Fitch announces new ratings methodology for Islamic banks and sukuk
Fitch Ratings, which has an office in Dubai, believes the ratings issues are similar between Islamic banking & sukuk, although there are significant differences in some risks. Mark Young, Managing Director of Fitch Financial Institutions in London said this could involve "closer analysis of each bank's risk management processes, funding and liquidity position, legal issues, regulatory oversight, transparency, accounting standards and corporate governance practices."
I will review these documents and provide a more detailed summary later in the day.
Islamic banking sees significant growth-Kuwaiti Central Bank governor
The Governor of the Central Bank of Kuwait, Sheikh Salem Abdulaziz Al-Sabah, believes that Islamic banking is on the cusp of significant growth, having captured 26 percent of the market within Kuwait. He was speaking at the International Conference for Islamic Finance & Investment.
Dubai Bank offers 'Sanad' product
Dubai Bank announced the launch of its 'Sanad' product, which will "meet [customers'] diverse personal finance needs" and allow them to move outstanding liabilities with other banks into a Shari'ah-compliant debt program.