Wednesday, May 09, 2007

IsDB Poverty Reduction Fund, Kazakh Islamic banking

IsDB to launch $10 billion Poverty Reduction Fund

The Islamic Development Bank will launch the Poverty Reduction Fund at the annual meeting of the board of governors of the IsDB in Dakar, Senegal on May 29-30, 2007.
• This conference is listed on the IHI conference listing page.

Emirates Islamic Bank to enter Kazakhstan

Emirates Islamic Bank, a subsidiary of Dubai-based Emirates Banking Group will cooperate with JSC Bank TuranAlem in developing Islamic financial products for the Kazakh market. Kazakhstan estimates that Islamic banking could make up 5 to 7 percent of the country's banking market. Kazakhstan is 47% Muslim.

Other News

Gulf Daily News: "Central Bank of Bahrain Governor Rasheed Al Maraj yesterday received a Philippines Central Bank delegation led by Corazon J Guerrero and briefed them on Bahrain's control mechanisms and Islamic banking supervisory procedures."

Arabian Business: "Al Seyassah, Kuwait: Islamic lender Kuwait Finance House plans to set up a unit in Algeria."

Khaleej Times: "Dubai-based Islamic mortgage lender Tamweel TAML.DU said on Tuesday its first-quarter net profit surged almost five-fold as its home loan business grew."

The Edge Daily: "ING Funds Bhd expects a 10% to 12% annualised average return from its newly launched fund, the ING Baraka Capital Protected, which provides investors with 100% capital protection and potential capital appreciation over a three-year period.">

A U.K. Regional Development Agency will offer £2 million of loans for small business and not-for-profit social enterprises to be matched by private funding. The fund will include Shari'ah-compliant funding for businesses in the Manchester area.

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