The Bahrain office of Baker & McKenzie has acted for the Saudi Binladin Group on a SAR700m ($187m) Sukuk Al-Murabaha issued by SBG Sukuk Limited. The short term Sukuk was privately placed with key Saudi investors. The Baker & McKenzie team was directed by Ian Siddell, Partner and Head of the Gulf Banking & Finance practice, who said: “Having assisted the Saudi Binladin Group on their inaugural sukuk issuance in 2008, we are pleased to have, once again, advised the Saudi Binladin Group on this innovative short term sukuk which represents a first in many respects for the Saudi market. The strong response the issuance received from the Saudi market highlights the strength of the Saudi Binladin Group.”
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Crédit Agricole Egypt (CAE) announced the opening of its 70th branch located in El Tagamoe El Khames – New Cairo. This new addition comes within the framework of the bank’s expansion plan to intensify its presence across Egypt, especially in new urban communities such as Al Obour, 6th October City and New Cairo, in addition to other residential and industrial areas nationwide.
HSBC Amanah, the Islamic financial services business of HSBC Group, has announced the opening of its first branch dedicated to Shari’ah-compliant products and services in Qatar. The new branch will offer services to retail and corporate customers including HSBC Amanah Premiere, HSBC Advance, and international trade finance and corporate banking services.
Derayah Financial, the first and only one-stop-shop for individual investors in the Middle East, and ‘Argaam Business Info’, the parent company of Argaam.com, have collaborated to present a new portal that offers financial information and Aggregated research from multiple firms under the name “Abhath Derayah” which will cover all GCC stock Markets, in addition to the Egyptian market.
Nasdaq has released its first sharia-compliant indexes, based on the Nasdaq 100 and OMX Stockholm Benchmark indexes. Nasdaq has created two sharia-compliant indexes, based on the Nasdaq 100 Index and the OMX Stockholm Benchmark Index. The indexes are a response to growing demand for a wider range of Islamic investments by investors and are the first in an intended family of indexes aimed those who want an Islamic investment portfolio, says Nasdaq. The indexes are weighted by market capitalisation and track the securities in the underlying benchmark indexes, and meet sharia requirements as specified by the Accounting and Auditing Organisation for Islamic Financial Institutions adopted by Nasdaq OMX with the guidance of sharia advisor BMB Islamic UK.
H.E. Abdul Qadir Fitrat, Governor, Central Bank Afghanistan
Kabul (Press Release) International Conference on Prospects of Islamic Banking and Finance in Afghanistan organized by AlHuda CIBE, Pakistan ends at Intercontinental Hotel Kabul-Afghanistan. H.E. Abdul Qadir Fitrat, Governor, Central Bank Afghanistan, Finance Minister, Minster of Haj and Awqaf, Heads of all banks, Insurance companies, Microfinance companies, government officials and employees of the finance companies of Afghanistan gave privilege by participating in the conference. Speakers and research scholars from Malaysia, Saudi Arabia, Sudan, Poland, UAE, Canada, UK, Kuwait, Afghanistan and Pakistan shared their scholarly knowledge who delivered erudite speeches and research dialogues in the conference. (more…)



