Ifn Sector Correspondents Ifn Country
Total Page:16
File Type:pdf, Size:1020Kb
IFNIFN COUNTRY SECTOR CORRESPONDENTS A positive first quarter IFN Country Correspondents AUSTRALIA: Gerhard Bakker director, Madina Village Community Services QATAR its joint venture Maran Nakilat Co., has BAHRAIN: Dr Hatim El-Tahir director of Islamic Finance Knowledge Center, Deloitt e & added three new LNG vessels to its fl eet. Touche By Amjad Hussain BANGLADESH: Md Shamsuzzaman Barwa Real Estate Company, a Qatar executive vice president, Islami Bank Bangladesh Exchange-listed Shariah compliant real BELGIUM: Prof Laurent Marliere Qatar recently announced its budget CEO, ISFIN estate investor has signed a deal worth for 2014-15 at around US$62 billion, BERMUDA: Belaid A Jheengoor around US$2.08 billion to sell its Barwa director of asset management, PwC an increase of around 3.5% over the BRUNEI: James Chiew Siew Hua City real estate project to Labregah senior partner, Abrahams Davidson & Co last fi scal year. While the budget has a CANADA: Jeff rey S Graham Real Estate, a wholly-owned subsidiary signifi cant focus on the infrastructure partner, Borden Ladner Gervais Qatari Diar. Qatar's largest telecoms EGYPT: Dr Walid Hegazy sector, its growth is indicative of the managing partner, Hegazy & Associates operator Ooredoo has also signed three FRANCE: Kader Merbouh government’s support for the growth co head of the executive master of the Islamic fi nance, Paris- one-year Murabahahs of US$166 million: of the wider economy and particularly Dauphine University one with each of Qatar Islamic Bank, HONG KONG & CHINA: Anthony Chan that of the fi nancial sector. This can founder, New Line Capital Investment Limited Masraf Al-Rayyan and Barwa Bank. INDIA: H Jayesh be seen in the recent announcements founder partner, Juris Corp by some of the major Qatari banks of INDONESIA: Farouk A Alwyni In regulatory developments, Qatar’s CEO of Alwyni International Capital and the chairman positive Q1 2014 results. of Centre for Islamic Studies in Finance Economics and regulators recently announced plans Development IRAN: Majid Pireh to establish a deposit insurance Islamic fi nance expert, Securities & Exchange Organization Qatar Islamic Bank (QIB) posted net of Iran framework that will also include a profi t of US$92 million, a 15% increase IRAQ: Khaled Saqqaf Shariah compliant scheme which they partner and head of Jordan & Iraq offi ces, Al Tamimi & Co on Q1 net profi t for 2013; Masraf JAPAN: Serdar A Basara aim to implement by 2016. While president, Japan Islamic Finance Al Rayan (MAR) posted net profi t government support for domestic banks JORDAN: Khaled Saqqaf of US$118 million, an 8% increase partner, Al Tamimi & Co is considered implicit in many cash- KOREA: Yong-Jae Chang compared to 2013; Doha Bank recorded partner, Lee & Ko rich Gulf countries, explicit deposit KUWAIT: Alex Saleh US$109 million, a 1% increase; and insurance is rare in the region. The partner, Al Tamimi & Co LEBANON: Johnny El Hachem Qatar International Islamic Bank scheme will be part of a strategic plan partner – corporate, Bin Shabib & Associates (International Islamic), posting its fi rst LUXEMBOURG: Said Qaceme for Qatar's fi nancial sector developed senior manager of Advisory & Consulting, Deloitt e Tax & consolidated fi nancials following its Consulting by the Ministry of Finance, the Qatar MALDIVES: Aishath Muneeza acquisition of the Islamic Bank of Britain Central Bank and the Qatar Financial deputy minister, Ministry of Islamic Aff airs, Maldives MALTA: Reuben Butt igieg (IBB), recorded net profi t of US$56 Markets Authority in order to bring president, Malta Institute of Management million, a 10.2% increase. The consistent MAURITIUS: Sameer K Tegally Qatar in line with international best associate, Conyers Dill & Pearman strength of International Islamic has practice similar to other high-income MOROCCO: Ahmed Tahiri Jouti senior consultant, Al Maali Islamic Finance Training and also been rewarded by an upgrade from jurisdictions. Consultancy Fitch Ratings of International Islamic’s NEW ZEALAND: Dr Mustafa Farouk counsel member for Islamic fi nancial institutions, The long-term issuer default ratings to ‘A’ Although details of the scheme have Federation of Islamic Associations of New Zealand (FIANZ) NIGERIA: Auwalu Ado from ‘A-’ with a stable outlook. not yet been issued, it will reportedly Shariah auditor, Jaiz Bank OMAN: Riza Ismail initially be set up under the QCB and senior associate, Trowers & Hamlins The Qatar Central Bank (QCB) and the is intended to provide a safety net PAKISTAN: Muhammad Shoaib Ibrahim managing director & CEO, First Habib Modaraba People’s Bank of China have reportedly that would promote fi nancial stability. PHILIPPINES: Rafael A Morales managing partner, SyCip Salazar Hernandez & Gatmaitan signed a deal that will allow the QCB to Under the Shariah compliant version, QATAR:Amjad Hussain purchase Chinese bonds for its foreign- any expenses and investments made by partner, K&L Gates RUSSIA: Roustam Vakhitov exchange reserves as China moves to the scheme must comply with Shariah managing partner, International Tax Associates SAUDI ARABIA: Nabil Issa gradually open its fi nancial system to principles such as the prohibition on partner, King & Spalding foreign investment. The talks between interest and pure monetary speculation. SENEGAL: Abdoulaye Mbow Islamic fi nance advisor, Africa Islamic Finance Corporation the two central banks were also att ended The QCB also plans to introduce a SOUTH AFRICA: Amman Muhammad regulatory framework for local credit CEO, First National Bank-Islamic Finance by the CEOs of some of the largest SINGAPORE: Yeo Wico Qatari banks who reportedly expressed rating agencies that will be licensed partner, Allen & Gledhill SRI LANKA: Roshan Madewala an interest in expanding their operations in the near future as part of plans to director/CEO, Research Intelligence Unit further develop the domestic loan SWITZERLAND: Khadra Abdullahi into China, particularly Islamic banking. associate, Investment banking, Faisal Private Bank Qatar’s Islamic banks continue to make market. SYRIA: Gabriel Oussi, general manager, Oussi Law Firm their presence felt abroad with QInvest TANZANIA: Khalfan Abdullahi Finally, the Qatar Exchange announced in head of product development and Shariah compliance, Amana mandated by Turkish participation Bank bank Al Baraka as joint lead manager, its recent roadshows plans to launch two THAILAND: Shah Fahad vice-president and head of strategic marketing and product along with BNP Paribas, Emirates NBD exchange-traded funds (ETFs) over the development, Islamic Bank of Thailand TURKEY: Ali Ceylan Capital and Standard Chartered Bank, next six months. One of the ETFs will be partner, Baspinar & Partners based on government fi xed income risk UK: Roshan Madewala for a US$500 million Sukuk issuance. CEO and director, Research Intelligence Unit from an Asian borrower and the second UAE: Rima Mrad product is likely to be an ETF based on a partner, Bin Shabib & Associates It has also been an eventful month US: Joshua Brockwell with some notable domestic deals. representative Qatar-country index. investment communications director, Azzad Asset Management YEMEN: Moneer Saif QIB has teamed up with Barwa Bank head of Islamic banking, CAC Bank Amjad Hussain is a partner at K&L Gates. IFN Correspondents are experts in their respective fi elds in a secured Islamic refi nancing worth and are selected by Islamic Finance news to contribute He can be contacted at Amjad.Hussain@ designated short country reports. For more information US$807.4 million to Qatar’s premier about becoming an IFN Correspondent please contact LNG transporter Nakilat, which through klgates.com. [email protected] © 33 28th May 2014.