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Abu Dhabi Islamic Bank targets more than 50% Emiratisation rate in 2012

Mar08
2012 Leave a Comment Written by wealthcity

At Careers UAE 2012 in Dubai, Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, confirmed that it was on course to exceed its targeted Emiratisation rate of more than 50% at the end of 2012. The bank leads in Emiratisation across the UAE banking sector with a rate of 48% achieved last year. This is up from 34% that was reached in 2008.

As Platinum Sponsor of the Careers UAE 2012, the bank has utilized its involvement in such events over the years to drive the identification and recruitment of the UAE national talents.

Waheeb Khazraji, Head of HR at ADIB, said, “We are encouraged by the enthusiasm shown by the UAE national talent that visited our stand at the Careers UAE 2012 and expressed their desire to work in the Islamic Banking industry. It is evident that they are increasingly viewing the banking sector as an employer of choice and are aware of the exciting growth opportunities that it provides. We are committed to recruit and train UAE national talent from across UAE and to provide them with opportunities and guidance to take on leadership positions in the banking sector.”

ADIB hosted a Power Lunch at the Careers UAE 2012 where senior executives of the bank answered all questions put forward to them by the attendees.

“We have launched many training initiatives to encourage Emiratisation and enhance our Emirati workforce qualifications. Our Tatweer initiative, that was launched recently, provides complete tuition and other education related expenses for employees who decide to upgrade their qualifications and professional degrees at any institution of higher education,” added Waheeb.

ADIB’s continued commitment to Emiratization has been recognized by the Emirates Institute of Banking and Financial Studies (EIBFS) that has presented the bank with their Human Resource Development Award in the first category for two years running.

http://www.ameinfo.com/292666.html

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Bringing Islamic Finance to Africa: How one Training Company Does it

Mar06
2012 Leave a Comment Written by wealthcity

DUBAI, UAE, March 6, 2012 /PRNewswire via COMTEX/ — How do you bring training in interest-free finance to a vast continent historically crippled by interest-based lending? Ethica Institute of Dubai may have solved the problem.

Already in 11 African countries, Ethica is now the most heavily enrolled Islamic finance training and certification institute in the world with over 20,000 paying users in 44 countries and over 100 institutions.

But what makes Ethica different? Part of its success comes from a 100% online platform accessible from any corner of the globe, requiring only 4 months to go from newcomer to advanced. And part of it comes from being fully AAOIFI-compliant, the Islamic finance industry’s leading standard-setting body.

What makes Ethica quite different from other training institutes is its readiness to go on the ground in Africa. Ethica has licensed resellers in North Africa and West Africa and has delivered face-to-face sessions to African bankers in both Africa and the Middle East.

Dr. Binta Jibril of the International Institute for Islamic Banking and Finance in Nigeria said about her recent Ethica training, “I really enjoyed every hour of the training. It has added immensely to my little knowledge about Islamic finance and increased my interest in it.” She was trained by one of Ethica’s AAOIFI-certified scholars Sheikh Ashraf Muneeb.

Ethica’s spokesperson said, “We are very fortunate that our recent growth across the continent coincides with Ethica’s plans to launch specially discounted pricing for African countries.

Africa has too long been on the receiving end of failed interest-based lending programs and we are delighted to be part of a new Africa based on sustainability and self-sufficiency.” Ethica’s core product is their 4-month Certified Islamic Finance Executive (CIFE) program, the only 100% AAOIFI-compliant, 100% online Islamic finance certificate in the market today.

AAOIFI stands for the Accounting and Auditing Organization for Islamic Financial Institutions, the leading Islamic finance standard in the world and the de facto standard for over 90% of the world’s jurisdictions.

About Ethica Institute of Islamic Finance

Winner of “Best Islamic Finance Qualification” at the 2011 Global Islamic Finance Awards, Ethica ( http://www.EthicaInstitute.com ) is chosen by more professionals and students for Islamic finance training and certification than any other organization in the world. With over 20,000 paying users in 44 countries, the Dubai-based institute is accredited by leading scholars and serves banks, universities, and professionals across over 100 organizations.

To watch an Ethica training video click here http://bit.ly/FCWhyIF . For more information about this article, or to schedule an interview with Ethica Institute of Islamic Finance

http://www.marketwatch.com/story/bringing-islamic-finance-to-africa-how-one-training-company-does-it-2012-03-05

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Dubai Islamic Bank’s shares fall further

Mar02
2012 Leave a Comment Written by wealthcity

Dubai Islamic Bank (DIB) fell for the third time after the UAE’s largest Sharia-compliant lender said it will cut its dividend payment in accordance with Central Bank advice.

Dubai Islamic Bank (DIB) fell for the third time after the UAE’s largest Sharia-compliant lender said it will cut its dividend payment in accordance with Central Bank advice.

The DIB shares declined 1.4 per cent to Dh2.19 in Dubai. The benchmark DFM General Index dropped 1.64 per cent. The dividend for last year will be 10 fils a share instead of the 15 fils the bank proposed last month, it said in a statement to Nasdaq Dubai yesterday.

Gulf Finance House

Gulf Finance House, a Bahraini investment bank, yesterday reported a narrower year-on-year net loss in the fourth quarter of last year of $3.76 million (Dh13.79 million). The loss compared to a $186.6 million net loss in the fourth quarter of 2010.

Gulf Finance House has restructured and paid down debt and shored up its capital in recent years as it transitions to a new business model focusing on the development of Islamic financial institutions in the region.

The company’s Dubai-based unit, G Capital, last year partnered with Gurmen Group to buy Turkey’s Adabank for $75 million. GFH said full-year net profit last year reached $381,000, compared to a loss of $349 million in 2010.

Egypt telephony

Mobile telephone subscribers in Egypt grew 18 per cent year-on-year to 83 million in 2011, the Egyptian Ministry of Communications and Information Technology (MCIT), said on its website Thursday.

Subscribers of Egyptian mobile telecom operators Vodafone Egypt, Mobinil, and Etisalat Misr, a unit of etisalat, reached 36.7 million, 32.9 million, and 13.8 million respectively by the end of 2011, the MCIT data showed.

“This represents a penetration rate of around 104.4 per cent, up from 90 per cent at end-2010,” said Ahmad Adel, a telecom analyst at Cairo-based Naeem Brokerage.

“We forecast 15 per cent subscriber growth in 2012 to 96 million, which would take penetration to 116 per cent.”

National Electricity

Saudi Electricity Co’s unit National Electricity Transmission Co plans to tender local power transmission projects this year worth more than 12 billion Saudi riyals, pan-Arab daily Al Hayat reported yesterday citing an executive. National Electricity Transmission is currently implementing, in cooperation with contractors, more than 200 projects valued at more than 25 billion riyals, Saleh Al Onaizan, the company’s chief executive, told the paper.

Equate Petrochemical

Kuwait-based Equate Petrochemical Co, whose two major shareholders are the local state-run Petrochemical Industries Co and US-based Dow Chemical Co, said on Wednesday its 2011 full-year net profit rose 20 per cent to $1.05 billion compared with the previous year.

“These profits were realised due to operational excellence at all production units, as well as the increase in prices of petrochemical products globally as a result of stability in demand,” Hamad Al Terkait, the company’s president and chief executive, said in a statement.

Sales exceeded $2.5 billion last year which is unprecedented in Equate’s history, he added. In other news, Equate said in the statement that in April Terkait will be succeeded by Mohammad Husain as its CEO.

Takaful

Abu Dhabi National Takaful Company yesterday announced financial results for the year ended December 31, 2011. Takaful posted a net profit of Dh24.4 million for 2011 compared to Dh21.0 million for 2010, an increase of 16.2 per cent.

Total cash and bank balances for the year were Dh170.2 million compared to Dh159.0 million for 2010, an increase of seven per cent.

United Arab Bank

United Arab Bank Thursday approved the distribution of a cash dividend equal to 20 per cent of the paid up capital. The bank said that the dividend reflected its strong financial performance, which was Dh330 million for 2011.

http://gulfnews.com/business/markets/dubai-islamic-bank-s-shares-fall-further-1.988817

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Abu Dhabi Islamic Bank PJSC : ADIB Launches Education Finance Promotion Aligned to Customer Needs

Feb22
2012 Leave a Comment Written by wealthcity

ADIB Launches Education Finance Promotion Aligned to Customer Needs

Abu Dhabi, 21 February 2012 – Abu Dhabi Islamic Bank, a top-tier Islamic financial services institution, announced today a reduced profit rate for ADIB Education Finance in a promotion that lasts till 31st March 2012.

Customers can apply for ADIB Education Finance of up to AED 250,000. They can also benefit from a flexible repayment period of up to 48 months, no processing fees, free postponement options and a free Visa Covered Card.

Education finance is widely seen as a good finance and the best investment a person can make because a degree will usually result in a person earning more money. With this promotion, ADIB demonstrates its commitment to raising levels of knowledge and qualifications of the community. The promotion is part of the bank’s community oriented initiatives, such as ‘Smart Money’ financial education booklet.

The promotion is expected to encourage more students to pursue a university education as the bank goes beyond financing tuition fees. ADIB Education Finance takes care of a range of education expenses, including books, transportation, library fees and more.

The ADIB education finance promotion is aligned to government objectives as education is one of the key sectors identified by the Abu Dhabi 2030 Plan. The bank brings the education finance promotion at crucial times in the scholastic year and will facilitate the Plan’s aim to build UAE’s upcoming human capital. It comes at the right time as it provides students with finance customized to their immediate needs.

About ADIB:

Abu Dhabi Islamic Bank (ADIB) was established on 20th May 1997 as a Public Joint Stock Company following the Emiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan on 18th April 1999.

ADIB’s vision is to be a top-tier, global Islamic financial services group and its mission is to provide Islamic financial solutions to the global community.

The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari’a principles.

ADIB’s core values, reflected in all its activities are: Simple and Sensible; Transparent; Mutual Benefit; Hospitality and Tolerance; and Shari’a inspired. It brings to its customers banking as it should be.

ADIB – 2011 Awards

ADIB was named the “Best Overall Bank in the UAE in customer service” for 2011 by Ethos Consultancy

ADIB won the” Best Branch Award in the UAE” for 2011 by Ethos Consultancy

ADIB was named the “Best Islamic Bank in the UAE” for 2011  by Global Finance Magazine ADIB was named Best Islamic Bank for 2011 by Business Banking and Finance Magazine

ADIB won Best Corporate Bank  for 2011 by Business Banking and Finance Magazine ADIB was named “The Best Islamic Bank” in the Middle East region for the second year running at the Banker Middle East Industry Awards 2011.

ADIB was nominated as “Fastest Growing Bank in the UAE” by the awards jury at the Banker Middle East Industry Awards 2011.

ADIB won the Best Islamic Bank in the UAE by EMEA Finance magazine

ADIB won the Best Islamic Bank in the UAE by Islamic Finance News Magazine

ADIB won Syndicated loan of the year by Islamic Finance News Magazine

http://www.4-traders.com/ABU-DHABI-ISLAMIC-BANK-PJ-9059321/news/ABU-DHABI-ISLAMIC-BANK-PJSC-ADIB-Launches-Education-Finance-Promotion-Aligned-to-Customer-Needs-14035361/

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Egypt Prepares to Sell $2 Billion Islamic Bonds – Scholar

Feb18
2012 Leave a Comment Written by wealthcity

DUBAI – The Egyptian government, seeking to head off a funding crisis, is preparing to raise about $2 billion through its first issue of Islamic bonds, an Islamic scholar familiar with its planning said on Tuesday.

“The Egyptian government is convinced that a foreign currency sukuk will fund the country’s development projects and can also bridge the gap in its currency reserves,” Sheikh Hussein Hamid Hassan told Reuters.

“The sukuk will be in dollars or euros or maybe a combination. It will be around $2 billion, issued in several tranches targeting mainly Egyptians living outside Egypt.”  Sheikh Hussein is one of the leading scholars in the Islamic finance industry, which is built around religious principles such as the avoidance of interest payments. Based in Dubai, he chairs a series of boards which evaluate Islamic financial instruments.

He is not an official adviser to the Egyptian government but has been discussing the possibility of a sukuk issue with it. Sheikh Hussein said he had proposed four structures for the sukuk and the government would choose one.

Asked when the debt might be issued, he said: “The date of issue is not final yet but Egypt is in urgent need of funding.”  Hit by declines in foreign investment and tourism, the Egyptian central bank’s foreign reserves fell $1.77 billion to $16.35 billion in January and are down by more than half since the uprising which ousted Hosni Mubarak in February last year.

That threatens a sharp slide in the value of Egypt’s currency. The government is also grappling with a large budget deficit that it is financing at high cost by issuing short-term Treasury bills to local banks at yields above 15 percent.

Last month Egypt said it was asking the International Monetary Fund for $3.2 billion in emergency loans; a deal could encourage other foreign donors to aid Cairo. But the IMF said it expected talks on an agreement to take two or three months.

Islamic finance was not encouraged under Mubarak’s secular government but it is expected to grow in Egypt after Islamist parties won well over half of the seats in parliamentary elections last month. The government has drafted legislation that would facilitate issues of sukuk.

Because they attract pools of conservative Islamic investment money, sukuk have often proved to be more stable than conventional bonds during the global financial crisis, and they might be an effective way to attract some of the savings of millions of Egyptians living abroad. They might also be bought by Islamic investment funds in the wealthy Arab Gulf

A Saudi Arabian newspaper, Asharq Al-Awsat, reported this week that Egypt’s finance ministry had asked National Bank of Egypt, the country’s largest bank, to study ways in which a sovereign sukuk could be issued in the near future. Marketing could start as soon as next week if the government approves, the newspaper said.

http://news.sudanvisiondaily.com/details.html?rsnpid=206674

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Economy: Morocco, first Muslim banks soon

Feb15
2012 Leave a Comment Written by wealthcity

 

 

Morocco might soon create its first Islamic banks. The issue is indeed one of Benkirane government’s priorities: the Parliamentary group of PJD, the moderate Islamic party having won November’s elections, has already finished writing the draft bill to be presented at the Chamber of Deputies, drafted by a team of Party’s experts led by the General Affair and Governance Minister Mohamed Najiib Boulif. On the financial instruments’ market, the so-called “Islamic” instruments were already partially available, but the institutes managing them had never expressed their interest in the creation of specialized banks. However, PJD’s victory changed many things, since the model has proved to resist the crisis and showed a large potential for growth. The draft bill begins with classification of the general principles underlying products currently traded by banks, grouping them into halal (allowed) and haram (forbidden) by Sharia and specifies that lending must not be the source of profit. Imposing interests is therefore prohibited and lending is not considered a form of trading anymore: “Funding agreement with banks imply participation of the bank itself in both profits and losses”. Actually, Islamic banks do not merely propose financial brokering services as in traditional banking regimes; they play an active role in wealth generation, transformation and trade processes. The draft bill proceeds to determine which financing models are allowed. In general, they are “contracts compliant to Sharia regarding the use of funds aimed at generating profits”.

The institutes allowed to work within this system are grouped in three categories: Islamic banks, financial institutions similar to Islamic banks and Islamic financial institutions.

Today, any moral entity allowed to collect funds, manage and invest them according to the Islamic law might be labelled as Islamic bank. These institutes would be subject to Sharija, not to current laws regulating the credit institutions and similar bodies, except the provisions that are already compliant with the Sharia. This would not prevent Islamic financial institutes from entering today’s bank system: they would act under protection of Bank Al-Maghrib, the Moroccan Central Bank and by the National Council of Money and Savings, according to provisions of the Central bank, both as far as monitoring and prudential principles are concerned. The PJD project would also allow traditional banks to convert into Islamic banks, either totally or partially, creating branch offices, local cash desks or investment funds specialized in this kind of activity.

According to La Vie Eco, the total amount of funds currently circulating in the world’s Islamic finance is estimated at more than USD 1000 bln in 2011, that is, a growth by 50% over 2008 and by 21% over 2010. About one fourth of the world’s population is Muslim, so the system has significant potential for growth; experts estimate that Islamic finance might absorb between 40 and 50% of savings in this group.

http://www.ansamed.info/ansamed/en/news/sections/economics/2012/02/15/visualizza_new.html_98777833.html

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BankDhofar set to launch Islamic banking

Feb15
2012 Leave a Comment Written by wealthcity

MUSCAT BankDhofar has appointed Deloitte and Touche for a market assessment and feasibility study into launching of Islamic window services at the bank, a press release said.

The bank has also appointed a new head of Islamic banking to prepare it to handle the new service.

BankDhofar is planning to implement Islamic financial services and has already invested in training programmes for executives, providing them with insights into planning and executing Islamic banking products and services.

This study is in response to the Royal Decree issued last year by His Majesty Sultan Qaboos Bin Said.

“At BankDhofar we are planning to offer customers Sharia compliant products and services through dedicated service channels,” said Mohamed Redha Jawad, general manager, Wholesale Banking.

“The feasibility study will enable us to offer customers the best services possible and to ensure that we are abreast of all new regulations and standards for Islamic financial services,” he said.

With assets worth around 1.5 billion rials, BankDhofar, is ranked number 1, as the “Best Bank in Oman 2010” by the Oman Economic Review-Gulf Baader Capital Markets, Business Today’s ‘Banks & NBFCs’ survey conducted by Ernst & Young and “Best Bank in Oman” by the pre-eminent international finance magazine Euromoney.

http://www.omantribune.com/index.php?page=news&id=112218&heading=Business

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BRUNEI – EDUCATION – Centre for Islamic Banking, Finance & Management launched

Feb10
2012 Leave a Comment Written by wealthcity

new.brunei.fm – Her Royal Highness Princess Hajah Hafizah Sururul Bolkiah yesterday attended the official launching of the Centre for Islamic Banking, Finance and Management (CIBFM) and its first flagship, the Fiqh Mu’amalat Professional programme.

Held at the Indera Kayangan Ballroom of The Empire Hotel and Country Club, the launch opened with recitations of surah al-Fatihah and doa led by Pehin Orang Kaya Paduka Seri Raja Dato Paduka Seri Setia Ustaz Hj Awg Suhaili Hj Mohiddin. (source)

On hand to officiate the launch of the centre and the programme was Acting Minister of Finance II at the Prime Minister’s Office Dato Paduka Awg Hj Bahrin Abdullah.

In his opening remarks, Permanent Secretary (Policy) at the Ministry of Finance cum Chairman of the Board of Directors for the Centre for Islamic Banking, Finance and Management c, in his capacity as chairman of the event, highlighted the objective of the establishment, function and roles of CIBFM, as well as the unique features of the Fiqh Mu’amalat Professional programme.

He emphasised on the centre’s role towards providing continuous learning and development programmes through a balanced mix of Islamic and conventional focus including the required soft skills.

He also shared future plans of the centre, which expects to offer and conduct some 50 programmes targeted for about 800 participants this year.

The launch saw the attendance of members of the Syariah Financial Supervisory Board, senior government officials, CEOs, managing directors and representatives of financial institutions and the first batch of the flagship.

In conjunction with the launching, a seminar in the form of special presentations and penal discussions by both local and well-known Syariah scholars and speakers were also held.

Following the opening ceremony, a special presentation was presented on Syariah Advisors for Islamic Financial Institutions – ‘Expectations and Challenges’ by a leading shariah scholar in Islamic Finance, Dr Mohamed Ali Elgari.

This was then followed by panel discussions on ‘Effective Human Capital Development – Mitigating the Gap on Applied Syariah Knowledge and Finance’ and another special presentation on ‘Value Propositions of Syariah Board in Contemporary Islamic Financial Market.’

The presentation delivered by founder and chairman of Amanie Advisors (Kuala Lumpur, Dubai, Luxembourg and Cairo), Dr Mohd Daud Bakar, concluded the morning event.

Later in the afternoon the event saw a continuation of panel discussions on Development of Islamic Investment Products and Services – A Local and Global Perspective and ‘Syariah Compliance Review – An Art or Science?’

http://islamicfinanceindonesia.blogspot.in/2012/02/brunei-education-centre-for-islamic.html

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ADIB Finances JBF RAK LLC’s Expansion with AED 275 million

Feb07
2012 Leave a Comment Written by wealthcity

ADIB Finances JBF RAK LLC’s Expansion with AED 275 million

Abu Dhabi, 07 February 2012 – Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced today that it had closed a AED 275 million (USD 75M) syndicated Islamic financing facility for JBF RAK LLC (JBF RAK), a subsidiary of JBF Industries.

This marks the debut Islamic finance facility for JBF RAK, a specialist polymer manufacturer focused on PET polymer resin chips (chips) and BOPET film products (films). It is a leader in the Middle East region with a market share of over 20% in chips and film products.

The financing will be used to expand JBF RAK production in Ras Al Khaimah including the purchase of new machinery and equipment and to optimize its debt profile by introducing Islamic term funding.

JBF RAK is a subsidiary of JBF Industries, a global industry leader, specialized in the manufacturing of polyester chips. JBF Industries is listed in India and its products cater to the textile manufacturing industry, PET bottle manufacturing and polyester film manufacturing industries.

ADIB acted as initial Mandated Lead Arranger, Sole Bookrunner, and Investment and Security Agent Bank for the deal while National Bank of Fujairah acted as Mandated Lead Arranger.

Commenting on the financing, Tirad Mahmoud, CEO of ADIB, said: “We are pleased to deepen our relationship with JBF RAK further. Providing this customized Islamic Financing solution will help it optimize its funding and meet long term strategic objectives. This transaction confirms ADIB’s experience in structuring Islamic Finance Facilities and Sukuk transactions, through its dedicated and experienced team.”

http://www.zawya.com/story.cfm/sidZAWYA20120207084654

Posted in Islamic Banking in India - Tagged , , , , , , , , , , ,

Islamic banking aims at meeting needs of faithful: Abu Ghuda

Feb01
2012 Leave a Comment Written by wealthcity

Zainab Al Ansariah

MUSCAT The Islamic banking system is an attempt to return to the Islamic civilisation, which still has its impact in all fields in the western and eastern countries, according to Sheikh Dr Abdulsatar Abu Ghuda, who is specialised in the field of jurisprudence as the chairman of legitimacy monitoring in a number of financial Islamic authorities.

Abu Ghuda, who works at Makased Company for Islamic Financial consultations, said in an Oman Tribue interview that money is not the goal but it is a means to a better life. “The Islamic banking system is a national product that comes from the civilisation of Muslims and meets the requirements of people,” he said.

Islamic banking is not replacing the expression ‘interest’ with another expression but it has its own rules and principles according to the Sharia and everyone should understand that it is not a matter of expression or title but a matter of content and rules. The Islamic bank is not a bank, which raises the title of Islamic bank, but a bank, which follows the legal regulations, he said.

The traditional banks charge ‘interest’ when a customer takes a loan, but in that loan the bank does not take a risk while the person who takes the loan has to pay additional amount in case of delay in making payments. Therefore, in this case, the bank takes more than what is worth, he said.

In the Islamic banking system, the profit is known before sanctioning a loan, and no additional payments will be added once the loan deal is signed. Thus, it is clear to everyone that the traditional bank charges progressive interest for the loan, while in the Islamic system the relation between the bank and the customer is a partnership, which follows the system of ‘profitability’.

Sheikh Abdulsatar Al Qatan, director-general of Shura Company for legitimated consultations in Kuwait and a member of Fatwa and legal supervision in number of Islamic financial companies and institutions, gave another example for the Islamic banking system to clear people’s doubt on the issue.

“When a person applies for a loan from a bank to buy or rent a house, the bank has an option to buy the house and sell it to that person and ask him to pay in instalments as per the profitability system.”

Al Qatan added that in this transaction the customer knows all the financial details and knows the interest figure. Also the bank can sell the house through ‘renting system’ in which it rents the house to the customer for a certain period of time, which will be ended by transferring the ownership to the customer.

In the above example of Islamic banking deals, there is a commodity, the house. Its price is known and so are the instalments for the two parties, thus making it a profitable deal.

The Islamic bank also offers many services, for example, if a company requires finance to meet its capital, the bank enters into a partnership deal with the company in which the bank finances the company with known amount of money, and gains a portion of profit from the company while the additional profits will go to the company itself.

http://www.omantribune.com/index.php?page=news&id=111281&heading=Oman

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