Monday 22 September 2014
 
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Islamic bank

Islamic bankers association gets 6 new members

The Association of National Development Finance Institutions in Member Countries of Islamic Development Bank (Adfimi) has accepted the membership of six new banks including a Jordanian lender and two Sudanese banks. The new member

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Al Baraka posts near-flat Q1 profit

Bahrain-based Al Baraka Banking Group reported near-flat first-quarter net profit on Sunday. The Islamic lender recorded a net attributable profit of $36.6 million in the three months to March 31, compared with $36.8 million in th

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Malaysia bank sets up $1.5bn sukuk programme

Public Islamic Bank, the sharia-compliant arm of Malaysia's third-largest lender, has set up an Islamic bond programme to raise as much as 5 billion ringgit ($1.53 billion). The subordinated sukuk murabaha is Basel-III complia

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Nizwa to set high Shariah standards

Bank Nizwa, Oman's first Islamic bank, aims to reach far beyond the boundaries of conventional banking and set new standards in Islamic finance sector, said its top official. Addressing the shareholders of Bank Nizwa, chairman

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KFH inks Islamic banking deal with Meethaq

Kuwait Finance House (KGH)-Bahrain has signed a deal with Meethaq Islamic Banking Group, a unit of Bank Muscat, to support joint business opportunities in the Islamic banking sector. This relates to areas of treasury transactions,

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KFH-Bahrain honours top employees

Kuwait Finance House – Bahrain, a leading provider of Islamic commercial and investment banking services, recently honoured three more employees in its "Fursan Baytik" employees’ recognition awards for their outstanding con

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Gulf Islamic lenders' product costs shrinking

The extra costs which Islamic banks in the Gulf charge consumers relative to conventional banks appear to be falling, according to a study by credit rating agency Standard & Poor's. For years, bankers have assumed that Isl

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Arab Banking Corp net profit up17pc

Arab Banking Corporation (ABC) said its consolidated group net profit for 2013 surged 17 per cent to $239 million from $205 million the previous year. The Bahrain-based bank saw its total operating income soar to $857 million from

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IILM to expand sukuk issuance to $860m

Malaysia-based International Islamic Liquidity Management Corp (IILM) will expand its Islamic bond programme by $370 million to $860 million next week, increasing its issuance of short-term sukuk for the first time since its launch last year.

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Fitch ratings boost for ABC

Bahrain-based Arab Banking Corporation's (ABC) long-term issuer default rating (LT IDR) has been upgraded from "BB+" to "BBB-" and its viability rating (VR) from "bb+" to "bbb-" by Fitch Ratings.

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