It has been reported that Pakistan will be hosting the World Islamic Finance Summit on September 21st and 22nd 2011.
The theme of the first World Islamic Finance Summit in Pakistan is "Islamic Finance Growth and Opportunities", said Chairman of the Conferences and New Initiatives Ozair A. Hanafi, while briefing the media on this occasion.
He said that the mix of local and international participants is an impressive development and the organisers, with the help of supporters and sponsors, are all poised to make this event a big success.
Managing Director of the Conferences and New Initiatives, Syed Shahjahan Salahuddin, said the objective of the Summit is to bring together industry leaders, academicians, think tanks, Shariah scholars, regulators, policy makers, government officials. The participants would get an ideal platform to have fruitful discussions and knowledge sharing with delegates participating from Pakistan and overseas, he said.
The summit aims to provide a forum for the government and private sector organisations to promote the opportunities for investment in Islamic financial instruments and gain greater understanding of the challenges faced by both the sectors,the statement issued on this occasion said. It said the World Islamic Finance Summit marks the beginning of this journey towards the growth of Islamic finance through joint efforts of the industry and the regulators.
The State Bank will be a supporter, Bank AlFalah as its Lead Partner, Al-Baraka Islamic Bank as the Co Lead Partner, IBM as the technology partner, Pak Qatar Takaful Limited, Faysal Bank Limited and Askari Bank Limited as the Partners, Meezan Bank Limited as the TechnicalPartner, Riphah International University asthe technical affiliate.
Wednesday 21 September 2011
Emirates Islamic Bank exceeds its Emiratization plan for 2011
In line with its commitment to attract and recruit UAE Nationals, Emirates Islamic Bank announced that they hired 76 UAE nationals since the beginning of this year plus 50 more nationals are expected to join before the end of September 2011.
This would mean achieving 105% of the target for the year. Emiritization is a key priority for us and we hope that through our employee development programs we can continue to attract UAE national talents to join our ranks. With the right people onboard, along with the right training and support, our journey to continue to be a center of excellence in our products and services, is bound to be a smooth, efficient and a sustainable one," said Mr. Faisal Aqil, GM Retail Banking for Emirates Islamic Bank.
"We had a commitment to recruit 120 UAE national as part of our 2011 strategy, and I am proud to announce that we will exceed this figure by the end of Q3 itself as we are in the process of hiring 50 new UAE nationals," he added.
The bank has a strategic plan in place to train, and develop UAE National employees through development programs segmented into three areas: Al Awael, Al Ruwad and Al Mudara. Al Awael will focus on tailored programs for new joiners, Al Ruwad for middle management and Al Mudara, for existing high performing senior management employees.
Emirates Islamic Bank's plan to attract UAE Nationals includes organizing open days for walk-in interviews, participating in Emiratization career fairs and exhibitions and arranging for recruitment fairs at schools, colleges, and universities across the UAE.
This would mean achieving 105% of the target for the year. Emiritization is a key priority for us and we hope that through our employee development programs we can continue to attract UAE national talents to join our ranks. With the right people onboard, along with the right training and support, our journey to continue to be a center of excellence in our products and services, is bound to be a smooth, efficient and a sustainable one," said Mr. Faisal Aqil, GM Retail Banking for Emirates Islamic Bank.
"We had a commitment to recruit 120 UAE national as part of our 2011 strategy, and I am proud to announce that we will exceed this figure by the end of Q3 itself as we are in the process of hiring 50 new UAE nationals," he added.
The bank has a strategic plan in place to train, and develop UAE National employees through development programs segmented into three areas: Al Awael, Al Ruwad and Al Mudara. Al Awael will focus on tailored programs for new joiners, Al Ruwad for middle management and Al Mudara, for existing high performing senior management employees.
Emirates Islamic Bank's plan to attract UAE Nationals includes organizing open days for walk-in interviews, participating in Emiratization career fairs and exhibitions and arranging for recruitment fairs at schools, colleges, and universities across the UAE.
Wednesday 31 August 2011
Eid Mubarak!!!
On behalf of Global Islamic Finance Magazine, we wish you all a happy and blessed EID.
Monday 25 July 2011
Malaysia Still at the Top For Domestic Sukuk
Malaysia has made unprecedented achievements in the Islamic finance sector and it currently dominates domestic Sukuk,with 72 per cent by value, Sudan leads short-term issuance (maturity one year or less)
Ijlal Ahmad Alvi, Chairman & CEO, IIFM Chairman and Chief Executive Officer of the International Islamic Financial Market (IIFM) Ijlal Ahmad Alvi said ,"The trend toward issuing shorter tenure Sukuk is slowly increasing and is again driven by sovereign issuers through central banks."
He was speaking at the launch of the second edition of the International Islamic Financial Market (IIFM) Sukuk Report in Labuan. Bahrain is the most active market within the Gulf Cooperation Council (GCC), regularly issuing short-term Sukuk Al Salam and Sukuk Al Ijarah. "It is the first government in the GCC to use Sukuk as one of the primary tools for raising finance," he said, adding, "Moreover, it is expected that Bahrain, Brunei, Sudan plus several new entrants, will contribute to the development of the short end of the market.”
Separately, Zawya’s Sukuk Quarterly Bulletin notes that global Sukuk issuance rose by 18 per cent in Q2 2011 on year-ago levels to $16 billion. Across H1 2011, some $43.8 billion was raised globally, setting a new record. Government issuance dominated in Q2 2011, totalling $11.651 billion. Malaysia was responsible for $12.676 million in Sukuk, all denominated in MYR. By structure, Murabaha was the most important, accounting for $7.56 billion, followed by Bai Bithaman Ajil ($2.49 billion) and Musharaka ($2.2 billion).
The top five Sukuk lead managers (excluding central banks) were: HSBC Bank Middle East (four issues worth a total of $904 million); Aminvestment Bank (24 issues, $789 million); Maybank (46 issues, $625 million); RHB Islamic Bank(six issues, $591 million); Standard Chartered Middle East & South Asia (nine issues, $402 million).
Ijlal Ahmad Alvi, Chairman & CEO, IIFM Chairman and Chief Executive Officer of the International Islamic Financial Market (IIFM) Ijlal Ahmad Alvi said ,"The trend toward issuing shorter tenure Sukuk is slowly increasing and is again driven by sovereign issuers through central banks."
He was speaking at the launch of the second edition of the International Islamic Financial Market (IIFM) Sukuk Report in Labuan. Bahrain is the most active market within the Gulf Cooperation Council (GCC), regularly issuing short-term Sukuk Al Salam and Sukuk Al Ijarah. "It is the first government in the GCC to use Sukuk as one of the primary tools for raising finance," he said, adding, "Moreover, it is expected that Bahrain, Brunei, Sudan plus several new entrants, will contribute to the development of the short end of the market.”
Separately, Zawya’s Sukuk Quarterly Bulletin notes that global Sukuk issuance rose by 18 per cent in Q2 2011 on year-ago levels to $16 billion. Across H1 2011, some $43.8 billion was raised globally, setting a new record. Government issuance dominated in Q2 2011, totalling $11.651 billion. Malaysia was responsible for $12.676 million in Sukuk, all denominated in MYR. By structure, Murabaha was the most important, accounting for $7.56 billion, followed by Bai Bithaman Ajil ($2.49 billion) and Musharaka ($2.2 billion).
The top five Sukuk lead managers (excluding central banks) were: HSBC Bank Middle East (four issues worth a total of $904 million); Aminvestment Bank (24 issues, $789 million); Maybank (46 issues, $625 million); RHB Islamic Bank(six issues, $591 million); Standard Chartered Middle East & South Asia (nine issues, $402 million).
Kuwait Finance House launches Ijarah Promotions
Kuwait Finance House (KFH) announced that it has launched competitive promotions to finance car purchase through leasing, since KFH is keen, through its Cars Department, to offer its clients best services and promotions that are convenient to various client segments seeking to purchase a car.
Acting Cars Department Manager Wael Al-Kharraz explained that the cars promotions offer unprecedented privileges, such as takaful insurance, providing the client with another car is leased car requires over 24 hours of repairing, and having the agent's warranty.
He added that KFH client takes advantage of paying a low monthly rent, because there is a final payment in order to own the leased car.
He revealed that all KFH's car showrooms have various cars that meet all requirements, but clients can also obtain a price quote for a new car from any car agents in Kuwait.
He stressed that KFH is making great strides in the field of car financing through Murabaha, which is reflected in its possession of a significant market share of this competitive sector.
He noted that such a success highlights KFH's strategy that is based on meeting clients growing needs, in addition to making premium Shariah compliant offers that suit all segments.
Moreover, Al-Kharraz stated that this kind of leasing service is highly demanded, since it offers them various financing solutions to their requirements.
Acting Cars Department Manager Wael Al-Kharraz explained that the cars promotions offer unprecedented privileges, such as takaful insurance, providing the client with another car is leased car requires over 24 hours of repairing, and having the agent's warranty.
He added that KFH client takes advantage of paying a low monthly rent, because there is a final payment in order to own the leased car.
He revealed that all KFH's car showrooms have various cars that meet all requirements, but clients can also obtain a price quote for a new car from any car agents in Kuwait.
He stressed that KFH is making great strides in the field of car financing through Murabaha, which is reflected in its possession of a significant market share of this competitive sector.
He noted that such a success highlights KFH's strategy that is based on meeting clients growing needs, in addition to making premium Shariah compliant offers that suit all segments.
Moreover, Al-Kharraz stated that this kind of leasing service is highly demanded, since it offers them various financing solutions to their requirements.
Shariah Compliant Finance Facility Signed By Tamkeen
It has been reported that the leading Middle Eastern company Tamkeen and Bahraini Saudi Bank sign a Shariah-compliant financing facility agreement to fund private sector projects.
A Shariah-compliant agreement was signed today between Tamkeen and the Bahraini Saudi Bank (BSB) by which the Bank will provide Shariah-compliant financing facilities aiming to fund, finance, and support private sector businesses.
The agreement was signed by Dr. Ahmed AbdulHameed Al-Shaikh, Tamkeen's VP for Enterprise and Human Capital Development and Dr. Anwar Khalifa Al-Sada, BSB's Chairman of BSB. BSB is a subsidiary of Al-Salam Bahrain Bank.
Dr. Ahmed Al-Shaikh made a statement pointing out that this project comes within the scope of Tamkeen's objectives to develop and support the national economy on the private sector front and make it the real stimulator of economy in the Kingdom. This is an unmatched opportunity to provide financing on concessional terms in full compliance with the Shariah laws and principles.
The initiative is inspired by Tamkeen's objectives to facilitate enterprise growth to develop businesses in collaboration with financing bodies of the Kingdom of Bahrain which already have Shariah-certified funding system.
Dr. Al-Sada also commented that providing support and funding to private sector enterprises has the effect of enabling those enterprises to increase their success factor and increase growth opportunities and sustainability.
He went on to further comment that the Bank is keen through this agreement to boost all initiatives supporting private businesses consequently leading to economic development and prosperity for the Kingdom of Bahrain.
A Shariah-compliant agreement was signed today between Tamkeen and the Bahraini Saudi Bank (BSB) by which the Bank will provide Shariah-compliant financing facilities aiming to fund, finance, and support private sector businesses.
The agreement was signed by Dr. Ahmed AbdulHameed Al-Shaikh, Tamkeen's VP for Enterprise and Human Capital Development and Dr. Anwar Khalifa Al-Sada, BSB's Chairman of BSB. BSB is a subsidiary of Al-Salam Bahrain Bank.
Dr. Ahmed Al-Shaikh made a statement pointing out that this project comes within the scope of Tamkeen's objectives to develop and support the national economy on the private sector front and make it the real stimulator of economy in the Kingdom. This is an unmatched opportunity to provide financing on concessional terms in full compliance with the Shariah laws and principles.
The initiative is inspired by Tamkeen's objectives to facilitate enterprise growth to develop businesses in collaboration with financing bodies of the Kingdom of Bahrain which already have Shariah-certified funding system.
Dr. Al-Sada also commented that providing support and funding to private sector enterprises has the effect of enabling those enterprises to increase their success factor and increase growth opportunities and sustainability.
He went on to further comment that the Bank is keen through this agreement to boost all initiatives supporting private businesses consequently leading to economic development and prosperity for the Kingdom of Bahrain.
Friday 22 July 2011
Labuan FSA hosts IIFM's 24th Board of Directors meeting
The 24th Board of Directors meeting of the International Islamic Financial Market's organization (IIFM) was held at the Labuan Financial Services Authority (Labuan FSA) offices which is one of the founding and permanent members of IIFM.
Besides Labuan FSA, the IIFM Board of Directors are represented by senior officials from the Central Bank of Bahrain, Authoriti Monetari Brunei Darussalam, Bank Indonesia, Central Bank of Sudan, State Bank of Pakistan, Islamic Development Bank, Bank Islam Malaysia Berhad, National Bank of Kuwait, Credit Agricole CIB, Standard Chartered Saadiq, Kuwait Finance House-Bahrain, European Islamic Investment Bank and ABC Islamic Bank.
Dato' Azizan Abdul Rahman, Director General of Labuan FSA and Board member of IIFM welcomed the IIFM Board of Directors to Labuan and reiterated its strong support to IIFM's Islamic financial market unification efforts through standardization of Islamic Capital & Money Market (ICMM) products, documentation and related processes.
Mr. Khalid Hamad Abdul Rahman Hamad, Executive Director-Banking Supervision, Central Bank of Bahrain & Chairman of IIFM, thanked Labuan FSA for their hospitality and appreciated the IIFM Board of Directors for their commitment to IIFM's efforts in the standardization of documentation for liquidity management and hedging products over the past few years, which will greatly facilitate the development of the ICMM.
The Board reviewed the progress on market implementation of the Tahawwut Master Agreement (TMA) and also deliberated on the related current IIFM initiative of Islamic hedging products standardization under the TMA. The progress of IIFM's other current market initiatives such as the Master Wakalah Agreement was also discussed.
Mr. Ijlal Ahmed Alvi, Chief Executive of IIFM, briefed that as per the directives of the IIFM Board during its meeting held in December 2010 as well as in line with IIFM's comprehensive industry wide process of market standardization; the "IIFM Market Consultative Meeting on the Master Wakalah Agreement" was held on 12th June 2011 in Dubai. The meeting was very well received by the market practitioners as well as Shariah scholars and resulted in establishing the need to address various issues in the existing Wakalah arrangements in order to provide further enhancement to current practices keeping in view the Shariah requirements of such liquidity management tools.
The IIFM Board formally approved the standardization of Wakalah for the Islamic inter-bank market.Mr. Alvi stressed the need of bringing the Islamic banking institutions, regulators, Shariah scholars and other market participants on a common platform to address their needs and requirements as well as create awareness in the markets.
In this regard, the IIFM's events such as its project consultative meetings, industry seminars and workshops which have benefitted institutions in various jurisdictions. This IIFM seminars and briefings so far held in 2011 are Pakistan, Labuan (Malaysia) and Brunei on 23rd June, 5th July and 6th July respectively.
The IIFM Sukuk Report (2nd Edition) was launched at the press conference following the Board meeting. Mr. Alvi said that this report has now become an annual research feature for the industry.
Besides Labuan FSA, the IIFM Board of Directors are represented by senior officials from the Central Bank of Bahrain, Authoriti Monetari Brunei Darussalam, Bank Indonesia, Central Bank of Sudan, State Bank of Pakistan, Islamic Development Bank, Bank Islam Malaysia Berhad, National Bank of Kuwait, Credit Agricole CIB, Standard Chartered Saadiq, Kuwait Finance House-Bahrain, European Islamic Investment Bank and ABC Islamic Bank.
Dato' Azizan Abdul Rahman, Director General of Labuan FSA and Board member of IIFM welcomed the IIFM Board of Directors to Labuan and reiterated its strong support to IIFM's Islamic financial market unification efforts through standardization of Islamic Capital & Money Market (ICMM) products, documentation and related processes.
Mr. Khalid Hamad Abdul Rahman Hamad, Executive Director-Banking Supervision, Central Bank of Bahrain & Chairman of IIFM, thanked Labuan FSA for their hospitality and appreciated the IIFM Board of Directors for their commitment to IIFM's efforts in the standardization of documentation for liquidity management and hedging products over the past few years, which will greatly facilitate the development of the ICMM.
The Board reviewed the progress on market implementation of the Tahawwut Master Agreement (TMA) and also deliberated on the related current IIFM initiative of Islamic hedging products standardization under the TMA. The progress of IIFM's other current market initiatives such as the Master Wakalah Agreement was also discussed.
Mr. Ijlal Ahmed Alvi, Chief Executive of IIFM, briefed that as per the directives of the IIFM Board during its meeting held in December 2010 as well as in line with IIFM's comprehensive industry wide process of market standardization; the "IIFM Market Consultative Meeting on the Master Wakalah Agreement" was held on 12th June 2011 in Dubai. The meeting was very well received by the market practitioners as well as Shariah scholars and resulted in establishing the need to address various issues in the existing Wakalah arrangements in order to provide further enhancement to current practices keeping in view the Shariah requirements of such liquidity management tools.
The IIFM Board formally approved the standardization of Wakalah for the Islamic inter-bank market.Mr. Alvi stressed the need of bringing the Islamic banking institutions, regulators, Shariah scholars and other market participants on a common platform to address their needs and requirements as well as create awareness in the markets.
In this regard, the IIFM's events such as its project consultative meetings, industry seminars and workshops which have benefitted institutions in various jurisdictions. This IIFM seminars and briefings so far held in 2011 are Pakistan, Labuan (Malaysia) and Brunei on 23rd June, 5th July and 6th July respectively.
The IIFM Sukuk Report (2nd Edition) was launched at the press conference following the Board meeting. Mr. Alvi said that this report has now become an annual research feature for the industry.
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