islamic finance

August 6, 2019

AJMAN, 5th August, 2019 (WAM) -- Ajman University and Noor Bank have launched an AED3.2 million waqf (endowment) initiative to promote the Islamic banking and finance industry in the UAE.

The move followed a landmark agreement signed between the two parties to establish the Noor Fund for Educational Solidarity that provides, in perpetuity, an endowed professorship and four scholarships in Islamic Banking and Finance, IBF, at the College of Business Administration at the university.

Ajman University Chancellor, Dr Karim Seghir said, 'By matching the investment returns"...

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August 5, 2019

SHARJAH, 4th August, 2019 (WAM) -- Arada, a Sharjah-based real estate developer, has announced a partnership with Dubai Islamic Bank, DIB, to streamline the home ownership process for buyers of Arada properties.

The company confirmed that it has sold over 4,000 units in its two projects, Aljada and Nasma Residences, in the past two years.

'So far, 2019 has resulted in our two best sales months, which we have achieved by improving the integration of teams within Arada, and also the desirable investment products that we have recently released to the market,'"...

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July 25, 2019

SHARJAH, 24th July, 2019 (WAM) -- The Sharjah Islamic Bank's, SIB, net profit rose to AED290.5 million in the first half of 2019 compared to AED283 million achieved during the same period last year, an increase of three percent.

The bank's total assets reached AED44.3 billion at the end of the first half of this year, bringing it to the same level as it was at the end of 2018.

On the asset side, the total customer financing reached AED24.7 billion in H1 of 2019, compared to AED24.1 billion at the end of 2018, an increase of AED593.8 million or 2.5 percent.

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July 22, 2019

ABU DHABI, 21st July, 2019 (WAM) -- Abu Dhabi Islamic Bank, ADIB, and Al Baraka Banking Group - a Bahrain-headquartered Islamic multinational banking group - today announced the signing of a Memorandum of Understanding, MoU, to expand transactional networks.

The correspondent banking arrangement provides clients with greater flexibility and access to a wider network, in order to conduct seamless cross-border fund transactions.

The MoU was signed by Mazin Manna, CEO of ADIB, and Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group.

The"...

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