Top Islamic News coming from the Middle East. Read between the lines, as this is coming from the side of news who advocate Shariah, but good to know whats happening
An Islamic Financing arrangement worth $250m (QR910m) for part of the Ras Laffan C independent power and water project to be undertaken by Ras Girtas Power Company reached financial close on September 2, Qatar Islamic Bank (QIB) announced. The Peninsula – 14Sep 04:37GMT
Investors in a Dubai equestrian development repossessed by Dubai Islamic Bank will be compensated, the emirate’s real estate regulator said. Emirates Business 24/7 – 13Sep 09:20GMT
Noor Islamic Bank PJSC announced it has signed a Memorandum of Understanding (MoU) with the Electronic Documents Centre (EDC), a subsidiary of Emirates Post Holding Group, to offer complete and customised payroll solutions to UAE-based companies. Press Release – 13Sep 08:16GMT
Moody’s Investors Service has assigned definitive ratings to three classes of Sukuk Certificates issued by Sun Finance Limited. Press Release – 12Sep 09:01GMT
The Dubai and Abu Dhabi Offices of Clifford Chance LLP have advised on the first ever securitisation of instalment sales receivables. The transaction involving this brand new asset class was also Shari’a compliant. Press Release – 11Sep 11:14GMT
Fitch Ratings has today affirmed the Islamic Development Bank’s (IDB) ratings at Long-term Issuer Default (IDR) ‘AAA’ with Stable Outlook and Short-term IDR ‘F1+’. Press Release – 11Sep 09:42GMT
Following the disclosure that Abdulla Nasser Abdulla, DGCE of Tamweel PJSC and CEO of Tamweel Properties & Investments LLC, the Company wishes to reassure its shareholders and Sukuk holders that this investigation will have no impact on the operations and financial strength of Tamweel. Press Release – 10Sep 12:14GMT
The Council of the Islamic Financial Services Board (IFSB) has resolved to admit Korea’s regulatory and supervisory authorities as the latest inclusion to the membership of the IFSB. Press Release – 10Sep 08:16GMT
Amlak Finance PJSC, the largest real estate financier in the Middle East, and Barwa Real Estate Company, the largest publicly listed property developer in Qatar, have announced that Amlak Finance (Qatar) has received the licence to commence operations from Qatar Central Bank. Khaleej Times – 10Sep 06:55GMT
With shaky US dollar conditions in global markets, sukuk issuers have also decided to not raise funds in US dollar denomination, a report released by a global-rating agency said. The report also maintained that the global sukuk market projects to cross the $20 billion by year end. Bahrain Tribune – 10Sep 06:42GMT
