Middle East ETF News Older than One Year
Islamic Financial Services Board to revise its rules
December 2, 2010--Rifaat Ahmed Abdel Karim, secretary-general of the Islamic Financial Services Board, an association of regulators in Muslim countries, has said the board will revise its rules next year to enhance Shari'ah-compliant banks' capital in line with Basel III reforms, Reuters has reported.
The aim of the changes is "not to put the Islamic financial services industry at a disadvantage and to provide them with a level playing field" relative to conventional banks but did not elaborate on possible revisions, he said. The IFSB would seek its council's approval in December to begin work next year on amending the regulations, with the process expected to be completed around 2013, he said.
Source: AME Info
CISI launches Islamic finance professional interest forum and announces fully sharia'a compliant IFQ exam and workbook
December 1, 2010--The CISI is launching a new Islamic finance professional interest forum (PIF) in conjunction with the Institute of Islamic Banking and Insurance (IIBI). From 2011, members of the Islamic finance forum will meet quarterly in London to network over lunch, listen to presentations and discuss issues affecting them in a confidential setting.
Events will be free for all members of the CISI (although students may only attend one Islamic finance forum each year) and IIBI members.
Mohammad Ali Qayyum, Director General of the IIBI, said: "We are pleased to be part of this PIF which will offer a unique platform for members of the CISI and IIBI to exchange views on issues vital for the continued development and growth of the Islamic financial services industry."
Source: AME Info
Kuwait forecasts 2011 GDP growth following 2010 stagnation
December 1, 2010-Last week, the governor of Kuwait's Central Bank said he expects GDP growth to continue in 2011, it having stalled in 2010. "For 2011 we expect between 3% and 4% and for this year I can say almost zero [growth]", Sheikh Salem Abdul Aziz Al-Sabah said in an interview.
Some are even more optimistic on Kuwait's immediate prospects for growth. The International Monetary Fund expects Kuwait's economy to grow 2.3% this year and 4.4% in 2011, according to figures on its website.
"Kuwait's story will be pretty similar to what goes on in the other GCC markets," says Syed Saqlain, research analyst, Mena Equities, at Kuwait Financial Centre.
Source: AME Info
Dubai market gains ahead of UAE National Holidays
December 1, 2010--The DFM General Index finished the week positively, ending 1.15% higher at 1,687.92 points as 92.25m shares changed hands. Market bellwether Emaar Properties added 1.38% to close at Dhs3.67. Shares of contracting specialist Drake and Scull International (DSI) advanced 0.74% to finish at Dhs0.958. DSI announced today that its subsidiary Drake & Scull Water and Power (DSWP) has been awarded a Dhs290m EPCO (Engineering, Procurement, Construction and Operation) contract for a District Cooling Plant in Riyadh, Saudi Arabia.
The contract includes the design and build of the district cooling plant, which has a capacity of 35,000 tonnes. The project will take 18 months to complete, the statement to the DFM says. The DFM will be closed until Sunday on the occasion of the 39th UAE National Day on December 2nd. Trading will resume on Monday, December 6.
Source: AME Info
Real estate blue chips lift Abu Dhabi bourse
December 1, 2010--In Abu Dhabi, the ADX index gained 0.58% to finish at 2,745.58. Real estate heavyweights Aldar Properties (up 1.81% at Dhs2.25) and Sorouh Real Estate (gaining 1.21% at Dhs1.68) were the most active shares by volume.
Islamic insurer Abu Dhabi National Takaful posted the largest loss, closing ten percent lower at Dhs3.51.
Source: AME Info
Kuwait market weakens 0.59% on banking losses
December 1, 2010--The KSE Market Index declined on Wednesday for the second consecutive day, ending 0.59% lower at 6,850.5. Losses in the banking segment were once again weighing on the market sentiment.
The country's largest lender National Bank of Kuwait lost 1.56%, finishing at KD1.260. Telecom provider Zain, the most liquid share listed at the KSE, closed off 1.41% at KD1.400.
Source: AME Info
Qatari bourse extends sideways trend
December 1, 2010--Due to a lack of impulses, the Doha-based Qatar market QE ended down 0.15% at 8,129.67. The market has been struggling this week as investors began to book profits after a strng summer rally.
The QE Index gained 16.82% on a year-to-date basis, the highest advance among GCC stock indices. Insurers lost in particluar on Wednesday, as Qatar Insurance closed 1.37% lower at QR79.40.
Source: AME Info
Saudi petrochemicals push Tadawul market higher
December 1, 2010--The Riyadh-located Tadawul bourse gained 0.42% Wednesday to close at 6,344.88, ending the last trading week of November with a plus of 0.85%. Petrochemical firms Sabic (up 1.24% at SR101.75), Saudi Kayan Petrochemical Company (0.28% higher at SR18.15) and Yansab National Petrochemical Company (gaining 2.21% at SR46.20) lifted
the market in particular. Banks and financials ended mostly lower. Samba Financial Group shares (down 2.16% at SR56.50) might test the next support level at SR55.
Source: AME Info
ADX announces the launch of 7 surveys to measure the level of satisfaction and investment literacy
December 1, 2010--Abu Dhabi Securities Exchange (ADX) today announced the launch of 7 surveys. Five of them are to measure the satisfaction level of stakeholders which include investors, listed companies, brokerage firms, custodians and registrars.
The other two surveys are to measure the level of investors and universities students' investment literacy as a part of the Abu Dhabi government's vision and drive for excellence.
Rashed Al Baloushi, ADX Deputy Chief Executive and Director of Operation said, "ADX genuine concern for concluding these surveys rises from the directives of the leadership and the objectives of Abu Dhabi's Economic Vision 2030, in addition to the priorities set by the exchange's strategic plans, to enhance the performance and to support ADX's standings regionally and internationally."
Source: AME Info
Abu Dhabi bourse ends flat in lacklustre trading
November 30, 2010--The ADX General Index closed at 2,729.87 points (off 0.05%) as three sector indices and seven shares ended flat.
Gains at Aldar Properties (up 1.38% at Dhs2.19) and Abu Dhabi Commercial Bank (1.35% higher atDhs2.25) failed to lift the market sentiment in the UAE capital.
Source: AME Info
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