Malaysia continues to lead in the innovation of Islamic financial products with the recent launch of an Investment Account Platform (IAP) which is envisaged to become a cross border multi-currency channel linking into regional and global economies. »
Presenting at an Islamic Finance seminar organised by the Manchester Chamber of Commerce in association with the British Muslim Heritage Centre, Maisam Fazal of Al Rayan Bank, a fully fledged UK bank run in accordance with the principles of Sharia provided an overview of common Islamic finance transaction structures as well as outlining the banks growth plans into Europe. »
Al Baraka Bank Pakistan, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), announced that it had achieved a growth of 19% in its net profit in the first nine months of 2015 compared to the same period of 2014. »
Islamic banks claim that they operate as Mudaribs and manage funds of ‘Sahib-ul Maal’ or depositors. Whereas, in reality, they function just like conventional banks. »
Al Baraka Turk Participation Bank, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), announced that it had achieved a large increase of 16% in its net profit in the first nine months of 2015 compared to the same period of 2014. »
BLME Holdings plc has increased Operating Profit before Impairment Charges by 19%. Total Operating Income has reached £42.4 million for the period with Net Fee Income of £3.0 million and Operating Profit before Tax for the Group of £0.1 million. »
Kuveyt Türk, the Turkish participation bank has issued a Turkish Lira denominated Sukuk for TL150m. The 90 days issuance with a maturity of 90 days received demand of around TL200 million from a book building exercise which stated on September 15 to qualified investors. »
The UK mid-market is a powerful driver of the economy. Often unfairly misrepresented, these firms make huge contributions to jobs and growth. Over the last 12 months the economic picture has continued to brighten despite flashpoints remaining. »
Islamic Banks are experienced mixed fortunes as the industry matures and consolidates whilst facing challenges competing against established conventional peers. Whilst some Islamic Banks are closing and integrating within larger parent banks, Islamic Banking assets and profits continue to show strong growth. »
Qatar Islamic Bank announced in response to an article published in Al – Watan newspaper in Qatar, which quoted a Financial Times article, “QInvest to sell Panmure Gordon stake” that the aforementioned article is unfounded as of date. Qatar Islamic Bank deems it necessary to make this clarification by virtue of transparency and disclosure. »
