SOUTH KOREA - BANKING - QIB inks deal with Korean bank

Doha : Qatar Islamic Bank (QIB), the largest Islamic bank in Qatar and one of the leading Islamic banks in the world, yesterday signed a Memorandum of Understanding (MoU) with the Export-Import Bank of Korea (KEXIM), reflecting the growing trade and investment flows between Qatar and South Korea.

The MoU was signed on Tuesday Abdullatif bin Abdulla Al Mahmoud, Managing Director,QIB and Ki-Sub Nam, Executive Director and Board Member, the Export-Import Bank of Korea. The signing ceremony was attended by senior QIB executives and KEXIM delegation. (source)

BANKING - StanChart, Qatar Islamic to bid for Indonesia's Muamalat

A Standard Chartered Plc affiliate, Qatar Islamic Bank SAQ and Oversea-Chinese Banking Corp. are among bidders for a controlling stake in PT Bank Muamalat Indonesia, the country’s oldest Islamic bank, people with knowledge of the matter said.

Shareholders of Bank Muamalat plan to sell more than 50 per cent of the lender in a deal that may value it at as much as $600 million, one of the people said, declining to be identified because the talks are private. Second-round bids are due in mid- June, the people said. PT Bank Permata, an Indonesian lender 45 per cent owned by Standard Chartered, is bidding for the stake, one person said. (full story - alrroya)

BANKING - QIB Will Increase Staff as Much as 7% by Year-End, CEO Says - Looking towards Indonesia

Qatar Islamic Bank (QIBK), the country’s biggest Shariah-compliant lender, plans to increase its workforce by as much as 7 percent this year, Acting Chief Executive Officer Ahmad Meshari said today.

The lender, which has about 750 employees, recently hired more than 50 people, having made a somewhat lesser number redundant, to bring in “new blood,” Meshari said in a telephone interview in Doha. There will be no more layoffs and further hiring is planned, he said.(full story)

BANKING - Qatar follows Malaysia to boost Islamic banking

Bloomberg/Dubai

 
Qatar, in requiring banks from HSBC to Doha Bank to close units offering Shariah-compliant services, is emulating Malaysia, the world’s biggest market for Islamic debt.

The Gulf nation, whose economy is growing at the fastest pace in the world, sent an order to banks this week requiring non-Islamic commercial lenders to shut operations that comply with Shariah law by year-end, according to the central bank circular. Malaysia allows standalone Islamic banks and subsidiaries to provide the services. (source)

BANKING - Qatar Islamic Bank Seeks Ready-Made Entry to Indonesia With Takeover

Doha. Qatar Islamic Bank is hunting for acquisition targets in Indonesia to boost its presence in Asia and tap demand for Shariah banking products in the world’s most populous Muslim nation, the head of its Malaysian unit said on Wednesday.

The bank is studying several potential candidates in Indonesia that have been identified by Asian Finance Bank, which is 62 percent owned by the Gulf lender.

SUKUK - Sukuk Developments: Hybrid Structures and Malaysian Expansion

Qatar’s $3.5 billion conventional bond issue may be the season’s most noteworthy Islamic finance deal. Malaysia, issuer of 75% of the world’s sukuk, has flexed even more muscle as it branches into the nascent Islamic finance market of neighboring Singapore. Anecdotally, these offerings are noteworthy; collectively, they may help ameliorate some high-profile setbacks for the industry.  The world sukuk market seems to have regained its footing. Thomson Reuters data show that global issuance from 2007-2009 dipped from $46.2 billion in 2007, to $39.6 billion in 2008, and back up to $46.3 billion in 2009. For the 12 months ending May 2010, sukuk issuance stands at $45.1 billion, with the summer’s major sukuk not yet included.