Islamic banking

Arcapita Posts Strong Results and Completes Over $250 Million in New Deals During Fiscal Year 2019

Retrieved on: 
Monday, October 7, 2019
Countries, Geography of Asia, Arcapita, Islamic banking, Continents, Manama, BAHRAIN

MANAMA, Bahrain, Oct. 7, 2019 /PRNewswire/ -- Arcapita, a leading global Shari'ah compliant investment firm, announced today its financial results for the twelve months ended June 30, 2019 (FY 2019).

Key Points: 
  • MANAMA, Bahrain, Oct. 7, 2019 /PRNewswire/ -- Arcapita, a leading global Shari'ah compliant investment firm, announced today its financial results for the twelve months ended June 30, 2019 (FY 2019).
  • Arcapita delivered strong results in FY 2019 with revenues of $54.6 million and a net income of $21.9 million, representing 44% and 76% growth over the previous fiscal year, respectively.
  • Overall, Arcapita completed four US transactions and one transaction in the GCC, for a total transaction value of over $250 million.
  • Abdulaziz Hamad Aljomaih, Chairman of the Arcapita Group, commented: "We are very pleased to report our positive results for FY 2019.

Monroe Capital Expands Credit Facility to MC Group

Retrieved on: 
Thursday, September 12, 2019
Other Professional Services, Commercial Building & Real Estate, Construction & Property, Finance, Professional services, Other Construction & Property, Arcapita, Islamic banking, Financial services, Service industries

Monroe Capital LLC today announced an increase in the credit facility to MC Group to support the merger of MC Group and Icon Identity Solutions (Icon), an existing portfolio company of Arcapita Investment Management US, Inc.

Key Points: 
  • Monroe Capital LLC today announced an increase in the credit facility to MC Group to support the merger of MC Group and Icon Identity Solutions (Icon), an existing portfolio company of Arcapita Investment Management US, Inc.
    Based in Rolling Meadows, Illinois, Icon is a brand implementation company specializing in full-service signage manufacturing and installation services, sign and lighting maintenance services, specialty services and commercial retail construction solutions.
  • MC Group is a national provider of signage, lighting, electrical, and energy management solutions.
  • Monroe Capital LLC (Monroe) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing.
  • Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors.

AM Best Revises Outlooks to Positive for Abu Dhabi National Takaful Company P.S.C.

Retrieved on: 
Friday, September 6, 2019
Insurance, Professional services, Companies, Islamic banking, Takaful, Economy of the United Arab Emirates, Abu Dhabi National Takaful Company, Watania, National Takaful Company, Economy, Al Hilal Bank, Al Madina Takaful

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- of Abu Dhabi National Takaful Company P.S.C.

Key Points: 
  • AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- of Abu Dhabi National Takaful Company P.S.C.
  • The revision of the outlooks to positive reflects AM Bests expectation that ADNTC will enhance its position in its domestic market whilst continuing to outperform takaful and conventional insurance peers as it executes its business plan.
  • AM Best considers the takaful regulations in the UAE to be sufficiently strong, given the protection it provides to policyholders.
  • In 2018, the company distributed AED 4.4 million surplus to eligible policyholders, making it the first takaful operator in the UAE to distribute surplus.

AM Best Named Best International Ratings Agency for Takaful at 2019 International Takaful Awards

Retrieved on: 
Wednesday, July 10, 2019
Other Professional Services, Professional services, Insurance, Islamic banking, Takaful, Economy, Noor Takaful, Companies

AM Best has been named the International Best Ratings Agency for Takaful at the International Takaful Awards 2019, held in conjunction with the 13th International Takaful Summit at the Millennium Gloucester Hotel in London.

Key Points: 
  • AM Best has been named the International Best Ratings Agency for Takaful at the International Takaful Awards 2019, held in conjunction with the 13th International Takaful Summit at the Millennium Gloucester Hotel in London.
  • The International Takaful Awards recognise the achievements of those companies that have made significant contributions and shown leadership in the (re)takaful sector.
  • AM Best now has won the International Best Ratings Agency award five consecutive years, and accepting it on behalf of AM Best was Mahesh Mistry, senior director analytics, representing the global rating agencys Europe, Middle East and Africa (EMEA) office.
  • AM Best is a trusted source of insurance market insight and data, and the only global credit rating agency with a unique focus on the insurance industry.

Global Islamic Finance Market Growth, Trends, and Forecast (2018 - 2024)

Retrieved on: 
Tuesday, July 2, 2019
Economy, Money, Finance, Islamic banking, Credit, Sukuk, Islamic economic jurisprudence, Islamic banking and finance, Takaful, Malaysia International Islamic Financial Centre, Challenges in Islamic finance

This included debut entries into the sovereign SUKUK market by Saudi Arabia and Nigeria, as well as the pan-African multilateral development finance institution, Africa Finance Corporation.

Key Points: 
  • This included debut entries into the sovereign SUKUK market by Saudi Arabia and Nigeria, as well as the pan-African multilateral development finance institution, Africa Finance Corporation.
  • The global Islamic banking market covers different aspects, like Islamic Banking, Takaful: Islamic Insurance, Sukuk: Islamic Bonds, and Shariah Capital Market: Islamic funds.
  • Islamic banking is the largest sector in the Islamic finance industry, contributing to 71%, or USD 1.72 trillion, of the industry's assets.
  • The global Islamic finance market is fragmented with a large number of players trying to grab a significant chunk of the developing market.

AM Best Upgrades Issuer Credit Rating of Orient Insurance PJSC and Assigns Credit Ratings to Orient Takaful Insurance Company (S.A.E.)

Retrieved on: 
Friday, June 21, 2019
Finance, Banking, Professional services, Insurance, Islamic banking, Takaful, Economy, Financial services, Noor Takaful, Finance, Etiqa

AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to a+ from a and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Orient Insurance PJSC (Orient) (United Arab Emirates).

Key Points: 
  • AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to a+ from a and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Orient Insurance PJSC (Orient) (United Arab Emirates).
  • Concurrently, AM Best has assigned an FSR of A (Excellent) and a Long-Term ICR of a+ to Orient Takaful Insurance Company (S.A.E.)
  • Orient Takaful is a non-life Takaful insurer with a leading market position in the Takaful market in Egypt.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Bests Credit Ratings .

ASA Ventures and IBC Group to Boost Luxury Real Estate Investments in UAE and Portugal Through Gallery Sukuk Token Offering

Retrieved on: 
Wednesday, May 22, 2019
Islamic banking, Sukuk, Dubai, Computing, Tokenization, Blockchain, Information, Digital technology

DUBAI, UAE, May 22, 2019 /PRNewswire/ -- Dubai-based venture capital firm ASA Ventures joins blockchain investment company IBC Group Limited to introduce Gallery Sukuk Token Offering (Gallery STO) under the GST Offering Group, soon to be regulated entity in Malta.

Key Points: 
  • DUBAI, UAE, May 22, 2019 /PRNewswire/ -- Dubai-based venture capital firm ASA Ventures joins blockchain investment company IBC Group Limited to introduce Gallery Sukuk Token Offering (Gallery STO) under the GST Offering Group, soon to be regulated entity in Malta.
  • The joint venture will manage the buy-out and tokenization of real estate assets in the UAE and Portugal.
  • The group will issue sukuk tokens, consisting of one security token and two utility tokens for asset management and property management, all fully compliant with Islamic (Sharia) principles.
  • He said, "Through blockchain technology, Gallery STO can give more investors the opportunity to diversify their portfolio and ultimately help boost the real estate sector in Dubai."

ASA Ventures and IBC Group to Boost Luxury Real Estate Investments in UAE and Portugal Through Gallery Sukuk Token Offering

Retrieved on: 
Wednesday, May 22, 2019
Islamic banking, Sukuk, Dubai, Computing, Tokenization, Blockchain, Information, Digital technology

DUBAI, UAE, May 22, 2019 /PRNewswire/ -- Dubai-based venture capital firm ASA Ventures joins blockchain investment company IBC Group Limited to introduce Gallery Sukuk Token Offering (Gallery STO) under the GST Offering Group, soon to be regulated entity in Malta.

Key Points: 
  • DUBAI, UAE, May 22, 2019 /PRNewswire/ -- Dubai-based venture capital firm ASA Ventures joins blockchain investment company IBC Group Limited to introduce Gallery Sukuk Token Offering (Gallery STO) under the GST Offering Group, soon to be regulated entity in Malta.
  • The joint venture will manage the buy-out and tokenization of real estate assets in the UAE and Portugal.
  • The group will issue sukuk tokens, consisting of one security token and two utility tokens for asset management and property management, all fully compliant with Islamic (Sharia) principles.
  • He said, "Through blockchain technology, Gallery STO can give more investors the opportunity to diversify their portfolio and ultimately help boost the real estate sector in Dubai."

Best’s Special Report: UAE Takaful Companies Catching Up with Conventional Peers

Retrieved on: 
Tuesday, April 16, 2019
Professional services, Banking, Finance, Insurance, Islamic banking, Takaful, Economy, Financial services, Companies

These improvements are in line with the increase in net earnings for the UAE market as a whole.

Key Points: 
  • These improvements are in line with the increase in net earnings for the UAE market as a whole.
  • In the research, titled, UAE Takaful Companies Catching Up with Conventional Peers, AM Best notes in 2018, the listed insurers in the UAE generated combined gross written premiums (GWP) of AED 21.9 billion, of which the Takaful segment contributed AED 3.7 billion.
  • A marginal decline of 0.5% in the conventional insurers GWP was offset by the Takaful segments GWC growth of 5.8%.
  • Salman Siddiqui, associate director, analytics, said: Historically, Takaful operators in the UAE market have struggled to match the profitability of their conventional counterparts.

Global Islamic Finance Markets 2018-2019 & 2024

Retrieved on: 
Thursday, March 21, 2019
Economy, Money, Finance, Islamic banking, Credit, Islamic economic jurisprudence, Islamic banking and finance, Sukuk, Takaful, Malaysia International Islamic Financial Centre, Challenges in Islamic finance

DUBLIN, March 21, 2019 /PRNewswire/ -- The "Global Islamic Finance Market Growth, Trends, and Forecast (2018 - 2024)" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • DUBLIN, March 21, 2019 /PRNewswire/ -- The "Global Islamic Finance Market Growth, Trends, and Forecast (2018 - 2024)" report has been added to ResearchAndMarkets.com's offering.
  • The global Islamic banking market covers different aspects, like Islamic Banking, Takaful: Islamic Insurance, Sukuk: Islamic Bonds, and Shariah Capital Market: Islamic funds.
  • Islamic banking is the largest sector in the Islamic finance industry, contributing to 71%, or USD 1.72 trillion, of the industry's assets.
  • The global Islamic finance market is fragmented with a large number of players trying to grab a significant chunk of the developing market.