December 2, 2013

At the GIES, Islamic Development Bank president Dr Ahmed Ali Madani was given the Lifetime Achievement Award for his contribution to the development of the Islamic economy. At the WIRBC, former prime minister of Pakistan Shaukat Aziz was given the Global Islamic Finance Leadership Award 2013.

Also in the same week, Dubai was voted as the host city of World Expo 2020 over three other G-20 countries, which were Brazil, Russia and Turkey.

This"...

November 30, 2013

Dubai has proposed to the UAE federal government that the UAE create a Shariah-compliant retirement savings scheme for foreign workers, a step which could help to develop the Islamic funds industry.

The aim is that the scheme will be nation-wide, though if the federal government does not want to participate, Dubai may implement the plan merely within the emirate, a source at Dubai’s Department of Economic Development said.

“We’ve spoken to everybody — the public and private sector — and have received a positive response, especially from multinational corporations,” the source said.

“It should be a Shariah-compliant scheme.”"...

November 28, 2013

Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters have chosen the finalists for their Ethical Finance and Innovation Challenge and Awards, with the shortlisted entries ranging from a sharia-compliant fund supplying schools with cheap, clean energy to a new way to hedge financial risk.

The awards, which address issues of ethics in finance and innovation in Islamic banking and offer prizes of up to $100,000, drew interest from hundreds of individuals and institutions in 55 countries, with interest highest in the UAE, Pakistan, Malaysia, the United Kingdom and the United"...

November 27, 2013

His Excellency Saeed bin Ahmed Al Lootah, the founder of Dubai Islamic Bank, was presented with the EFICA Lifetime Achievement Award on Tuesday for his crucial role in developing the global Islamic banking industry. The award, sponsored by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters, was presented during the Global Islamic Economy Summit in Dubai.

“His Excellency Saeed bin Ahmed Al Lootah was the founder of the modern Islamic banking industry,” said ADIB CEO Tirad Al Mahmoud. “His foresight in responding to demand for an alternative form of banking"...

November 25, 2013

The two-day summit will focus on six main pillars of the Islamic economy – Islamic finance and insurance, Halal food, Halal lifestyle, Halal travel, and SME Development.

Dubai will host the first Global Islamic Economy Summit with the vision to become the catalyst of a new economic paradigm that positions Dubai as the capital of the Islamic economy and connects the world’s leading thinkers, policy makers and stakeholders to inspire projects and drive future investments in more than $4 trillion Islamic economy.

His"...

November 24, 2013

The higher committee for the development of the Islamic Economy Sector on Saturday rolled-out a media training course, in collaboration with the Mohammed Bin Rashid School of Government (MBRSG). Drawing the participation of business and economic journalists from the region’s top media houses, the course shares knowledge on the Islamic economy and highlights its potential impact on Dubai’s real economy.

One of the latest government initiatives to support Dubai’s claim as the capital of Islamic economy, the course will run until Nov.27 at the Mohammed Bin Rashid School of Government. The course discusses the seven main pillars of the Islamic Economy Initiative, which revolve around making Dubai the global reference and hub for Islamic financing, the main center for halal...

November 24, 2013

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced the launch of a four-year Wakala investment option for customers, with an expected profit rate of 2.57 per cent per annum.

Available on investment amounts ranging from Dhs100,000 to Dhs5 million, Emirates Islamic’s latest product closely follows the launch of the 3-year special Ramadan Wakala, that was introduced earlier this year. The four year Wakala investment option differs from conventional Wakala investments, with the profits being paid out on an annual basis to customers.

According to Sharia, a Wakala is a contract between the customer and the bank, where the bank as the Agent has the responsibility to perform a certain task (such as invest in Sharia-compliant goods and/ or...

November 20, 2013

Noor Dubai, the UAE-based charity which focuses on preventing and treating low vision and curable forms of blindness, has announced that it has successfully organised an eye camp in Morocco to help many critical cases and return the gift of sight to people who have lost hope in receiving treatment due to poverty.

The Moroccan eye-care mission is one of five camps supported by Dubai Police and Dubai Islamic Bank Humanitarian Foundation, Noor Dubai said.

Speaking on the announcement, Dr Manal Taryam, CEO of Noor Dubai, said the first camp of Noor Dubai in Morocco had screened 4,600 cases for causes of eye disease and performed 532 eye surgeries on critical cases like glaucoma.
(gulftoday)

November 20, 2013

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, has been awarded the prestigious Mohammed Bin Rashid Al Maktoum Business Award (MRM) in the financial services category.

The award was presented by His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, and received by HE Jawaan Awaidha Al-Khaili, Chairman of ADIB, at a ceremony held in Dubai.

Instituted by the Dubai Chamber of Commerce and Industry, the Mohammed Bin Rashid Al Maktoum Business Award is the highest level of recognition for business excellence in the UAE. The award has been introduced and designed"...

November 20, 2013

Aldar Properties, Abu Dhabi’s largest property developer, has hired five banks to arrange the sale of a benchmark-sized Islamic bond, or sukuk, to refinance debt, three banking sources aware of the matter said.

The proposed bond sale would be Aldar’s first since it completed its Abu Dhabi government-backed merger with Sorouh Real Estate in June to create the second-largest listed property firm in the United Arab Emirates and one of the biggest in the Middle East, with assets of $13 billion.

The majority state-owned firm has hired National Bank of Abu Dhabi, First Gulf Bank Dubai Islamic Bank, Standard Chartered and Goldman Sachs Inc, the sources said, requesting anonymity because the information is not yet public.

Aldar plans to issue the sukuk before year-end,...