ‘Best Islamic Bank in Oman’ at the Islamic Finance News Best Banks Poll 2018: Innovation, creation and tradition. The IFN Best Banks Poll 2018 celebrates industry excellence across the world, recognizing the very best of global Shariah-compliant banking performance. Now in its 14th year and covering 38 categories, the IFN Best Banks Poll is one of the most prestigious accolades in the Islamic finance industry. During 2018, the award-winning bank was able to lead the segment’s market share, successfully...

Dubai Islamic Bank Full Year 2018 Group Financial Results

Source: AlBawaba Business

  • Shariah-compliant banking is on the rise in markets around the world, and DIB, being amongst the top two Shariah-compliant banks in the world, is playing a key role here. We will continue our progress in spreading the popularity of Islamic banking, educating the market on its benefits, and shattering the myth that Shariah-compliant banking is limited to Muslims. Our commitment to grow the Islamic capital markets has seen DIB participate and lead nearly USD 23 billion of sukuk and syndication transactions with our book of Sukuk investments growing to AED 31 billion this year....

Abu Dhabi Islamic Bank 2018 Net Profit Rises 8.7% to AED 2.5 Billion

Source: Zawya

  • ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan and Iraq. Named World’s Best Islamic Bank by The Financial Times’ The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Etihad and Etisalat and a wide range of financing products...

Giant Islamic Bank Now Using Ripple For Instant Cross-Border Remittance Service

Source: InvestInBlockchain

  • Ripple, the company behind XRP has made yet another massive stride in adoption. One of the largest Islamic banks in the world, Kuwait Finance House (KFH), has recently announced the launch of Ripple’s instant cross-border remittance service. The bank will be using Ripple’s sophisticated blockchain technology to process international payments for their customers in Saudi Riyal (SAR) to beneficiaries at Al Rajhi Bank. This development marks significant progress for Ripple but should come as no surprise, as KFH has been extensively trying and testing Ripple’s cross-border remittance services since October 2018...

Islamic Banking Software a Rapidly Growing Market

Source: Gulf Times

  • The global market for core Islamic banking software solutions for banks – notably, not including products from fintech startups – is a rapidly growing segment seen increasing by around 13% annually from now until 2021 to around $700mn, according to latest industry reports. This is pretty much in line with expected growth in the Islamic finance industry. Islamic banking software refers to banking software that functions according to Shariah norms for managing and monitoring banking operations and therefore has to...

MSCI February Quarterly Index Review Announcement Scheduled for February 11, 2019

Source: Global Finance Review

  • MSCI Inc. (NYSE:MSCI), a leading provider of research-based indexes and analytics, will announce the results of the February 2019 Quarterly Index Review for the MSCI Equity Indexes – including the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indexes, the MSCI Global Value and Growth Indexes, the MSCI Frontier Markets, and MSCI Frontier Markets Small Cap Indexes, the MSCI Global Islamic and MSCI Global Islamic Small Cap Indexes, the MSCI Pan-Euro and MSCI Euro Indexes, the MSCI US Equity Indexes, the MSCI US REIT Index...

Qatar Shares Cross 10,700 Level on Transport

Source: Gulf Times

  • Islamic equities were seen gaining marginally slower than the main index in the market, where local retail investors were increasingly net profit takers and non-Qatari individuals turned bearish. Trade turnover and volumes were on the increase in the bourse, where the industrials, banking and real estate sectors together accounted for more than three-fourth of the total volume. The Total Return Index gained 0.36% to 18,900.71 points, the All Share Index by 0.41% to 3,256.89 points and the Al Rayan Islamic Index (Price) by 0.35% to 2,515.15 points...

Islamic Finance is For Everyone, Malaysia’s Zahid says

Source: Central Banking

  • An assistant governor at Bank Negara Malaysia stressed Islamic finance is not just for the Muslim community during a speech on January 14. But he said small firms were not taking advantage of the opportunity. “A recent survey we did revealed that almost 60% of [small and medium-sized enterprises] were not aware of the availability of Islamic business financing facilities. Indeed, most SMEs adopted conventional financing,” Adnan Zaylani Mohamad Zahid said. In Malaysia, Islamic banking assets...

Fitch Affirms Dubai Islamic Bank at 'A'; Outlook Stable

Source: Zawya

  • Fitch Ratings-Moscow/London-February 04: Fitch Ratings has affirmed UAE-based Dubai Islamic Bank's (DIB) Long-Term Issuer Default Rating (IDR) at 'A' with a Stable Outlook and Viability Rating (VR) at 'bb+'. A full list of rating actions is at the end of this rating action commentary. DIB is the fourth-largest bank and the largest Islamic bank in the UAE, where it has very strong brand recognition. Asset quality metrics have been improving. The impaired financing ratio was lower than...

Seminar Focusses on Islamic Finance Industry

Source: Borneo Bulletin

  • CENTRE for Islamic Banking, Finance and Management (CIBFM) in collaboration with BNP Paribas Securities Services organised a seminar themed ‘Staying Ahead in A Changing World’ at The Empire Hotel & Country Club yesterday. The seminar, which focussed on asset servicing in Islamic Finance, was attended by members of the financial industry in Brunei Darussalam. The event began with welcoming remarks from Acting Assistant Managing Director of Autoriti Monetari Brunei Darussalam (AMBD) and Acting Chief Executive Officer of CIBFM Hajah Sufinah binti Haji Sahat...

Iran: the Islamic Republic’s 40-year Itch

Source: Financial Times

  • Hamed is a child of the revolution. His parents were among the thousands of protesters who took part in the overthrow of the monarchy and brought Iran’s Islamic Republic into being 40 years ago next week. His father joined the Revolutionary Guards to defend the system and fought for its survival in the brutal Iran-Iraq war that cost at least half a million lives. the religion that underpins the Islamic Republic — is flexible enough to adapt its rules to modern demands if need be...

Emirates Islamic posts record $251m Net Profit in 2018

Source: Arabian Business

  • Hesham Abdulla Al Qassim, chairman of Emirates Islamic, vice chairman and managing director of Emirates NBD, said: “I am extremely pleased to announce that 2018 has been another successful year for Emirates Islamic. Our strong performance this year has been capped with the highest ever recorded net profit of AED924 million, since our inception in 2004. “We are also proud to be the official Islamic banking partner of Expo 2020 Dubai, and aim to play a key role in its implementation, with investments related to this showcase event set to grow in 2019...

CBK Working on ‘Draft Law’ to Appoint independent Shari’a Supervisory Board

Source: Arabian Times Online

  • KUWAIT CITY, Feb 4: The Central Bank of Kuwait is currently working on a draft law which will allow it to appoint an independent Shari’a Supervisory Board, pointing out that if the law is passed, the Central Bank’s supervisory decisions on the Islamic banking sector will be subject to this committee to ensure compliance, reports Al-Rai daily. The sources pointed out that the Central Bank has gone a long way in preparing its vision for the draft law, without setting a specific date for submitting the draft law to the Council of Ministers....

Standalone UAE Islamic Banks Unlikely to Merge

Source: Salam Gateway

  • Standalone Islamic banks in the United Arab Emirates are unlikely to merge among themselves while the overall banking sector moves towards consolidation, say analysts. The UAE banking sector is undergoing consolidation following the merger of First Gulf Bank and National Bank of Abu Dhabi in 2017 that created First Abu Dhabi Bank (FAB), the country’s biggest bank by assets. The merger also created its wholly-owned subsidiary First Abu Dhabi Islamic Finance, or FAB Islamic....

KIB Records KD 21 Million Net Profit, 18% Growth in 2018

Source: Kuwait Times

  • Al-Jarrah concluded by lauding the impressive roster of awards and recognitions garnered by KIB during 2018, including: the “Excellence in Islamic Banking Products and Services Award” for the year 2018 from the World Union of Arab Bankers (WUAB); the ‘Best Islamic Bank in Kuwait’ for the year 2018 and the ‘Islamic Banking Chairman of the Year’ for 2018 and ‘Best Customer Acquisition in GCC’ awards from World Finance. KIB also received ‘Best Customer Acquisition in Kuwait’ and ‘Best Branding in Kuwait’ from CPI Financial...

Bahrain’s Ahli United Bank Merger is Underway

Source: AAWSAT

  • KFH, after the merger, is set to be one of the largest Islamic banks globally and regionally with assets of more than $94 billion and equities exceeding of $10 billion. Al-Marzouq added that the merger will increasing the Bank’s lending capacity by 61 percent after acquisition, which will enhance its ability to finance infrastructure and large projects locally and regionally through reducing costs, and allowing it to tap new markets such as Egypt and the United Kingdom. The banks, which have been undergoing merger talks since mid-2018, when they agreed...

Oman - Total Bank Credit Hits RO25bn Mark

Source: MenaFn

  • (MENAFN - Muscat Daily) Muscat- Banking sector activities in Oman gained further traction last year in line with a pickup in overall economic activities. The combined balance-sheet of the conventional and Islamic banks showed that total outstanding bank credit in the sultanate rose 6.5 per cent year-on-year in November 2018 to reach RO25.1bn. According to an Oman News Agency report, credit to the private sector, which accounted for nearly 88 per cent of total bank credit in Oman, increased 5.8 per cent to RO22.2bn as of the end of November 2018...

Saudi bank Al Rajhi in Merger Talks for its Malaysian Unit With Another Lender

Source: The National

  • Al Rajhi, along with Sharia-compliant lender Kuwait Finance House and another Islamic lender from the GCC, were granted licenses by Bank Negara in 2004, as part of Malaysia’s efforts to have 40 per cent of its banking assets comply with Sharia laws by 2020. The Saudi lender's plans to look for consolidation of its assets abroad come amid a wave of mergers and acquisitions in the Arabian Gulf, particularly in the bank’s home turf, as lenders look to gain scale in a bid to better compete with larger financial institutions...

Abu Dhabi Bank Expands Network of Tech-Powered Branches

Source: TahawulTech

  • Abu Dhabi Islamic Bank (ADIB) has expanded its network of ADIB Express branches, following a strong reception from customers, opening two new locations in the UAE. Located Emaar Business Park in Dubai and Al Wahda Mall in Abu Dhabi, the outlets are a new generation of technology-enabled branches that combine the benefits of digital banking with a highly-personalised customer service. According to the bank, there are now five ADIB Express branches in operation across the UAE....

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