Minister of Foreign Affairs of Maldives, Abdulla Shahid … More.. about Brunei To Help Maldives Establish Halal Science Lab
UK Islamic Banks are expanding services to cater for London based property financing demand. QIB UK, part of the Qatar Islamic Bank group, and Al Rayan bank a UK subsidiary of Qatar based Masraf Al Rayan have both recently expanded offices and services to meet demand.
QIB Begins offering Murabaha Facilities
QIB-UK, has begun providing Sharia-compliant Murabaha Facilities for London properties. The product will allow financing of buy-to-live properties as well as refinance customers’ existing properties in London.
Murabaha is a contract of exchange based on sale-and-purchase contracts with a predetermined cost and profit. The seller states the cost he has incurred on the asset to be sold and sells it to another person by adding some profit or mark-up to the buyer.
“The fusion of knowing our customers for over three decades in Qatar and our experience in the London property market means we are perfectly placed to help them find the right property and get the most from their investment” said Duncan Steele-Bodger, Chief Executive Officer of QIB-UK.
QIB-UK offers its customers a range of Sharia-compliant banking services including Current Accounts in GBP allowing for convenient settlement of UK payments, cheques, inward and outward transfers, direct debits, standing orders and more. Additionally, the Bank offers Wakala Deposits, Instant Access Savings Account, Notice Accounts and other premium products and services at attractive rates.
Al Rayan Bank opens new London Office
Commercial property financing was the fastest-growing element of Al Rayan Bank’s real estate asset book in 2016, climbing 44% to £396.5m. “Customers chose commercial property finance from Al Rayan Bank for many reasons,” said Maisam Faisal, head of commercial property finance at Al Rayan Bank.
Al Rayan Bank has financed projects ranging from town retail parks, mixed-use industrial warehouses and student property. It also has worked on a number of syndication deals, enabling it to fund larger projects such as the former Olympic village site in east London.
Royal Mint Bullion Secures Sharia Compliant Certification
UK government owned company, the Royal Mint recently achieved compliance with the Shari’ah Standard on Gold for retail sales of its gold and silver bullion coins and bars, enabling it to serve Islamic finance investors via trading.
Chris Howard, Director of Bullion for The Royal Mint said: “The recent introduction worldwide of the Shari’ah Standard on Gold has enabled The Royal Mint to take the next logical step in the expansion of its ‘complete bullion solution’. Shari’ah compliance allows us to make Royal Mint bullion accessible to a wider variety of investors at a time when Islamic investment is experiencing rapid growth in the UK and worldwide.”
Originally published on www.islamicfinance.com
Turkey and Indonesia are working on a lender project that will operate in compliance with Islamic law. Though talks are ongoing, the project titled “megabank” is expected to contribute to Turkey’s aim to expand the share of participation banking in the Turkish financial sector. Deputy Prime Minister Mehmet Şimşek, who held a meeting with the Indonesian Finance Minister Sri Mulyani Indrawati, said that they discussed the megabank idea, which was launched by Indonesia as an Islamic bank project, while stressing the importance of accelerating the process at the same time. Şimşek also highlighted that the project will strongly support the goal of increasing the participation banks’ share in the sector to 25 percent.
Speaking to the Anadolu Agency (AA) during his contacts at the 42nd Annual Meeting of the Islamic Development Bank (IDB) Group in Saudi Arabia, Deputy Prime Minister Şimşek stated that the vision and strategies put forward for the bank to support the member countries in a stronger manner were discussed during the annual meetings, which were highly productive.
Pointing out that many bilateral talks were held as well as meetings, Şimşek said that they met with Kuwait’s Deputy Prime Minister and Finance Minister Anas Khalid al-Saleh and Saudi Arabia’s Finance Minister Mohammed bin Abdullah Al-Jadaan alongside the finance ministers from many African and other Islamic countries. Noting that they held bilateral talks with many countries, Şimşek said it was very productive in that respect, adding that the small, narrow meeting spaces at the venue were a real advantage enabling many issues to be discussed with several countries at the same time.
Şimşek stressed that they also met with the Jeddah Chamber of Commerce and Industry (JCCI) chairman Sheikh Saleh Abdullah Kamel, as well as Sheikh Saleh, chairman of the Islamic Chamber of Commerce, and that they exchanged ideas on increasing mutual investments between Turkey and Saudi Arabia.
Şimşek said they held bilateral talks with Indonesia’s finance minister and the Islamic Development Bank’s (IDB) President Dr. Bandar M. H. Hajjar, adding that the negotiations on the megabank are ongoing.
Pointing to the fact that IDB’s president sides with the acceleration of the process, Şimşek said that the issue of the megabank needs more time due to its significance, adding that the project is a platform that will make a significant contribution to the development of Islamic finance, interest-free finance, interest-free banking and interest-free capital markets in terms of liquidity and resources.
Deputy Prime Minister Şimşek stated that Turkey’s approach towards the megabank has not changed, saying: “The whole point is whether it will be one or two separate regions. The IDB will be in it as well. I also believe that they will strongly support the dual or single structure.”
Şimşek said the megabank project will strongly support the goal of increasing the participation banks’ share within the sector to 25 percent and continued: “As Turkey, we are pushing hard to improve participation banking. There is a goal that President [Recep Tayyip Erdogan] has put forward. We have a very serious and ambitious goal to increase the share of participation banks in the sector up to 25 percent. That is why we have put forth a strong effort in this direction and we continue to do so.” He also added that the megabank should actually be seen as an initiative to provide the sector with liquidity and to contribute to its development, both locally and globally.
Previously Şimşek said Istanbul should be the headquarters for a new Islamic megabank.
Indonesia, which has the world’s largest Muslim population, and Malaysia have long-tried separately to establish an Islamic lender, which would serve as a central bank for lenders in the global Islamic finance industry, both for projects and companies. Malaysia’s central bank first promoted the idea in 2009 and a three-way merger that collapsed last year. Indonesia has been trying to establish a megabank since 2013. The project is supported by the IDB, and Turkey’s initial contribution to the bank’s capital is reported to be $300 million.
Originally published on www.dailysabah.com
Path Solutions, an international core banking system provider for the Islamic financial services industry, today announced that its Group Chairman & CEO, Mohammed Kateeb, was named ‘Best Islamic Finance Technology CEO of the Year EMENA 2017’ by Global Banking & Finance Review.
Member of UK-based GBAF Publications Ltd, Global Banking & Finance Review is a leading print and digital magazine, which has evolved from the growing need to have a more balanced view for informative and independent news within the financial world. The Global Banking & Finance Review Awards reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the global financial community.
In recognizing Mohammed Kateeb, Wanda Rich, Editor at Global Banking & Finance Review, said, “Our awards recognise innovative and result-focused leadership emerging from the most prominent and vibrant areas of business; CEOs who have truly moved their organisations forward and whose vision and leadership empower those who are in direct contact with them. Kateeb is an example for others when it comes to leadership and best practices”.
Kateeb’s career and leadership is a textbook success story. He has employed his unique vision and brought together his diverse experiences to build a world-class business model for Path Solutions, growing it into one of the sector’s powerhouses, combining consistent innovation and the ability to adapt to market changes with a thorough understanding of industry’s trends and the company’s client needs. His passionate approach to leadership has thus propelled the organization to great success, ensuring Path Solutions’ position as a premium player in the segment.
“I am honored to be named ‘Best Islamic Finance Technology CEO of the Year EMENA 2017’ by the well-regarded Global Banking & Finance Review”, said Mohammed Kateeb. “This award is a testament to our company’s resiliency and perseverance and to our team’s collective efforts. I consider myself incredibly fortunate to lead such a bright team, working in a great segment. This achievement is also a direct reflection of the remarkable clients we get to work with, who continue to inspire us daily”.
Throughout his career, Kateeb has received a string of honours and recognitions, including the prestigious ‘Leadership Award 2017 in Information Technologies & Media’ by ISFIN and the ‘2016 Honorary Leadership Award’ by IFFSA.
Originally published on www.bobsguide.com
A legal “fighting fund” is planned by the Halal Food Authority (HFA), the certification body, to meet what it said were an increasing number of malicious attacks on the sector.
“We are contributing to a halal defence fund to counter the accusations and false claims about halal,” said Mohammed. “We recently received some accusations and have vigorously gone after them and we will be taking legal actions against the perpetrators.
“The defence fund is being considered and there will be three or four organisations attached to that; those who would be involved in halal certification or halal PR or who have got interest in securing the integrity of halal generally.”
Improve education about halal
The fund would also be used to improve education about halal, said Mohammed. “We are looking for more partners to collaborate in that project,” he added.
Halal-certified food is growing in demand, both within the UK, which boasts around 3M muslims, representing around 5% of the 65M population, and the 1.7bn around the world.
However, halal is often subjected to criticism, both for animal welfare reasons by those who strongly oppose the use of non-stun slaughter methods and for other reasons – sometimes racist.
Often subjected to criticism
“Any accusations that are false will be taken very seriously; about halal certification funding terrorism, which is, of course, absolutely not the case,” said Mohammed. He cited the example of false accusations along these lines made in Australia, which were pursued and successfully prosecuted in the courts there.
The expansion follows the appointment of two new recruits from Nationwide Building Society in April, which increased the bank’s commercial property team to 11 frontline staff.
Commercial property financing was the fastest-growing element of Al Rayan Bank’s real estate asset book in 2016, climbing 44% to £396.5m.
“Customers chose commercial property finance from Al Rayan Bank for many reasons,” said Maisam Faisal, head of commercial property finance at Al Rayan Bank (pictured above, left).
“For some, it is the fact that we are an Islamic bank and only offer Sharia-compliant financing; for others, it is our commercial approach and our highly experienced staff who can help structure transactions to suit clients’ requirements.”
Al Rayan Bank has financed projects ranging from town retail parks, mixed-use industrial warehouses and student property.
- Al Rayan to boost awareness of Islamic finance
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- Sharia-compliant bank posts 228% surge in home finance completions
The bank has also completed a number of syndication deals, enabling it to fund larger projects such as the former Olympic village site in east London.
Its client base is a mixture of corporate, family office and private investors from the UK, Qatar and the wider Gulf Cooperation Council region.
Among these is private equity real estate investor and asset manager Investra Investments Ltd, which maintains commercial and operational accounts with the bank, as well as utilising its finance for real estate acquisition.
“Al Rayan Bank has made it simpler for us to do business in the UK and the location of the new office is going to make it even easier,” added Zaid Randeree, CEO of Investra Investments Ltd.
“For some of our clients, Sharia-compliant finance is an absolute necessity.
“Prior to working with Al Rayan Bank, we had to make use of conventional banks in the UK, and then subsequently apply structures to ensure that the funding was permissible.
“Now this is no longer an issue and we can focus our efforts on continuing to provide great service to our clients.”
Originally published on www.bridgingandcommercial.co.uk