Thursday, May 10, 2018

FW: Islamic Finance News Alert




Islamic Finance news Alert

Islamic Finance news Alert


Thursday, 10th May 2018


S&P 500 Shariah

Dow Jones Islamic World

FTSE Shariah All World

Russell - IdealRatings Islamic Global





+26.40 (1.12%)

+24.96 (0.68%)

+18.09 (0.75%)

+19.35 (0.79%)


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.





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.




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.




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



GLOBAL: Dr Kamola Bayram is the new IFN correspondent for education sector

GLOBAL: IFN welcomes M Wail Aminou as new correspondent for the SRI, ethical and green sector

KAZAKHSTAN: Shaimerden Chikanayev joins IFN as correspondent for Kazakhstan

GLOBAL: Sohail Zubairi to author IFN's new 'Back to Basics' section

ALGERIA: IFN welcomes Dr Ahmed Tahiri Jouti as new correspondent for Algeria


REDmoney events

UK Islamic Finance Week 2018
5th September 2018 (London)

IFN Turkey Forum 2018
10th September 2018 (Istanbul)

IFN Indonesia Forum 2018
1st October 2018 (Jakarta)

IFN Africa Forum 2018
October 2018 (Africa)

IFN Americas Forum 2018
11th October 2018 (New York)

IFN South Africa Forum 2018
23rd October 2018 (Cape Town)

IFN Kuwait Forum 2018
5th November 2018 (Kuwait City)

IFN Saudi Arabia Forum 2018
7th November 2018 (Riyadh)

IFN Investors Forum 2018
26th November 2018 (Kuala Lumpur)



*all index data correct as at 11:00 GMT+8

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