Managers of Wealth Middle East -Wealth, private banking and asset management news and opinion

Growth of Islamic finance in numbers globally, in Saudi, and the UAE

The most famous rule in Islamic finance is the ban on usury.

Kuwait International Bank sells $300 million sukuk: Document

Saudi oil giant Aramco closed a jumbo $8 billion five-part bond sale on Tuesday, which it needs to partly fund an annual $75 billion dividend, most of which goes to the Saudi government.

Islamic Corporation for the development of the Private Sector (ICD) Launches the ICD Finnovation Award 2020

The winners will be awarded in a very special ceremony to be organized during the Annual Meetings of Islamic Development Bank Group (IsDBG) to be held in June 2021

Default Resolution Regimes Untested in Most Islamic Finance Markets

Bankruptcy regimes in key sukuk-issuing jurisdictions are at various stages of development, but in general they are still in the early stages, remaining largely untested and under-developed.

Safest Islamic Banks In The GCC

Sharia principles are no barrier to stable long-term growth.

Kuwaiti Islamic Banks' Asset Quality and Profitability Under Pressure

Regulation on Islamic banks continues to evolve.

UAE: Islamic personal law reforms are good for business

The announcement of the reforms comes shortly after the UAE and Israel agreed a deal aimed at normalising the relationships between the countries

Dubai Islamic Bank sells $1b in perpetual sukuk

DIB began marketing the notes at around 5.25% earlier on Thursday and received over $5.5 billion in orders for the debt sale, the document showed.

Global sukuk issuance to decline slightly in 2020, says Moody's

The global sukuk market has grown rapidly from around US$80 billion to US$179 billion over the last four years, supported by large pools of sharia-compliant funds in the Gulf.

Al Rajhi Bank calls off merger talks with MIDF

The decision comes as no agreement has been reached between the parties

Saudi SABB Takaful Q3 losses widen 108%

During the period from January to September, the losses increased by 163.9%

Will Noor Bank’s merger with Dubai Islamic Bank lead to layoffs?

Dr. Adnan Chilwan, DIB’s CEO said: “…we succeed in restoring all services before the expected time and with minimal impacts on customers.”

QFB’s total income remains stable in third quarter

On the expense side, strict cost controls introduced by the Bank has resulted in a total reduction in expenses by 28 percent while enhancing the efficiency levels.

UAE’s Etihad issues $600m sustainability-linked sukuk

The airline has committed to net zero carbon emissions by 2050 and a 50 per cent reduction in net emissions by 2035

QIIB net profit reaches QR785mn at end of third quarter

QIIB posted a net profit of QR785mn at the end of the third quarter in September, compared to QR777mn during the corresponding period of 2019.

DIB to suspend services for final merger phase with Noor Bank

The services will be suspended on October 28-31

Boubyan Bank records operating profits ended September 2020

Bank continued its prudent approach

Sukuk issuance seen recovering from COVID stress

Fitch projects issuance volumes in 2020 to reach 2019 level

QIB successfully closes $750m 5-year Sukuk

The success of this transaction came on the back of a two-day marketing strategy aimed at updating international and regional investors with QIB’s strategy and financial performance.

Etihad Credit Insurance launches 'ECI Islamic'--Shariah-compliant export credit solutions to boost UAE's halal trade industry

Launch of 'ECI Islamic' makes ECI one of the first sovereign export credit agencies in Middle East to offer Shariah-compliant Export Credit Insurance and Guarantee Solutions