Agha & Co/Agha & Shamsi Win “Best Islamic Law Firm of 2011” Award

UAE based law firms; Agha & Co/Agha & Shamsi (the “Firms”) were awarded “Best Islamic Law Firms of 2011” by the Global Islamic Finance Awards (GIFA).

The awards, which were presented at the Oman Islamic Economic Forum (OIEF) by his Excellencies the Ex-Prime Minister of Malaysia Tun Abdullah bin Haji Ahmad Badawi and H.E Yaseen Anwar, Governor of the State Bank of Pakistan, recognize and honor institutions and individuals for their commitment to excellence as well as contribution to the development of the Islamic finance industry.

The awards were made based on an objective proprietary methodology. Candidates were nominated in the first quarter of 2011, and after deliberation over the following six months, the winner was picked from among the nominees.

Professor Humayon Dar, the CEO of Edbiz Consulting and the Chairman of the Conference noted “The awards reflect the dual recognition of excellence in practice of the winner’s respective field and a demonstrable commitment to the cause of strengthening the Islamic finance industry.

Agha & Co/Agha & Shamsi were distinguished as being the first ever Shari’ah compliant firms that, simultaneously, demonstrates excellence in the practice of law.”Oliver Agha, Founding Partner of the Firms, accepted the award and stated,

“What we value most is that the award, apart from recognizing excellence in the practice of law, focuses on those entities that evince a genuine commitment to Islamic finance. We are very serious about promoting genuine Islamic finance as reflected in our circumscribed mandate.”

“We hope that more stakeholders in the industry focus on the growth of the Industry along ethical lines rather than just growth for the sake of only monetary gain (Islamic law/Shari’ah dictates that principles come before profit).”

About the Agha & Co/Agha & Shamsi

Agha & Co/Agha & Shamsi (the “Firms”), the world’s first Shari’ah-compliant firms, have been founded to develop a premier law practice that combines honed international transactional skills and deep Shari’ah knowledge with the response time of a top New York or London firm.

With its own Shari’ah Board of scholars including Sheikh Abdul Sattar Abu Ghuddah, Sheikh Mohamed El Gari, Sheikh Esam Ishaq and Professor Azeemuddin Subhani , the Firms work to develop the cause of “genuine” Islamic finance, as well as to provide a one-stop shop world-class level Islamic dispute resolution and transactional counsel on modern complex matters, seamlessly harmonized with and weaved into Shari’ah principles.

The Firms have a blue-chip clientele and are on the panels of the leading Islamic/regional/international corporate institutions including, for e.g., Al Baraka Islamic Bank, Al Hilal Bank, First Gulf Bank, Deutsche Gulf Finance (joint venture between Deutsche Bank and the Al Rajhi Group), Tamweel PJSC and Amlak Finance, as well as leading Saudi corporate and general manufacturing entities Agha & Co/Agha & Shamsi are members of the International Society of Primerus Law Firms.

http://www.prweb.com/releases/Top-Law-Firm-UAE/Best-Islamic-Law-Firm/prweb9081018.htm

FWU Group awarded ‘Best Takaful Company’ at GIFA 2011

FWU Group, a leading global Takaful company, was awarded the best “Takaful Company of 2011” at the Global Islamic Financial Awards 2011 event, which took place during the Oman Islamic Economic Forum 2011 held in Al Bustan Ritz Carlton Hotel, Muscat.

The event was attended by prominent regional and global industry leaders and dignitaries, including  Yaseen Anwar, Governor of State Bank of Pakistan; Abdulaziz Al-Hanai, vice president of IDB; and Tun Abdullah Badawi, former prime minister of Malaysia.

Commenting after the awards ceremony, Manfred Dirrheimer, chairman and CEO of FWU Group, said: “Our leadership position in the industry is attributed to the successful and long-term strategic partnerships we have developed with local Takaful partners and the distribution agreements with major banks in each market.”

According to Dirrheimer, FWU Group’s unique business model, best product and process innovation, support and full after-sales service including training and customer risk profiling, were the key service quality parameters which helped the group win the award.

“We are honored to receive this award in Oman, a country that presents tremendous opportunities for Islamic finance,” said SohailJaffer, partner and head of International Business Development at FWU Group.”

The efforts deployed by the Sultanate are very encouraging, and the potential is promising. We foresee a bright outlook for the Takaful industry, and we look forward to replicating our successes in Oman and the entire region.”

FWU Group, which received 12 awards in the past and was recognized for its global Takaful expertise, specializes in white label Family Takaful unit-linked investments and offers its bank distribution partners a customized innovative Takaful product family, including savings, education, and marriage plans.

Banks are offered an open-investment architecture where they can incorporate their own Shari’ah-compliant funds into the investments universe. The company also provides a proprietary quantitative investment model for the monthly fund selection and allocation.

http://arabnews.com/economy/corporatenews/article558419.ece

New award for ADCB Islamic Banking

ADCB Islamic Banking was named the “Most Improved Islamic Bank in the UAE” by the Global Islamic Finance Awards (GIFA) committee at a recent ceremony in Muscat.

Keynote speaker Abdullah Badawi, former prime minister of Malaysia at the Oman Islamic Economic Forum (OIEF), presented the award to ADCB Islamic Banking.

Amr Al-Menhali, head of ADCB Islamic Banking, said the award recognizes the ADCB’s leading position and its success in raising the benchmark for Islamic banking in the region.

ADCB Islamic Banking offers a complete suite of Shariah-compliant products specifically designed to cater to the needs of consumers that are key to the health of the UAE economy.

This recognition is subsequent to the milestone ADCB Islamic Banking has achieved, which was acknowledged by the reputed worldwide Shariah governing body in an appreciation letter positioning ADCB Islamic Banking as a role model for Islamic Banks worldwide, said Al-Menhali.

The OIEF assembles a diverse number of financial practitioners, academicians, business leaders and policy makers in the industry.

The forum addressed issues including the regulatory challenges facing Islamic banking, the practice of socially responsible Islamic finance and the need for utilization of Islamic banking as a tool for global economic reform.

The forum, endorsed by the Fatwa office of the Ministry of Awqaf and Religious Affairs, has received support from an array of leading financial institutions from the GCC, Canada, UK, Luxembourg and Malaysia.

http://arabnews.com/economy/corporatenews/article556234.ece

ADCB Islamic Banking named "Most Improved Islamic Bank in the UAE" at the Global Islamic Finance Awards 2011

Abu Dhabi, 27 December 2011: ADCB Islamic Banking was named the “Most Improved Islamic Bank in the UAE” by the Global Islamic Finance Awards (GIFA) committee at a highly prestigious ceremony held on 17 December 2011 in Muscat.

Awards were presented at the Oman Islamic Economic Forum (OIEF) bringing together leaders from around the globe, including keynote speaker Tun Abdullah Badawi, the former Prime Minister of Malaysia.

The award was presented to ADCB Islamic Banking by Tun Abdullah Badawi.Amr Al Menhali, Head of ADCB Islamic Banking, said: “We are honoured and delighted to receive “The most improved Islamic bank in the UAE” award for 2011.

This prominent award rightly recognises the leading position of ADCB and its success in raising the benchmark for Islamic banking in the region. ADCB Islamic Banking offers a complete suite of Shariah compliant products specifically designed to cater to the needs of consumers that are key to the health of the UAE economy.

This recognition is subsequent to the milestone ADCB Islamic Banking has achieved, which was acknowledged by the reputed worldwide Shariah governing body in an appreciation letter positioning ADCB Islamic Banking as a role model for Islamic Banks worldwide.”

The OIEF proudly assembles a diverse number of financial practitioners, academicians, business leaders and policy makers in the industry with the Ex-Prime Minister of Malaysia Tun Abdullah Haji Ahmad Badawi as the key note speaker.

The forum addressed issues including the regulatory challenges facing Islamic banking, the practice of socially responsible Islamic Finance, and the need for utilization of Islamic Banking as a tool for global economic reform.

The forum, endorsed by the Fatwa office of the Ministry of Awqaf and Religious Affairs has received support from an array of leading financial institutions from the GCC, Canada, UK, Luxembourg and Malaysia.

http://www.zawya.com/story.cfm/sidZAWYA20111227073207

Oman Islamic Economic Forum

Muscat, Dec 16 (ONA) – Sayyid Shihab bin Tariq al-Said, will sponsor tomorrow  (Saturday) at al Bustan Palace Hotel the Oman Islamic Economic Forum (OIEF) organized by Amjad Company and lasts for two days.

The OIEF seeks to highlight the steps needed by the Sultanate to develop its Islamic finance sector and Takaful, the elements related to social responsibility in the elements of the Islamic economy.

It also seeks to provide proposals to form a regulatory framework for the Islamic finance sector which in turn will contribute to boosting the growth of the economy in the Sultanate.

The forum will cover a number of themes on the models for regularizing the Islamic banking sector, selecting the best right Islamic banking model for the Sultanate, Islamic banking as practiced by the Islamic banks,

structuring of the Islamic banking products, Sharia issues in banks and Islamic financial, horizons of (Takaful) at the AGCC countries, Arab Islamic market, the role of Zakat, Awqaf and alms in building an alternative Islamic  economic system and the Islamic banks as a mean for Economic reform.

The OIEF will bring together a number of stakeholders – financial practitioners, academicians, business leaders and key decision makers- from within and outside the Sultanate.

The Forum is an ideal opportunity to have an idea about some major personalities and institutions in the Sultanate and establish fruitful long term business relations.

http://www.omannews.gov.om/ona/english/newsDetails_inc.jsp?newsID=64310

Oman Islamic Economic Forum in Dec

MUSCAT — A two-day Oman Islamic Economic Forum will be held on December 17 at Al Bustan Palace Hotel. The forum is organised by Amjad Group of Companies.

The forum aims at defining the steps needed by the Sultanate to develop its capabilities in the Islamic finance, Takaful finance and the factors in relation to the social responsibility in the Islamic finance sector.

The forum will take part in presenting proposals for forming an organisational frame for the Islamic finance sector that would consequently help in promoting and consolidating the Sultanate’s economic power.

The forum also aims at finding out and highlighting several significant issues in relation to the organisational challenges confronting the attraction of the Islamic finance and effective model of the Islamic banking business in Oman.

In addition to the current issues in the Islamic law concerning the Islamic finance, economic development, role of Zakat and the corporate social responsibility of the companies.

The Oman Islamic Economic forum would attract experts from the Islamic finance sector, academicians, businessmen, decision makers from inside and outside Oman for discussing significant issues in Islamic finance and other relevant issues in the Islamic broad economic system.

http://main.omanobserver.om/node/69414