The Middle East Islamic banking sector is forecast to grow at an annual rate of 5 per cent for the next two years, a drop from historic highs of 15 per cent, reflecting tougher economic conditions, according to the governor of the Central Bank of Bahrain (CBB).
"As a result of the slowdown in economic activity, and overall environment, Islamic finance in previous years took off very quickly and penetrated new markets," Rasheed Al Maraj told The National on the sidelines of a conference in Bahrain .
“Now, it is reaching a stage of maturity where you don’t expect the same kind of big growth rates possible before. Nevertheless, the growth rate we are forecasting, which is around 5 percent, is above that of the conventional banking industry.”
Total Islamic finance assets are projected to reach US$3.8 trillion by 2022 after growing by 7 per cent to $2.2tn in 2016, according to a report published on Tuesday by Thomson Reuters and the Islamic Corporation for the Development of the Private Sector (ICD).
Performance of all Islamic finance sectors is improving as oil prices pick up, while governments are enhancing regulations to strengthen the industry, the report said.
Bahrain is positioning itself as the Islamic banking capital of the Middle East, and is seeking continued steady growth in the coming years with the help of new regulations and 'fintech' .
Mr Al Maraj told the conference a total of $22 billion worth of Islamic bonds, or sukuk, have been issued to date in 2017 – a record for Islamic banking – and this is set to continue in 2018 as geographic demand widens. In particular, there has been a "surge" in demand from the US.
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Read More:
Global sukuk market expected to grow 12 per cent this year, Moody's says
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“Almost $40bn of sukuks are to mature in 2018, around a quarter of which will mature in the first quarter of next year,” Mr Al Maraj said.
“The other interesting feature to emerge in this region has been pricing for sukuks, which has been tighter than bonds. This underscores pockets of liquidity in the region among Islamic investors against a dearth of quality assets.”
Moody's Investors Service, the ratings agency, is forecasting the global sukuk market would grow by 12 per cent to $95bn this year, aided by higher demand from Islamic retail banks and a sharp gain in issuance from GCC sovereigns.
Mr Al Maraj would not be drawn on whether the central bank would make issuances in 2018 after selling $850 million sukuk in September.
“Bahrain has always worked hard to participate with the industry in introducing a new product, so we are continuously on the lookout for any kind of new product, especially ones that will benefit Islamic banks,” he said.
“We are in continuous talks on R&D and whatever we think is appropriate at the right time, and if the product has been researched from all angles, we may [issue something new].”
Meanwhile, the central bank is preparing to introduce ‘FAS 30’ regulations – the Islamic equivalent of IFSR 9 to govern corporate governance and sharia external auditing – by early next year, Mr Al Maraj said.
Bahrain, though, is “pacing itself” when it comes to drawing up further new regulations for Islamic banking. “We think we have issued enough regulation in the past and need the industry to digest.”
With regards to the conventional banking sector, he forecast a "positive direction" for the industry next year. "Judging by the recent results, the banks have done well in the first half of 2017. The sector is well capitalised, the liquidity is quite good, and we see no adverse impacts on quality of assets," he said.
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
Richard Jewell
Director: Clint Eastwood
Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley
Two-and-a-half out of five stars
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Spec%20sheet
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Four%20scenarios%20for%20Ukraine%20war
%3Cp%3E1.%20Protracted%20but%20less%20intense%20war%20(60%25%20likelihood)%3C%2Fp%3E%0A%3Cp%3E2.%20Negotiated%20end%20to%20the%20conflict%20(30%25)%3C%2Fp%3E%0A%3Cp%3E3.%20Russia%20seizes%20more%20territory%20(20%25)%3C%2Fp%3E%0A%3Cp%3E4.%20Ukraine%20pushes%20Russia%20back%20(10%25)%3C%2Fp%3E%0A%3Cp%3E%3Cem%3EForecast%20by%20Economist%20Intelligence%20Unit%3C%2Fem%3E%3C%2Fp%3E%0A
The%20Color%20Purple
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
The Written World: How Literature Shaped History
Martin Puchner
Granta
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
UAE currency: the story behind the money in your pockets
RESULTS
Mumbai Indians 181-4 (20 ovs)
Kolkata Knight Riders 168-6 (20ovs)
Mumbai won by 13 runs
Rajasthan Royals 152-9 (20 ovs)
Kings XI Punjab 155-4 (18.4 ovs)
Kings XI Punjab won by 6 wickets
Sweet%20Tooth
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