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The first Islamic financial institution launched in «World Abu Dhabi» next month

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For the first time .. The IMF intends to introduce Islamic banking within the framework of its supervision

 
Last Updated Friday, February 24, 2017; 11:13 (GMT +0400).
 
 

For the first time .. The IMF intends to introduce Islamic banking within the framework of its supervision

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Dubai, United Arab Emirates (CNN) - advanced Islamic banking a new step towards expanding its international standing proclaiming the International Monetary Fund, its intention to join the Islamic banking services to the framework of supervision, and discussed the IMF Executive Board the role that should be played to support the control of the sector, in recognition of the growth of banking rapid Islamic and spread in many countries and the different structure of banking work conforming to Islamic law from traditional banking, along with an awareness of what he described as members of the Executive Council as the "complex nature" of the sector and the challenges posed in front of the supervisory authorities and central banks.

A statement from the International Monetary Fund: "Communicating Islamic banking to grow rapidly in size and complex nature, and thus contribute to the deepening and containment millions in many countries, but they also constitute a challenge to the supervisory authorities and central banks. The Islamic banking tiny fraction of global financial assets , but it is present in more than 60 countries and has become a systemic importance in 14 of them. involving Islamic banking operations and the risks and structures balance sheets differ from those of conventional banking. consequently, requiring the need for the establishment of an environment that promotes financial stability in the context of Islamic banking and supports their evolution properly , which includes the establishment of legal frameworks and prudential frameworks for financial safety nets and anti-money laundering and terrorist financing and liquidity management. "

 

Members of the IMF Executive Board felt that "Islamic banking is an opportunity for many of the member countries in order to strengthen financial intermediation and financial containment and mobilize financing for economic development," and called for "intensifying efforts to establish a policy framework and an environment that promotes financial stability and healthy development of Islamic banking, especially in the countries where Islamic banking has become a systemic importance. "

 

The Executive Council stressed the importance of "officially recognize that the basic principles of the organization of Islamic finance in the banking business prepared by the Islamic Financial Services Board is one of the criteria covered by the standards and conventions launched by the International Monetary Fund and the World Bank initiative," and looked forward to receiving a formal proposal for Executive Board approval in the context of a forthcoming report by the end of April / April 2018.

Executive Board members also stressed the importance of "an elaborate systems for the settlement of the situation in the context of Islamic banking and the creation of other financial safety nets for countries that practiced this activity, and make a greater effort in cooperation with the relevant international bodies to legal systems and institutional arrangements necessary to ensure the settlement of design Islamic banking situation efficiently, and establish systems for deposit insurance and anti-money laundering and terrorist financing, as well as to adapt the traditional framework to the lender until the latter includes Islamic banking. "

 
Dubai Financial Market

Adnan Yousef for CNN: excellent results Baraka Egypt and Morocco to enter the beginning of 2016 .. and G20 countries accept Islamic banks for the first time 4:03

The announcement comes after nearly two years of submission of the General Council for Islamic Banks and Financial Institutions, the official Islamic Financial Institutions Umbrella, a memorandum of recommendations for the summit of the twentieth working group (B20), chaired by Turkey in May / May 2015, focused on "Enhancing coherence and harmony oversight" in respect for Islamic financial institutions, along with "the inclusion of the risks specific to Islamic financial transactions factors" and harmonizing risk standards commensurate with the nature of the emerging economies and small and medium enterprises and encouraging foreign rating agencies to meet the requirements of Islamic finance.

It is reported that Adnan Ahmed Yousif, chairman of the former Union of Arab Banks, said in an earlier interview with CNN Arabic that after work B20 conference, G20 nations began for the first time to accept Islamic banks and their products system, and considered it a sign that the European countries began to take Islamic banking on seriously.

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Something tells me this is far more important than we realize. 

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On 2/28/2017 at 9:26 AM, ladyGrace'sDaddy said:

Something tells me this is far more important than we realize. 

Yup. :praying:

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Saudi Arabia employs companies, "Citigroup" and "JP Morgan Chase & Co." and "HSBC Holdings" as agents for the sale of an Islamic international instruments for the first time in its history

The news agency Buratha 78  03/16/2017
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Hired Saudi companies, "Citigroup" and "JP Morgan Chase & Co." and "HSBC Holdings" as agents for the sale of an Islamic international instruments for the first time in its history.

UK opted Also, according to "Bloomberg", "Deutsche Bank" and "BNP Paribas SA" for the sale is complete.

And considering the largest oil exporter in the world, international instruments issued in order to help finance its budget deficit, which registered a deficit of 198 billion riyals ($ 53 billion) this year, equivalent to about 7.7% of economic output.

Said Mohamed Altwaijri, Secretary-General of the Finance Committee at the Royal Court, in December / December, the largest oil exporter in the world plans to raise between 10 and 15 billion dollars from the international bond markets in 2017, selling about 70 billion riyals locally.

 

 

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CEO «Odkorb» in dialogue with the «Union»:

The first Islamic financial institution launched in «World Abu Dhabi» next month

 


 

     
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Posted: Mon Mar 202 017

Dialogue: Hossam Abdul Nabi

Revealed Talal Al Zain, CEO «Odkorb» recent Taatosst first Islamic financial institution in Abu Dhabi the global market, the company Stzawel activity next month after the selection and recruitment of cadres and study opportunities and investment projects, stressing in an interview with the «Union» that the company to which both of «Abu Dhabi financial Group» and «GFI HP financial Group» in which the major shareholders, will complete the authorized capital of the collection and the estimated $ 100 million this month, where he was able to date the amount required to raise capital, and take a decision to increase the capital value of the building on the demand.

He pointed out that the company will initially through its headquarters in Abu Dhabi as an office of a regional to serve the Gulf region and will work strategically with a number of financial institutions in the region and in different markets, and will increase the spread in other countries in the future according to the needs and growth opportunities, pointing out that the conversion of «Odkorb »into a public joint stock company and list its shares in the financial market, it is part of the future strategy, and is among the Mstahedvadtha at a later stage, as the focus at present is on building a strong organization that provides investment opportunities and excellent returns for investors.

 

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He explained Zein, that «Abu Dhabi Finance» group's decision and the group «MGF HP Finance» founded the company «Odkorb» as the first Islamic financial institution in the world Abu Dhabi, came under increased demand and the existence of opportunities for the growth of investment and Islamic finance sectors, especially in light of increasing global interest in Europe, Asia and America as the Islamic finance and investment sectors of value to investors.

 

He said that the existence of opportunities for the growth of the Gulf economies generally Emirates and the economy in particular will support the success of the company's opportunities especially in light of the stability of oil prices and characterize the Gulf region there is the largest percentage of the population of young people, since it means there is a huge demand for services in health, education and nutrition and oil sectors and gas increases the investment opportunities that will be available to investors, stressing that economic diversification plans in the Gulf region will attract more investment to the region, particularly in light draws Gulf governments to focus on increasing the role of the private sector and work on the privatization of large state-owned companies, which will generate more also opportunities in the future.

3 axes

According to Zain, the areas and activities of the work of the company «Odkorb», will include three main axes; are alternative investments, including private equity «Private Equity», real estate, corporate finance, and wealth and asset management with its commitment to design and provide products and services unique and specially designed for institutions and clients of high net worth.

He said the company is targeting to be a specialist in the Islamic banking sector financial institution can achieve maximum sustainable growth rates in the areas of investment and Islamic finance at the global level, in addition to becoming geographically, optimizing business customers a partner in the region through the provision of specialized in banking products experience innovative, explaining that with regard to the field of private equity will be characterized by «Odkorb» by focusing on products that achieve «capital growth» through the loop-mediated emerging investment «Sidnj» and completed «Matiur private Equity» in order to achieve higher than the completed investment return and less risk of emerging investments at the beginning of the company, especially that there is a great demand for those types of financing investments in all countries of the world by the same investors and companies.

 

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He explained Zein, investment «Odkorb» mechanism in the field of «capital growth», he stated that shares in investment always amounting to 40% of the companies in which they invest and thus providing a kind of «control» through membership on the board while ensuring the continuity of the company's founder in management and provide liquidity to enable them to achieve growth, noting that investment in the field of «alternative investment» in real estate, will be in real estate projects and acquisition of projects fully.

 

He Zein, that the focus of corporate finance, will participate in the restructuring of corporate balance sheets private family foundations, and help institutions and governments in the financing of projects in terms of sukuk issuance.

He completed: «With regard to the wealth and asset management hub, will focus« Odkorb »on the family business by finding solutions for wealth management for future generations and to ensure the company's founder continuity of the company and wealth management to their children and grandchildren through the formation of a portfolio and for each of them (family members) on the stocks in that portfolio with the employment of external investment specialist director at «asset allocation» and portfolio management based on the client's needs, pointing out that in the field of wealth to the families of the management will be dedicated portfolio for the family only while in the field of investment in private real estate property investments will be direct and open to investors in general.

Sovereign wealth

With regard to the prevailing belief that the sovereign funds Gulf draws the bulk of its investments outside the Gulf region despite the availability of great opportunities where, said Zein, who served as CEO of the company «property Holding» which is the sovereign wealth fund of the Kingdom of Bahrain, this belief lacks precision because diversification in any investment is necessary in order to diversify the geographical risk, as well as diversify its sources of income for not only rely on oil and gas.

He said that all GCC governments allocate devices focused on foreign investments and the other focused on internal investment, stressing that the tunnels and government investments in the GCC countries is sufficient evidence that the developments in the Gulf countries and the implementation of a large number of infrastructure projects, has made the Gulf States of the world's most sophisticated reported residents of the state, whether citizens or expatriates.

Abu Dhabi's strong financial position and the starting point of the company

DUBAI (Union)

Talal Al Zain, CEO «Odkorb», said the idea of establishing the company was to find a licensed Islamic bank financial institution has the right to receive deposits and lending with a focus at the same time on investment activities.

He added that the choice of Abu Dhabi, the world market as a regulator, came for several reasons including that it provides a strategic environment watchdog strong characterized by the development of its own regulations and keep up with the world's best systems and what gives companies operating under its umbrella strength and increases the confidence of investors in which locations, as well as the work of the Abu Dhabi Financial Group, which is a major contributor to the company «Adkorb» in Abu Dhabi, which stimulated the company to operate from Abu Dhabi, as the financial capital is characterized by great depth in terms of investments. He noted that the company's investments geographically will be concentrated in the Middle East, Turkey and Western Europe and North America regions, due to the excellence Gulf investment opportunities outstanding security and political stability that makes reassuring investors for future investments, as well as distinguish investment opportunities in Europe and North America to achieve good returns for investors.

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