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GLOBAL: An exhilarating
week it has been with a groundbreaking partnership forged, new players on
board and progressive regulatory changes unfolded.
Just yesterday, the Islamic Corporation for the Development of the Private
Sector signed an unprecedented collaboration agreement with the ICBC
Financial Leasing, the leasing arm of the world’s largest bank Industrial
and Commercial Bank of China, through which the two entities will jointly
develop Islamic capabilities and opportunities. This landmark move which adds
to the growing interest of Chinese players in Shariah finance would usher
in vast opportunities for both the world’s second-largest economy and the
Islamic world.
Kuwait Finance House yesterday put to rest weeks of rumors as it confirmed
a restructuring of its investment portfolio which could see the sale of its
Malaysian unit, a proposition that would be advised by Credit Suisse (See
IFN Daily Cover: ‘Fundamental shifts for Kuwait Finance House’).
In Kenya, the Republic is readying itself to drive the Takaful industry
forward with new regulations. The Insurance Regulatory Authority this week
released draft rules on Islamic insurance which, among other things,
provide a framework for sustainable Takaful funds and minimum standards for
operations for both fully-fledged players and Takaful window operators. The
UK also made strides in the Takaful segment this week as it introduced the
Islamic Insurance Association of London, a body that will support Islamic
insurers and reinsurers in the country.
Saudi Arabia on Monday adopted the Rules for Qualified Foreign Financial
Institutions Investment in Listed Shares as the Kingdom prepares to open up
its market to foreign investment on the 15th June. Equity
indexes of the region have been on an upward trajectory, including the
S&P Pan Arab LargeMidCap Index which surged to record-high levels since
April 2009; a boost buoyed by the positive sentiments from the opening of
Saudi Arabia’s market.
Oman welcomed a new Islamic finance player as investment banking company Financial
Corporation launched a range of Shariah compliant investment banking
services. While in people news, Fatima Qasimi has taken the helm leadership
of Aseel Islamic Finance as its new CEO; Michael Williams will assume the
role of interim CEO of BLME Holdings and Bank of London and The Middle East
on the 13th May; and Qatar Islamic Bank’s priority banking
services, Tamayuz Banking, has been placed under the charge of Abdulrahman
Al Nabit.
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