S&P 500 Shariah | Dow Jones Islamic World | FTSE Shariah All World | Russell - IdealRatings Islamic Global | | | | | 2,382.77 | 3,686.02 | 2,419.61 | 2,482.15 | ▲ +26.40 (1.12%) | ▲ +24.96 (0.68%) | ▲ +18.09 (0.75%) | ▲ +19.35 (0.79%) |
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HIGHLIGHTS: Manazel Real Estate plans non-convertible Sukuk - AIIF partners with WAEMU to establish an Islamic bank - AMAF licenses first endowment foundation |
| European Islamic bank eyeing the rich of the Gulf | Daily Cover |
| | UAE: A European Islamic bank has set foot in one of the wealthiest cities in the Middle East in the hopes of capturing Gulf wealth on the back of a rising wealthy population in the UAE.
Bank of London and The Middle East (BLME) has established a physical presence in the Dubai International Financial Centre (DIFC) which the UK bank will use to service and onboard new private banking clients and family offices in the financial hub.
"This is an important milestone for BLME. The GCC is key to BLME's business and opening a branch in the DIFC reflects our commitment to the region and means that we can better serve our clients across the GCC,'' said Andrew Ball, BLME's head of wealth management.
Ranked the 25th-largest city globally by the number of individuals with personal assets of US$30 million or more, Dubai houses the largest concentration of ultra-high-net-worth individuals (UNHWIs) in the Middle East and the growth of multimillionaires in the city has outpaced that of other financial hubs including New York, Hong Kong and Singapore, according to Knight Frank. The property consultancy firm estimates the number of UNHWIs in Dubai would rise by a further 60% by 2026.
Kuwaiti-owned BLME has primarily focused on real estate investments and has been bolstering cross-border opportunities with the Gulf by focusing on wealth management: earlier this month, the London bank partnered with Bahrain's Al Baraka Banking Group – one of the largest Islamic banking groups globally – allowing BLME to tap into Al Baraka's client pool with investment opportunities in UK real estate among others.
Industry veteran Rayan Kazerooni, previously attached to Global Investment House and Qatar First Bank, will manage BLME's DIFC branch in his capacity as the senior executive officer. | |
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| Mergers & Acquisitions: A Correspondent Report | Significant deals in the insurance, medical and education sectors in Q1 2018
According to a report published by mergers and acquisitions (M&A) data and intelligence provider Mergermarket, the first quarter of 2018 (Q1 2018) witnessed significant deals in the insurance, medical and education sectors of the MENA region, while the mining industry leads the M&A deal value within the same period. The largest deal was Total's investment in the Umm Shaif and Nasr oilfields and the Lower Zakum offshore concession for US$1.45 billion. | |
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| Maldives: A Correspondent Report | BML Islamic launches personal financing facility; IUM organizes Islamic finance panel discussion
On the 2nd May 2018, the Bank of Maldives (BML) Islamic announced the launch of a new personal financing product whereby applications for this product will be processed within seven days and customers will pay the price of the goods in monthly installments. | |
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| Today's IFN Alerts UAE: Manazel Real Estate to issue Sukuk of up to AED2.6 billion (US$707.74 million)
GLOBAL: International Islamic Liquidity Management Corporation issues three-month Sukuk paper
MALAYSIA: Bank Negara Malaysia sells Islamic facilities for the combined total of RM12.81 billion (US$3.2 billion)
GAMBIA: Central Bank of Gambia issues three Sukuk Salam facilities
KUWAIT: Central Bank of Kuwait issues KWD240 million (US$792.32 million)-worth of conventional bonds and Tawarruq facilities
MALAYSIA: Sunway Treasury Sukuk's 311th Islamic commercial paper fully subscribed
GLOBAL: African Institute of Islamic Finance works with West African Economic and Monetary Union on creating Islamic bank, among others
MALAYSIA: Malaysian opposition's elections win marks unchartered territory for country, says Moody's
US: Arch Street Capital Advisors sells 11-asset industrial portfolio for US$156.7 million
UAE: Awqaf and Minors Affairs Foundation licenses first endowment foundation
SAUDI ARABIA: Subsidiary of Fawaz Abdulaziz Alhokair Company secures SAR7.2 billion (US$1.92 billion) in Islamic financing to refinance debt and expand mall business
GLOBAL: Malaysia remains in pole position on the global Sukuk landscape, says International Islamic Financial Market
EGYPT: Financial Regulatory Authority of Egypt proposes to increase insurers' investments in equities to 40% of total investments
UAE: Dubai Islamic Bank to conduct rights issue on the 16th May to raise capital to AED6.59 billion (US$1.79 billion)
GLOBAL: Conyers Dill & Pearman closes Dubai office; to relocate staff to London
IRAN: Central Insurance of Iran welcomes offers by Iranian insurers to provide coverage against cyberattacks
MALDIVES: Amana Takaful Maldives declares 10% dividend for 2017
EGYPT: Emirates NBD appoints ex-Al Hilal banker as new CEO for Egypt and as member of the group's executive committee
UK: Rosette Merchant Bank welcomes Stuart Jarvis as investment director |
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