Islamic Development Bank mulls oil refinery funding

by Souhail Karam

The Saudi-based Islamic Development Bank (IDB) will consider helping finance a 40,000 barrels per day oil refinery in Chad, Saudi state news agency SPA reported on Saturday.

Chad's Economy and Planning Minister Ousmane Matar Breme asked Ahmed Mohammed Ali, the head of the 56-member IDB, to "contribute to the construction of a ... refinery in the capital N'Djamena which will be jointly-developed by ... Chad and China," SPA said.

"The two parties agreed ... to examine the details of the project and the possibility of a financial contribution from the bank (IDB)," it said.

The refinery aims at supplying both the domestic market and neighbour countries, it added. (Reuters)

European takes closer look at Islamic financing

PARIS: With commercial bank financing tight, Europeans have been taking a closer look at Islamic banking.
"The potential is there," Ahmad Jachi, the first deputy governor of the Central Bank of Lebanon, said at a conference this past week in Paris. "It's a matter of really enabling and creating the market."
Islamic banking has already been integrated into the British and German banking systems, and banking executives at the conference said efforts were under way to allow Muslims in France to bank and invest under regulations that conform to Shariah, the legal code of Islam.
Estimates of the Islamic banking market's current size vary from $500 billion to $1 trillion. It has only about 5 percent of the overall banking market, but attendees at the conference, which was sponsored by The Economist, said Islamic banking has a huge potential for growth, since one-sixth of the world's population is Muslim.
The International Monetary Fund estimates that the Islamic banking sector has grown 10 percent to 15 percent a year over the past decade.

Best Sukuk Bank (Global Finance Award 2008) : Kuwait Finance House

Kuwait Finance House (KFH) was established in the State of Kuwait in 1977, as the first bank operating in accordance with the Islamic Shari'a. KFH is listed in Kuwait Stock Exchange (KSE), with a market capitalization of KD 3.133 billion as of 31 December 2006. Assets total KD 6.314 billion and deposits amount to KD 3.730 billion, representing 25% of the total deposits in the Kuwaiti market as per the balance sheet of 2006.

KFH has been highly rated by prestigious international agencies. Standard & Poor's rated KFH A-/A2 for short and long term investments, respectively. Capital Intelligence rated KFH A/A1 for short and long term investments, respectively. Fitch International also rated KFH A, and Moody's rating was Aa3. KFH has been awarded by The Banker magazine as the world's Best Islamic Financial Institution, and for third successive year it has been awarded by EuroMoney magazine as the best bank.

KFH provides a wide range of Islamic Shari'a compliant products and services, covering banking, real estate, trade finance, investment portfolios, and other products and services.

Since the 1980's, KFH has witnessed multi-activity in international expansion. It has established independent banks in Turkey, Bahrain, and Malaysia. Moreover, it has stakes in other Islamic banks. Its investment activities in the US, Europe, South East Asia and the Middle East contributed tremendously to achieving the ever-growing profit of KFH, in collaboration with the world's leading companies and banks, such as Citibank, Deutsche Bank JP Morgan, Chase, BNP Parisbas, ABN Amro, HSBC, and Islamic Development Bank (IDB).

KFH has always endeavored to expand its local branch network, covering 42 branches, in addition to special sections for ladies. It adopts the out-of-branch client concept. KFH has maintained its foothold as a pioneering entity in utilizing the latest technologies to meet the requirements of the various activities in which it operates, using online, SMS, as well as phone service (Allo Baitak), which has received the highest accreditation from the US Purdue University for outstanding customer service level.

KFH is proud of its manpower skills. It employs a number of outstanding human resources, and is a pioneer in manpower Kuwaitization, where Kuwaiti manpower exceeded 52%.

Best Islamic Bank in the Middle East : Dubai Islamic Bank (Euromoney)

Dubai Islamic Bank has the unique distinction of being the world’s first fully-fledged Islamic bank, a pioneering institution that has combined the best of traditional Islamic values with the technology and innovation that characterise the best of modern banking. Since its formation in 1975, Dubai Islamic Bank has established itself as the undisputed leader in its field, setting the standards for others to follow as the trend towards Islamic banking gathers momentum in the Arab world and internationally.

Since its formation in 1975 as the world’s first full-service Islamic bank, DIB has established itself as the undisputed leader in its field, setting the standards for others to follow as the trend towards Islamic banking gathers momentum in the Arab world and internationally.
Today, Islamic banking is increasingly recognised as a fairer alternative to traditional commercial banking and is consequently attracting many non-Islamic customers – motivated by the system’s inherent commitment to transparency and ethical values.
That’s why Islamic banking now one of the world’s fastest-growing economic sectors, comprising close on 200 institutions responsible for assets estimated at more than $200 billion.

And Dubai Islamic Bank still leads the way, remaining true to its roots as a customer-centred organisation where close personal service and understanding form the basis of all its relationships. Tradition and heritage join with a commitment to flexibility, innovation and modernity, so that customers of every nature are provided with comprehensive solutions to all their financial needs

Whether you are already a customer, or looking for a bank that’s refreshingly different, you will discover why Dubai Islamic Bank is always the first choice for discerning clients who are seeking quality, service, and value for money. Use this website take advantage of our ‘Al Islami On-line Banking’ facility to manage all your finances. You can save time, money, and effort by using Al Islami to handle all your banking requirements quickly and efficiently. Just click the links to register or to log-on.

Islamic banking and finance is now one of the world’s fastest-growing economic sectors that comprise more than 400 institutions with assets under management in excess of US$ 1 trillion (US$1,000 billion).

In this context, the role of Dubai Islamic Bank is even more impressive. Yet, the bank remains true to its roots as a customer-centered organisation where close personal service and understanding form the basis of all its relationships. Tradition and heritage join with a commitment to flexibility, innovation and modernity, so that customers of every nature are provided with comprehensive solutions to all their financial needs.

DIB Awards

* Dubai, June 22, 2008:Dubai Islamic Bank named ‘Best Islamic Bank at Banker Middle East Awards
* Dubai, May 13, 2008:Dubai Islamic Bank named world’s Best Islamic Retail Bank by Global Finance
* Dubai, April 30, 2008:Dubai Islamic Bank awarded “Superbrand” status
* Dubai, February 27, 2008: DIB named UAE’s best Islamic bank
* Dubai, February 3, 2008: Dubai Islamic Bank wins Best Islamic Credit Card Product Award
* Dubai, January 28, 2008: Dubai Islamic Bank receives Best Islamic Bank Award and Best Call Centre Award
* Dubai, December 12, 2007: DIB wins Best Islamic Bank and Best Islamic Wealth Management Firm Awards
* Dubai, October 6, 2007: Dubai Islamic Bank wins Real Estate “Best Investment Management” Bank Award
* Dubai, September 12, 2007: Dubai Islamic Bank wins Middle East e-Banking Award
* Dubai, May 19, 2007: Dubai Islamic Bank wins best Islamic Bank Award from Banker Middle East
* Dubai, March 13, 2007: Dubai Islamic Bank wins Dubai Human Development Award
* Dubai, March 5, 2007: H.H. Dr. Sheikh Sultan Al Qassimi presents Emiratisation award to Dubai Islamic Bank CEO
* Dubai, February 3, 2007: Dubai Islamic Bank wins Euromoney “Best Islamic Bank in the Middle East” award
* Dubai, January 3, 2007: DIB named Best Islamic Finance House in UAE
* Dubai, December 5, 2006: Dubai Islamic Bank wins “Bank of the Year - UAE” Award
* Dubai, June 8, 2006: DIB wins Euromoney’s Best Debt House Award in the UAE
* Dubai, May 17, 2006: Dubai Islamic Bank wins Best Islamic Bank and Product Innovation awards from Banker ME Magazine
* Dubai, March 26, 2006: Dubai Islamic Bank wins Golden Trophy in UAE Web Awards Ceremony
* Dubai, March 21, 2006: Dubai Islamic Bank wins two Sheikh Mohammed Bin Rashid Al Maktoum Islamic Finance Awards
* Dubai, March 5, 2006: DIB awarded top HR award for banking sector
* Dubai, February 13, 2006: Dubai Islamic Bank wins Best Islamic Bank in Middle East at Gulf Wealth Forum
* Dubai, January 27, 2006: Dubai Islamic Bank wins Euromoney’s Best Islamic Bank in Middle East and Best Global Sukuk House Awards
* Dubai, November 27, 2005: GCC Labour and Social Affairs Ministers Council awards Dubai Islamic Bank
* Dubai, August 26, 2005: Dubai Islamic Bank wins Best Consumer Internet Bank Award by Global Finance
* Dubai, June 2, 2005: Dubai Islamic Bank receives JPMorgan Chase 2004 Elite Quality Recognition Award
* Dubai, May 18, 2005: DIB rated one of the top three banks in the Middle East
* Dubai, March 8, 2005: DIB wins top HR award for banking sector
* Dubai, November 1, 2004: UAE ranked top as DIB rated world’s No1 Islamic finance Deals lead manager
* Dubai: July 28, 2004: Dubai Islamic Bank wins J. P. Morgan Chase Quality Recognition Award

New Sharia products in Asia sought

The booming Islamic finance industry has yet to rub off on wealthy Asians who say there are far too few Sharia products to invest in, the private banking arm of Malaysia's second largest lender said yesterday.
Sharia investing is a key pillar in the Middle East and has caught the interest of non-traditional centres such as London and Singapore, but rich Asians are still cool on it.
Asia is a big potential market for the $1 trillion Islamic finance sector, with the Asia-Pacific home to 28 per cent of the world's high-net-worth-individuals, who are defined as those with investible assets of more than $1 million.
Even in Malaysia, which has the world's largest Sharia bond market, wealthy individuals have limited interest in Islamic assets.
"The appetite is still quite small because they continue to nibble," said CIMB Private Banking co-head Carolyn Leng.
The bank says it is Malaysia's top private banking firm with assets of 4.4 billion ringgit ($1.23bn). The bank expects to increase this to about 7bn ringgit by 2010, Leng said.
"Offering of Islamic products are not that great here, what you have is probably what the market (outside) has as well. Product innovation is key, we need to be a lot more creative."
Structured products and Islamic bonds are the main sharia products that wealthy Malaysians put their money into, Leng said.
In contrast to Asia, Middle East investors have a wider choice of Islamic offerings as banks tap their global resources to structure innovative products, Leng said.
"There are a lot of derivatives-based kind of products. The way they structure some options into their products is interesting because it's done in such a way that it's a profit-sharing method," she said.
Islamic banking products can be bought and sold by all investors, regardless of individual religious belief, and is premised on the notion of ethical investing.
Islamic banks have been barely bruised by the global financial crisis, although falling property and commodity prices and slowing economies are starting to affect the sector.
Source : Gulf Daily News

The first sharia bank in Kuwait

Kuwait Finance House (KFH) was established in the State of Kuwait in 1977, as the first bank operating in accordance with the Islamic Shari'a. KFH is listed in Kuwait Stock Exchange (KSE), with a market capitalization of KD 3.133 billion as of 31 December 2006. Assets total KD 6.314 billion and deposits amount to KD 3.730 billion, representing 25% of the total deposits in the Kuwaiti market as per the balance sheet of 2006.

KFH has been highly rated by prestigious international agencies. Standard & Poor's rated KFH A-/A2 for short and long term investments, respectively. Capital Intelligence rated KFH A/A1 for short and long term investments, respectively. Fitch International also rated KFH A, and Moody's rating was Aa3. KFH has been awarded by The Banker magazine as the world's Best Islamic Financial Institution, and for third successive year it has been awarded by EuroMoney magazine as the best bank.

KFH provides a wide range of Islamic Shari'a compliant products and services, covering banking, real estate, trade finance, investment portfolios, and other products and services.

Since the 1980's, KFH has witnessed multi-activity in international expansion. It has established independent banks in Turkey, Bahrain, and Malaysia. Moreover, it has stakes in other Islamic banks. Its investment activities in the US, Europe, South East Asia and the Middle East contributed tremendously to achieving the ever-growing profit of KFH, in collaboration with the world's leading companies and banks, such as Citibank, Deutsche Bank JP Morgan, Chase, BNP Parisbas, ABN Amro, HSBC, and Islamic Development Bank (IDB).

KFH has always endeavored to expand its local branch network, covering 42 branches, in addition to special sections for ladies. It adopts the out-of-branch client concept. KFH has maintained its foothold as a pioneering entity in utilizing the latest technologies to meet the requirements of the various activities in which it operates, using online, SMS, as well as phone service (Allo Baitak), which has received the highest accreditation from the US Purdue University for outstanding customer service level.

KFH is proud of its manpower skills. It employs a number of outstanding human resources, and is a pioneer in manpower Kuwaitization, where Kuwaiti manpower exceeded 52%.