Friday 28 November 2014

India to launch new Islamic equity fund

Mumbai-based SBI Funds Management will launch an Islamic equity mutual fund next month to tap into India's large but underserved Muslim population, although the country still lags in developing sharia-compliant debt alternatives. India's 175 million Muslims, the largest M


Bahrain eGA, BIBF launch e-content training programme

The eGovernment Authority (eGA) and Bahrain Institute of Banking and Finance (BIBF) have launched an integrated training programme on e-content management. The move is a part of initiatives to enhance Arabic e-content through capacity-building of Bahrainis in this area, said a re


Dubai World sets meetings to put new deal to creditors

State-owned conglomerate Dubai World will meet with its creditors next week to formally present revisions to its multi-billion-dollar debt restructuring terms, three sources aware of the matter told Reuters on Thursday. Meetings will take place in London on December 1 and Dubai o


Key economic programmes 'vital for OIC'

The need to develop economic and social programmes in all parts of the Islamic world was stressed by Bahrain’s  Industry and Commerce Minister Dr Hassan Fakhro yesterday (November 27). He was speaking at the 30th Standing Committee for Economic and Commercial Co-operat


WTO clinches first global trade deal in its history

The World Trade Organization adopted the first worldwide trade reform in its history on Thursday, after years of stalemate, months of deadlock and a final day's delay following an eleventh-hour objection. The agreement means the WTO will introduce new standards for customs ch


Qalaa to issue $560m shares by May for restructuring

Egypt's Qalaa Holding will issue shares worth four billion Egyptian pounds ($560 million) by May next year to advance a major restructuring of the loss-making investment fund, a company official said. Qalaa, one of Egypt's largest investment companies, has some $9.5 billi


Doha Summit 'will be turning point in GCC march'

The Doha Summit next month will be a turning point in GCC march, Bahrain’s King Hamad said yesterday (November 27). The December 9 to 10 meeting of leaders is an opportunity to further strengthen the GCC, he said as he received its Secretary General Dr Abdullatif Al Zayani


UAE may create body to monitor FX peg

An advisory body to the UAE government has suggested that the central bank review the country's currency peg to the US dollar, but local bankers said any change to the peg remained very unlikely for the foreseeable future. An economic committee of the Federal National Council


GFH 'targets majority stake in Khaleeji Commercial'

Bahrain's Gulf Finance House (GFH) plans to up its stake in Khaleeji Commercial Bank (KCB) to gain majority ownership, its chairman was quoted as saying by a television channel on Thursday. Ahmed Al-Mutawa said in an interview with CNBC Arabiya that the sharia-compliant inves


Russian diamond miner opens office at DMCC

DMCC, a leading commodity hub for trade and enterprise and the largest and fastest growing Free Zone in the UAE, welcomed Alrosa and its subsidiary Arcos East DMCC to Dubai, UAE, as the company opened its new office in Almas Tower. Arles, a Russia-based leader in diamond mining,

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