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Bank Nizwa Named ‘Best Performing Islamic Bank In Oman’

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Reflecting its position as the Sultanate’s leading Islamic financial institution, Bank Nizwa was named the ‘Best Performing Islamic Bank in Oman’ for the second year in a row during the 23rd Annual World Islamic Banking Conference (WIBC). The Bank was awarded the prestigious accolade after receiving top aggregate scores on the innovative WIBC Leaderboard, which ranks Islamic banks according to their financial stability, financial performance, governance and social responsibility.

Khalid Al Kayed Acting CEO of Bank Nizwa, said, “This is yet another milestone that demonstrates our commitment to lead by example and spearhead the development of tailored Shari’a-compliant instruments that meet the needs of our customers. It is truly an honor to be awarded by the WIBC for two years running and we look forward to continue exceeding expectations by elevating our portfolio of products and services.”

Since its inception 23 years ago, the WIBC has served as a global Islamic finance platform that unites leading bankers, institutional investors, asset managers, policymakers, academics and other stakeholders. Organized under the theme “Economic Uncertainties: Vigilance & Growth”, this year’s conference focused on exploring ways to enable Islamic finance to converge, strengthen and develop as an ecosystem while empowering industry leaders with groundbreaking insights.

Backed by its highly efficient Shari’a-compliant banking products and services in addition to its team of experts, Bank Nizwa has won a longlist of awards over the years for its pioneering role in Oman’s Islamic finance sector. In 2016 alone, the Bank was named the ‘Strongest Islamic Retail Bank’ in the Sultanate at the Islamic Retail Banking Awards. The bank’s string of awards also include ‘Best Employee Retention and Motivation’ and ‘Call Center Manager of the Year’ awards during the 2016 INSIGHTS Middle East Call Centre Awards to mention but a few.

Originally published on www.albawaba.com

Kuwait Finance House Termed The Best Islamic Bank In The World

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kfh-gets-the-best-islamic-bamnk-statusConsistent with its central role of producing groundbreaking and game-changing research works, The Dubai Center for Islamic Banking and Finance (DCIBF), a joint initiative of Hamdan Bin Mohammed Smart University (HBMSU) and the ‘Dubai Islamic Economy Development Centre’, has formally released its second annual report on Islamic economy today (Wednesday October 12, 2016) during the third Global Islamic Economy Summit in Dubai, the region’s premier forum on the Islamic economy, which ran from October 11 to 12, 2016 at Madinat Jumeirah in Dubai.

The latest statistics-backed comprehensive report titled ‘Islamic Banking: Growth, Efficiency and Stability’ focuses on the efficiency performance of 131 Islamic banks operating globally and other various key facets of Islamic banking. Out of the total Islamic institutions studied, DCIBF’s report reveals that an Islamic bank from Kuwait emerged as the world’s most efficient.

The Kuwait Finance House (KFH) received the highest efficiency score among all banks mentioned in the report, followed by Al Inma Bank from Saudi Arabia, which obtained the top score in terms of the most cost-efficient Islamic bank in the world. The top 20 most efficient Islamic banks come from seven countries, including the UAE, Qatar, Malaysia, and Bahrain in addition to Kuwait and Saudi Arabia. Outside the GCC region, it is only Malaysia that made it to the top 20 list.

The Dubai Center for Islamic Banking and Finance (DCIBF) plays a pivotal role in the preparation and development of in-depth studies covering developed global Islamic banking sector efficiency—used as a reference and base for the Islamic Retail Banking Awards, which held its inaugural edition in 2015. The extensive research conducted by the Center has also led the DCIBF to being awarded with the Islamic Banking R & D Award in 2015, which was given in recognition of the efforts made to assess the performance of Islamic retail banks.

In business, efficiency refers to how much needs to be spent in order to maximize output. According to the report, as financial markets become more integrated and decentralized, it has become imperative to measure the efficiency of banking institutions.

More than 400 Islamic banks and financial institutions are now operating in over 60 countries from different regions, including Europe, Americas, South Asia, Far East, Africa, and Australia. The report points out that the growth and competitiveness of Islamic banking are being driven by numerous factors such as size, brand, ability to enter new markets, microfinance, combating poverty, strategic alliances, and the development of Islamic finance as an integral part of the global halal economy.

Besides the global ranking, the report, which comprises four chapters, also studied the current state of the global Islamic financial services industry valued at USD 2 trillion at the start of 2015. Although it is expected that Islamic banking will continue to grow globally, the report warns that it may face challenges especially in countries that heavily rely on oil and other commodity prices. In this regard, diversification of the industry and further expansion is essential for its sustainable growth, the report states.

Dr. Mansoor Al Awar, HBMSU Chancellor, said: “The efficiency analysis of Islamic banks used in this report is the first of its kind in that it is specifically designed for Islamic banks and that it has direct relevance to the global Islamic financial services industry. The innovative, pragmatic methodology utilized for the report combines the best academic methods with some basic tools that other practitioners can benefit from. The report is full of substantial statistics and reliable references to back its findings and recommendations. We are confident that the results will positively impact the entire global Islamic economy in such a way that more essential reforms will be implemented to further improve their competitiveness in the global stage.”

Dr. Al Awar, added: “The report forms part of DCIBF’s commitment to the initiative launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to make Dubai the capital of Islamic economy. It also represents another significant contribution to the realization of Dubai Strategic Plan’s goal of promoting knowledge-driven and sustainable economic development in the emirate by providing rigorous scientific research that addresses key issues in Islamic economy and finance. Rest assured that as it gleans more experience and has more resources to capitalize on, the Center will continue to conduct and facilitate research, and will advance the concepts and the applications of research in Islamic banking and finance.”

Furthermore, the report tackles the basic performance indicators of Islamic banks. It suggests that while the industry remains on a growth trajectory, concentration of Islamic banking assets in few markets, mainly the GCC and the wider MENA region, may pose a threat to the stability of Islamic banking. A detailed literature review on Islamic banks was also done to look into Islamic banks’ developments as well as their profitability over the past few decades.

The study addresses pressing challenges facing the Islamic banking and finance sector at a time when many factors have tremendous impact on the industry such as oil price fluctuations.

The research team was led by Project Director Prof. Nabil Baydoun, with Prof. Humayon Dar and Rizwan Malik serving as Chief Editor and Research Assistant, respectively. The members of the Steering Committee comprised Prof. Rodney Wilson, Prof. Fahim Khan, Dr. Syed Othman Al Habshi, Neil D. Miller, Dr. Yusuf Talal DeLorenzo, and Dr. Khaled Fakih.

Islamic banking and finance have been gaining momentum on a global scale, and have been offering profitable opportunities for institutions and individual investors of all sizes. They now represent an important system offering viable innovative alternative models for investment and growth to the conventional financial system, which is under significant strain owing to the recent financial crisis.

Dubai is well placed to promote rigorous research in Islamic banking and finance. The Dubai Government has seen a real potential for expanding its economic base and wants Islamic economics to play a significant part in the wider economic system.

Originally published on www.albawaba.com

Zilzar Bagged Best Halal Industry Technology Platform Award

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zilzar-award-in-gifaKuala Lumpur – Zilzar Tech Sdn Bhd (Zilzar), the first global Business to Business (B2B) Halal e-Commerce platform that connects Buyers and Sellers announced today that it has been named a Winner for Best Halal Industry Technology Platform Award during The Global Islamic Finance Awards (GIFA) 2016. The event was attended by H.E. Joko Widodo, President of the Republic of Indonesia, who also received the prestigious “Global Leadership in Islamic Finance Award 2016”.

The GIFA 2016, organised by London-based Edbiz Consulting, is the leading best practices award ceremony in Islamic banking and finance and celebrates the success of institutions and individuals, with an ultimate objective of promoting social responsibility, Syari’ah authenticity and commitment to Islamic banking and finance.

Zilzar, launched in October 2014, has excelled in its category, Our vision for the halal industry is to build and promote a platform based on integrity, trust and confidence that connects SMEs globally with halal products and services to buyers.” said Dato’ Dr. Vaseehar Hassan, Zilzar’s Co-founder and Chairman.

“This award is a testament to the skill, ingenuity, and vision of its founders and most definitely its team’s extreme commitment. It is a great honor to be chosen for this award knowing that our effort has been recognized significantly,” he added.

Zilzar was honored at the GIFA 2016 Awards ceremony held on 29th September 2016, in Jakarta Indonesia.

Having achieved this impressive milestone, Zilzar is set to explore into bigger challenges to address the demand of the growing numbers of Muslims who are now spending more than $100 billion a year shopping online. As a result, the company plans to expand and open its regional office in Jakarta by end of this year.

Amara Singapore Offers Halal-Certified Menus For Events Held At The Hotel

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amara-hotel-facade

MICE organisers and guests looking to host their events at Amara Singapore now have the option to enjoy an array of Halal-certified menus which are exclusively prepared and served from its events kitchen.

The hotel’s events kitchen was awarded a Halal-certification by Majlis Ugama Islam Singapura (MUIS) in the first quarter of 2016.

With escalating demand from the global Muslim travel segment, which accounted to an estimated 117 million travellers in 2015, this certification came at an opportune time and allows the hotel to tap into a growing market. It presents a game changer to the hotel’s business landscape – in particular the MICE segment, which is one of the key sectors for a business-class hotel such as the Amara Singapore, located right in the heart of Singapore’s thriving Central Business District.

In recognising the needs of a diversified, multi-cultural Singapore, the hotel also extends its Halal- certified offerings to social events such as wedding banquets, solemnisations, dinner and dance parties, birthday parties, anniversary parties and more.

In conjunction with this development, the hotel will host its first Malay bridal showcase on 27 August 2016. Themed as Cinta Bahagia @ Amara, this showcase presents the latest and trendsetting Malay wedding decorations and dais, a line-up of strategic services from vendors including photography, videography, makeup and styling, wedding dresses, wedding favours, entertainment and more, as well as a delectable sampling of Halal-certified wedding menu. Couples who sign up their wedding packages during the showcase will stand a chance to win a two-night stay in a Club Room with Club Lounge access.

The hotel’s meeting and function facilities encompass a Grand Ballroom, column-free and with ceiling streaming with fibre-optic lights resembling a constellation of stars, in addition to four smaller function rooms ideal for cosy meetings. This is supported by a versatile team of event specialists who are dedicated to provide a hassle-free.

Originally published on www.incentivetravel.co.uk

UK Company Launches First HMC Halal Certified Vitamin Range

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The only solution was to have Natures Well’s research team develop their own formulas that would meet the strictest HMC Halal protocols. Only the purest raw ingredients are used and only after thorough testing to prove purity. All products manufactured in the UK, which has some of the most stringent nutritional supplement requirements in the world. Just because an ingredient is listed on the label does not mean there is a sufficient amount to elicit a therapeutic benefit. Natures Wellformulates their products using the correct ingredient dosages to ensure the intended effect.

Their initial launch of 12 products gives them the largest Halal Certified range globally. They have formulated a number of specifically tailored products for the Muslim community. This includes high dosages of Vitamin D supplement for people who don’t get enough sun exposure. They have also launched an Omega 3 EPA/DHA supplement derived from Algae Oil, not only perfect for Muslims, but also 100% Vegan and Vegetarian, as it has no fish oils.

Standard Chartered Expands Islamic Finance Services In Pakistan

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Karachi—Standard Chartered Saadiq, the dedicated Islamic Banking division within Standard Chartered Bank has enhanced its offering for clients looking for Shariah-compliant banking products and services in Pakistan.
The enhanced offering aims to provide clients with innovative banking solutions to meet their needs while offering them the convenience that comes with Standard Chartered’s class leading digital platform.
The enhanced Saadiq product suite includes Home Finance with fixed pricing for up to three years so the clients can benefit from prevailing low market rates and the Saadiq WorldMiles Credit Card, a premium Shariah compliant card that offers travel related privileges and benefits.

In order to address the needs of its business banking clients, Saadiq has also launched a new product: Saadiq Business Term Finance, a Shariah compliant solution for clients to manage their business expenditures by availing financing against their existing property. Standard Chartered endeavours to meet the needs of clients, and Shariah compliant banking is key offering of the Bank.

Originally published on www.pakobserver.net

Dubai`s Al Islami Foods To Open A Halal Food Factory In Brazil

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al-islami-foods-to-open-halal-foods-factory-in-brazilDubai-based Al Islami Foods is planning to open an office in Sao Paulo as it looks to expand its operations in Brazil, it has been reported.

The company, which in 2014 said it was looking to create 1,000 new jobs with a factory in Dubai which will triple production levels, is also considering opening a poultry processing plant in Brazil, the Brazil-Arab News Agency said.

The company specialises in halal products, which are prepared in accordance with Islamic tradition, and has a long-standing history of doing business with Brazilian suppliers, it added.

Al Islami executives reportedly visited the Arab Brazilian Chamber of Commerce offices earlier this month, to discuss their plans for expansion in the country.

By the opening the office, the company intends to “secure a foothold in the country” in order to consolidate their relationship with suppliers, the news agency said, adding that it is also looking to their imports to cater to the UAE and other Gulf countries.

The company owns two plants in the UAE and is planning another one in Saudi Arabia. An eventual plant in Brazil would come as part of a strategy to cater to demand for halal food products outside the Gulf, including the Muslim community in Europe.

Originally published on www.arabianbusiness.com

Uniqlo Launches First Range Of Hijabs In The UK

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uniqlo-starts-offering-first-range-of-hijabs-in-the-uk

Uniqlo is launching a line of hijab head scarves and tunics in the UK for the first time.

The hijabs are Uniqlo’s second collaborative line with Hana Tajima, a British designer, but it is the first time they will available on the UK high street.

The collection launches March 18, the same day as the relaunch of the Uniqlo flagship store on 311 Oxford Street, which will open its doors after almost a year of redevelopment. It has already launched in the US and had successful runs in Malaysia, Singapore, Indonesia and Thailand.

“Our second collaboration with Hana this spring/summer season will introduce essential pieces that reflect her style for modest fashion while combining our LifeWear concept in which is to focus on enhancing the wearer’s lifestyle,” a Uniqlo spokesperson said.

The collection ranges from hijab headscarves, relaxed jeans, rayon blouses, long dresses, as well as hijab innerwear and headbands.

“We are particularly excited about the update to our Inner Hijab and High Neck that ensures coverage without compromising on comfort, especially in tropical weather,” the designer said.

Other showpiece items include the Baju Kurung, available to be styled either as a tunic over a pair of trousers or as a dress by itself.

Hana Tajima, a UK born designer and Muslim fashion blogger, said her designs aim to be both “culturally sensitive” and “extremely comfortable”.

“We wanted to create a collection for women who appreciate modesty as a lifestyle, as well as a broader international audience. It is relaxed, and can be mixed and matched to enhance style,” Tajima said at the launch of her first collaboration with Uniqlo in July 2015.

Uniqlo joins a long line of fashion designers catering to the growing Muslim market.

Muslims spent $266 billion (£187 billion) on clothing and footwear in 2013.

Muslime consumers will be spending $327 billion by 2019. That’s larger than the current combined clothing markets of the UK Germany and India, according to the 2015-2016 State of the Global Islamic Economy Report.

Dolce and Gabbana released their first hijabs and abayas collection in January this year decorated with the brand’s signature floral prints and embroideries.

On the high street, Zara and Mango have offered special collection during Ramadan while H&M featured Mariah Idrissi, its first ever hijab wearing model, in an ad campaign in 2015.

The renovated store will open at 8 am on Friday, 18 March. It will house the new collection from Liberty London, together with the Uniqlo X Hana Tajima collection and the last UNIQLO and Lemaire collaboration line ahead of other UNIQLO stores around the world.

Originally published on www.independent.co.uk

Japan’s BTMU Starts Offering Shariah-Compliant Loans Through Its Local Subsidiaries

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mitsubishi-tokyo-ufj-japanTokyo — Bank of Tokyo-Mitsubishi UFJ of Japan becomes the first-ever Japanese bank to start offering shariah-compliant loans  through an overseas branch.

Its branch in Dubai will issue a $200 million loan to a unit of Saudi Arabian national mining company Ma’aden. Since Islamic law forbids both the charging and payment of interest, the bank will instead reap gains on transactions in commodities, such as iron and aluminum.

The Mitsubishi UFJ Financial Group bank sees Islamic credit making up about 15% of its Middle East financing in the next three years.

Japanese banks had been allowed to engage in Islamic finance only through units incorporated overseas. But the Financial Services Agency (FSA) loosened its rules last April to let them use foreign branches as well.

National Bonds Distributes Dividends To Its Shareholders

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national-bonds-pays-dividends-to-bondholdersDubai:- National Bonds Corporation PJSC (National Bonds), the UAE-based Shari’ah-compliant savings and investments company, has announced that its savings and investment products provided up to four per cent annualized returns to customers in 2015, outpacing the returns provided by other competitive financial institutions in the UAE.

National Bonds revealed that its three-year Step Up Bonds for savings of AED50,000 and above offered four per cent annual returns, while its three-year Term Sukuk for the same amount provided three per cent annual returns compared to 2.25 per cent offered on the two-year Term Sukuk.

In terms of regular savers among expatriates and UAE nationals, National Bonds registered a growth of 82 per cent in comparison with 2014. The company offered an average 2.82 per cent annual return on regular savings, while women bondholders with savings bonds valued at AED 25,000 and above garnered annual returns of 2.94 per cent. Furthermore, the average annualized returns for UAE national bondholders with savings bonds valued at AED 25,000 and above reached 2.08 per cent.

The company recorded a strong performance in 2015 with more UAE nationals opting to save via the ‘myPlan’ regular savings program. In addition, the number of minors enrolled in the program increased by 99 per cent compared to 2014, while the number of UAE national women registered grew by 80 per cent and the number of UAE national men enrollees surged by 78 per cent.

Moreover, in 2015 the company witnessed a 95 per cent increase in the number of regular minor expat savers as against an 88 per cent increase in the number of regular expat male savers and 74 per cent in regular women expat savers compared to 2014.

Speaking on National Bonds’ customer-focused savings programmes, Mohammed Qasim Al-Ali, CEO of National Bonds, said, “At National Bonds, we measure our success by the strategic results we achieve across the year in terms of attracting more savers and investors keen to benefit from long-term returns and low risks. Our 2015 results validate the competitive returns our savings programs offer customers, compared with other savings programmes in their class.”

Al-Ali noted that while 2015 offered a multitude of challenges due to dwindling oil prices and market volatility, as well as the revamping of loans that raised investor concerns and impacted financial decisions, the year also witnessed more people learning from such experiences to save regularly through a sustainable financial plan. He said under a new structure of investment offerings, National Bonds will cater to additional segments of society and help them adopt a long-term financial plan.

Furthermore, he pointed out that National Bonds is encouraged by the high uptake of the new ‘myPlan’ program among UAE national parents who enroll their children in the initiative. This indicated a growing awareness of the importance of regular savings to secure a better future for children among parents in the UAE. It also reflected a growing trend of adopting a long-term sustainable plan that offers the best protection from financial crises and challenges of debt.

Al-Ali said, “National Bonds continues with its strategy of diversifying its investments portfolio. Our Wakala deposits, Sukuk, as well as yield-generating real estate developments constitute the majority of our low risk investments and generate attractive returns for our customers. In 2015, we invested in sustainable, high quality real estate projects that mitigated the environmental impact through reducing natural resource consumption. As active partners in the sustainable real estate industry, we are engaged in a first-of-its-kind project in the UAE and Middle East region for the refurbishment of buildings in the Jebel Ali Free Zone leveraging a Shari’ah-compliant investment in collaboration with Etihad ESCO, a DEWA venture established to make the built environment in Dubai a leading example of energy efficiency for the region and the world.

“National Bonds focuses on tracking the financial behaviors of our customers through our year-round Financial Heath Check. It is encouraging to note that our customers are increasingly keen to balance their needs and wants despite the prevalent consumerist trend and credit-card culture. Most importantly, savers across all ages and income levels today are convinced about the need to save for retirement. This tops their list of priorities. People understand the importance of budgeting and saving. Greater financial awareness helps them assess economic changes and anticipate challenges to their long-term financial stability. In 2016, we will reward this commitment by introducing a Shari’ah-compliant insurance cover through a comprehensive regular saving plan.”

Licensed by the UAE Central Bank and fully-owned by the Investment Corporation of Dubai, the principal investment arm of the Government of Dubai, National Bonds is audited by the Government of Dubai’s audit department and is supervised by an independent fatwa and Shari’ah supervisory board, in addition to external auditing entities.

Originally published on www.cpifinancial.net

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