Daily Personal Finance Insights – Islamic Finance
Dubai Islamic Bank publishes formal offer for Tamweel
Seeking to gain from the growth in the UAE’s property market, Dubai Islamic Bank PJSC (DIB) has published its formal offer for 41.8% of shares in Tamweel PJSC to give it outright ownership. Dr. Adnan Chilwan, Deputy Chief Executive Officer of Dubai Islamic Bank, said: “This move reflects DIB’s commitment to supporting the UAE economy in general, and the resurgent home finance sector in particular.”
Standard Chartered awarded Best International Islamic Bank
Standard Chartered has been awarded ‘Best International Islamic Bank’ in the Euromoney Islamic Finance Awards 2013, one of the highest accolades in the publication’s annual event that recognises excellence across the Islamic Finance industry globally.
Standard Chartered Saadiq, the Bank’s global Islamic banking arm, was also awarded ‘Best Structured Products House’ and ‘Deal of the Year’ for arranging a USD1.85 billion refinancing for Jebel Ali Free Zone (JAFZA) in the UAE.
ICD taps Islamic bond market
Dubai's flagship investment company, Investment Corporation of Dubai (ICD), which controls some of Dubai's top companies including stakes in Emirates airline, the bank Emirates NBD and Emaar Properties, is in talks with banks to launch its first Islamic bond, tapping improved sentiment towards the emirate.
Islamic Bank Benchmark
Thomson Reuters Islamic Interbank Benchmark Rate (IIBR) overnight rate decreased to 0.205 from 0.209 on Monday, and the one week decreased to 0.272 from 0.280. The one month IIBR increased to 0.445 from 0.427 while the two months increased to 0.575 from 0.539 and the three months increased to 0.733 from 0.681.
Women in UAE making progress in business
Women in the UAE are making remarkable progress in the business sector, as owners of small and medium scale enterprises (SMEs) and heavy weight companies according to HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union (GWU) and of the Family Development Foundation (FDF).
''The State has introduced business friendly legislations to spur women to start up and manage their own businesses, and set up funds to provide financial facilities to women's business initiatives. The State has also issued decisive resolutions giving women the full opportunity to join board of companies,'' Sheikha Fatima said in a statement on the occasion of the opening of the 4th Arab Women Organisation (AWO) conference.