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GLOBAL: Several
interesting developments have transpired over the week in the Islamic
finance space including in the areas of standardization, mergers and
acquisitions and financing.
Industry guidance
Ijlal Alvi, CEO of International Islamic Financial Market, confirmed to IFN
that the standard-setting body aims to issue two new standard agreements
this year as work on Islamic cross-currency swap and foreign exchange
forward continues. Other projects in the pipeline include standards on
Sukuk, trade finance and corporate finance.
Organic and inorganic
growth
In Pakistan, the Republic’s largest Islamic bank, Meezan Bank, continues
its expansion spree as it seeks to acquire HSBC Bank Oman’s Pakistani
operations. The bank has received in-principle approval from the central
bank to proceed with formalities pertaining to a potential merger.
Dubai Bank on the other hand is looking to dispose its 14.3% stake in
BankIslami Pakistan and has offered shareholder Jahangir Siddiqui &
Company and another shareholder a right of first refusal on a proportionate
basis of the 144.2 million shares to be offloaded.
Malaysia Building Society – whose merger plans have been much talked about
since the fallout with CIMB and RHB Capital – has clarified that it was
unaware of any official regulatory approval or otherwise pertaining to
possible consolidation with Bank Muamalat Malaysia as purported by one news
agency.
Several Islamic banks also grew its branch network including: Germany’s KT
Bank (the first Shariah compliant bank of continental Europe), Nigeria’s
Jaiz Bank as well as Jordan Islamic Bank. It has also been reported that
BMI Offshore Bank of Seychelles is in the process of having its business
transformed to be in compliance with Shariah law.
Spreading the risk
Two notable syndicated financing deals were announced this week including:
AlBaraka Turk Katilim Bankasi’s US$400 million dual currency Murabahah
facility. The bank has mandated six banks to arrange the US dollar and euro
dual-tranche program. Elsewhere, Bank Islam Malaysia concluded a RM121.44
million (US$31.08 million) syndicated Tawarruq financing for Kerian Energy
to fund a hydropower plant project.
New identity
Gulf Finance House has officially rebranded itself to GFH Financial Group.
Moves
Sadiq Hussain has joined EFG Hermes Asset Management as the managing
director of its asset management business while the Malaysian Institute of
Accountants welcomed Faiz Azmi as its new president, Zaiton Mohd Hassan as
vice-president and Dr Nurmazilah as deputy CEO.
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