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Islamic Finance News: The Gulf’s banking sector revenue growth slow

Because of the oil price low and war against terrorism the result is affecting all over sectors, The Arab Monetary Fund (AMF), reports the latest data about the total value of Arab capital markets $984.3 billion (Dh3.61 trillion) by the end of the first quarter of this year, marking a drop of 7.1 per cent ($75.7 billion) from the $1.06 trillion recorded by the end of 2015.

  • Kuwait: Because there is budget deficit created by low oil prices the government is planing to issue 2 billion dinars (6.6 billion dollars) of Islamic Bonds Sukuk as soon as possible to boost the funding deficit which it projects at 12.2 billion dinars in the current fiscal year that began on April 1. more
  • Dubai: As it Aim to be the biggest center for Sukuk listing Dubai has welcome the listining of 2.5 billion dollars by the government of Indonesia, so the listings support the growth of Dubai as the global capital of the Islamic Economy, under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum. more
  • Saudi Arabia: As for the population rate is increasing in KSA, the government support the constructions sector to supply the demands, so there has been 50% increase in housing units a report released by the MCI real estate off-plan sales program.
  • Qatar: Raising in profit 7.1% in the first quarter to the Qatar National Bank as the largest bank in the Gulf Arab region continued growing strongly despite the impact of lower oil prices. also the Bank of England has announced that it had fined Qatar Islamic Bank, because Qatar Bank failing to undertake a regular assessment of its capital as it was required.
  • Oman: The central bank of Oman start to increased the amount of government securities which banks can hold to 45 percent of their net worth from 30 percent, So the banks can sell debt through easier steps.
  • UAE: The company Socialize won a deal 100% to acquire Egypt BSocial for social media managing and digital marketing solutions, The deal was sealed for about 10 million pounds ($1.1 million) this deal come as support Egypt’s economy. Also the Bank of Sharja seeking approval to issue bonds worth up to $1.5 billion, the shareholder will meet on 30 April to discuss the bond program.
  •  Turkey: Albaraka Turk Bank is planning to buy a new bank as the Chairman Adnan Abdulmalek said, he also added that until the year 2020 we intend to increase the number of our branches to 300 in Turkey. more