V12i26: Onwards and upwards: Gatehouse builds on its strong foundations

Rapids • Deals • News • Takaful • Asset Management • Ratings • Moves
1st July 2015 (Volume 12 Issue 26)
Standing on the shoulders of giants Isaac Newton might have made the phrase famous, but the original source of the above title is attributed to 12th century English historian Bernard of Chartres. “We see more and farther than our predecessors, not because we have keener vision or greater height, but because we are lifted up and borne aloft on their gigantic stature.” Every step forward that the Islamic finance industry takes is built on the foundation, dedication and innovation that have gone before it – learning, growing and building on the pillars of faith to make the market a truly global collaboration. This week we make a new move ourselves, with the first in a series of featured interviews with industry experts instrumental not only in driving forward their own businesses but developing the wider industry – through innovation, impact, experience and much more. Our first interviewee is Henry Thompson, industry stalwart and CEO of Gatehouse Bank. One year after his appointment (and what an eventful year it has been), we ask him what has changed in the UK landscape – and what his plans are for the future. Our IFN reports this week also explore industry legends and market giants – with a look at the latest news out of Indonesia as it gears itself up for another push towards Islamic finance super status. We also meet some new kids on the block, with an exploration of the developments in Uganda. Our in-house analyses look at Syria and the equity capital market while our IFN Correspondents come to you from Oman, Jordan and Indonesia. Special Reports this week cover Palestine, Korea and education while our features are brought to you by Club Ethis on Singapore and the Securities and Exchange Organization of Iran on equity capital markets. To complete another action-packed issue, we wish all our readers Ramadan Kareem. Cover Story Onwards and upwards: Gatehouse builds on its strong foundations With three years of profitability under its belt and a position as one of the foremost fully-fledged Islamic banks in the European market, Gatehouse Bank is sitting pretty. Focused primarily on the real estate and property markets, the bank is now expanding into new markets including private equity, retail deposits and club funds. IFN managing editor LAUREN MCAUGHTRY speaks exclusively to CEO HENRY THOMPSON, one year after joining Gatehouse, on his ambitions, expectations and outlook for the future. IFN Reports • Uganda makes its mark on the Islamic finance map • “I love Shariah finance” • IDB unfazed by higher NPF and escalating leverage • Islamic aviation financing set to take off • Kazakhstan: Promising developments in the Islamic retail finance space • IFN Global Trendswatch • IFN Weekly Poll: How does the decline in regular Sukuk issuances by central banks affect Islamic debt capital markets in their respective countries? • Sovereign Sukuk: Turkey and Malaysia reinstate commitment • Islamic M&A in Pakistan on the rise IFN Country Correspondents • Omani Islamic banks’ social responsibility initiatives • Sukuk’s positive effects in the market • Indonesia’s government Sukuk update IFN Country Analysis • Syria: Grappling with unforgiving circumstances IFN Sector Analysis • Islamic equity capital market Case Study Asia’s largest single-tranche US dollar Sukuk — Indonesia The Indonesian government on the 28th May closed its US$2 billion US dollar Sukuk at 4.325%, cutting through Indonesia’s Sukuk curve. The 144A/Reg S 10-year Islamic bond issuance drew orders of more than US$6.8 billion from a diverse group of domestic and international investors. Special Reports Islamic finance in Korea: Is the timing right for it? In Korea, it has been a very frustrating and painful experience for a market participant with a keen interest having to wait for any significant developments to introduce Islamic finance (in particular, Sukuk) transactions because there has been no public debate or discussion of the bill to amend the Special Tax Treatment Control Act (STTCA) since 2011. Islamic economics and finance education in the Kingdom of Bahrain Islamic finance is one of the fastest-growing industries. The industry has been growing rapidly from its appearance in the late 1960s and it has changed from being only a rural banking system at the beginning into a complete financial system since the 2000s. Islamic banking in Palestine: Challenges and prospects Like many other Muslim countries, Palestine is also interested in the establishment of new Islamic banks and developing the existing ones. Given the fact that Islamic banking in Palestine is still in its infancy, it has somehow managed to capture a lot of interest and support from the public. Features An overview on the equity capital market in Iran In this article, MAJID PIREH explores the equity capital market in Iran and looks at its current situation. The Iranian capital market for trading equities includes two exchanges as follows: Tehran Stock Exchange (TSE), and Farabourse Company (FB). Saving Islamic finance in Singapore: Innovation and inertia Singapore has yet to accomplish its quest to become a global Islamic finance hub. It is undoubtedly one of the top five global financial centers, and has declared openly its objective of emulating this success in Islamic finance.  CONTACTS Editorial: Sasikala Thiagaraja Direct Line: +603 2163 7800 ext 34 Finance: Faizah Hassan Direct Line: +603 2162 7800 ext 26 Sales: Dubai: Geraldine Chan Direct Line: +971 4 427 3628 Kuala Lumpur: Steve Stubbs Direct Line: +603 2162 7800 ext 55 Subscriptions: Dubai: Geraldine Chan Direct Line: +971 4 427 3628 Kuala Lumpur: Siti Amilia Amir Amzah Direct Line: +603 2162 7800 ext 27