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Islamic Finance News: A little jump in oil price activate the Gulf Markets

This week was good for the Gulf markets, we saw raising in Asian bourses up to positive in the Gulf counties. For example Saudi British Bank added 2.3 percent after posting a 2.4 percent rise in profit to 1.14 billion riyals. (SICO) Bahrain had forecast 2.30 billion riyals and Deutsche Bank 2.23 billion riyals. Dubai’s index added 0.2 percent as heavy weight Emaar Properties gained 1.6 percent.

  • Saudi Arabia: The net profit of the oldest lender bank register fall in the first quarter of this year Saudi Hollandi Bank has announced that as the income from trading fees and commissions dipped. The profit of 511.5 million riyals ($136.5 million) in the three months to end-March down from 538.9 million riyals in the corresponding quarter of 2015. more
  • Qatar: One of the biggest real state company Ezdan Holding group get approval to raise 2 billion $ Sukuk. It could issue in dollars or other currencies. The Sukuk issue will be lunch in May or June this year. The amount will be used to develop the real state sectors new projects.
  • Oman: The third largest lender National Bank of Oman has announced net profit 10% in third quarter to reach 13.9 million rials (36.1$ million dollars) up from 12.6 million rials in the same period last year.
  • Dubai: One of the world’s biggest malls shopping centres Dubai’s Emaar Properties declear that the pricing guidance for its 10-year sukuk to 190 basis points over midswaps. Al Hilal Bank and Abu Dhabi Islamic Bank were earlier added to the list of eight existing bookrunners for the deal.
  • Kuwait: Kuwait National Petroleum Company (KNPC) will got a loan from the Kuwait Islamic finance bank (KFH). the bank had obtained approval to lend up to 500 million dinars ($1.66 billion) to the company for its Clean Fuels Project. more 
  • Eygpt: After parliament approves the government’s economic programme, The World Bank will provide the first $1 billion tranche of a $3 billion loan to Egypt, the first $1 billion r had agreed to provide in December, but is waiting for the government’s economic programme.
  • Iran: After long years of sanctions up on The government, so now it’s plans to shift part of its borrowing from local corporate investors to the capital markets a move that could recover the economy.
  • Turkey: Istanbul Sabahattin Zaim University Economics and Finance Center (İZUİSEFAM), It is the first research center established in the area announces a course about Islamic Banking Economy and participation certificate program at the time of 7 to 29 of may 2016. more