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New growth frontier for Islamic finance
In Islamic banking, traditionally banks do not invest in interest bearing instruments like treasuries or bonds, which means all deposits collected are transferred to the real economy as “murabaha” loans. Besides supporting real businesses and production, it protects the borrower from financial shocks in crisis situations. Furthermore, in the Islamic system, banks cannot call back the loans or change the pre-agreed rates – thus Islamic banking stabilises the financing conditions for debtor firms. Realising the virtues of these practices, Bank Asya was established in 1996 in Turkey in accordance with the principles of interest-free bankin... -
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Adapt and thrive
Kuwait Investment Company (KIC) is a public shareholding company, incorporated under the laws of the State of Kuwait on 25 November 1961 and listed on the Kuwait Stock Exchange. The company has been a leading player in the investment industry in Kuwait and the GCC over its 50 years of operation, passing through numerous economic cycles and lasting through a host of crises. For example, the 1982 Al-Manakh crisis brought the national economy to a standstill and helped to push the whole region into recession; while the 1990 Iraqi invasion had a similarly disastrous and long-term effect. Despite these local seismic economic shifts – and global ... -
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Grasping the strategic opportunities from Solvency II
It is now 18 months before Solvency II, the new solvency regime for European insurers and reinsurers, is due to come into force. Insurers have been preparing for a long time, in some instances many years, to implement the regime which will come into effect on 1 January 2013 and which will have far-reaching consequences for those trading in Europe. Financial institutions will also be indirectly affected as they will need to adjust their businesses to meet the changing needs of their insurance clients. At its heart, Solvency II aims to implement solvency capital requirements that better reflect the risks insurers face, encouraging them to imple... -
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Sinosteel halts Australian $2.1bn iron ore project?
Chinese iron ore trading developer Sinosteel Midwest suspended work on its $2.1bn Australia-based Weld Range iron ore mining project due to uncertainty surrounding the proposed Oakajee port and rail project.? The $5.2bn joint venture between Mitsubishi and Murchison Metals has been inundated by delays recently and Sinosteel, one of the largest investors by a Chinese company in Australian mining, said it will halt the project until certainty surrounding the port development is resolved.?Continuous delays saw the completion date for the port move from its forecast in 2012 to 2015 and have cost an estimated $100m a year, Sinosteel said.? The COO... -
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A dynamic evolution
First Bank of Nigeria Plc (FirstBank), established in 1894, is a premier bank in West Africa and the leading financial services solutions provider in Nigeria. The bank was founded by Sir Alfred Jones, a shipping magnate from Liverpool, UK. With its head office originally in Liverpool, the bank commenced business on a modest scale in Lagos under the name Bank of British West Africa. In 1912 the bank acquired its first competitor, the Bank of Nigeria, which had been established in 1899 (as the Anglo-African Bank) by the Royal Niger Company. In 1957 the bank changed its name from Bank of British West Africa to Bank of West Africa. In 1966, follo... -
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Modern markets demand constant connectivity
Trading dynamics have changed radically in the last decade. Investors used to wait months or years for investment prospects. Today, technology allows traders and investors to seize opportunities instantly and manage risks directly. The $4trn daily foreign exchange market offers what other markets failed to attain, and is now easily accessible and affordable for everyone. IronFX Financial Services Limited developed a vision to challenge and recreate one of the most attractive trading environments in the industry. The result was IronFX, developed with cutting-edge in-house technology to provide an exclusive, best of market product range, equall... -
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Taking the LATAM lead
For Celfin Capital, 2010 was a year of consolidation and looking to new horizons. In the Chilean market, Celfin strengthened its leadership position across all its business areas; while in the Peruvian market, the company’s brokerage, wealth management and corporate finance operations achieved significant positions and broke even in their second year of operation. At the same time Celfin has started to expand into new markets. It received authorisation for brokerage in Colombia and began the process of application to US regulators, which will enable further expansion of Celfin’s operations and complement their geographical presence in the... -
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A journey of transformation
The story of Cairo Amman Bank (CAB) has been described as a corporate rebirth – one in which a small financial institution with humble foundations completely reinvented itself by tapping the potential in the Jordanian banking landscape to redefine its brand position. In the 1990s, the prognosis for CAB’s growth in the market was fairly poor, with a relatively small branch network and a financial foundation that was wavering under the weight of substantial non-performing corporate loans. Today CAB is a shining model of innovation and growth, thanks to the intelligent transformation strategies that the bank initiated in 1998. By focusing it... -
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JPMorgan pays $153.6m in SEC settlement
?JPMorgan Securities has agreed to pay $153.6m to settle civil fraud charges against it for misleading buyers of complex mortgage securities investments during the collapse of the housing market, it was announced late on Tuesday. ? The SEC found that JPMorgan did not correctly disclose to investors that the vehicle had been created on behalf of hedge fund, Magnetar, and the role it played, namely that it was involved in picking CDOs for the portfolio and “stood to benefit if the CDO defaulted”. ?Under the settlement with the SEC, JPMorgan agreed to improve the manner it reviews and approves transactions relating to mortgage securities.? H... -
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Change is the only constant
From a humble beginning as a trading house in 1977, Al-Tuwairqi Holding Company (ATH) is now one of the leading businesses in the Kingdom of Saudi Arabia. The company has shown a phenomenal growth over the last two decades and today is among the top five private sector industrial concerns in the Kingdom. Dr Hilal Hussain Al Tuwairqi, the chairman of ATH, has developed the company into a well-known name in Saudi Arabia, mainly due to its large-scale steel manufacturing activities – its primary focus being the steel sector – but also in a number of related engineering fields after successfully diversifying the business. Growth and expansion...
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