Tuesday, November 25, 2014

Central Bank of the UAE highlights increase in growth rates for the country’s banks over the first nine months of 2014

Islamic Finance news Alert

Monday, 24th November 2014

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UAE: UAE banks have witnessed a high rate of growth in assets, deposits and lending in the first nine months of this year, beating the respective average rates of growth in these areas for the past three years according to figures from the Central Bank of the UAE. The country’s Islamic banks have contributed to this growth with industry players including Abu Dhabi Islamic Bank and Dubai Islamic Bank announcing above average growth in deposits and assets for the period.

Speaking at a recent conference, Saeed Abdullah Al Hamiz, the assistant governor for banking supervision at the central bank, highlighted the growth of the UAE banking sector which saw its overall assets increase by 10% to AED2.31 trillion (US$628.89 billion) in the first nine months of 2014, higher than the average rate of 6% as seen for 2010-2013. Al Hamiz detailed the asset position of the country’s Islamic banks within the banking sector: “The UAE has now eight Islamic banks with total assets of AED402 billion (US$109.43 billion) and total deposits of AED278 billion (US$75.67 billion), representing respectively, 17.4% and 19.7% of the total banking sector."

Of the Islamic UAE banks that have reported results for the first nine months of the year, Abu Dhabi Islamic Bank announced a leap in deposits of 18.2% and total assets by 12.2%. Dubai Islamic Bank announced an increase in total assets of 13% and customer deposits growing by 21%; net profit for the period was reported at AED2 billion (US$544.44 million) – a surge of 72% on the previous year’s figures. Sharjah Islamic Bank announced growth in total assets and customer deposits of 12.4% and 18.9% respectively from figures reported in December 2013. United Arab Bank which offers Islamic banking services reported growth of 21% in total loans and advances and a 31% increase in customer deposits, all figures higher than both the UAE average for 2010-2013 and the increased growth for the period to the 30th September 2014.

Given the upswing in the figures for the banking sector in the UAE and the country’s Islamic banking industry in particular, Al Hamiz indicated the potential for Islamic banking growth both in the UAE and globally, increased by the industry’s support for UAE initiatives, "as they fully appreciate its potential to boost the country's competitiveness and innovative edge, capitalizing on the products of the Islamic services in the banking industry."

Pakistan: An IFN Correspondent Report

Winding up of First Habib Bank Modaraba
The winding up process of First Habib Bank Modaraba has been completed. The management of Modaraba informed certificate holders that all the assets of the company have been disposed off and full and final dividend warrants of PKR18.75 (US$0.184) per certificate have been dispatched.
IFN Weekly Poll

Inching closer to its proposed issue date and after a postponement in September, will Pakistan meet its target to raise US$1 billion in Sukuk before December 2014?
Issuers are rushing to close their deals before the end of the year, one of the most prominent of which should be the highly anticipated sovereign issuance from the Pakistani government. After several postponements, roadshows are due to launch today with the deal expected to close on Wednesday, according to the latest announcement from finance minister Ishaq Dar. NABILAH ANNUAR takes a closer look at the country’s plans thus far.

This week's question: With investment prospects valued at US$173 million, will Egypt re-emerge as a prominent Islamic finance player in 2015?
Today's IFN Alerts

PAKISTAN: Pakistan to begin Sukuk roadshow today in the UAE

OMAN: Sultanate to issue Sukuk next year depending on the need of the government

SUDAN: The IDB and the Bank of Khartoum allocates US$450,000 for graduates and SMEs

MALAYSIA: AmInvest to merge AmInvestment Services and AmInvestment Management

PAKISTAN: SPI Insurance Company receives SECP approval to commence Takaful operations

LUXEMBOURG: Eethiq Advisors confirmed as lead partner for IFN Europe Forum 2015

QATAR: Barwa Bank records 43% increase in net profits for third quarter of 2014

UAE: Fitch affirms Ras Al Khaimah at 'A' with a stable outlook

MALAYSIA: RAM reaffirms ratings of Hong Leong Islamic Bank and its Sukuk program at 'Stable'

MALAYSIA: RAM assigns AAA/P1 preliminary ratings of assigns 'AAA/P1' to Suria KLCC's proposed Sukuk Murabahah














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