News Center Finance industry

GIB managing director named Economic woes, commodity slump could hit Islamic banks Qatari Diar, Barwa and GDF SUEZ Signed a Shareholders' Agreement QInvest hires Shahzad Shahbaz as CEO SAUDI KAYAN enters US $6 bn financial deal for new complex Hariharan is named senior manager of Shamil Bank Islamic banks invited to review crisis Salama launches Motor Claim Center in Jeddah Daman Speculator Fund shows steady growth in November Al-Arafah Islami Bank Ltd opens 50th branch IBBL MD honoured Kuwait Finance House achieves total profits of 463 Million KD

Crisis widens appeal of Islamic finance

France is becoming the latest country to woo Islamic banks, which avoided much of the damage from the subprime mortgage crisis by following strict principles laid out in the Quran _ as the global financial crisis broadens the appeal of Islamic finance.

Bank of Tokyo-Mitsubishi UFJ (Malaysia) To Promote Islamic Finance

Bank of Tokyo-Mitsubishi UFJ (Malaysia) Bhd (BTMU) has embarked on an initiative to take a leadership role in promoting Islamic financing to its clientele across the globe.

ADIH issues new range of shares

Abu Dhabi Investment House (ADIH) on 2008-12-24 announced the issuance of second-class shares that will be paying out dividends under its existing Sharia-compliant Al Joud GCC Equity Fund.

HSBC reaffirms commitment to Islamic finance

HSBC Amanah, the global Islamic banking division of the UK’s HSBC Group, complete with its new brand logo “Islamic Finance for Life,” recently celebrated its 10th Anniversary in the plush surroundings of the ballroom of the London Hilton Hotel in Park Lane.

IDB has endorsed worth $250 million in Azerbaijan

Islamic Development Bank (IDB) has published statistics on operations separately on each IDB member country.

Amana Islamic fund trumps the US competition

In a dire year for mutual funds, the Amana Trust Income Fund, the main Islamic investment fund, has trumped those from all other faiths in the US by losing only 25.8% of its value for the year - half the average 44% loss for US stock funds.

Hariharan is named senior manager of Shamil Bank

Bahrain-based Shamil Bank has appointed Krishnan Hariharan as the bank's new senior manager, risk management.

Al-Arafah Islami Bank Ltd opens 50th branch

Al-Arafah Islami Bank Ltd opened its 50th branch at Shahid Faruk Sharak, West Jatrabari, Dhaka, on 2008-12-23. Chairman, Board of Directors of the bank Badiur Rahman was present as chief guest and inaugurated the branch.