Islamic Finance

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February 18, 2012

Bahrain banks end plans for $4.5bn merger

Bahrain Islamic Bank has ended talks with Al Salam Bank over plans to merge to create a new $4.5bn entity.

The banks “agreed to end merger talks after they were unable to reach an agreement on the exchange ratio for the shares,” according to a statement published on the Bahrain bourse.

In December, Bahrain's central bank urged five Islamic...

February 16, 2012

KFH sees KD 80.3 million net profit in 2011

Kuwait Finance House (KFH) Chairman Samir Al-Nafisi announced that the bank achieved total revenues of KD 872.1 million for the fiscal year 2011 with an increase of KD 135.8 million and 18.4% over last year, and total profit for the same year reached KD 234.8 million, including profits for investment depositors"...

February 8, 2012

Global sukuk issuances reached USD 20 bln last January - report

The momentum of global sukuk issuances has continued during last January to reach USD 20.2 billion, an annual increase by 23.1 percent, Kuwait Finance House Research LTD. (KFHR) reported on Tuesday.

According to the report, this huge figure of issuances is due to the USD 9.
7 billion issuance announced by Plus Expressways Berhad, the biggest company...

February 6, 2012

Islamic banking draft moots five-member Sharia board

A five-member Sharia board, exclusive branches for window operation, clear cut segregation of conventional and Islamic banking with separate teams of people and accounts and a 12 per cent capital adequacy ratio are the main highlights of the Islamic Banking Draft Framework (IBRF) presented by the Central Bank of Oman before chief executives of banks in Oman.

CBO...

January 29, 2012

Saudi exhibition window on Islamic culture

In his inaugural speech at the "The Saudi Archaeological Masterpieces through the Ages” exhibition at the Pergamon Museum in Berlin on Jan. 25, Prince Sultan bin Salman said the message of Islam is one of peace and justice for the world.

“The exhibition is an opportunity for others to get acquainted with our culture,” he said.

The...

January 26, 2012

The Islamic Bank of Asia Announces Two Strategic Appointments - Harish Parameswar as Head of Investment Banking & Saleh Al Nashwan as Chief Representative of Bahrain Representative Office

The Islamic Bank of Asia (IB Asia) today announced two key senior appointments to drive the bank’s focus on investment banking and establish greater connectivity between the Middle East and Asia. Mr. Harish Parameswar is appointed Managing Director and Head of Investment Banking and"...

January 24, 2012

Bahrain council backs key tax agreements

Bahrain’s Shura Council has backed plans to sign mutual taxation agreements with Georgia, Sri Lanka and the Czech Republic.

However, Councillor Fouad Al Haji said Bahrain did not need such agreements, as it was a tax-free country, meaning anyone could come here and enjoy a tax-free life.

He said one of the reasons given by the Foreign Ministry...

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