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Saudi Airlines Catering Company board recommends 15 per cent dividend
April 22, 2014--The Saudi Arabian Tadawul All Share Index declined for the second day straight, ending down by 0.36 per cent at 9,583.04 points on Tuesday, April 22.
Saudi Airlines Catering Company gained 0.20 per cent to reach SAR166.75. Earlier in the day, the firm said its board of directors has proposed a 15 per cent cash...
Qatar Electricity and Water Q1 net income soars by 50 per cent
April 22, 2014--The Qatar Exchange (QE) 20 Index advanced by 1.32 per cent to reach 12,744.33 points on Tuesday, April 22.
Qatar Electricity and Water advanced 1.92 per cent to QAR186. Earlier in the day, the utilities giant said in the first three months of 2014 it earned a net profit of QAR299 million ($75m)...
Bahrain Islamic Bank leads bourse's advance
April 22, 2014--The Bahrain All Share Index added 0.34 per cent to close at 1,397.22 points on Tuesday, April 22, the highest level since March 23. Bahrain Islamic Bank gained 2.78 per cent to BHD0.148.
Esterad Investment Company lost the most, ending off by 2.06 per cent at 0.19.
Abu Dhabi Islamic Bank Q1 results boost share price
April 22, 2014--The Abu Dhabi market index ADXGI finished one per cent higher at 5,191.82 points on Tuesday, April 22.
Abu Dhabi Islamic Bank (ADIB) gained against the trend, closing 0.72 per cent higher at AED6.95. On Monday, the sixth largest bank by assets in the UAE said its net profit in the first three months this...
Bulls lift Dubai market above 5,000 points
April 22, 2014--The Dubai Financial Market General Index (DFMGI) gained 0.70 per cent to reach 5,018.98 points on Tuesday, April 22, a first in six years.
The gauge got a boost after European shares advanced as European indices witnessed a post-Easter rally after Swiss pharmaceutical giant Novartis said it would buy the cancer-drug unit from British counterpart...
IIFM Holds Industry Consultation on Sukuk Standardization
April 21, 2014--Bahrain based international standard-setting body, the International Islamic Financial Market (IIFM) organized an industry consultative meeting on "Sukuk Standardization (Structures, Documentation & Guidelines)".
The meeting was hosted by Dubai International Financial Centre (DIFC) at its Conference Centre and was attended by a diverse group of experts which included a number of regulators, renowned Shari'ah scholars, senior representatives from Islamic financial institutions, local & international law firms, accounting firms, consultants, rating agencies, multilateral developments institutions (International Monetary Fund, Islamic Development Bank Group etc) and other representatives from the industry.
In the past few years, Islamic financial market has witnessed enormous growth in Sukuk issuances from sovereigns, supranational Institutions, financial institutions and corporates covering many jurisdictions. As Sukuk issuance accelerated, with it, developed number of different structures that were used to construct Shari'ah complaint Sukuk. This in turn has brought its own complexities and understanding between the issuers, investors, traders, lawyers and regulators. For the industry to continue its growth, it needs to take steps to bring about clearer understanding with documentation and product standards, guidelines, best business practices and transparency, while strengthening and streamlining the Shari'ah approval processes.
SABIC gains despite lower Q1 earnings
April 21, 2014--The Saudi Arabian Tadawul All Share Index surged by 1.11 per cent to 9,636.17 points on Sunday, April 20.
SABIC edged up by 1.43 per cent to SAR115.25. Earlier in the day, the world's largest producer of petrochemical products said it earned a net income of SAR6.44 billion ($1.76bn) in the first three months of...
Abu Dhabi Commercial Bank buys SME loan portfolio for AED450 million
April 21, 2014--The Abu Dhabi market index ADXGI finished 0.33 per cent lower at 5,139.75 points on Sunday,, April 20.
Arkan Building Materials jumped 9.31 per cent to AED2.70. Abu Dhabi Commercial Bank (ADCB) plummeted by 3.40 per cent to AED7.70. Earlier in the day, the lender said it bought an asset finance loan portfolio for small...
Buoyant Dubai market gains as Emaar slips
April 21, 2014--The Dubai Financial Market General Index (DFMGI) gained 1.70 per cent to close at 4,843.35 points on Sunday, April 20.
Market breadth was slightly negative as 14 shares advanced, while 15 declined in value. Emaar fell by 0.50 per cent to AED10.20. Arabtec advanced by 3.43 per cent to AED7.23.
Kuwait Finance House dives after missing Q1 estimates
April 21, 2014--The Kuwait Stock Exchange's market index fell by 0.20 per cent to 7,435.88 points on Sunday, April 20.
Kuwait Finance House (KFH) plummeted by 2.32 per cent to KWD0.840. Earlier in the day, KFH Reuters reported that KFH reported a 13 per cent rise in first quarter net profit on Saturday, April 19, missing analyst...