September 17, 2020

DUBAI, 16th September, 2020 (WAM) -- The Dubai Airport Freezone Authority, DAFZA, has announced that it hosted a webinar to highlight the growth opportunities in the Islamic economy.

The webinar took place after the launch of the second edition of the Halal Guidebook entitled ‘Dubai – A Global Gateway for Halal Industry: A Step-by-Step Guide’.

The Guidebook unveils key trends that will have a lasting impact on the regional economy and provides an analysis of the global and national Islamic economy. Representatives of various entities interested in"...

August 31, 2020

ABU DHABI, 30th August, 2020 (WAM) -- Waha Capital, a investment company in Abu Dhabi, has announced the launch of a new income-focused Islamic fund, adding to its three existing funds within its asset management business.

The new fund, to be called 'Waha Islamic Income Fund SP', will invest in Sharia compliant assets across the Sukuk and equity markets, and will have a global outreach for investments. The fund is to be open-ended, and is expected to have a capacity in excess of US$500 million.

Commenting on the new fund, Amr AlMenhali, CEO of Waha Capital,"...

August 27, 2020

DUBAI, 26th August, 2020 (WAM) -- Nasdaq Dubai has announced the signing of a strategic cooperation agreement with Hong Kong-based Zhongtai Financial International and Beijing Tian Tai Law Firm Shanghai Branch, to support Chinese companies that wish to list on the Middle East’s international financial exchange.

Under the agreement, the three parties will use their expertise to provide support and guidance to Chinese companies that wish to carry out initial public offerings, IPOs, on Nasdaq Dubai as well as list bonds, real estate investment trusts, REITs, funds and other securities.

The"...

August 13, 2020

ABU DHABI, 12th August, 2020 (WAM) -- Abu Dhabi Islamic Bank (ADIB) today reported a net profit of AED587.6 million and AED 2.5 billion in net revenue for H1 2020.

In a statement today, the Bank said the net revenue for H1-2020 decreased to AED2,556.6 million from AED2,887.1 million in H1 2019.

Jawaan Awaidah Al Khaili, Chairman of ADIB, said: 'This period demonstrated the resilience of the bank’s businesses and the dedication of our employees as we remained focused on delivering uninterrupted services to customers amidst a very challenging environment. At"...

August 10, 2020

Dar Al Takaful has announced the completion of acquisition of UAE-based Islamic insurance provider, Noor Takaful, with Rajesh Sethi appointed as the chief executive officer of the joint entities.

Sethi brings over 30 years of experience in the banking, investment banking, and insurance sectors. Previously, he has worked in leadership roles across Asia, Europe, and the Mena region, and brings extensive experience in strategy formulation, execution, and sustained customer focus. Sethi was previously the CEO of Noor Takaful, and in his newly appointed role will now oversee operations for the newly formed joint entities.

'I"...

August 4, 2020

Mashreq, one of the leading financial institutions in the UAE, has appointed Feras Al Jaramani as Executive Vice President, Head of Public Sector, Healthcare, Education and Energy.

In his role, Al Jaramani will be responsible for growing Mashreq’s expanding portfolio across his designated sectors within the bank’s Corporate and Investment Banking Group (CIBG).

Al Jaramani joins Mashreq following"...

July 29, 2020

DUBAI, 28th July, 2020 (WAM) -- The Islamic Arab Insurance Company PSC, SALAMA, has received all necessary regulatory and internal approvals to increase Foreign Ownership Limit, FOL, from 25 percent to 49 percent as per Securities and Commodities Authority, SCA, Certificate.

A company statement posted on Dubai Financial Market, DFM, website, said SALAMA has contacted Dubai Central Securities Depository to start the necessary procedures to activate the above mentioned increase in the Foreign Ownership Limit.

Accordingly, a disclosure about activating the decision will"...

July 28, 2020

DUBAI, 27th July, 2020 (WAM) -- Dar Al Takaful, a Dubai-based Islamic insurance company, has completed the acquisition of Noor Takaful, according to an announcement on the Dubai Financial Market's website.

The insurer had earlier signed a deal to acquire the entire shares of Noor Takaful, a subsidiary of Noor Investment Group, for a sum of AED215 million.

'The share transfer of Noor Takaful General and Noor Takaful Family to Dar Al Takaful PJSC is now complete,' the company said on Monday.

Emirates"...

July 23, 2020

SHARJAH, 22nd July, 2020 (WAM) -- Sharjah Islamic Bank, SIB, recorded an 8.6 percent increase in its operating profits amounting to AED 332.3 million in the first half of 2020 compared to AED 305.9 million for the same period last year. The net profit for the first half amounted to AED 251.2 million, compared to AED 290.5 million from last year, a decrease of 13.5 percent. This decline was a result of the increase in net provisions for impairment, which amounted to AED 81.1 million, compared to AED 15.3 million from the same period last year. an increase of AED 65.8 million, equivalent to 429 percent.

The balance sheet reflects the bank’s"...

July 7, 2020

The Islamic Development Bank Group (IsDB Group) has announced that it is combatting the effects of the Covid-19 pandemic with the launch of a $2.3 billion package, along with three initiatives that are in partnership with the UAE Ministry of Economy and AIM.

Speaking at a recent webinar, experts noted that the prime goal behind the initiative is to promote and provide a robust platform for investment and trade opportunities. The three online initiatives were to help the OIC member countries with their economies and to support the private sector, trade, exports, and FDI.

Bandar"...