Islamic Banking and Finance Newsletter

June/July 2006

IDB plans $3 bln Islamic trade finance body
 

Islamic Development Bank said that it plans to establish a $3 billion trade finance corporation to boost trade among Muslim countries. The subscribed capital of the corporation is projected to be $500 million of which $450 million is already subscribed.   Read More....

Islamic govt bond market could grow 50 pct in 2006

The market for sovereign Islamic bonds could grow 50 percent to $6 billion this year as Gulf Arab states consider debt issues to build a benchmark for future borrowing according a senior IDB official.  Read More....

Bahrain Monetary Institution launches the 'UIB' as the biggest Islamic Bank in the Middle East

United International Bank said that the subscription applications exceeded the paid capital required according to the license and estimated at one billion dollar, while the issued capital amounted to three billion dollars Athar Al Magd holding company,     Read More....

International

IDB plans $3 bln Islamic trade finance body
IDB Sets Up Poverty Fund, Doubles Capital
Islamic Banks Grow by 20-25 Pct Annually
HSBC Predicts More Mezzanine Islamic Financing
Islamic govt bond market could grow 50 pct in 2006
Islamic bond market hindered by high bank liquidity
Abraaj Capital in JV with Deutsche, Ithmaar Bank
Amex mulls Islamic credit card in Middle East
Moody’s predict rapid growth in Sukuk issuance

Bahrain
 

GFH takes syndicated murabaha
Local firms Seeking To Set Up Gulf Islamic Fund Body
LMC claimed to introduce innovative Islamic Bond
Shariah compliant funds reach $1billion mark
Multi-billion dollar Islamic bank approved
UIB launched with the claim to be biggest regional Islamic Bank
UIB seeks to raise $248m to fund future mergers.
Bahrain BMA to Issue Sukuks for Refinancing

Bosnia

Bosna Bank International deploys Misys trade finance solution

Brunei

Islamic debt system inaugurated by HSBC
First Islamic Bond Issue Finalised in Brunei

China

KFH to Sell China Energy-Backed Islamic Bond

Egypt

Faisal Islamic Bank raises paid up capital to around $198 million

Indonesia
 

Middle East Investors Eye Small Banks
Takaful to Develop Micro Insurance Coverage
PLN Appoints UBS to Arrange US$2.5 Billion Bonds
Trust Finance to offer Shariah compliant car financing
5 Shariah Banks Form Loan Syndication Program
BNI and IFI to launch Shariah banking units

Kenya

Islamic Bank to be established

Malaysia

Bank Islam clinches first overseas deal in Pakistan  
CIMB’s Islamic allocates RM500m for halal loan packages
Bank Islam expects RM1.5b deals
Nod for KFH's Islamic financing product
HSBC to launch Takaful operations in October 2006
Malaysia's Islamic Bank approves selling 40 percent stake to Dubai group
AmBank eyes regional expansion for Islamic operations

Pakistan

Pakistan’s third Islamic bank predicts Islamic banking share to reach 25 percent
FDIB Sixth Islamic bank gets licence in Pakistan
Takaful to apply for licence of Islamic Life Insurance

Qatar

Doha Islamic launches forward lease product

Russia

Russia’s first Islamic bank to offer services to private clients

Saudi Arabia

Al Rajhi gets funding from foreign banks
SABIC signs $1 billion Islamic loan with Deutsche Bank
Saudi Bank Albilad to offer Credit Card
Launch of $1 billion Al Emaar bank planned
SABIC Hires Deutsche Bank for $1B 5Y Murabaha Deal
Deutsche Bank starts operations in Saudi Arabia

Singapore

HSBC Takaful launches marketing campaign

South Africa

Absa starts offering Shariah complaint products.

Syria

Discussion of petitions for licenses to operate Islamic banks

UAE

Bahrain-Based Islamic bank to open US$1 billion IPO on May 27
Amlak sets up Dh500 million investment arm
Rakbank plans launch of Islamic finance company
CBI starts conversion to Islamic with the launch of Islamic Finance Company

DCA closes $1b Ijara facility.
Bukhatir launches $50m Sukuk Al Wakala
Dh1.83b Ijara arranged for EPCL
$680.8 Mln Islamic Real Estate Firm to be set up in UAE
Tamweel issues $300m in asset-backed securities.
Abraaj announces $2bn Islamic fund

UK

Friend Provident International adds Shariah fund.
European Islamic bank IPO concluded