S&P Report Sees Double-Digit Growth And A Regulatory Push For Islamic Finance In 2014

LONDON/DUBAI (Standard & Poor’s) Nov. 28, 2013.

Global growth of the Islamic finance market has continued unabated this year, undeterred by the uncertain recovery elsewhere in the world’s financial markets, Standard & Poor’s said in a report published today, “Islamic Finance 2014:

S&P Report Sees Double-Digit Growth And A Regulatory Push For Islamic Finance In 2014

S&P Report Sees Double-Digit Growth And A Regulatory Push For Islamic Finance In 2014

We Expect Continued Double-Digit Growth, And A Push For Regulation And Standards.”

“We believe that worldwide, Sharia-compliant assets–which we estimate at upward of $1.4 trillion–are likely to sustain double-digit growth in the coming two to three years,” said Zeynep Holmes, Regional Head of Eastern Europe, Middle East & Africa at Standard & Poor’s.

Despite more than a decade of heady growth, the industry is still in a formative stage. But we believe it’s only a matter of time before it achieves critical mass, as the pool of assets broadens and deepens, and enhances liquidity.

“Nevertheless, the speed at which the industry matures and joins the mainstream comes down to how market participants address a classic imbalance between supply and demand,” said Ms. Holmes.

Islamic finance remains a demand-driven market, with scarce supply, still hampered by a limited range of Islamic financial centers and their various regulatory frameworks. In our view, expansion and enhancement of existing centers, and a more transparent regulatory environment could build the momentum for the growth needed to break into the mainstream.

We believe that regulatory efforts to accommodate Islamic finance and the establishment of additional industry bodies at national levels will take center stage starting in 2014. Interestingly, newcomers in the industry–such as Oman, Turkey, and Nigeria, for instance–have started to trace the footsteps of fast-growing pioneers, such as Malaysia. Right behind the newcomers, a long line of countries is aspiring to enter the market, with the continent of Africa in the forefront.

“The gradual building out of local and regional regulatory frameworks and establishment of standards ought, in our opinion, to minimize the barriers that are preventing the industry from achieving its full potential. Globally accepted standards, we believe, are necessary for growth of the industry,” Ms. Holmes said.

In this respect, we believe that the two regional heavyweights and pioneers of the industry–Asia (most notably Malaysia) and the Gulf Cooperation Council (comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates)–are set to lead the way. Aspiring regional champions, such as Turkey, may also help foster a more systematic approach to channeling and shaping growth in Islamic finance.


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Islamic finance can speed up global economic recovery – IDB chief

By Samir Ghawi

DUBAI – Islamic Development Bank (IDB) President Ahmed Ali Al Madani urged banking experts this week to come up with more Islamic financial tools and to work diligently to address remaining challenges in liquidity management.

Islamic finance can speed up global economic recovery - IDB chief

Islamic finance can speed up global economic recovery – IDB chief

According to Al Madani, who was speaking at the Global Islamic Economy Summit (GIES) in Dubai, such solutions will provide new opportunities for long-term financing and investment besides opening horizons for Islamic finance to play a greater role in economic development.

“The slowdown in foreign direct investments and the contraction in developmental financing opens a golden opportunity for Islamic financial services to attract the trillions of dollars held by sovereign funds and bags outside the banking system to flow into developmental projects in order to regain stability and advance sustainable economic progress,” he told more than 2,000 participants who included hundreds of bankers and financial specialists.

Al Madani highlighted several world challenges such as the efforts by major states to establish a more secure international financial system, efforts by emerging economies eyeing reforms, and other nations struggling in a transformation phase to regain macro-economic stability and equitable growth.

Advocating trust, credibility, honesty, partnership and justice by shouldering risk-sharing, he cited International Monetary Fund Managing Director Christine Lagarde in her saying that “the values that we aspire to achieve are clearly stated in the foundations of Islamic finance”.

The IDB president also mentioned financial inclusion and prohibition of Gharar (uncertainty), speculation and gambling as other values that the “lost” world has found in Islamic finance but not in the conventional financial services.
He called on decision-makers working on setting up a more secure financial system to realise the ” great role that Islamic finance can play” and to support this industry and professionally enable it to grow and develop.

Noting that many less developed African and Asian countries want to improve the living standards of their citizens, Al Madani urged the strategists behind the GIES initiative to seize the opportunities in the two continents because the whole world would gain by pulling the people there out of poverty.

“Through economic empowerment, zakat and waqf, the Islamic economy can contribute by participating with the people in Africa and Asia in adopting a new path for international economic development and social prosperity,” he said.

The IDB chief called on Islamic countries to improve their business environment and to compete for investments and in currency trading in order to remove regulatory obstacles from the path of financial inclusion.

© Jordan Times 2013

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Malaysia says new Islamic equity standards to lure Gulf investors

By Bernardo Vizcaino

DUBAI, Nov 28 (Reuters) – New Malaysian standards for sharia-compliant equities are expected to attract more Islamic investment funds from the Gulf, a senior official of the country’s Securities Commission said.

Malaysia says new Islamic equity standards to lure Gulf investors

Malaysia says new Islamic equity standards to lure Gulf investors

A revised list of Malaysian equities that qualify for Islamic investment, compiled by the commission, will take effect on Friday. It uses a new screening methodology which incorporates quantitative filters such as benchmarks for financial ratios, moving closer to the approach generally used in the Gulf.

The change will help to internationalise Malaysia’s Islamic finance industry, Zainal Izlan Zainal Abidin, executive director of Islamic Capital Markets at the commission, said by email.

“The attraction of Malaysian Islamic funds and equities to other Gulf states, as a proxy for the growing economic importance of ASEAN (the Association of Southeast Asian Nations), is expected to be accelerated,” he said.
The commission’s methodology had previously included only qualitative screens; for example, it banned companies involved in sectors such as tobacco and alcohol.

Islamic fund managers in Malaysia have six months to dispose of securities that are excluded from the list, which now has a total of 653 sharia-compliant stocks out of 914 listed on the Bursa Malaysia .
The new list will add 16 stocks and remove 158 that were on the previous list, which was issued in May.

Malaysia has the largest base of Islamic mutual funds, with 210 retail and wholesale funds that had 79.6 billion ringgit ($24.6 billion) in assets under management as of December 2012.

These could increasingly be marketed in the Gulf through an existing agreement between the Malaysian Securities Commission and the Dubai Financial Services Authority, Abidin said.

“Given the greater familiarity, Dubai-based financial institutions could be attracted to market and distribute Malaysia-based Islamic funds in Dubai.”

Malaysia may also benefit from a better consumer perception in the Gulf, since its approach to Islamic finance has been criticised as too liberal, said Monem Salam, president of investment firm Saturna Sdn Bhd in Malaysia.

(Editing by Andrew Torchia)

(([email protected])(Telf: +9715 6655 7225)(Reuters Messaging: [email protected]))


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Islamic Finance Development Indicator launched in Dubai

The ICD-Thomson Reuters Islamic Finance Development Indicator, or IFDI, was officially launched on Tuesday in Dubai. The indicator is a numerical measure representing the overall health and growth of the Islamic finance industry worldwide.

Islamic Finance Development Indicator launched in Dubai

Islamic Finance Development Indicator launched in Dubai


The IFDI was officially launched by Khaled Al Aboodi , chief executive officer, Islamic Corporation for the Development of the Private Sector , at the Global Islamic Economy Summit (GIES) to expand the scope of Thomson Reuters’ universe of Islamic finance content, research and news analysis.

“The indicator is designed to assess how well the industry has addressed its religious, economic, legal, ethical and discretionary responsibilities. It provides simplified, quantified, development, knoweledge, corporate and social responsibility, governess and awareness,” Al Aboodi said.

The concluding day of summit also witnessed the findings from IFDI, developed in collaboration with the Islamic Corporation for the Development of the Private Sector , or ICD, the private sector development arm of the Islamic Development Bank , or IDB. As per the analysis, the size of the Islamic finance industry globally was $1.35 trillion in 2012.

This was based on a bottom-up analysis of disclosed financial statements of Islamic institutions. The largest components of the industry were Islamic banking with $985 billion in assets, and sukuk with $251 billion . Russell Haworth , managing director, Middle East & North Africa , Thomson Reuters, said:

“The IFDI’s findings demonstrate the size and breadth of the Islamic finance economy and will serve as a critical reference point for its growth going forward. The ability to accurately size the Islamic finance industry, based on disclosed financial information as opposed to assumptions and conjecture, is key to providing meaningful analysis aimed at developing the industry. ” The findings also highlighted that Malaysia was the largest Islamic finance economy, with total Islamic finance assets of $412 billion and has the largest sukuk market, valued at $171 billion and the second largest Islamic banking market, valued at $194 billion . The Saudi Arabia was second in terms of Islamic finance assets, with assets of $270 billion and the Kingdom also has the largest Islamic banking market, with total Islamic banking assets of $217 billion . Further there are 1,003 financial institutions operating in the Islamic finance space. “Accurate information on the size of Islamic financial industry, its institutions and performance, based on bottom up analysis, is one of the key outputs of IFDI.

Unlike other sources that are focused on specific countries or regions, or utilise sample testing and assumptions to develop their estimates, the IFDI provides accurate information on the entire Islamic finance space and its sub-components,” added Al Aboodi . For more stories on investments and markets, please see HispanicBusiness’ Finance Channel   Source: Khaleej Times (United Arab Emirates) http://www.hispanicbusiness.com/2013/11/27/islamic_finance_development_indicator_launched_in.htm

National Bonds wins 'Best Islamic Savings product for 2013' award

Honoured at Global Islamic Finance Award Ceremony in Dubai.

National Bonds wins 'Best Islamic Savings product for 2013' award

National Bonds wins ‘Best Islamic Savings product for 2013’ award

Dubai-UAE: November 27, 2013 – National Bonds , a leader in sharia compliant savings and investment schemes, has scooped the award for ‘Best Islamic Savings Product in 2013’ at the Global Islamic Finance Awards ceremony held in Dubai.

National Bonds Corporation was recognized for its ongoing efforts to foster a culture of savings through offering a range of products compatible with Islamic principles and accessible to all segments of the society in the UAE, as well as globally.

The Global Islamic Finance Awards, organized this year by Edbiz Consulting, are presented annually under the auspices of the Banking Conference Group in the Muslim world. The awards highlight best practices in the field of Islamic banking and finance. The award ceremony, which formed the highlight of the fifth World Islamic Retail Banking Conference in Dubai, witnessed the participation of prominent world leaders including the Crown Prince of the Malaysian state of Perak, Prince Dr Raja Shah Nzeran, and the former Prime Minister of Pakistan, Shaukat Aziz.

Mohammad Qasim Al Ali, CEO of National Bonds Corporation , said: “We are delighted to win this prestigious award that underlines our continued commitment to promoting a culture of savings and encouraging individuals and families to take the crucial step towards developing a regular savings habit. We provide our bondholders with updated products and services that keep pace with the changing requirements of our existing and new customers. We also offer innovative initiatives through strategic partnerships with financial institutions and local Takaful companies that in turn enable us to share best practices and support the efforts of individuals to ensure a secure financial future for themselves and their families.”

The award particularly highlighted the uniqueness of National Bonds as the first scheme of its kind in the Muslim world that offers Sukuk Al Mudaraba on retail basis and at affordable price starting from AED100 to citizens, residents as well as non-residents in the UAE with the National Bonds savings program. The award also recognized the prize linked savings scheme for being the largest and richest rewards program of its kind in the region.

National Bonds ‘ Rewards Program allows bondholders to win daily and weekly prizes of more than AED46 million annually. It also provides competitive annual returns that are higher than those granted by other savings programs. The company’s sustained efforts to educate and raise awareness on the importance of regular savings through initiatives such as the monthly savings program via issuing a standing instruction with banks or the monthly deduction program for employees from the private and public sector were also acknowledged.

Mohammad Qasim Al Ali added: “We thank the organizers of the Global Islamic Finance Awards for creating a knowledge-sharing platform that informs the public about the opportunities Islamic banking provides in the region as an ethical alternative to conventional banking. We would also like to thank our bondholders and our entire team including the company’s board of directors and of course our shareholders for their conviction and continued support to the scheme. We believe this award will definitely serve as a value-addition to Dubai’s bid to becoming the global capital of Islamic economy.”

National Bonds , licensed and regulated by the UAE Central Bank, is a sharia compliant saving scheme that provides UAE nationals, UAE residents and non-residents with a credible and safe savings opportunity. Minors can also own National Bonds , provided the bonds are purchased by the parent/guardian. Each bond costs AED10, with a minimum purchase limit of AED100.


About National Bonds Corporation PJSC:

National Bonds , which is licensed and regulated by the UAE Central Bank, is a Sharia’a compliant saving scheme that provides UAE nationals, UAE residents and non-residents – with a credible and safe savings opportunity. Minors can also own National Bonds , provided the bonds are purchased by the parent/guardian. Each bond costs AED 10, with a minimum purchase of AED 100 National Bonds Corporation PJSC announced an annual profit up to 2.62% for 2012. The scheme has distributed an annualized rate of return of 5.6% since inception, which is a combined average of annualized profits and prizes distributed till 2012. National Bonds is a unique savings scheme with a huge and diversified client base with over than 690,000 customers, offering:

Customers will have the opportunity to win 43,207 prizes every month. These prizes include a double number of weekly awards distributed across two categories of citizens and residents. The first week prize is the million dirham awards that allow all bondholders to enrol in regardless of the savings they have. The million dirham award is followed by two BMW cars in the second week and two gold bars to two women bondholders worth AED100,000 each during the third week. In addition to two scholarships worth AED 50,000 each to two student bondholders.

The prizes also includes give away cash award every minute of every day. The total number of cast award in a day is 1,440 valued at AED50 each, 600 prizes will be reserved for bondholders in specific sub-categories: 200 for women bondholders, 200 for children bondholders and 200 for bondholders who have a direct debit arrangement with their respective banks.

Savings with National Bonds can be redeemed easily after an initial 90-day holding period by calling 600522279 or for instant cash redemptions up to AED 10,000 per day through visiting selective branches of Al Ansari exchange and UAE Exchange houses across the UAE.
National Bonds does not charge any transaction fee from its customers. One can open an account for free and also close the account at any time without paying a penalty.

The National Bonds Employee Saving Program offers government and private sector employees an opportunity to save a portion of their salary on a monthly basis and also be entitled to all benefits and rewards offered by National Bonds
National Bonds can be purchased from nearly 620 outlets across the UAE, including Emirates Post offices, exchange houses and banks.

National Bonds can also be purchased online at www.nationalbonds.ae or call 600 522 279
© Press Release 2013

© Copyright Zawya. All Rights Reserved.


Emirates Islamic launches four year Wakala Investment option

Offers 2.57% expected profit rate on investment amounts ranging from AED 100,000 to AED 5 million Profits to be paid to customers on an annual basis.

Emirates Islamic launches four year Wakala Investment option

Emirates Islamic launches four year Wakala Investment option

Dubai, November 23, 2013: Emirates Islamic , one of the leading Islamic financial institutions in the UAE, announced the launch of a four year Wakala investment option for customers, with an expected profit rate of 2.57 per cent per annum.

Available on investment amounts ranging from AED100,000 to AED 5 million, Emirates Islamic ‘s latest product closely follows the launch of the 3-year special Ramadan Wakala, that was introduced earlier this year. The four year Wakala investment option differs from conventional Wakala investments, with the profits being paid out on an annual basis to customers.

According to Sharia, a Wakala is a contract between the customer and the bank, where the bank as the Agent has the responsibility to perform a certain task (such as invest in Sharia-compliant goods and/ or financial assets) on behalf of the customer usually for payment of a fee or a commission.

“As a responsible bank focused on community-related initiatives, Emirates Islamic is encouraging its customers to take advantage of such products and develop a culture of saving,” said Faisal Aqil, Deputy CEO – Consumer Wealth Management, Emirates Islamic . “To this end, we are launching a variety of Sharia-compliant savings products, which we are confident will inspire greater saving trends among customers.”

While the amount invested will be for a period of four years, the profits will be paid annually to the customers.

About Emirates Islamic :

Established in 2004, as Emirates Islamic Bank , Emirates Islamic opened its doors with the clear goal of offering discerning customers Islamic finance solutions. Combining the best in Shari’a compliant services with the strongest levels of customer care and efficiency, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Offering products and services developed in line with the highest ethical standards, Emirates Islamic gives customers the transparency they seek in a strong, honest financial partner.

Emirates Islamic offers a comprehensive range of products and services across the Personal, Business and Corporate banking spectrum. Its network has expanded to reach over 50 branches and more than 100 ATMs across the UAE. In the fast growing area of online and mobile banking, the bank has the reputation as an innovator, and was the first Islamic bank to launch a mobile banking app and the first bank in the Middle East to launch an App on the new Windows 8 mobile platform.

Emirates Islamic has received numerous accolades, both regionally and in the international arena, including recognition for “Best Islamic Bank, UAE” by two extremely prestigious publications, World Finance and CFI. In 2013, the bank was recognised as a “Superbrand 2013,” and as the “Best Corporate Bank” in the UAE in 2013. In addition, it has also been recognised by Sheikh Mohamed Bin Rashid Business Award and Ethos Award for Best Islamic Bank for Customer Service in the UAE. These awards are recognition of the high levels of customer satisfaction as well as an acknowledgement of the bank’s strong record of performance, growth and market leading banking practices.

For further information please visit www.emiratesislamic.ae

For further information, please contact:
Amina Al Zarooni
Media Relations Manager, Emirates Islamic
Tel: 971 4 4397430; Mob: 971 56 6405080
Email: [email protected]

Sudha Chandran | Hiba Moussa
ASDA’A Burson-Marsteller, Dubai, UAE
Tel: 971-4-4507600, Fax: 971-4-4358040
Email: [email protected] | [email protected]

© Press Release 2013.


Dubai seeks global support for Islamic reforms

Dubai is in talks with Islamic endowments in countries as far afield as South Africa and New Zealand to promote its drive for the industry to become more efficient and profit-oriented, a government official said.

Dubai seeks global support for Islamic reforms

Dubai seeks global support for Islamic reforms

Islamic endowments, or awqaf, receive donations from Muslims around the world to operate social projects such as mosques, schools and welfare schemes. They have amassed huge holdings of real estate, commercial enterprises, cash, equities and other assets, which according to a Dubai government estimate total $1 trillion globally.

But the management of these assets remains primitive in many cases; money is often tied up in property or bank deposits that earn miniscule or even zero returns, imposing economic costs on local economies.

Dubai, which is seeking to expand in many areas of Islamic business, wants to become a centre for modernising awqaf and coordinating their activities in order to make them more financially successful.

“There is a lot of waste,” Tayeb Abdel Rahman Al Rayes, secretary-general of Dubai’s Awqaf and Minors Affairs Foundation (AMAF), said of the global awqaf sector. Assets are “not utilised properly”.

Al Rayes said AMAF was in touch with awqaf in the neighbouring emirate of Sharjah and countries including Bahrain, South Africa and New Zealand to discuss how to modernise the industry.

Dubai plans to establish an international body in the emirate during the first half of next year that would handle such cooperation. It would be managed jointly by members and include non-awqaf charities that operated in similar ways, Al Rayes said.

“It’s an authority to look into best practices for all member countries,” he said in an interview at his offices. “We want to create an establishment that will bring all awqaf together but won’t exclude any other organisation. The members will run this entity – we are only there to set it up.”

AMAF hopes to obtain support from the government and private sector to launch the body, in particular to open physical premises, but it would aim to be a self-funded entity, Al Rayes said.

The body would try to coordinate the commercial efforts of awqaf around the globe to give them economies of scale and improve profitability. “One of the roles is to package products under one brand, one logo, so you go out as one,” Al Rayes said.

He gestured to six jars of honey on his desk, produced by the commercial arms of six awqaf from around the world; they were of different shapes and sizes and carried different labelling. Dubai hopes to create a single, unified brand for awqaf globally, which could help their commercial arms sell to Muslim consumers and reduce marketing costs.

Zeinoul Abedien Cajee, co-founder of South Africa’s National Awqaf Foundation, said Dubai’s initiative might have most impact on smaller awqaf and those operating in counries with Muslim minorities.

Awqaf in nations such as Uganda and Malawi as well as South Africa are likely to consider joining the Dubai-based body, he said.

In March, Dubai said it was launching a new asset management firm that would specialise in handling awqaf assets. NoorAwqaf would be owned 60 percent by Noor Investment Group and 40 percent by AMAF; Noor Investment is affiliated to Investment Corp of Dubai, the emirate’s flagship investment vehicle.

With AED10m ($2.7 million) of paid-up capital, the new firm would offer services including due diligence, financial analysis and assisting awqaf to develop their strategic objectives, officials said.


Banks face skills gap in Islamic finance

Tuesday, Nov 19, 2013

Dubai wants to be known as the next global hub for the $8 trillion Islamic economy, but the financial institutions are still having difficulty finding the right candidates that are proficient in Sharia-compliant finance.

Banks face skills gap in Islamic finance

Banks face skills gap in Islamic finance

At a forum organized by Dubai International Academic City (DIAC), in collaboration with Thomson Reuters yesterday, representatives from the government, corporate and academic sectors tackled the serious skills gap problem in the Islamic finance sector.

A Workforce Planning Study commissioned this year by DIAC, in conjunction with Deloitte, showed that GCC banks are looking for professionals with dedicated Islamic banking skills, particularly at the entry level.

Among the 60 banks surveyed, half of them said they find it difficult to hire graduates for entry-level posts. About 23 per cent have a similar problem when screening applicants for mid-level roles, while only a small proportion (5 per cent) struggle to fill senior positions.
Experts attributed the problem partly to the lack of proper training, experience and qualifications of finance professionals. While the UAE is home to a number of institutions offering banking and finance courses, specialist programmes dedicated to Islamic finance are lacking. There is therefore a need for the educational institutions, finance industry and government to work more closely in order to address the issue.

A top executive at a major Islamic bank in Dubai who specializes in talent management, said a lot of jobseekers, particularly fresh graduates, in the UAE lack the necessary skills to work in Islamic finance. “We are having difficulty in getting the right skills set. Besides, when I see graduates with Islamic banking qualifications, they don’t really want to be in the Sharia department. They want to be in risk management, for example,” the bank official, who asked not be named, said.

Dr. Mohammed Nurul Alam, associate professor at Canadian University of Dubai, which offers Master of Business Administration (MBA) in Islamic banking, however, said there is a very small uptake of courses dedicated to Sharia-compliant finance. What is contributing to the problem is that most banks don’t finance the higher education needs of their staff who lack specialist knowledge.

“Most of the students who come to us are sponsored by banks, but only less than 5 per cent are enrolled in Islamic finance. There are a lot of Islamic banking institutions here but no one wants to [foot the bill] for an MBA in Islamic banking,” Alam told Gulf News.

Muneer Khan, partner at Simmons & Simmons pointed out that while financial institutions have trouble finding the right candidates, there is actually a huge pool of talent waiting to be tapped into.

Khan said they receive an “astounding” number of CVs mainly from applicants seeking to work as lawyers in the industry and a number from jobseekers who want to move from conventional to Sharia-compliant banking.

“I’ve noticed that the number has been going up. We get applicants from the US, UK, Europe. We also get a lot from the region, for example, from Saudi Arabia, Bahrain and occasionally from Southeast Asian countries like Malaysia,” Khan told Gulf News.

The problem is that while employers require relevant skills, experience and academic knowledge, a lot of the jobseekers lack specialist Islamic finance experience and expertise. Some applicants have not even started studying formally.

“There is a genuine shortage of people with specialist expertise and years of experience. Getting the first foot on the ladder is hard, but as you get further up, the opportunities open up and there is less competition,” he added.

By Cleofe Maceda Senior Reporter

Gulf News 2013. All rights reserved.


Abu Dhabi Islamic Bank (ADIB) receives Mohammed Bin Rashid Al Maktoum Business Award

Abu Dhabi Islamic Bank (ADIB) has been awarded the prestigious Mohammed Bin Rashid Al Maktoum Business Award (MRM) in the financial services category.

The award was presented by His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, and received by HE Jawaan Awaidha Al-Khaili, Chairman of ADIB, at a ceremony held in Dubai.

Abu Dhabi Islamic Bank (ADIB) receives Mohammed Bin Rashid Al Maktoum Business Award

Abu Dhabi Islamic Bank (ADIB) receives Mohammed Bin Rashid Al Maktoum Business Award

HH Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum presenting the award to HE Jawaan Awaidha Al-Khaili.

Instituted by the Dubai Chamber of Commerce and Industry, the Mohammed Bin Rashid Al Maktoum Business Award is the highest level of recognition for business excellence in the UAE. The award has been introduced and designed to recognise and celebrate the success of organisations that have contributed to the economic development of the UAE and demonstrated world-class standards in procedures and operations.

Tirad Al Mahmoud, CEO of ADIB, said, “We would like to extend our greatest appreciation to His Highness Sheikh Mohammad Bin Rashid Al Maktoum, for his guidance and his emphasis on service excellence. We also thank Dubai Chamber of Commerce and Industry for this prestigious award. We feel very pleased and honored to receive it.

“The award comes to acknowledge ADIB’s dedication and efforts to achieving excellence, as we focus our business on promoting economic and social development and on providing our customers with world-class products and services. As a leading UAE Islamic bank, we put a strong emphasis on ethics, giving our corporate and individual customers services that are in-line with our values and promise to deliver banking as it should be.”


Dubai Investments sees $300m sukuk by year-end

Dubai Investments aims to raise $300 million from a debut sale of Islamic bonds by the end of 2013 after delaying a similar plan early this year due to rising interest rates, its chief executive said.

Dubai Investments sees $300m sukuk by year-end

Dubai Investments sees $300m sukuk by year-end

The conglomerate, which has interests in several sectors including property and manufacturing, had in April picked Citigroup Inc, Nomura and J.P. Morgan Chase & Co to help arrange the sale.

“We are in the final stage of application to the various markets. I’m hoping that it should be done this year,” Khalid bin Kalban told reporters on Monday.

“This (sukuk sale) is delayed because interest rates climbed up. We are targeting a specific interest rate. Once we achieve it we will go into the market, otherwise there’s no point. It has come down to lower than the level we expected.”

The company, whose manufacturing business was hit by political unrest in the Gulf Arab region, has been eyeing a sukuk issue since last year to finance expansion of some manufacturing units and repay debt.


Kalban reiterated that plans to offload stakes in two of the conglomerate’s units were still on track despite an apparent delay – in April, he said the sales would be completed by September-end and that combined they would raise about 700 million dirhams ($190.58 million).

“By the end of the year everything will be sealed,” said Kalban. “This is a big transaction. The delay is from the lawyers not from us.”

He said one deal would raise around 500 million dirhams and the other 200 million dirhams, but declined to identify the companies in which Dubai Investments is planning to sell stakes or the proposed buyers.

Kalban was speaking at the launch of a new subsidiary Emirates Insolaire, which is a joint venture between Dubai Investments and Switzerland technology firm SwissINSO to produce solar panels.

The panels will be manufactured at Dubai Investments’ existing plants in the Gulf, which will produce 300,000 square metres of the glass in 2014, Kalban said.

Shares in Dubai Investments were trading 2.4 percent higher on the Dubai bourse at 1050 GMT. – Reuters