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					Islamic Banking and Finance 500                                  Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                      Page 4-1



                 Section 4: March Monthly News: By News Type
                      IBF News Listed by News Type: Annual General Meeting

News Date: March 11, 2008
Bahrain Islamic Bank (www) (Country: Bahrain)
Industry: Banking
Summary: The bank has announced that its General Assembly Meeting's agenda items were approved at the Bank's Annual
General Meeting held on Monday, 10th March 2008, at Dana Banquet Hall of the Gulf International Convention Centre, Gulf
Hotel.
Source:- (www)


                       IBF News Listed by News Type: Awards/Achievements

News Date: March 24, 2008                                     News Date: March 10, 2008
Ahli United Bank (www) (Country: Bahrain)                  Kuwait Finance House Bahrain (www)
Industry: Banking                                          (Country: Bahrain)
Summary: The bank has been awarded as the Best Bank in the Industry: Banking
Middle East" award for 2008 and was also simultaneously    Summary: The bank has achieved the highest returns on its
awarded "Best Bank in Bahrain 2008'.                       various savings accounts in the kingdom.
Source: Arabian Business (www)                             Source: Gulf News (www)
                                                              News Date: March 12, 2008
News Date: March 14, 2008                                     Bank Syariah Mandiri (www) (Country: Indonesia)
Port of Djibouti (www) (Country: Djibouti)                    Industry: Banking
Industry: Transportation                                      Summary: The bank has won an award from the Kuala
Summary: The company has won prestigious finance awards.      Lumpur-based Islamic Finance News (IFN) as the best
Source: Company Site (www)                                    Indonesian sharia bank throughout 2007.
                                                              Source: ANTARA News (www)
News Date: March 26, 2008                                     News Date: March 19, 2008
Kuwait Finance House (www) (Country: Kuwait)                  Investment Dar (The) (www) (Country: Kuwait)
Industry: Banking                                             Industry: Diversified Financial Services
Summary: The company took first place among Kuwaiti banks     Summary: Islamic sukuk have become one of the fastest
and third over banks in the Middle East with market value     growing financial instruments in the world according to the
capital reached USD21.8b.                                     Chairman and MD of the company.
Source: Company Website (www)                                 Source: Gulf Daily News (www)
News Date: March 17, 2008
                                                              News Date: March 16, 2008
Kuwait Finance House (www) (Country: Kuwait)                  Kuwait Finance House (www) (Country: Kuwait)
Industry: Banking
                                                              Industry: Banking
Summary: The company has honored 3 Islamic Finance
                                                              Summary: The company is close to winning a real estate deal
business leaders who passed extensive scientific program in
                                                              in Bahrain worth USD1.5b.
Harvard.
                                                              Source: Arabian Business (www)
Source: Arab Times (www)
                                                              News Date: March 7, 2008
News Date: March 10, 2008
Kuwait Finance House (www) (Country: Kuwait)                  Kuwait Finance House (www) (Country: Kuwait)
                                                              Industry: Diversified Financial Services
Industry: Diversified Financial Services
                                                              Summary: The company has won the "Best Overall Islamic
Summary: The bank has won Best Deal Award for 2007 from
                                                              Bank", "Most Innovative Islamic Bank" and "Best Islamic Bank
Global Finance for "Zo Al-Majaz" portfolio.
                                                              in Kuwait" awards at 2007 Islamic Finance News Awards.
Source:- (www)
                                                              Source: The Star Online (www)
News Date: March 5, 2008
Abyaar Real Estate Development Company                        News Date: March 27, 2008
(www)
                                                              Bank Negara Malaysia (www) (Country: Malaysia)
(Country: Kuwait)
                                                              Industry: Banking
Industry: Real Estate
                                                              Summary: The country's Corporate Sukuk issue reached to
Summary: The company's vice chairman and managing
                                                              RM30b with the worl'd largest sukuk market.
director has been named a "Middle East Entrepreneur of the
                                                              Source: The Edge Daily ` (www)
Year" at a special ceremony held at Madinat Jumeirah.
Source: Arabian Business (www)


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Islamic Banking and Finance 500                                    Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                           Page 4-2
                                                                News Date: March 19, 2008
News Date: March 25, 2008
Public Mutual (www) (Country: Malaysia)                         Maybank Islamic Bhd (www) (Country: Malaysia)
                                                                Industry: Banking
Industry: Diversified Financial Services
                                                                Summary: Mr. Datuk Amirsham A. Aziz, Chairman and CEO of
Summary: The company has been awarded as The Best
                                                                the company in the financial industry will be of great benefit to
Islamic Fund Manager for Asia.
                                                                the Economic Planning Unit (EPU).
Source: Maktoob Business (www)
                                                                Source: The Yahoo (www)
                                                                News Date: March 17, 2008
News Date: March 17, 2008
                                                           Finance
Bina Puri Holdings Bhd (www) (Country: Malaysia) Kuwait Malaysia) House (M) Bhd (www)
                                                 (Country:
Industry: Property Mgmt/Construction Svcs
                                                        Industry: Diversified Financial Services
Summary: The company has won a RM4.1m contract from the
                                                        Summary: The company has won the Special League
National Bank of Abu Dhabi for interior fit-out works.
                                                        Achievement Award category from RAM Rating Services Bhd.
Source: Business Times Online (www)
                                                        Source: Bernama Newswire (www)
News Date: March 11, 2008                                       News Date: March 10, 2008
AMMB Holdings (www) (Country: Malaysia)                         Qatargas (www) (Country: Qatar)
Industry: Banking                                               Industry: Electric/Water/Gas Services
Summary: The company's financial services business will be      Summary: The company's 2 project has received an award for
streamlined into four business groups under the second stage of best project at a red-carpet ceremony held for the Excellence in
its internal group restructuring exercise.                      Energy Awards.
Source: Bernama (www)                                           Source: The Peninsula (www)
                                                                News Date: March 27, 2008
News Date: March 26, 2008                                       International Turnkey Systems (www)
National Commercial Bank (www)                                  (Country: UAE)
(Country: Saudi Arabia)                                         Industry: InfoTech Services
Industry: Banking                                               Summary: The company's managing director and general
Summary: The company has received The Best Islamic Fund         manager Mr.Khalid Faraj Al-Said has been named the 'Middle
Manager award for the Gulf Co-operation Council.                East Entrepreneur of the Year' by leading Pan-Arab business
Source: Maktoob Business (www)                                  magazine.
                                                                Source:- (www)
                                                                News Date: March 25, 2008
News Date: March 27, 2008                                       Dubai International Financial Centre
SHUAA Asset Management (Country: UAE)                           Authority(DIFC) (www) (Country: UAE)
Industry: Diversified Financial Services                        Industry: Diversified Financial Services
Summary: The company's Arab Islamic Gateway Fund has            Summary: The company's new Islamic Finance guidelines
awarded Best MENA Fund 2007 by Failaka Islamic Fund Awards.     filling a long-felt need in one of the world's fastest growing
Source: Eye of Dubai (www)                                      economic sectors.
                                                                Source: Islam Online (www)
News Date: March 21, 2008
                                                                News Date: March 20, 2008
Abu Dhabi Commercial Bank (www) (Country:                       Emirates Islamic Bank PJSC (www) (Country:
UAE)
                                                                UAE)
Industry: Banking
                                                                Industry: Banking
Summary: The bank is going to become UAE's third-largest
                                                                Summary: Islamic Banking offers flexible financing choices' to
lender by market value to have further writedowns in 2008,
                                                                all clients as per the bank's CEO.
although lower in magnitude.
                                                                Source: Gulf News (www)
Source: Khaleej Times (www)
News Date: March 18, 2008                                       News Date: March 17, 2008
Dubai International Financial Centre                            Abu Dhabi National Islamic Finance Co
Authority(DIFC) (www) (Country: UAE)                            (Country: UAE)
Industry: Diversified Financial Services                        Industry: Diversified Financial Services
Summary: The company is positioning itself as the gateway for   Summary: Bina Puri Holdings Bhd has won a RM4.1m contract
insurance related companies to tap into "a fertile new market   from the National Bank of Abu Dhabi for the company's
for the insurance industry".                                    headquarters and branch premises interior fit-out works.
Source: Khaleej Times (www)                                     Source: Business Times Online (www)
News Date: March 17, 2008
National Bank of Abu Dhabi (www) (Country:                      News Date: March 14, 2008
UAE)                                                      DP World (www) (Country: UAE)
Industry: Banking                                         Industry: Transportation
Summary: Bina Puri Holdings Bhd has won a RM4.1m contract Summary: The company has won prestigious finance awards.
from the bank for interior fit-out works.                 Source: Company Site (www)
Source: Business Times Online (www)




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Islamic Banking and Finance 500                                    Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                       Page 4-3

News Date: March 12, 2008                                       News Date: March 11, 2008
Emirates Islamic Bank PJSC (www) (Country:                      Salama Islamic Arab Insurance Company
UAE)                                                            (www)
Industry: Banking                                               (Country: UAE)
Summary: The bank has won as an undisputed champion of          Industry: Insurance
Sharjah Cricket Council (SCC) inter bank cricket tournament -   Summary: The company has reported their takaful operators
2008.                                                           were increased from 84 to 150 within a one year.
Source: Trade Arabia (www)                                      Source: Channel NewsAsia (www)
News Date: March 4, 2008
                                                                News Date: March 3, 2008
Ernst & Young (www) (Country: UAE)                              HSBC Amanah (www) (Country: UAE)
Industry: Business Services
                                                                Industry: Banking
Summary: The company has been awarded Best Advisory firm
                                                                Summary: The bank is becoming 'the world's local Islamic
in Islamic Finance by the Islamic Finance News for the second
                                                                bank'.
year in a row.
                                                                Source: MENAFN (www)
Source: The Peninsular Qatar (www)
News Date: March 2, 2008                                        News Date: March 25, 2008
MEED Magazine (Country: UAE)                                    Saturna Capital Corporation (www)
Industry: Media                                                 (Country: United States)
Summary: The company has announced that number of               Industry: Banking
sharia-compliant banks in the U.A.E. could almost double in     Summary: The company has received The Best Islamic Fund
2008.                                                           Manager in the United States.
Source:- (www)                                                  Source: Maktoob Business (www)
News Date: March 13, 2008                                       News Date: March 8, 2008
University Islamic Financial Corporation                          Saturna Capital Corporation (www)
(Country: United States)                                          (Country: United States)
Industry: Diversified Financial Services                          Industry: Banking
Summary: The company has USD35m assets which is the               Summary: Mr. Monem Salam, director and Vice President of
largest balance sheet of any retail Islamic Banking Enterprise in Islamic Investing for the company has been named as one of
US.                                                               the 'Twenty Rising Stars' in the mututal fund industry.
Source: Biz Yahoo (www)                                           Source: Infocus News (www)


                          IBF News Listed by News Type: Board of Directors

News Date: March 24, 2008                                       News Date: March 10, 2008
Doha Bank Ltd (www) (Country: Qatar)                            HSBC Qatar (Country: Qatar)
Industry: Banking                                               Industry: Banking
Summary: The bank's shareholders picked a new board for a       Summary: The bank has appointed Mr.Aamir Jawaid as a HSBC
three-year term.                                                Director, Project Finance.
Source: The Peninsula (www)                                     Source: The Peninsula (www)
News Date: March 10, 2008
Qatar International Islamic Bank (www)                          News Date: March 5, 2008
(Country: Qatar)                                                Qatar Islamic Insurance (www) (Country: Qatar)
Industry: Banking                                               Industry: Insurance
Summary: The bank's shareholders have approved the              Summary: The company is expanding the board to nine
recommendations to increase the number of Board members         members and election to its board will begin on March 12.
from seven to nine.                                             Source: Gulf Times (www)
Source: The Peninsula (www)
News Date: March 21, 2008
                                                                News Date: March 10, 2008
The Dubai International Financial
                                                                Dubai Islamic Bank (www) (Country: UAE)
Exchange Ltd (DIFX) (www) (Country: UAE)                        Industry: Banking
Industry: Diversified Financial Services                        Summary: The bank has has appointed a new Chairman of the
Summary: Mr. Ahmed Fahour has been appointed as a Board         Board of Directors to Mr.Mohammed Ibrahim Al Shaibani.
of Director.                                                    Source: Gulf News (www)
Source: Khaleej Times (www)
                                                                News Date: March 3, 2008
News Date: March 4, 2008
Abraaj Capital (www) (Country: UAE)                             Makan Capital Group (www) (Country: UAE)
                                                                Industry: Real Estate
Industry: Diversified Financial Services
                                                                Summary: Mr. Samer Wahbeh has been appointed as a
Summary: The company has appointed Executive Directors
                                                                Director of the Property Development Fund and acting Chief
Egypt and Turkey.
                                                                Financial Officer.
Source:- (www)
                                                                Source: The Earth Times (www)


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Islamic Banking and Finance 500                                    Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                       Page 4-4
News Date: March 11, 2008
DLA Piper (www) (Country: United Kingdom)
Industry: Business Services
Summary: Mr. Peter Monk has been appointed as a New Head
of Corporate in the Middle East.
Source:- (www)


                             IBF News Listed by News Type: Capital Issues

News Date: March 28, 2008                                       News Date: March 26, 2008
Capital Management House (www) (Country:                        Arab Banking Corporation BSC (www)
Bahrain)                                                        (Country: Bahrain)
Industry: Business Services                                     Industry: Banking
Summary: The company plans to increase its paid-up capital      Summary: The company's share capital has been increased by
from USD47.7mn to USD100mn.                                     USD500m by way of right issue.
Source: Gulf Daily News (www)                                   Source:- (www)
News Date: March 26, 2008                                       News Date: March 27, 2008
Kuwait International Bank (www) (Country:                       Qatar National Bank (Country: Qatar)
Kuwait)                                                         Industry: Banking
Industry: Banking                                               Summary: The bank and Qatar Petroleum have announced
Summary: The bank has increased capital from KD85.7m to         that refunds for subscribers to the right issues of Gulf
KD94.302m.                                                      International Services (GIS) were returned to them in 10 days.
Source: Kuwait News Agency (www)                                Source: Company Site (www)
News Date: March 27, 2008                                       News Date: March 10, 2008
Qatar Petroleum (Country: Qatar)                                Saudi Reinsurance Company (Saudi Re)
Industry: Mining/Petroleum                                      (www)
Summary: The company and Qatar National Bank have               (Country: Saudi Arabia)
announced that refunds for subscribers to the right issues of   Industry: Insurance
Gulf International Services (GIS) were returned to them in 10   Summary: The company has launched in Riyadh with its top
days.                                                           officials being bullish about the local insurance industry.
Source: Company Site (www)                                      Source: Arab News (www)
                                                                News Date: March 23, 2008
News Date: March 9, 2008
Inma Bank (Country: Saudi Arabia)                               Abu Dhabi Investment House (www) (Country:
                                                                UAE)
Industry: Banking
                                                                Industry: Diversified Financial Services
Summary: The bank plans to raise SR10.5bn (USD2.8bn) in
                                                                Summary: The company has launched a USD400mn Islamic
April and banking services would comply with Shariah
                                                                finance-compliant fund to create an entertainment city in
regulations.
                                                                suburban Navi Mumbai.
Source: Arab News (www)
                                                                Source: Silicon India (www)
News Date: March 23, 2008
                                                                News Date: March 2, 2008
Commercial Bank International (CBI) (www) Ajman Bank (www) (Country: UAE)
(Country: UAE)
                                                            Industry: Banking
Industry: Banking
                                                            Summary: The bank has offered 55% of its stock or 550mn
Summary: The bank has increased its capital by 15% to 1.25b
                                                            shares - valuing the bank at Dh1bn in the IPO.
U.A.E. dirhams (USD340.3m) via bonus share issue.
                                                            Source: Emirates Business 24-7 (www)
Source:- (www)
News Date: March 5, 2008
Bank of London and The Middle East (www)
(Country: United Kingdom)
Industry: Banking
Summary: The bank has raised a fully paid-up capital base of
UKP250mn (USD496mm).
Source: Gulf Daily News (www)




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Islamic Banking and Finance 500                                       Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                            Page 4-5
                       IBF News Listed by News Type: Changes in Shareholding

                                                                   News Date: March 20, 2008
News Date: March 19, 2008
Al Salam Bank (www) (Country: Bahrain)                             Bank Islam Malaysia Berhadá (www)
                                                              (Country: Malaysia)
Industry: Banking
                                                              Industry: Banking
Summary: The bank has advised their shareholders to
                                                              Summary: The bank is expected to increase its share of
withdraw their shares from Bahrain Stock Exchange and deposit
                                                              deposits and financing to 20% each from the present 18.4%
them with Dubai Financial Market.
                                                              and 10% respectively.
Source: Arabian Business (www)
                                                              Source: Bix The Star (www)
News Date: March 6, 2008
                                                                   News Date: March 21, 2008
OSK Investment Bank Berhad                                         Saudi Hollandi Bank (www) (Country: Saudi Arabia)
(Country: Malaysia)
                                                                   Industry: Banking
Industry: Banking
                                                                   Summary: The bank's First riyal denominated Saudi Arabian
Summary: The banks initial issuance of RM345mn was
                                                                   sukuk has been oversubscribed by over 50%.
oversubscribed by 6.3 times.
                                                                   Source: Khaleej Times (www)
Source: Btimes (www)


                             IBF News Listed by News Type: Contracts/Deals

News Date: March 24, 2008                                          News Date: March 24, 2008
Bahrain Islamic Bank (www) (Country: Bahrain)              Marina West (Country: Bahrain)
Industry: Banking                                          Industry: Banking
Summary: Marina West has signed MOU with the bank to offer Summary: The bank has signed MOU with Bahrain Islamic
more options for home buyers.                              Bank to offer more options for home buyers.
Source: Arabian Business (www)                             Source: Arabian Business (www)
News Date: March 24, 2008                                          News Date: March 5, 2008
United International Bank (www) (Country:                          Bahrain Financial Harbour Holding Co.
Bahrain)                                                      (Country: Bahrain)
Industry: Banking                                             Industry: Diversified Financial Services
Summary: The bank and Novus Aviation have signed a letter of Summary: The company has signed an agreement with the
intent with the Royal Bank of Scotland for investment in five Islamic Bank of Asia to take over the 45th floor of the West
aircraft through Falak Investments Ltd.                       Tower.
Source: Mena FN (www)                                         Source: Gulf Daily News (www)
News Date: March 4, 2008                                           News Date: March 3, 2008
Global Investment House (www) (Country:                          Global Investment House (www) (Country:
Kuwait)                                                          Kuwait)
Industry: Diversified Financial Services                         Industry: Diversified Financial Services
Summary: The company and Qatar International Islamic Bank Summary: The company and Dubai Islamic Bank have signed a
have signed an agreement to allow the Qatari bank to be the      MOU to launch the Global DIB Millennium Islamic Buyout Fund,
exclusive marketing agent here for the Global Real Estate Ijarah a private equity fund targeting aggregate commitments of
Fund.                                                            USD500m.
Source: The Peninsula (www)                                      Source: Mena FN (www)
News Date: March 28, 2008                                          News Date: March 28, 2008
Bank Rakyat (www) (Country: Malaysia)                              Cagamas Bhd. (www) (Country: Malaysia)
Industry: Insurance                                                Industry: Insurance
Summary: The bank has signed an agreement with Cagamas             Summary: The company has signed an agreement with Bank
Bhd to issue the first Islamic bonds under its Islamic financing   Kerjasama Rakyat Malaysia Bhd to issue the first Islamic bonds
facility arrangement.                                              under its Islamic financing facility arrangement.
Source: Bernama (www)                                              Source: Bernama (www)
                                                                   News Date: March 6, 2008
News Date: March 24, 2008                                          Atlas Asset Management Limited (www)
Bank Islam Malaysia Berhadá (www)                                  (Country: Pakistan)
(Country: Malaysia)                                                Industry: Property Mgmt/Construction Svcs
Industry: Banking                                                  Summary: The company and Pak-Qatar Family Takaful Limited
Summary: The bank has clinched its first corporate advisory        have signed an agreement that Pak-Qatar Family Takaful will
deal.                                                              provide takaful coverage to participants of Atlas Pension Islamic
Source: The Edge Daily (www)                                       Fund (APIF).
                                                                   Source: Open PR (www)




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Islamic Banking and Finance 500                                        Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                          Page 4-6

                                                                    News Date: March 6, 2008
News Date: March 6, 2008
Meezan Bank (www) (Country: Pakistan)                               Pak-Qatar Family Takaful Limited (www)
                                                               (Country: Pakistan)
Industry: Banking
                                                               Industry: Insurance
Summary: The bank and Pak Oman Asset Management
                                                               Summary: The company and Atlas Asset Management Limited
Company Ltd have entered into a technical services and support
                                                               have signed an agreement to provide takaful coverage to
agreement.
                                                               participants of Atlas Pension Islamic Fund (APIF).
Source: Associated Press Of Pakistan (www)
                                                               Source: Open PR (www)
News Date: March 23, 2008                                           News Date: March 22, 2008
Qatar International Islamic bank (www)                              Qatar Electricity and Water Co (www)
(Country: Qatar)                                                    (Country: Qatar)
Industry: Banking                                                   Industry: Electric/Water/Gas Services
Summary: The bank has signed an agreement with                      Summary: The company has signed an agreement with Qatar
Performance Inc to develop the skills of its employees as part of   Islamic Bank (QIB) to raise $150 million based on Islamic
the bank's strategy to become a customer-centric organisation.      financing for its new upcoming water project Ras Abu Fontas.
Source: The Peninsula (www)                                         Source: The Peninsula (www)
News Date: March 22, 2008
                                                                    News Date: March 16, 2008
Qatar Islamic Bank (www) (Country: Qatar)                           Qatar International Islamic bank (www)
Industry: Banking
                                                                    (Country: Qatar)
Summary: The company has signed an agreement with The
                                                                    Industry: Banking
Qatar Electricity & Water Company to raise USD150m based on
                                                                    Summary: The bank has signed a MOU with the Institute of
Islamic financing for its new upcoming water project Ras Abu
                                                                    Administrative Development (IAD)
Fontas.
                                                                    Source: Gult Times (www)
Source: The Peninsula (www)
News Date: March 13, 2008                                           News Date: March 13, 2008
Qatar General Electricity and Water                                 Qatar National Bank (www) (Country: Qatar)
Corporation (www) (Country: Qatar)                                  Industry: Banking
Industry: Electric/Water/Gas Services                               Summary: The bank and Qatar General Electricity and Water
Summary: The company and Qatar National Bank have signed            Corporation have signed an agreement through which QNB will
an agreement through which QNB will provide KAHRAMAA with           provide KAHRAMAA with an advanced electronic clearing system
an advanced electronic clearing system to collect cheques.          to collect cheques.
Source: Qatar National Bank (www)                                   Source: Qatar National Bank (www)
News Date: March 4, 2008
Qatar International Islamic Bank (www)                              News Date: March 4, 2008
(Country: Qatar)                                                    Qatar Islamic Bank (www) (Country: Qatar)
Industry: Banking                                                   Industry: Banking
Summary: The company has signed an agreement with Global            Summary: The bank, QInvest and Silver Leaf Capital of UK
Investment House (GIH) of Kuwait allowing the Qatari bank to        have signed the MOU in London to set up the æDhow GulfÆ
be the exclusive marketing agent for the Global Real Estate         fund with a capital of USD1b.
Ijarah Fund.                                                        Source: The Peninsula (www)
Source: The Peninsula (www)
News Date: March 4, 2008                                            News Date: March 4, 2008
Qatar Islamic Bank (www) (Country: Qatar)                           QInvest (www) (Country: Qatar)
Industry: Banking                                                   Industry: Diversified Financial Services
Summary: The bank has signed the MoU with QInvest and               Summary: The company, Qatar Islamic Bank and Silver Leaf
Silver Leaf Capital in London to set up the Dhow Gulf fund on       Capital of UK have signed MOU in London to set up the æDhow
February 5.                                                         GulfÆ fund with a capital of USD1b.
Source: The Peninsula (www)                                         Source: The Peninsular Qatar (www)
News Date: March 16, 2008
GISBA (Country: Saudi Arabia)                                       News Date: March 16, 2008
Industry: Diversified Financial Services                           Saudi Hollandi Bank (www) (Country: Saudi Arabia)
Summary: The company has signed MOU with InfoVision                Industry: Banking
Consultants W. L. L. to cooperate in jointly rendering services to Summary: The bank and Taajeer Company have signed a deal
clients in fields of information communication technology and      for Sukuk Issue.
other related services.                                            Source: Arab News (www)
Source: Maktoob Business (www)




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Islamic Banking and Finance 500                                    Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                        Page 4-7

                                                                News Date: March 5, 2008
News Date: March 16, 2008                                       Islamic Bank of Asia (IB Asia)
Taajeer Company (Country: Saudi Arabia)                  (Country: Singapore)
Industry: Automotives                                    Industry: Banking
Summary: The company and Saudi Hollandi Bank have signed Summary: The bank has signed an agreement with the Bahrain
a deal for Sukuk Issue.                                  Financial Harbour Holding Co. to take over the 45th floor of the
Source: Arab News (www)                                  West Tower.
                                                         Source: Gulf Daily News (www)
News Date: March 27, 2008
                                                                News Date: March 24, 2008
Sorouh Real Estate (www) (Country: UAE)                         Emirates Islamic Bank PJSC (www) (Country:
Industry: Real Estate
                                                                UAE)
Summary: The company has signed an agreement with Metro-
                                                                Industry: Banking
Goldwyn-Mayer Studios Inc.and Rubicon, Inc. to explore the
                                                                Summary: The bank enters into a strategic agreement with
development of entertainment opportunities within Sorouh's
                                                                Ajmal Real Estate.
real estate portfolio.
                                                                Source: Arabian Business (www)
Source: Arabian Business (www)
News Date: March 24, 2008                                       News Date: March 20, 2008
Noor Islamic Bank (www) (Country: UAE)                          Arabtec Construction LLC (www) (Country: UAE)
Industry: Banking                                               Industry: Property Mgmt/Construction Svcs
Summary: The bank has signed an agreement with Marhaba          Summary: The company has been awarded a USD142m
Services to allow bank customers to offer exclusive "meet and   contract by Emaar Properties PJSC for the construction of a new
greet" of Marhaba services.                                     development project in the Arabian Ranches in Dubai.
Source: Travel Daily News (www)                                 Source: Arabian Business (www)
                                                                News Date: March 15, 2008
News Date: March 16, 2008                                       Dubai Islamic Bank (www) (Country: UAE)
                                                             Industry: Banking
Emirates NBD Bank (www) (Country: UAE)                       Summary: The company has signed a DHS577m facility
Industry: Banking
                                                             agreement with Dodsal Engineering & Construction Pte. Ltd. to
Summary: The bank has signed a MOU with the National Bank
                                                             finance the replacement of the NGL Pipeline Network Project
for Foreign Economic Activity of the Republic of Uzbekistan.
                                                             awarded by Abu Dhabi Gas Industries Limited's (Gasco) to
Source:- (www)
                                                             Dodsal.
                                                             Source: Ziomal.biz (www)
                                                                News Date: March 11, 2008
News Date: March 11, 2008
Amlak International (Country: UAE)                              Cayan Investment & Development
                                                               (Country: UAE)
Industry: Diversified Financial Services
                                                               Industry: Diversified Financial Services
Summary: The company has signed an agreement with Cayan
                                                               Summary: The company has signed an agreement with Amlak
Investment & Development to provide finance to clients of SR3b
                                                               International to provide finance to clients of SR3b Lamar
Lamar Project.
                                                               Project.
Source: Mena Report (www)
                                                               Source: Mena Report (www)
News Date: March 10, 2008
                                                                News Date: March 10, 2008
Abu Dhabi National Takaful Co. PSC (www)                        Amlak Finance (www) (Country: UAE)
(Country: UAE)
                                                                Industry: Diversified Financial Services
Industry: Insurance
                                                                Summary: The company has signed an agreement with The
Summary: The company has signed a strategic alliance
                                                                Emirates Credit Information Company Limited to subscribe its
agreement with First Gulf Bank to provide takaful cover to
                                                                services.
home finance customers of FGB.
                                                                Source: Arabian Business (www)
Source: Arabian Business (www)
                                                                News Date: March 10, 2008
News Date: March 10, 2008
Emirates NBD PJSC (www) (Country: UAE)                          Emirates Takaful Insurance Company
                                                                (Country: UAE)
Industry: Diversified Financial Services
                                                                Industry: Insurance
Summary: The company has signed an Dhs500m bi-lateral
                                                                Summary: The company has been set up at cost AED150mn,
structured debt agreement with Daman Real Estate Capital
                                                                following the strategic partnership between Al Buhairah National
Partners.
                                                                Insurance Company with the Austrian Unika group.
Source:- (www)
                                                                Source:- (www)
News Date: March 10, 2008                                       News Date: March 10, 2008
First Gulf Bank (www) (Country: UAE)                            The Emirates Credit Information Company
Industry: Banking                                               (Country: UAE)
Summary: The bank has signed a strategic alliance agreement     Industry: Diversified Financial Services
with Abu Dhabi National Takaful Co. PSC to provide takaful      Summary: The company has signed an agreement with Amlak
cover to home finance customers.                                Finance to subscribe to Emcredit's Services.
Source: Arabian Business (www)                                  Source: Arabian Business (www)


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Islamic Banking and Finance 500                                      Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                         Page 4-8
News Date: March 9, 2008
                                                                  News Date: March 9, 2008
Dubai Islamic Bank (www) (Country: UAE)                           Noor Islamic Bank (www) (Country: UAE)
Industry: Banking
                                                                  Industry: Banking
Summary: The bank has signed an agreement with Dubai-
                                                                  Summary: The bank has signed an agreement with The
based MAG Group Property Development Dh2bn worth of
                                                                  Ministry of Finance to perform bank guarantee service e-
property portfolio to offer finance to aspiring residential and
                                                                  registration using the e-dirham system.
commercial property owners.
                                                                  Source:- (www)
Source: Gowealthy (www)
News Date: March 5, 2008                                          News Date: March 3, 2008
Noor Islamic Bank (www) (Country: UAE)                            Dubai Islamic Bank (www) (Country: UAE)
Industry: Banking                                                 Industry: Banking
Summary: The bank has signed up agreements with Lamya             Summary: The bank and Global Investment House have signed
Real Estate and Derby Marketing to increase the value             a MOU to launch the Global DIB Millennium Islamic Buyout
proposition for its small and medium enterprise (SME)             Fund, a private equity fund targeting aggregate commitments
customers.                                                        of USD500m.
Source: Khaleej Times (www)                                       Source: Mena FN (www)
                                                                  News Date: March 27, 2008
News Date: March 4, 2008
Silver Leaf Capital (SLC)                                         Metro-Goldwyn-Mayer Studios Inc (www)
                                                           (Country: United States)
(Country: United Kingdom)
                                                           Industry: Electronics
Industry: Diversified Financial Services
                                                           Summary: Sorouh Real Estate of UAE has signed an agreement
Summary: The company, Qatar Islamic Bank and QInvest have
                                                           with the company and Rubicon Inc to explore the development
signed MOU in London to set up the æDhow GulfÆ fund with a
                                                           of entertainment opportunities within Sorouh's real estate
capital of USD1b.
                                                           portfolio
Source: The Peninsular Qatar (www)
                                                           Source: Arabian Business (www)
News Date: March 27, 2008                                  News Date: March 23, 2008
Rubicon, Inc. (www) (Country: United States)                  Performance Inc. (www) (Country: United States)
Industry: Chemicals                                           Industry: Automotives
Summary: Sorouh Real Estate of UAE has signed an agreement Summary: The company and Qatar International Islamic Bank
with the company and Metro-Goldwyn-Mayer Studios Inc to       have signed an agreement to develop the skills of its employees
explore the development of entertainment opportunities within as part of the bank's strategy to become a customer-centric
Sorouh's real estate portfolio                                organisation.
Source: Arabian Business (www)                                Source: The Peninsular Qatar (www)


                      IBF News Listed by News Type: Debentures/Notes/Bonds

News Date: March 29, 2008                                         News Date: March 7, 2008
Housing and Development Bank (HDB)                                Westports Malaysia Sdn Bhd (www)
(www)                                                             (Country: Malaysia)
(Country: Egypt)                                                  Industry: Transportation
Industry: Banking                                                 Summary: The company's initial issuance of RM445mn,
Summary: The bank will be the first to issue sukuk, Islamic       including the upsized amount of RM100mn, of the RM800mn
bonds, on the Egyptian market.                                    sukuk musyarakah medium term notes (MTN) programme
Source:- (www)                                                    Source: The Ege Daily (www)
                                                                  News Date: March 13, 2008
News Date: March 6, 2008
Khazanah Nasional Bhd. (www) (Country:                            Islamic Development Bank (www)
                                                                  (Country: Saudi Arabia)
Malaysia)
                                                                  Industry: Banking
Industry: Diversified Financial Services
                                                                  Summary: The bank has issued first two programs under the
Summary: The company has confirmed the sale of USD550mn
                                                                  five-year strategy of the Islamic Solidarity Fund for
in Islamic bonds exchangeable into shares of Hong Kong-listed
                                                                  Development (ISFD), USD10bn Waqf fund recently created by
retailer Parkson Retail Group Ltd.
                                                                  the bank for poverty reduction in OIC member countries.
Source:- (www)
                                                                  (www)
News Date: March 27, 2008
NBK Capital Ltd. (www) (Country: UAE)
Industry: Diversified Financial Services
Summary: The company plans to arrange sales of Islamic
bonds worth up to USD700mn in 2008.
Source: Arabian Business (www)




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Islamic Banking and Finance 500                                   Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                    Page 4-9
                    IBF News Listed by News Type: Dividend announcements

News Date: March 27, 2008                                      News Date: March 25, 2008
Albaraka Banking Group (www) (Country: Bahrain) Ithmaar Bank (www) (Country: Bahrain)
Industry: Banking                                          Industry: Banking
Summary: The bank has agreed to dividend payments worth in Summary: The bank has approved a USD53.7m cash dividend
excess of USD100m.                                         for the year 27.
Source: Gulf Daily News (www)                              Source:- (www)
                                                               News Date: March 24, 2008
News Date: March 24, 2008
Emirates NBD PJSC (www) (Country: UAE)                         National Bank of Abu Dhabi (www) (Country:
                                                               UAE)
Industry: Diversified Financial Services
                                                               Industry: Banking
Summary: The shareholders have approved the recommended
                                                               Summary: The bank has approved the distribution of 40%
cash dividend of 35% and a bonus issue of 15 ordinary shares
                                                               cash dividends and 20% bonus shares to shareholders as on
for every 100 shares.
                                                               April 2nd 2008.
Source: Khaleej Times (www)
                                                               Source: Mena FN (www)
News Date: March 20, 2008                                      News Date: March 17, 2008
Emaar Properties PJSC (www) (Country: UAE)                     Amlak Finance (www) (Country: UAE)
Industry: Real Estate                                          Industry: Diversified Financial Services
Summary: The company has approved 2% cash dividend for         Summary: The company has approved 10% cash dividend in
the year 2007.                                                 its AGM.
Source: Khaleej Times (www)                                    Source: Mena FN (www)
News Date: March 10, 2008
Dubai Islamic Bank (www) (Country: UAE)
Industry: Banking
Summary: The bank has announced 40% cash dividend and
15% bonus to shareholders at their annual general meeting.
Source: Emirates Business 24/7 (www)


                                IBF News Listed by News Type: Earnings

News Date: March 28, 2008
Capital Management House (www) (Country:                       News Date: March 25, 2008
Bahrain)                                                        Shamil Bank of Bahrain (www) (Country: Bahrain)
Industry: Business Services                                     Industry: Banking
Summary: The company has reported USD5.6mn net profit for Summary: Reported 31% increase in net profit to USD80.6m
the maiden financial year with an average return on shareholder for the year 2007.
equity of 11.64% at the end of 2007.                            Source: Gulf Daily News (www)
Source: Mena FN (www)
                                                               News Date: March 11, 2008
News Date: March 23, 2008
Albaraka Turk Participation Bank                               International Investment Bank (www)
                                                               (Country: Bahrain)
(Country: Bahrain)
                                                               Industry: Banking
Industry: Banking
                                                               Summary: The bank has reported net income for the year has
Summary: Reported 31% increase in operating profit to
                                                               reached USD21.1mn, representing an increase of 56.3%
USD189.13m and net income USD65.48m for the year 2007.
                                                               compared to USD13.5mn earned in 2006.
Source: Mena FN (www)
                                                               Source: Ziomal (www)
News Date: March 9, 2008
                                                               News Date: March 9, 2008
Global Banking Corporation (www)                               United International Bank (www) (Country:
(Country: Bahrain)
                                                               Bahrain)
Industry: Banking
                                                               Industry: Banking
Summary: The bank has reported total income rising to
                                                               Summary: The bank has reported total income of USD55.1mn
USD49.2mn and net profit to USD35.9mn for the period ended
                                                               at the end of 2007.
on Dec. 31, 2007.
                                                               Source: Mena FN (www)
Source: Arab News (www)
                                                               News Date: March 26, 2008
News Date: March 2, 2008
First Leasing Bank (www) (Country: Bahrain)                    International Investment Group (www)
                                                               (Country: Kuwait)
Industry: Banking
                                                               Industry: Diversified Financial Services
Summary: Reported net profit to USD4.5m for the year 2007.
                                                               Summary: Reported KD21m profit for the year 2007.
Source: Trade Arabia (www)
                                                               Source: Arab Times (www)



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Islamic Banking and Finance 500                                     Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                         Page 4-10

News Date: March 16, 2008
Abyaar Real Estate Development Company                           News Date: March 10, 2008
(www)                                                            Gulf Bank (www) (Country: Kuwait)
(Country: Kuwait)                                                Industry: Banking
Industry: Real Estate                                            Summary: The bank has reported net profit of USD477.8mn
Summary: Reported 40% increase in net profit to                  for 2007, an increase of 23% over the previous year's results
KD16,840,063 for the year 2007 and capital increased from        with earnings per share rising nearly 23% to 44.7%.
KD38,810,000 to KD48,512,500.                                    Source: Kuwait Times (www)
Source: Kuwait News Agency (www)
News Date: March 19, 2008
                                                                 News Date: March 5, 2008
Bank Islam Malaysia Berhadá (www)                                Bank Rakyat (www) (Country: Malaysia)
(Country: Malaysia)
                                                                 Industry: Banking
Industry: Banking
                                                                 Summary: The bank has recorded a pre-tax and zakat profit of
Summary: Reported 10% increase in Profit before Zakat and
                                                                 RM828.8mn in 2007.
tax to RM182.3m for the six months ended Dec. 30, 2007.
                                                                 Source: Borneopost Online (www)
Source: Bernama Newswire (www)
                                                                 News Date: March 4, 2008
News Date: March 5, 2008                                         CIMB-Principal Asset Management Bhd
HSBC Bank Malaysia Bhd (Country: Malaysia)                       (www)
Industry: Banking                                                (Country: Malaysia)
Summary: The bank has achieved its best results as pre-tax       Industry: Diversified Financial Services
profit crossed over the RM1bn threshold for the financial year   Summary: The company is expecting annual returns of 8% to
ended Dec 31,2007.                                               12% from its latest product, the syariah-compliant CIMB Islamic
Source: The Star Online (www)                                    DALI Equity Theme Fund.
                                                                 Source: The Biz Star (www)
News Date: March 26, 2008
                                                                 News Date: March 15, 2008
Bank Alfalah Limited (www) (Country: Pakistan)                   Qatar Islamic Bank (www) (Country: Qatar)
Industry: Banking
                                                                 Industry: Banking
Summary: The bank has reported a profit before provision and
                                                                 Summary: Reported 25.2% increase in profit to QR1.255bn for
taxation of Rs6.906bn as compared to Rs3.263bn the previous
                                                                 the year 2007.
year registering an increase of 111.62%.
                                                                 Source:- (www)
Source: Business Recorder (www)
                                                                 News Date: March 10, 2008
News Date: March 12, 2008
Qatar Islamic Bank (www) (Country: Qatar)                   Qatar Electricity and Water Co (www)
                                                            (Country: Qatar)
Industry: Banking
                                                            Industry: Electric/Water/Gas Services
Summary: The bank has posted full-year profits of QR1.255bn
                                                            Summary: The company has reported a drop in net profit to
in 2007 as against QR1.003bn in 2006.
                                                            QR614mn from the 2006 figure of QR772mn.
Source: The Peninsula (www)
                                                            Source: The Peninsula (www)
                                                                 News Date: March 15, 2008
News Date: March 23, 2008                                        Daman Investments PSC (www) (Country: UAE)
Dubai Islamic Bank (www) (Country: UAE)                     Industry: Diversified Financial Services
Industry: Banking                                           Summary: The company has reported performance results
Summary: Reported 60% increase in net profit to DH2.50b for details during the month of February 2008 for three funds-the
the year 2007.                                              Daman Second Emirates Fund, the Daman Islamic Fund and the
Source:- (www)                                              Arabian Programmed Trading Fund (APTF).
                                                            (www)
                                                                 News Date: March 12, 2008
News Date: March 12, 2008                                        National Bonds Corporation (www) (Country:
Algebra Capital (www) (Country: UAE)                    UAE)
Industry: Diversified Financial Services                Industry: Diversified Financial Services
Summary: The company's assets under management exceeded Summary: The company has reported sales reached
USD1bn focused on asset management in the Mena region.  DHS180mn at the end of February 2008, an increase of 109%
Source: Arabian Business (www)                          compared to DHS86mn for the same period in 2007.
                                                        Source:- (www)
News Date: March 7, 2008
Takaful Re Limited (www) (Country: UAE)
Industry: Insurance
Summary: The company has reported net profits of
USD11.6mn for the 2007 financial year compared to USD1.3mn
in 2006.
Source: Mena FN (www)



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Islamic Banking and Finance 500                                   Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                        Page 4-11
                     IBF News Listed by News Type: Expansion/Diversification

News Date: March 27, 2008                                      News Date: March 11, 2008
Al Salam Bank (www) (Country: Bahrain)                       Kuwait Finance House (www) (Country: Kuwait)
Industry: Banking                                            Industry: Banking
Summary: The bank's profit to grow by at least 20% and plans Summary: The company is planning to expand in China, India,
to expand in Arab and Islamic countries.                     Indonesia and Algeria.
Source: Gulf Daily News (www)                                (www)
News Date: March 27, 2008
                                                               News Date: March 27, 2008
AMMB Holdings (www) (Country: Malaysia)                        AMMB Holdings (www) (Country: Malaysia)
Industry: Banking
                                                               Industry: Banking
Summary: The company will leverage on Australia & New
                                                               Summary: The company is expanding its investment banking
Zealand Banking Group Ltd's (ANZ Bank) strengths to expand
                                                               operations regionally by venturing into Brunei within this year.
its investment banking business.
                                                               Source: The Edge Daily (www)
Source: The Star Online (www)
News Date: March 12, 2008
                                                               News Date: March 20, 2008
United Composite Islamic Fund (www)                                Qatar Islamic Bank (www) (Country: Qatar)
(Country: Pakistan)
                                                                   Industry: Banking
Industry: Diversified Financial Services
                                                                   Summary: The bank is buying a bank in Egypt next year and
Summary: The company has ventured into the overseas
                                                                   applying for a licence to operate in Turkey.
markets to capitalise the investment potential available globally.
                                                                   Source: The Peninsula (www)
Source: The Post (www)
News Date: March 11, 2008                                          News Date: March 25, 2008
Qatar National Bank (www) (Country: Qatar)                     Dubai Islamic Bank (www) (Country: UAE)
Industry: Banking                                              Industry: Banking
Summary: The bank establish a company at Qatar Financial       Summary: The bank has announced its expansion goals by
Center under the name of "QNB Capital".                        creating new job opportunities for UAE nationals in Al Ain.
Source:- (www)                                                 Source: Gulf Base (www)
News Date: March 23, 2008
The Organisation of Islamic Conference                         News Date: March 26, 2008
(Country: UAE)
Industry: Business Services
                                                               Devon Bank (www) (Country: United States)
                                                               Industry: Banking
Summary: The company has set eyes on the USD580b global
                                                               Summary: The bank has made mortgages compliant with
halal industry and earmarked the Islamic Chamber of
                                                               Islam's sharia law in 36 U.S. states.
Commerce and Industry (ICCI) to look into the developing
                                                               Source: The USA Today (www)
sector.
Source:- (www)


                           IBF News Listed by News Type: Financial Results

                                                               News Date: March 20, 2008
News Date: March 16, 2008
Abaad Real Estate Company (Country: Bahrain)                   Hermes International SCA (www) (Country:
                                                               France)
Industry: Real Estate
                                                               Industry: Paper/Wood
Summary: Reported BD2.1m revenue and a net income of
                                                               Summary: Reported 7.5% increase in revenue for the year
BD1.5m for the year 2007.
                                                               2007.
Source: MENA FN (www)
                                                               (www)
                                                               News Date: March 25, 2008
News Date: March 18, 2008
Jordan Islamic Bank (www) (Country: Jordan)                    TradeWinds Plantations Bhd (www)
                                                               (Country: Malaysia)
Industry: Banking
                                                               Industry: Diversified Financial Services
Summary: Reported 49% increase in net income and 9%
                                                               Summary: The company's Islamic bond sale raises its RM625m
increase in total assets for the year 2007.
                                                               debt.
Source:- (www)
                                                               Source: Business Times (www)




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Islamic Banking and Finance 500                                   Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                       Page 4-12
                              IBF News Listed by News Type: Future Plans

News Date: March 27, 2008                                      News Date: March 26, 2008
Albaraka Banking Group (www) (Country: Bahrain) Albaraka Banking Group (www) (Country: Bahrain)
Industry: Banking                                              Industry: Banking
Summary: The bank said that A new Islamic bank with a total    Summary: The bank and individual investors are planning to
market cap of USD321b will be up and running by the fourth     set up a USD3b Islamic investment bank with USD200b
quarter of the year.                                           investment and an Islamic stock exchange in Bahrain by 2009.
Source: Mena FN (www)                                          Source: The Financial Expresss (www)
                                                               News Date: March 14, 2008
News Date: March 11, 2008                                      Islami Bank Bangladesh Ltd. (www)
                                                              (Country: Bangladesh)
Bahrain Islamic Bank (www) (Country: Bahrain)                 Industry: Banking
Industry: Banking
                                                              Summary: The bank plans to expand its services in remote
Summary: The bank plans to increase the banks's share capital
                                                              rural areas by 2020 through setting up rural development
from BD28mn (USD74.4mn) to BD65mn.
                                                              organisations. IBBL is also planning to help develop the SME
Source: Gulf Daily News (www)
                                                              industries across the country to break the monopoly of a few.
                                                              Source: Business Week (www)
News Date: March 24, 2008                                     News Date: March 19, 2008
Kuwait Finance House (www) (Country: Kuwait)                   Kuwait Finance House (www) (Country: Kuwait)
Industry: Banking                                              Industry: Banking
Summary: The company is in talk to buy the 97 units at         Summary: The company is planning several financing
GuocoLandÆs freehold Goodwood Residence.                       initiatives within the East Coast Economic Region (ECER)
Source: Lushhome (www)                                         Source: The Edge Daily (www)
                                                               News Date: March 11, 2008
News Date: March 18, 2008
Global Investment House (www) (Country:                        Global Investment House (www) (Country:
                                                               Kuwait)
Kuwait)
                                                               Industry: Diversified Financial Services
Industry: Diversified Financial Services
                                                               Summary: The company has reported that saudi authorities
Summary: The company will act as the listing advisor for
                                                               will look to attract USD300bn of investment in "energy intensive
Ithmar Bank listing in the Kuwait Stock Exchange (KSE).
                                                               industries" over the next 13 years.
Source:- (www)
                                                               Source: Emirates Business 24/7 (www)
News Date: March 2, 2008
Abyaar Real Estate Development Company                         News Date: March 28, 2008
(www)                                                          Widetech Malaysia Bhd (Country: Malaysia)
(Country: Kuwait)                                              Industry: Diversified Financial Services
Industry: Real Estate                                          Summary: The company has expected income to improve next
Summary: The company plans to sell as much as USD1bn           year when its new 50-room hotel with gaming facilities in
(Dh3.67bn) of Islamic bonds or sukuk this year to finance      Thakek, Laos, begins contributing to the group's revenue.
expansion into Asia and the Gulf.                              Source: Bernama (www)
Source: Emirates Business 24-7 (www)
News Date: March 26, 2008
                                                               News Date: March 24, 2008
AMMB Holdings (www) (Country: Malaysia)                        EON Bank Bhd (www) (Country: Malaysia)
Industry: Banking
                                                               Industry: Banking
Summary: The company is planning investment banking and
                                                               Summary: The bank plans to open six branches this year.
Islamic finance operations in fast-growing Vietnam.
                                                               Source: The Edge Daily (www)
Source: The Yahoo (www)
                                                               News Date: March 19, 2008
News Date: March 24, 2008                                      Kuwait Finance House (M) Bhd (www)
MAA Holdings Bhd (www) (Country: Malaysia)                     (Country: Malaysia)
Industry: Diversified Financial Services                       Industry: Diversified Financial Services
Summary: The company has offered AmAssurance Bhd 10% of Summary: The company is in discussion with Terengganu's
its Islamic insurance arm as part of a bigger deal to sell its state investment company, Terengganu Inc, and its related
general insurance business.                                    companies on financing initiatives within the East Coast
Source: Business Times (www)                                   Economic Region.
                                                               Source: Bernama Newswire (www)
                                                               News Date: March 17, 2008
News Date: March 18, 2008
HSBC Bank Malaysia Bhd (Country: Malaysia)                     Alliance Financial Group Bhd (www)
                                                               (Country: Malaysia)
Industry: Banking
                                                               Industry: Diversified Financial Services
Summary: The bank expects double digit growth for its Islamic
                                                               Summary: The company plans to have an Islamic banking
banking business for the financial year ending Dec 31 (FY08).
                                                               subsidiary as of April 1.
Source: The Star Online (www)
                                                               Source: Biz Star (www)



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Islamic Banking and Finance 500                                   Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                     Page 4-13
News Date: March 17, 2008                                      News Date: March 14, 2008
Sarawak Energy Bhd (www) (Country: Malaysia)                   Lingkaran Trans Kota Holdings Berhad
Industry: Electric/Water/Gas Services                         (LITRAK) (www) (Country: Malaysia)
Summary: The company plans to sell 3b ringgit of Islamic      Industry: Diversified Financial Services
bonds to finance a 900 megawatts hydroelectric power plant in Summary: The company plans to issue up to MYR1.55bn of
Murum.                                                        Islamic bonds.
Source: The Yahoo (www)                                       Source: Dow Jones (www)
News Date: March 14, 2008                                      News Date: March 13, 2008
Malayan Banking Bhd (www) (Country: Malaysia)                  CIMB Group (Country: Malaysia)
Industry: Banking                                              Industry: Diversified Financial Services
Summary: The bank has expected to issue 1mn Maybankard         Summary: The group has planned to have a presence in India
Visa Debit cards by the end of this year.                      and China.
Source: The edge Daily (www)                                   Source: The Star Online (www)
News Date: March 3, 2008                                       News Date: March 3, 2008
Islamic Development Bank (www)                                 Islamic Development Bank (www)
(Country: Saudi Arabia)                                        (Country: Saudi Arabia)
Industry: Banking                                              Industry: Banking
Summary: The banks's RM500m sukuk will be fully utilised in    Summary: The bank plans to sell RM500m of Islamic bonds in
under two years.                                               Malaysia in two or three months.
Source: Borneo Post (www)                                      Source: The Bloomberg (www)
News Date: March 3, 2008
                                                               News Date: March 28, 2008
DBS Group Holdings Ltd (www) (Country:                         Islamic Bank of Thailand (www) (Country:
Singapore)
                                                               Thailand)
Industry: Diversified Financial Services
                                                               Industry: Banking
Summary: The company plans to sell some of a commodity
                                                               Summary: The bank has set a lending target of 40% or 4.5bn
Murabahah to other banks at promotional meetings in Kuala
                                                               baht this year.
Lumpur, Dubai, Bahrain and London.
                                                               Source: Bangkok Post (www)
Source: Khaleej Times (www)
News Date: March 4, 2008                                       News Date: March 25, 2008
Ihlas Holding (www) (Country: Turkey)                          Mawarid Finance (www) (Country: UAE)
Industry: Diversified Financial Services                       Industry: Diversified Financial Services
Summary: The company plans to sell its Islamic lending unit.   Summary: The company is waiting for IPO approval.
Source: Turkish Daily News (www)                               Source: Gulf News (www)
                                                               News Date: March 20, 2008
News Date: March 24, 2008
Mawarid Finance (www) (Country: UAE)                           Emirates Islamic Bank PJSC (www) (Country:
                                                               UAE)
Industry: Diversified Financial Services
                                                               Industry: Banking
Summary: The company plans to launch the new service "E-
                                                               Summary: The bank plans to double its capital and branch net
Murabaha" in the world.
                                                               work this year.
Source: Arabian Business (www)
                                                               Source: Gulf News (www)
News Date: March 19, 2008                                      News Date: March 12, 2008
The Dubai Multi Commodities Centre                             Emirates Islamic Bank PJSC (www) (Country:
                                                            UAE)
(DMCC) (www) (Country: UAE)                                 Industry: Banking
Industry: Diversified Financial Services                    Summary: The bank has participated in the National Career
Summary: The company has announced that it will develop     Exhibition Sharjah which is dedicated exclusively to the
and manage a range of Shariah-compliant investment products promotion of Emiratization in banking and financial sector in the
focused on commodities.                                     country.
Source: Commodity Online (www)                              Source: Middle East Events (www)
News Date: March 11, 2008                                      News Date: March 9, 2008
Amlak Finance (www) (Country: UAE)                             Noor Islamic Bank (www) (Country: UAE)
Industry: Diversified Financial Services                       Industry: Banking
Summary: The company plans to raise Dh6bn in sukuk and         Summary: The bank plans to be the world's largest Islamic
loans this year to finance growth.                             bank within five years.
Source: Gulf News (www)                                        Source: Islam Online (www)
                                                               News Date: March 4, 2008
News Date: March 9, 2008
Tamweel Co (www) (Country: UAE)                                Abu Dhabi Commercial Bank (www) (Country:
                                                               UAE)
Industry: Diversified Financial Services
                                                               Industry: Banking
Summary: The company plans to raise about USD2bn
                                                               Summary: The bank is planning to double its assets and
(approximately Dh7.35bn) over a period of two years.
                                                               profitability within three years.
Source:- (www)
                                                               Source: Gulf News (www)




From emergingmarketsanalysis.com/web/ibf                                                            IBF500 Series
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Islamic Banking and Finance 500                                      Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                           Page 4-14

News Date: March 4, 2008                                          News Date: March 4, 2008
Abu Dhabi Commercial Bank (www) (Country:                         Abu Dhabi Commercial Bank (www) (Country:
UAE)                                                              UAE)
Industry: Banking                                                 Industry: Banking
Summary: The bank is expecting to conclude its purchase of a      Summary: The bank is planning to open this year a new
stake in Malaysia's RHB Capital , within a month to tap growing   Islamic Finance affiliate to cater to the increasing demand for
Asian demand for Islamic bank services.                           Islamic financial products.
Source: The Yahoo (www)                                           Source: Gulf News (www)
News Date: March 10, 2008
Bank of London and The Middle East (www)
(Country: United Kingdom)
Industry: Banking
Summary: The bank plans to become an international Islamic
financial center.
Source: Azcentral (www)


                         IBF News Listed by News Type: Guidelines/Outlines

News Date: March 27, 2008
State Bank of Pakistan (The) (www)
(Country: Pakistan)
Industry: Banking
Summary: The bank has issued Instructions & Guidelines for shariah compliance in Islamic Banking Institutions (IBIs).
Source: LexisNexis News (www)


                               IBF News Listed by News Type: Investments

News Date: March 4, 2008
CIMB-Principal Asset Management Bhd                               News Date: March 11, 2008
(www)                                                             Bank of London and The Middle East (www)
(Country: Malaysia)                                               (Country: United Kingdom)
Industry: Diversified Financial Services                          Industry: Banking
Summary: The company is planning to put their investors           Summary: The bank has provided Ç9mn of financing to
money mainly in local oil and gas (O&G) companies, plantation     RecovCo, a leading aluminium reprocessing specialist.
and construction stocks.                                          Source:- (www)
Source: The Edge Daily (www)


                             IBF News Listed by News Type: Joint Ventures

                                                                  News Date: March 18, 2008
News Date: March 13, 2008
Bahrain Islamic Bank (www) (Country: Bahrain)                     Arch Capital Group (www) (Country: Bremuda)
                                                                  Industry: Insurance
Industry: Banking
                                                                  Summary: The company and Gulf Investment House of UAE
Summary: The bank and Porta Reef have done partnership to
                                                                  have entered into a 50/50 joint venture to establish a re-
provide attractive financing packages to home buyers with full
                                                                  insurance company at the DIFC and the new entity will be called
solution.
                                                                  Gulf Re.
Source: Arabian Business (www)
                                                                  Source: Khaleej Times (www)
                                                                  News Date: March 19, 2008
News Date: March 25, 2008                                         The Bali Tourism Development Corporation
Adventity BPO India Pvt. Ltd (www)                                (www)
(Country: India)                                                  (Country: Indonesia)
Industry: Business Services                                       Industry: Business Services
Summary: The company has entered into a joint venture with        Summary: The company has signed a joint venture with Emaar
Noor Investment Group LLC.                                        Properties PJSC to undertake the Lombok mega-tourism and
Source: Money Control (www)                                       mixed-use project.
                                                                  Source: Gulf News (www)




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Islamic Banking and Finance 500                                       Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                            Page 4-15

News Date: March 18, 2008
                                                                   News Date: March 14, 2008
Gulf Investment Corporation (www)                               Amanie Business Solutions Sdn Bhd. (www)
(Country: Kuwait)
                                                                (Country: Malaysia)
Industry: Diversified Financial Services
                                                                Industry: Diversified Financial Services
Summary: The company and Arch Capital Group of Bermuda
                                                                Summary: The company has done partnership with KUWAIT
have entered into a 50/50 joint venture to establish a re-
                                                                Finance House (Malaysia) Bhd and FIRIUM Solutions (M) Sdn
insurance company at the DIFC and the new entity will be called
                                                                Bhd for wealth management products.
Gulf Re.
                                                                Source:The Busines Times (www)
Source: Khaleej Times (www)
News Date: March 14, 2008                                          News Date: March 14, 2008
FIRIUM Solutions (M) Sdn Bhd (www)                                 Kuwait Finance House (M) Bhd (www)
(Country: Malaysia)                                                (Country: Malaysia)
Industry: Diversified Financial Services                           Industry: Diversified Financial Services
Summary: The company has done partnership with KUWAIT              Summary: The company has started offering wealth
Finance House (Malaysia) Bhd and Amanie Business Solutions         management products in partnership with FIRIUM Solutions (M)
Sdn Bhd for wealth management products.                            Sdn Bhd and Amanie Business Solutions Sdn Bhd.
Source:The Busines Times (www)                                     Source: Business Times Online (www)
                                                                   News Date: March 16, 2008
News Date: March 3, 2008                                           Commercial Bank of Qatar (www) (Country:
Aseambankers Malaysia Bhd (www)                              Qatar)
(Country: Malaysia)                                          Industry: Banking
Industry: Banking                                            Summary: The bank has announced a new strategic alliance
Summary: The bank is expecting to announce strategic tie-ups with United Arab Bank, a new 'Group' organisation structure
with one or more foreign investment banks.                   that will manage banking activities of three entities across
Source: The Edge Daily (www)                                 Qatar, UAE and Oman.
                                                             Source: Company Site (www)
News Date: March 9, 2008                                           News Date: March 19, 2008
Qatar National Bank (www) (Country: Qatar)                   Saudi Investment Bank (www)
Industry: Banking                                            (Country: Saudi Arabia)
Summary: The bank has joined with Kuwaiti partners to set up Industry: Banking
an Islamic financial services firm to tap growing demand for Summary: The company and BNP Paribas Investment Partners
Shariah-compliant financing in the Gulf.                     have signed a partnership in Saudi Arabia.
Source: Emirates Business 24/7 (www)                         Source: MENA FN (www)
News Date: March 6, 2008
Fullerton Fund Management Company Ltd                              News Date: March 25, 2008
(www)                                                              Noor Investment Group (Country: UAE)
(Country: Singapore)                                               Industry: Diversified Financial Services
Industry: Diversified Financial Services                           Summary: The company has entered into a joint venture with
Summary: The company has collaboration with EFG-Hermes             leading business process outsourcing (BPO) company, Adventity
Asset Management (EFGHermes) in bringing MENA investment           BPO India Pvt. Ltd.
opportunities to Asia.                                             Source: Money Control (www)
Source: Company Site (www)
                                                                   News Date: March 16, 2008
News Date: March 19, 2008
Emaar Properties PJSC (www) (Country: UAE)                         United Arab Bank (www) (Country: UAE)
                                                                   Industry: Banking
Industry: Real Estate
                                                                   Summary: The bank has announced a new strategic alliance
Summary: The Bali Tourism Development Corporation (BTDC)
                                                                   with Commercial Bank of Qatar, a new 'Group' organisation
has signed a joint venture with the company to undertake the
                                                                   structure that will manage banking activities of three entities
Dh2.2 b (USD600m) Lombok tourism and mixed-use project.
                                                                   across Qatar, UAE and Oman.
Source: Gulf News (www)
                                                                   Source: Company Site (www)
News Date: March 3, 2008
Norton Rose Ltd. (www) (Country: United Kingdom)
Industry: Diversified Financial Services
Summary: The company and Clifford Chance have bagged lead
roles on the largest Islamic financing of a UK property to date.
Source: The Legal Week (www)




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Islamic Banking and Finance 500                                       Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                           Page 4-16
                                   IBF News Listed by News Type: Listings

                                                                   News Date: March 16, 2008
News Date: March 25, 2008
                                                                   Accounting and Auditing Organisation for
Ithmaar Bank (www) (Country: Bahrain)
Industry: Banking                                                  Islamic Financial Instit (www) (Country: Bahrain)
Summary: The bank will list its shares on the Kuwait Stock         Industry: Business Services
Exchange (KSE).                                                    Summary: The company has appointed BMB Islamic as an
Source: Gulf Daily News (www)                                      associate member of AAOIFI.
                                                                   Source: Gulf Base (www)
News Date: March 17, 2008
Bumiputra-Commerce Holdings Bhd                                    News Date: March 15, 2008
(Country: Malaysia)                                                Khazanah Nasional Bhd (www) (Country: Malaysia)
Industry: Diversified Financial Services                           Industry: Diversified Financial Services
Summary: The company may list China's Bank of Yingkou              Summary: The company has listed third exchangeable sukuk
Company through an IPO which could serve as a base for             on the Labuan International Financial Exchange Inc.
expanding into Islamic finance in China.                           Source: The Star Online (www)
Source: The Yahoo (www)
News Date: March 4, 2008
Islamic Brokerage (Country: Qatar)
Industry: Diversified Financial Services
Summary: The company gained 20% on debut on the Doha
Securities Market and closed at QR12.
Source: Gulf Times (www)


                             IBF News Listed by News Type: Long Term Debt

News Date: March 27, 2008
                                                                   News Date: March 11, 2008
Reef - Real Estate Finance Company (www)                           Bahrain Islamic Bank (www) (Country: Bahrain)
(Country: Bahrain)
                                                                   Industry: Banking
Industry: Real Estate
                                                                   Summary: The bank has gave the nod for issuing a BD250mn
Summary: The company has secured a USD150mn warehouse
                                                                   Islamic bond, or sukuk as part of the bank's strategy to
financing from Calyon Credit Agricole to bolster its local
                                                                   enhance its business base.
mortgage lending activities.
                                                                   Source:- (www)
Source: Mena FN (www)
News Date: March 11, 2008                                          News Date: March 11, 2008
Gulf International Bank BSC (www)                                  Arab Bank Plc (www) (Country: Jordan)
(Country: Bahrain)                                                 Industry: Banking
Industry: Banking                                                  Summary: The bank, Gulf International Bank, Calyon Credit
Summary: The bank, Arab Bank, Calyon Credit Agricole CIB           Agricole CIB and Emirates Bank International have arranged a
and Emirates Bank International have arranged a SR3.2bn            SR3.2bn Islamic contracting facility for the Saudi Binladin Group
Islamic contracting facility for the Saudi Binladin Group (SBG).   (SBG).
Source: Gulf Research Center (www)                                 Source: Gulf Research Center (www)
                                                                   News Date: March 28, 2008
News Date: March 3, 2008
EFAD Real Estate Co. (Country: Kuwait)                             Green Packet Bhd. (www) (Country: Malaysia)
                                                                   Industry: Telecom
Industry: Real Estate
                                                                   Summary: The company's subsidiary Green Packet (L) Ltd has
Summary: The company has hired three Asian and European
                                                                   secured a globally syariah compliant financing facility for
banks to help it get a USD200m Islamic loan to refinance old
                                                                   USD35mn with a group of local and international banks/financial
debt.
                                                                   institutions.
Source: Khaleej Times (www)
                                                                   Source: Bernama (www)
News Date: March 26, 2008                                          News Date: March 2, 2008
CIMB Bank Berhad (formerly as Bumiputra Qatari Diar Real Estate and Investment
Commerce Bank Berhad) (www) (Country:   Company (www) (Country: Qatar)
Malaysia)                                                          Industry: Real Estate
Industry: Banking                                                  Summary: The company and their joint venture partners CPC
Summary: The bank has successfully priced its 10-years non-        Group have announced USD2.5b syndicated financing loan for
callable five-years RM1.5b nominal value subordinated bonds.       London's Chelsea Barracks.
Source: Business Times (www)                                       Source:- (www)




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Islamic Banking and Finance 500                                    Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                       Page 4-17

                                                                News Date: March 15, 2008
News Date: March 11, 2008
Saudi Binladin Group (www) (Country: Saudi Arabia) Emirates NBD Bank (www) (Country: UAE)
                                                   Industry: Banking
Industry: Real Estate
                                                                Summary: The bank has become the "Mandated Lead
Summary: The company has borrowed a SR3.2bn Islamic loan
                                                                Arranger" and "Bookrunner" to arrange a USD150,000,000
to finance the construction of a housing project in the King
                                                                syndicated term loan facility to support trade finance and
Abdullah University of Science & Technology (Kaust).
                                                                general corporate funding requirements of Bank of Moscow.
Source: Middle East Business Intelligence (www)
                                                                Source: Company Site (www)
                                                                News Date: March 11, 2008
News Date: March 13, 2008
Alrajhi Cement Holding Ltd. (Country: UAE)                  Emirates Bank International (www) (Country:
                                                            UAE)
Industry: Diversified Financial Services
                                                            Industry: Banking
Summary: The company has announced the closing of a
                                                            Summary: The bank, Arab Bank, Calyon Credit Agricole CIB
USD60mn Murabaha facility, funded by newly established Noor
                                                            and Gulf International Bank have arranged a SR3.2bn Islamic
Islamic Bank.
                                                            contracting facility for the Saudi Binladin Group (SBG).
Source: Islam Online (www)
                                                            Source: Gulf Research Center (www)
News Date: March 6, 2008                                        News Date: March 29, 2008
Limitless (www) (Country: UAE)                                  Devon Bank (www) (Country: United States)
Industry: Business Services                                     Industry: Banking
Summary: The company has successfully closed a USD1.2bn         Summary: The bank has transformed itself into a specialist in
syndicated loan with 18 banks from the Middle East, Asia and    the kind of no-interest Islamic financing by making mortgages
Europe.                                                         compliant with Islam's sharia law in 36 U.S. states.
Source:- (www)                                                  Source: USA Today (www)
News Date: March 11, 2008
Standard & Poor's (www) (Country: United States)
Industry: Diversified Financial Services
Summary: The company has reported that global market for
sukuk more than doubled in 2007 to exceed USD60bn and is on
track to top the symbolic USD100bn mark in the next few
years.
Source: Emirates Business 24/7 (www)


                       IBF News Listed by News Type: Management Changes

                                                                News Date: March 20, 2008
News Date: March 26, 2008                                       Global Banking Corporation (www)
Ithmaar Bank (www) (Country: Bahrain)                           (Country: Bahrain)
Industry: Banking                                               Industry: Banking
Summary: Mr. Khalid Abdulla Janahi has been appointed as a      Summary: Mr. Arshan Merchant has been appointed as head of
co-chair of the World Economic Forum on the Middle East 2008.   internal audit as part of bank's efforts to reinforce internal
Source: Gulf Daily News (www)                                   controls.
                                                                Source: Islam Online (www)
News Date: March 12, 2008                                       News Date: March 23, 2008
Bahrain Islamic Bank (www) (Country: Bahrain)                   Gulf Bank (www) (Country: Kuwait)
Industry: Banking                                               Industry: Banking
Summary: The bank has appointed Mr.Mohammed Ebrahim             Summary: Mr. Abdullatif Mohammed Al-Hamad is to become
Mohammed as a Chief Executive Officer.                          General Manager of Corporate Banking.
Source:- (www)                                                  Source:- (www)
News Date: March 24, 2008                                       News Date: March 10, 2008
Zaid Ibrahim & Co (www) (Country: Malaysia)                     Bursa Malaysia Bhd (Country: Malaysia)
Industry: Business Services                                     Industry: Diversified Financial Services
Summary: Dr. Nik Norzul has been appointed as a chairman        Summary: The company has appointed Dr Aznan Hasan as its
and will also heads the firm's Islamic Finance practice.        syariah adviser.
Source: The Yahoo (www)                                         Source: Yahoo Malaysia (www)
                                                                News Date: March 17, 2008
News Date: March 10, 2008
RHB Bank Berhad (www) (Country: Malaysia)                       Commercial Bank of Qatar (www) (Country:
                                                                Qatar)
Industry: Banking
                                                                Industry: Banking
Summary: The bank has appointed Mr.Renzo Viegas as the
                                                                Summary: Mr. Michael Azmi-Loe has been appoionted as a
group's head of retail banking.
                                                                CEO of the bank.
Source: Bernama (www)
                                                                Source: The Peninsula (www)


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Islamic Banking and Finance 500                                        Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                             Page 4-18
                                                                    News Date: March 19, 2008
News Date: March 9, 2008
Masraf Al Rayan (www) (Country: Qatar)                              European Finance House (www)
                                                                    (Country: United Kingdom)
Industry: Diversified Financial Services
                                                                    Industry: Diversified Financial Services
Summary: The company has appointed Mr.Asad Zafar as the
                                                                    Summary: The company has been appointed to provide
chief executive officer (CEO) of the bank's investment banking
                                                                    specialist Sharia asset management advice to the ú2bn Shard
division, Al Rayan Investment.
                                                                    development in London Bridge.
Source: Gulf Times (www)
                                                                    Source: The Property Week (www)
News Date: March 9, 2008
Taylor Wessing LLP (www) (Country: United
Kingdom)
Industry: Business Services
Summary: Mr.Kazi Rahman has been appointed as an
associate within the Finance Group, with a particular interest in
Islamic Finance.
Source:- (www)


                         IBF News Listed by News Type: Mergers/Acquisitions

                                                                    News Date: March 27, 2008
News Date: March 4, 2008
Unicorn Investment Bank (www) (Country:                             PT Bank Internasional Indonesia Tbk (www)
                                                                    (Country: Indonesia)
Bahrain)
                                                                    Industry: Banking
Industry: Banking
                                                                    Summary: Malayan Banking Bhd of Malaysia has secured a
Summary: The bank has acquired 55% equity stake in a
                                                                    controlling stake in the company in a deal that could be worth a
Bahrain-based firm.
                                                                    whopping RM8.6b.
Source: Gulf Daily News (www)
                                                                    Source: The Star Online (www)
                                                                    News Date: March 27, 2008
News Date: March 28, 2008
Boustead Holdings Berhad (www) (Country:                    Malayan Banking Bhd (www) (Country: Malaysia)
                                                            Industry: Banking
Malaysia)
                                                            Summary: The bank has secured a controlling stake in
Industry: Diversified Financial Services
                                                            IndonesiaÆs sixth largest bank by assets, PT Bank
Summary: The company's is seeking acquisitions in Southeast
                                                            Internasional Indonesia Tbk (BII), in a deal that could be worth
Asia to spur growth.
                                                            a whopping RM8.6b.
Source: Yahoo Malaysia (www)
                                                            Source: The Biz Star (www)
News Date: March 19, 2008
Shariah Capital Inc. (www)
(Country: United States)
Industry: Diversified Financial Services
Summary: The Dubai Multi Commodities Centre Authority's
(DMCC) is interested to acquire 4.99% of the company's shares.
Source: Company Website (www)


                               IBF News Listed by News Type: Miscellaneous

                                                                    News Date: March 3, 2008
News Date: March 10, 2008                                           Arab Banking Corporation BSC (www)
Bahrain Islamic Bank (www) (Country: Bahrain)                       (Country: Bahrain)
Industry: Banking                                                   Industry: Banking
Summary: The bank has donated BD30,000 to the besieged              Summary: The bank, Gulf Investment Corp. and Gulf
people of Gaza to help them and to mitigate their sufferings.       International Bank have a combined USD1.5b losses from the
Source: Arabian Business (www)                                      subprime crisis.
                                                                    Source: Gulf News (www)
News Date: March 3, 2008                                            News Date: March 24, 2008
Gulf International Bank BSC (www)                                   ABC Bank Egypt (Country: Egypt)
(Country: Bahrain)                                                  Industry: Banking
Industry: Banking                                                   Summary: The bank has participated at three panels among
Summary: The bank, Gulf Investment Corp. and Arab Banking           prominent panelists from leading world financial institutions and
Coro. have a combined USD1.5b losses from the subprime              regulatory authorities during the Money Laundering Alert 13th
crisis.                                                             Annual International Conference.
Source: Gulf News (www)                                             Source:- (www)



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Islamic Banking and Finance 500                                    Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                      Page 4-19

                                                                News Date: March 18, 2008
News Date: March 26, 2008
Kuwait Finance House (www) (Country: Kuwait)                    Al-Madar Finance & Investment Company
                                                                (www)
Industry: Banking
                                                                (Country: Kuwait)
Summary: Al-Reyad Bank visited the Marketing and Public
                                                                Industry: Diversified Financial Services
Relations Department at the company to observe the work
                                                                Summary: The 3rd Annual Islamic Award is sponsored by the
mechanism that the department follows.
                                                                company.
Source: Company Website (www)
                                                                Source: The Dubai City Guide (www)
News Date: March 3, 2008                                        News Date: March 27, 2008
Gulf Investment House (www) (Country: Kuwait)                   Kuwait Finance House (M) Bhd (www)
Industry: Banking                                               (Country: Malaysia)
Summary: The bank, Arab Banking Corp. and Gulf                  Industry: Diversified Financial Services
International Bank have a combined USD1.5b losses from the      Summary: The company has participated in Infrastructure
subprime crisis.                                                Financing Conference in Indonesia.
Source: Gulf News (www)                                         Source:AME Info (www)
                                                                News Date: March 12, 2008
News Date: March 20, 2008
Bank Islam Malaysia Berhadá (www)                               Kuwait Finance House (M) Bhd (www)
                                                                (Country: Malaysia)
(Country: Malaysia)
                                                                Industry: Diversified Financial Services
Industry: Banking
                                                                Summary: The company has decided not to exercise the option
Summary: The bank has cancelled its carve-out plan as its
                                                                on 97 apartments at the 210-unit Goodwood Residence
non-performing finance (NPF) has reached a manageable level.
                                                                development in downtown Singapore.
Source: Business Times (www)
                                                                Source: The Star Online (www)
                                                                News Date: March 20, 2008
News Date: March 26, 2008
Bank Al Bilad (www) (Country: Saudi Arabia)                     Islamic Development Bank (www)
                                                                (Country: Saudi Arabia)
Industry: Banking
                                                                Industry: Banking
Summary: The bank has implemented its ATM Developer
                                                                Summary: The bank is trying to help the most impoverished
solution to provide innovative functionality and services for
                                                                member countries of the Organization of the Islamic
customers.
                                                                Conference.
Source: Finextra (www)
                                                                Source: News Voa (www)
News Date: March 19, 2008                                       News Date: March 18, 2008
Islamic Development Bank (www)                                  Saudi Investment Bank (www)
(Country: Saudi Arabia)                                         (Country: Saudi Arabia)
Industry: Banking                                               Industry: Banking
Summary: The bank to sell up to 1b rgt notes in Malaysia.       Summary: The bank await failaka islamic fund awards results.
Source: The Yahoo (www)                                         Source: Al Bawaba (www)
                                                                News Date: March 5, 2008
News Date: March 15, 2008                                       Islamic Development Bank (www)
Islamic Development Bank (www)                                 (Country: Saudi Arabia)
(Country: Saudi Arabia)                                        Industry: Banking
Industry: Banking                                              Summary: The bank is expected further pledges for the fund at
Summary: The bank has reflected its policy of supporting joint the the March 13-14 summit of the 57-nation Organisation of
Muslim action.                                                 the Islamic Conference as bank has USD2.6bn targeted of
Source: Kuwait News Agency (www)                               USD10bn for the fund.
                                                               Source: The Peninsula (www)
News Date: March 5, 2008
Islamic Development Bank (www)                                  News Date: March 25, 2008
(Country: Saudi Arabia)                                         Emirates NBD PJSC (www) (Country: UAE)
Industry: Banking                                               Industry: Diversified Financial Services
Summary: The bank's Solidarity Fund of Islamic Development      Summary: The bank has announced co-sponsorship of Cartier
is to fight poverty in the less developed states which are      Polo Cup for second consecutive year.
members of the Organization of Islamic Conference.              Source: Arabian Business (www)
Source: Islamic Reqpublic News Agency (www)
News Date: March 23, 2008                                       News Date: March 20, 2008
Noor Islamic Bank (www) (Country: UAE)                          Mawarid Finance (www) (Country: UAE)
Industry: Banking                                               Industry: Diversified Financial Services
Summary: The bank has hosted a delegation of 23 MBA             Summary: The company has sponsored The 'Second Young
students from top US business schools as part of the bank's     Businessmen Forum' is being organised by the Ras Al Khaimah
community outreach programme to attract global talent.          Economic development Authority.
Source: Company Site (www)                                      Source: Khaleej Times (www)




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Islamic Banking and Finance 500                                    Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                        Page 4-20

News Date: March 19, 2008
                                                                News Date: March 18, 2008
Emirates NBD PJSC (www) (Country: UAE)                          MSCI Barra (www) (Country: UAE)
Industry: Diversified Financial Services
                                                                Industry: Diversified Financial Services
Summary: The company's Al Shaheen priority banking service
                                                                Summary: The 3rd Annual Islamic Award is sponsored by the
has sponsored the Dubai Fashion Week taking place from 19th
                                                                company.
March to 23rd March.
                                                                Source: The Dubai City Guide (www)
Source: Arabian Business (www)
News Date: March 18, 2008
                                                                News Date: March 18, 2008
National Bank of Abu Dhabi (www) (Country:                      Oasis Crescent Capital (DIFC) Limited
UAE)
                                                                (Country: UAE)
Industry: Banking
                                                                Industry: Diversified Financial Services
Summary: UK court has dismissed a claim against the bank
                                                                Summary: The 3rd Annual Islamic Award is sponsored by the
made by Grosvenor Casinos for gambling debts incurred by a
                                                                company.
Middle East businessman.
                                                                Source: The Dubai City Guide (www)
Source: Gulf News (www)
News Date: March 18, 2008                                       News Date: March 16, 2008
SHUAA Asset Management (Country: UAE)                           Dubai Bank (www) (Country: UAE)
Industry: Diversified Financial Services                        Industry: Banking
Summary: The 3rd Annual Islamic Award is sponsored by the       Summary: The bank has donated AED1.1m to the Mohammed
company.                                                        bin Rashid Al Maktoum Humanitarian and Charity Foundation.
Source: The Dubai City Guide (www)                              Source: Dubai Chronicle (www)
                                                                News Date: March 14, 2008
News Date: March 16, 2008                                       Emirates NBD Bank (www) (Country: UAE)
Mawarid Finance (www) (Country: UAE)                            Industry: Banking
Industry: Diversified Financial Services                        Summary: The bank has organised the first joint wholesale
Summary: The company is a strategic partner of the 8th          banking customer's dinner at the Emirates Towers Hotel with
Forum of the Gulf Disability Society in Sharjah.                the purpose of to integrate its operations and keep its
Source: Arabian Business (www)                                  institutional customers aware of the latest developments.
                                                                Source:- (www)
News Date: March 11, 2008                                       News Date: March 11, 2008
Dubai International Financial Centre                            Mawarid Finance (www) (Country: UAE)
Authority(DIFC) (www) (Country: UAE)                            Industry: Diversified Financial Services
Industry: Diversified Financial Services                        Summary: The company has launched "Tamaiaz Award" in
Summary: The company will be hosting the world insurance        November 2007 to boost the competitiveness and creativity of
forum, which for the first time will be held outside Bermuda.   new UAE graduates and senior university students.
Source: Mondo Visione (www)                                     Source:- (www)
News Date: March 4, 2008
                                                                News Date: March 3, 2008
Ajman Bank (www) (Country: UAE)                                 Al Qudra Holding (www) (Country: UAE)
Industry: Banking
                                                                Industry: Diversified Financial Services
Summary: Investors have offered about 48bn
                                                                Summary: The company has postponed its USD1b IPO.
dirhams(USD13.07b) in the IPO of the bank.
                                                                Source: Emirates Business 24/7 (www)
Source: Gulf Times (www)
                                                                News Date: March 11, 2008
News Date: March 3, 2008                                        Boston Consulting Group (www)
Al Shaheen (www) (Country: UAE)                                 (Country: United States)
Industry: Electric/Water/Gas Services                           Industry: Business Services
Summary: The company, Emirates NBD's Priority Banking           Summary: The group has reported that foreign players face
Service has sponsored the SOS Style Workshop with               additional challenges, including growing competition from
International Designer.                                         Islamic banks whose Shariah-compliant products often mirror
Source: NBD Online (www)                                        both the performance and the variety of conventional offerings.
                                                                Source: Emirates Business 24/7 (www)


                              IBF News Listed by News Type: New Business

News Date: March 11, 2008                                       News Date: March 27, 2008
Uniqa Group (Country: Austria)                                  Nardin Properties (Country: Bahrain)
Industry: Insurance                                             Industry: Real Estate
Summary: The company and Al Bhhaira National Insurance Co.      Summary: The company has announced the launch of Amwaj
are to set up new insurance company named Takaful Al Emarat     Homes, a USD120m mixed-use development on the USD1.5b
Insurance.                                                      Amwaj Islands project.
Source: Gulf News (www)                                         Source: Gulf Daily News (www)


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Islamic Banking and Finance 500                                    Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                        Page 4-21
                                                                News Date: March 16, 2008
News Date: March 25, 2008
Ithmaar Bank (www) (Country: Bahrain)                           Central Bank of Bahrain (www) (Country: Bahrain)
                                                                Industry: Banking
Industry: Banking
                                                                Summary: The bank will release the first batch of its new look
Summary: The bank has got its first toehold in Saudi Arabia.
                                                                currency on Monday.
Source: Gulf Daily News (www)
                                                                Source:- (www)
News Date: March 12, 2008                                       News Date: March 10, 2008
ABC Islamic Bank (E.C.) (www) (Country: Bahrain) Manara Developments Company
Industry: Banking                                               (Country: Bahrain)
Summary: The bank has launched general syndication for          Industry: Real Estate
Kuwait's Munshaat Real Estate Projects Company                  Summary: The company has announced its maiden USD1b
(MunshaatMunshaat).                                             mixed-use project in Bahrain.
Source:- (www)                                                  Source: Mena Fn (www)
News Date: March 4, 2008
                                                                News Date: March 4, 2008
Central Bank of Bahrain (www) (Country: Bahrain) EFG-Hermes (www) (Country: Egypt)
Industry: Banking
                                                                Industry: Banking
Summary: The bank has announced that the monthly issue of
                                                                Summary: The bank has launched its latest product - the EFG-
the Sukuk Al Salam Islamic securities has been oversubscribed
                                                                Hermes Saudi Arabia Equity Fund.
by 316.6%
                                                                Source:- (www)
Source: Gulf Daily News (www)
News Date: March 3, 2008
                                                                News Date: March 8, 2008
BNP Paribas Real Estate (www) (Country: France) Infosys Technologies Ltd. (www) (Country: India)
Industry: Real Estate
                                                                Industry: InfoTech Equip./Components
Summary: The company has joined the regional G.C.C.
                                                                Summary: The company has launched an Islamic banking
platform bringing real estate services and investment advice to
                                                                solution for markets in Europe, West Asia and the Far East.
clients in the region from January 2008.
                                                                Source: Brisbane Times (www)
(www)
                                                                News Date: March 12, 2008
News Date: March 7, 2008                                        Japan Bank for International Cooperation
Bank Negara Indonesia (www) (Country:                           (www)
Indonesia)                                                      (Country: Japan)
Industry: Banking                                               Industry: Banking
Summary: The company had allocated USD51m to establish a Summary: The bank's Energy and Natural Resources Finance
sharia bank subsidiary, after spinning off its sharia division. Department has reported that Japan's banks focusing on
Source: The Reuters (www)                                       Islamic funds.
                                                                Source: The Peninsula (www)
                                                                News Date: March 24, 2008
News Date: March 13, 2008
Gulf African Bank (Country: Kenya)                             National Bank of Kuwait (www) (Country: Kuwait)
                                                               Industry: Banking
Industry: Banking
                                                               Summary: The bank has launched the Islamic Global Real
Summary: The bank is set to take off in Kenya as fully fledged
                                                               Estate Securities Fund, which it claims is the first fund of its
Islamic bank.
                                                               kind in the Middle East.
Source: All Africa (www)
                                                               Source:- (www)
News Date: March 19, 2008
A'ayan Leasing and Investment Company                           News Date: March 11, 2008
(www)                                                           Global Investment House (www) (Country:
(Country: Kuwait)                                               Kuwait)
Industry: Diversified Financial Services                        Industry: Diversified Financial Services
Summary: The company has mandated Bahrain-based                 Summary: The company has launched First Waterfront Real
Liquidity Management Centre (LMC) to officially launch its      Estate Company with a paid up capital of KD50mn.
USD200m to USD250m sukuk offering.                              Source:- (www)
Source: Gulf Daily News (www)
News Date: March 9, 2008                                        News Date: March 4, 2008
National Bank of Kuwait (www) (Country: Kuwait) Commercial Bank of Kuwait (www) (Country:
Industry: Banking                                               Kuwait)
Summary: The bank has launched the fourth Islamic sharia-       Industry: Banking
compliant investment fund designed to meet the needs of its     Summary: The bank has made a request to the central bank to
Thahabi customers for low risk investments.                     transform all its activities to comply with Islamic law.
Source: Kuwait Times (www)                                      Source: Emirates Business 24/7 (www)




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Islamic Banking and Finance 500                                      Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                          Page 4-22

                                                                  News Date: March 26, 2008
News Date: March 26, 2008                                         Hong Leong Tokio Marine Takaful Berhad
Bank Negara Malaysia (www) (Country: Malaysia)                    (www)
Industry: Banking                                                 (Country: Malaysia)
Summary: The bank has announced the establishment of the          Industry: Insurance
International Shariah Research Academy for Islamic Finance        Summary: The company has launched a takaful plan linked to
(ISRA) to promote applied research in the area of Syariah and     investment opportunities which is a three-year syariah-
Islamic finance.                                                  compliant takaful product that provides investment returns
Source: Bernama Newswire (www)                                    benchmarked against the performance of three asset classes.
                                                                  Source: Business Times (www)
News Date: March 25, 2008
Bank Islam Malaysia Berhadá (www)                                 News Date: March 25, 2008
(Country: Malaysia)                                     Central Bank (Country: Malaysia)
Industry: Banking                                       Industry: Banking
Summary: The bank has introduced The PAYMENT HOLIDAY is Summary: Malaysia will issue 2b ringgit of 5-year Islamic
an added feature for existing Home Financing and Home   government bonds on March 31.
Refinancing products.                                   Source: The Yahoo (www)
Source: Company Website (www)
News Date: March 19, 2008                               News Date: March 11, 2008
Sarawak Energy Bhd (www) (Country: Malaysia)                      Takaful IBB Berhad (Country: Malaysia)
Industry: Electric/Water/Gas Services                             Industry: Insurance
Summary: The company is likely to issue Islamic bonds to          Summary: The company has paid USD151,000 to the heirs of
finance the construction of its proposed hydroelectric plant in   the deceased, who were under the Group Personal Accident
Murum.                                                            Takaful Scheme Coverage Package.
Source: The Edge Daily (www)                                      Source: Bru Direct (www)
                                                                  News Date: March 6, 2008
News Date: March 11, 2008                                         Alliance Bank Malaysia Berhad (www)
Velchip Sdn Bhd (Country: Malaysia)                               (Country: Malaysia)
Industry: Software                                                Industry: Banking
Summary: The company will roll out the world's biggest BPL        Summary: The company has selected and implemented the
project to date over the next three years.                        Algo OpVar Standard Edition solution for identifying, measuring
Source: Computer World (www)                                      and mitigating operational risk.
                                                                  Source: All about Risk.com (www)
                                                                  News Date: March 17, 2008
News Date: March 14, 2008                                         Majan Tameer (construction) Company
Lotus Capital (www) (Country: Nigeria)                            (Country: Oman)
Industry: Diversified Financial Services                          Industry: Property Mgmt/Construction Svcs
Summary: The company takes Islamic Investment to Kano.            Summary: The company has been established with RO40m
Source: All Africa (www)                                          licensed capital and RO25m paid-up capital.
                                                                  Source: Times of Oman (www)
News Date: March 13, 2008                                         News Date: March 27, 2008
Allied Bank (Country: Pakistan)                                   Qatar Islamic Bank (www) (Country: Qatar)
Industry: Banking                                                 Industry: Banking
Summary: The company will provide largest financing of            Summary: The bank has arranged Musharaka Sukuks worth
Rs.13b which comprised of an Rs8b sukuk issue, Rs2.5b TFCs        USD137,500,000 on behalf of the æSalam Bounian
and Rs2.5b syndicated term finance facility.                      Development Company LimitedÆ
Source: Dawn The Internet (www)                                   Source: Gulf Base (www)
News Date: March 26, 2008                                         News Date: March 24, 2008
Al Waab (Country: Qatar)                                          Doha Bank Ltd (www) (Country: Qatar)
Industry: Real Estate                                             Industry: Banking
Summary: The company is in the process of raising a multi-        Summary: The bank is issuing 22.47mn new ordinary shares at
tranched financing package of USD1.3bn for a USD3.3bn multi-      QR50 each (including a premium of QR40) through its rights
purpose real estate development in the heart of Doha.             issue in next month.
Source: MENA FN (www)                                             Source: The Peninsula (www)
                                                                  News Date: March 19, 2008
News Date: March 23, 2008
                                                                  Al Khaleej Insurance and Reinsurance
Amwal (Country: Qatar)
Industry: Diversified Financial Services                          Company (www) (Country: Qatar)
Summary: The company has announced the marketing of the           Industry: Insurance
first Shariah compliant real estate Mezzanine Fund in the         Summary: The company is intends to establish a wholly-owned
country.                                                          unit, Qatar Takaful Insurance Company with a capital of
Source:- (www)                                                    QR25m.
                                                                  Source: Gulf Times (www)



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Islamic Banking and Finance 500                                         Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                            Page 4-23
News Date: March 16, 2008                                            News Date: March 11, 2008
Qatar National Bank (www) (Country: Qatar)                           Qatar Islamic Bank (www) (Country: Qatar)
Industry: Banking                                                    Industry: Banking
Summary: The bank has launched a new promotion scheme                Summary: The bank is are now diversifying their operations
that gives its salary current account holders a chance to win        from the strict Islamic model of banking to seek universal
back up to QR100,000.                                                banking status.
Source: Gulf Base (www)                                              Source: The Peninsula (www)
                                                                     News Date: March 26, 2008
News Date: March 9, 2008                                             The Islamic Corporation for the
Qatar National Bank (www) (Country: Qatar)                           Development of the Private Sector (Country:
Industry: Banking                                                    Saudi Arabia)
Summary: The bank has launched Ijarah Al Markabat, a                 Industry: Business Services
vehicle lease product, thus becoming the first regional bank to      Summary: The company has reportedly launched real estate
offer it.                                                            and investment projects in Saudi Arabia and various member
Source: Gulf Times (www)                                             countries.
                                                                     Source: MENA FN (www)
News Date: March 10, 2008
                                                                     News Date: March 2, 2008
Islamic Development Bank (www)                                       HSBC Saudi Arabia Limited (www)
(Country: Saudi Arabia)
                                                                     (Country: Saudi Arabia)
Industry: Banking
                                                                     Industry: Diversified Financial Services
Summary: The Islamic Corporation for Development of the
                                                                     Summary: The bank has started receiving subscription
Private Sector (ICD) of the bank has initiated certain real estate
                                                                     applications for its new investment Shariah-compliant "HSBC
as well as banking and investment projects in Saudi Arabia and
                                                                     Global Emerging Markets Fund".
various member countries.
                                                                     Source: Arab News (www)
Source: Arab News (www)
News Date: March 10, 2008                                            News Date: March 24, 2008
Clariden Leu (www) (Country: Switzerland)                            Cirrus Developments LLC (www) (Country: UAE)
Industry: Banking                                                    Industry: Business Services
Summary: The bank has opened an asset management                     Summary: The company has approved two financing scheme
company in Dubai to service its clients in the region and            available via Mashreq Bank and an Islamic Ijara based financing
oversee expansions in its banking business.                          scheme from Badr Al-Islami.
Source: Emirates Business 24/7 (www)                                 Source:- (www)
News Date: March 24, 2008                                            News Date: March 23, 2008
Dubai International Financial Centre                                 Al Buhaira National Insurance Co. (www)
Authority(DIFC) (www) (Country: UAE)                                 (Country: UAE)
Industry: Diversified Financial Services                             Industry: Insurance
Summary: The company has released the first ever                     Summary: The company and Uniqa Group of Austria have
comprehensive guide to Islamic finance named ''Guide to              formed region's largest insurance network named 'Takaful Al
Islamic Finance - in or from the DIFC'"                              Emarat - Insurance'
Source: New Kerala (www)                                             Source: Islam Online (www)
News Date: March 23, 2008
                                                                     News Date: March 22, 2008
Janayen Management Group Ltd. (Country:                    Amlak Finance (www) (Country: UAE)
UAE)
                                                           Industry: Diversified Financial Services
Industry: Business Services
                                                           Summary: The company has launched the sale of these plots
Summary: The company has announced the closing of an Ijara
                                                           exclusively through Al-Khayyat Real Estate.
facility, funded by newly established Noor Islamic Bank.
                                                           Source: Arabian Business (www)
Source: Arabian Business (www)
News Date: March 20, 2008
                                                                     News Date: March 19, 2008
Sorouh Real Estate (www) (Country: UAE)                              Dubai Financial Market (www) (Country: UAE)
Industry: Real Estate
                                                                     Industry: Diversified Financial Services
Summary: The company will issue USD1b in non-convertible
                                                                     Summary: The board has issued the first Islamic standards for
Islamic bonds to finance Shams Abu Dhabi and parts of other
                                                                     trading shares of DFM companies.
projects.
                                                                     Source: Khaleej Times (www)
Source: The Business24-7 (www)
News Date: March 19, 2008
The Dubai Multi Commodities Centre                                   News Date: March 18, 2008
(DMCC) (www) (Country: UAE)                                          Al Futtaim Group (www) (Country: UAE)
Industry: Diversified Financial Services                             Industry: Electronics
Summary: The company has launched two commodity-linked               Summary: The company has raised its offer for Robinson by
asset management initiatives that will offer investors both          12%.
conventional and Sharia-compliant investment alternatives.           Source: Islam Online (www)
Source: Gulf News (www)




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Islamic Banking and Finance 500                                     Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                     Page 4-24

News Date: March 17, 2008                                        News Date: March 16, 2008
Dubai International Financial Centre                             Ajman Bank (www) (Country: UAE)
Authority(DIFC) (www) (Country: UAE)                     Industry: Banking
Industry: Diversified Financial Services                 Summary: The bank announced the the details of its share
Summary: The company has opened the 2008 World Insurance allotment following its successful IPO to raise Dhs550m which
Forum 2008.                                              was 85 times over-subscribed.
Source: Arabian Business (www)                           Source:- (www)
                                                                 News Date: March 12, 2008
News Date: March 13, 2008
                                                                 Dubai International Financial Centre
Commercial Bank International (CBI) (www)
(Country: UAE)                                                   Authority(DIFC) (www) (Country: UAE)
Industry: Banking                                                Industry: Diversified Financial Services
Summary: The bank has launched it's turnkey project              Summary: The company and Dubai World Trade Centre have
Silverlake Core Banking Solution software to enhance both its    announced the official launch of the first Middle East
conventional and internet banking systems.                       International Banking, Financial Technology and Services
Source: Arabian Business (www)                                   Exhibition and Conference(MEFX).
                                                                 Source:- (www)
                                                                 News Date: March 5, 2008
News Date: March 11, 2008                                        National Bonds Corporation (www) (Country:
Al Buhaira National Insurance Co. (www)                     UAE)
(Country: UAE)                                              Industry: Diversified Financial Services
Industry: Insurance                                         Summary: The company's wholly owned subsidiary National
Summary: The company and Uniqa Group of Austria are to set Properties, has achieved another landmark in the construction
up new insurance company named Takaful Al Emarat Insurance. of the AED1.5bn Skycourts development with the completion of
Source: Gulf News (www)                                     the concrete pouring of the foundation.
                                                            Source: Maktoob Business (www)
News Date: March 3, 2008
                                                                 News Date: March 2, 2008
Almulla Hospitality (www) (Country: UAE)                  Emirates NBD Bank (www) (Country: UAE)
Industry: Diversified Financial Services
                                                          Industry: Banking
Summary: The company is seeking partners for a USD2b plan
                                                          Summary: The bank has partnered with Emirates Identity
to develop a hotel chain that complies with Islamic law,
                                                          Authority to launch its new multi purpose ID card service.
including a ban on alcohol.
                                                          Source:- (www)
Source: The Reuters (www)
News Date: March 2, 2008                                         News Date: March 27, 2008
Nakheel (www) (Country: UAE)                                     European Finance House (www)
Industry: Real Estate                                            (Country: United Kingdom)
Summary: The company plans to come up with a series of           Industry: Diversified Financial Services
innovative financing deals to fund its bulging portfolio of      Summary: The company has announced its first Investment
development projects across the world.                           Management mandate.
Source: Gulf Base (www)                                          Source: Yahoo Finance (www)
News Date: March 12, 2008
European Finance House (www)                                     News Date: March 1, 2008
(Country: United Kingdom)
                                                                 British Islamic Insurance Holdings (www)
Industry: Diversified Financial Services
                                                                 (Country: United Kingdom)
Summary: The company will operate as an Islamic investment
                                                                 Industry: Insurance
bank in the UK to provide shariah-compliant financial services
                                                                 Summary: The company, first sharia-compliant insurance
and solutions to corporate, institutional and high net worth
                                                                 company is to be launched in April.
clients primarily in the UK, continental Europe and the GCC
                                                                 Source: Business Times (www)
markets.
Source: Arab News (www)
                                                                 News Date: March 13, 2008
News Date: March 27, 2008                                        University Islamic Financial Corporation
Devon Bank (www) (Country: United States)                        (Country: United States)
Industry: Banking                                                Industry: Diversified Financial Services
Summary: The bank has recently ventured into Sharia              Summary: The company offers the only Islamic Sharia'a FDIC-
banking.                                                         insured Deposits and originates Islamic Sharia'a home
Source: AHN Media Corp (www)                                     financings as agent for University Bank.
                                                                 Source: Biz Yahoo (www)




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Islamic Banking and Finance 500                                    Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                     Page 4-25

News Date: March 12, 2008
Moody's Investors Service (www)
(Country: United States)
Industry: Diversified Financial Services
Summary: The company's comparative analysis of Islamic
banks in the GCC has reported that islamic banks are
developing mortgage and financial services to diversify their
incomes and hold on to clients of shariah-compliant products.
Source: Emirates Business 24/7 (www)


                        IBF News Listed by News Type: New Office Locations

                                                                News Date: March 25, 2008
News Date: March 12, 2008
Jordan Islamic Bank (www) (Country: Jordan)                     Central Bank of Kuwait (www) (Country: Kuwait)
                                                                Industry: Banking
Industry: Banking
                                                                Summary: The bank had granted Al Rajhi Bank an initial
Summary: The bank will open a branch in Syria.
                                                                licence to open a branch in the emirate.
Source:- (www)
                                                                Source: Khaleej Times (www)
                                                                News Date: March 4, 2008
News Date: March 19, 2008                                       State Bank of Pakistan (The) (www)
Malayan Banking Bhd (www) (Country: Malaysia)                   (Country: Pakistan)
Industry: Banking                                               Industry: Banking
Summary: The bank plans to set up another four branches in      Summary: Some 6 Islamic banks would open some 141 new
Cambodia in the next two years.                                 Islamic banking branches during the calendar year 2008
Source: The Edge Daily (www)                                    following the policy approved by the bank.
                                                                Source: Business Recorder (www)
News Date: March 23, 2008                                       News Date: March 24, 2008
Al-Salam Bank of Sudan (Country: Sudan)                    Texas Chicken Inc. (Country: UAE)
Industry: Banking                                          Industry: Travel and Leisure
Summary: The President of the bank has inaugurated the new Summary: The company has opened its first restaurant in the
premises of bank.                                          UAE.
Source: Emirates News Agency (www)                         Source: Islam Online (www)
News Date: March 4, 2008
National Bank of Abu Dhabi (www) (Country:                      News Date: March 27, 2008
UAE)                                                            GFI Group, Inc. (www) (Country: United States)
Industry: Banking                                               Industry: Software
Summary: The bank has opned new dealing room at the             Summary: The company has opened an office in Dubai.
Bank's main office.                                             Source: Fin Extra (www)
Source: Company Site (www)
News Date: March 3, 2008
SEI Investments Developments Inc. (www)
(Country: United States)
Industry: Diversified Financial Services
Summary: The company has opened its office in the Dubai
International Financial Centre (DIFC).
Source: Examiner (www)


                              IBF News Listed by News Type: New Products

                                                                News Date: March 17, 2008
News Date: March 3, 2008                                        CIMB-Principal Asset Management Bhd
                                                                (www)
Jordan Investment Trust (www) (Country: Jordan)
                                                                (Country: Malaysia)
Industry: Diversified Financial Services
                                                                Industry: Diversified Financial Services
Summary: The company launches its first Shariah-Compliant
                                                                Summary: The company has launched the CIMB Islamic Money
Fund.
                                                                Market Fund, a Shariah-compliant fund that invests in short
Source: Mena Fn (www)
                                                                term money market instruments maturing in less than a year.
                                                                Source: The Yahoo (www)




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Islamic Banking and Finance 500                                      Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                          Page 4-26

                                                                  News Date: March 23, 2008
News Date: March 6, 2008
Malayan Banking Bhd (www) (Country: Malaysia)                     Qatar National Bank (www) (Country: Qatar)
                                                                  Industry: Banking
Industry: Banking
                                                                  Summary: The bank has launched a "Spend & Win a Trip to
Summary: The bank has launched two new treasury products
                                                                  the Beijing Olympic Games 2008" promotion for its Visa Credit
that utilise the Commodity Murabaha principle.
                                                                  Card holders.
Source: Business Times Online (www)
                                                                  Source: Arabian Business (www)
News Date: March 3, 2008                                          News Date: March 11, 2008
Amlak Finance (www) (Country: UAE)                                Bank of London and The Middle East (www)
Industry: Diversified Financial Services                          (Country: United Kingdom)
Summary: The company has launched another pioneering              Industry: Banking
product - "Easy Start" - as part of its continuous drive toward   Summary: The bank has become the latest business to join its
making home ownership easier for its customers.                   Asset Finance Division.
Source: Mena FN (www)                                             Source: Business Credit Management UK (www)


                     IBF News Listed by News Type: Patent/Trademark/License

                                                                  News Date: March 11, 2008
News Date: March 25, 2008
Ithmaar Bank (www) (Country: Bahrain)                             Al Salam Bank (www) (Country: Bahrain)
                                                            Industry: Banking
Industry: Banking
                                                            Summary: The bank has received the approval of the
Summary: The bank has received a formal licence from CMA to
                                                            Securities and Commodities Authority in Abu Dhabi and DFM to
establish an investment bank in Saudi Arabia called Ithraa.
                                                            list its share on the DFM market.
Source: Mena FN (www)
                                                            Source: Gulf Daily News (www)
News Date: March 18, 2008                                   News Date: March 24, 2008
The First Community Bank (Country: Kenya)                    Al-Raya Investment Company (Country: Kuwait)
Industry: Banking                                            Industry: Diversified Financial Services
Summary: The bank received a license of Islamic banking from Summary: The company's founding procedure were approved
the government to carry out operations in Kenya.             during general assembly.
Source: All Africa (www)                                     Source: Arab Times (www)
News Date: March 19, 2008                                         News Date: March 19, 2008
AmAssurance Bhd (www) (Country: Malaysia)                         MAA Holdings Bhd (www) (Country: Malaysia)
Industry: Insurance                                               Industry: Diversified Financial Services
Summary: The company and MAA Holdings Bhd have received Summary: The company and AmAssurance Bhd have received
the license from the central bank to sell a stake in wholly owned the license from the central bank to sell a stake in wholly owned
takaful insurance arm MAA Takaful Bhd.                            takaful insurance arm MAA Takaful Bhd.
Source: The Edge Daily (www)                                      Source: The Edge Daily (www)
                                                                  News Date: March 15, 2008
News Date: March 18, 2008                                         Lingkaran Trans Kota Holdings Bhd
HSBC Bank Malaysia Bhd (Country: Malaysia)                        (Litrak) (www) (Country: Malaysia)
Industry: Banking                                                 Industry: Diversified Financial Services
Summary: The bank has already received regulatory approval        Summary: The company has received Securities Commission
to set up Islamic banking units in Malaysia.                      approval to issue up to RM1.54bil nominal value of Islamic
Source: The Yahoo (www)                                           securities.
                                                                  Source: Biz The Star (www)
News Date: March 12, 2008
                                                                  News Date: March 25, 2008
Qatar Islamic Bank (www) (Country: Qatar)                         Al Rajhi Bank (www) (Country: Saudi Arabia)
Industry: Banking
                                                                  Industry: Banking
Summary: The bank has got approval to raise its share capital
                                                                  Summary: The bank gets licence from The Central Bank of
and to distribute a 2007 cash dividend of 20% and one free
                                                                  Kuwait to open a branch in the emirate.
share for every two held.
                                                                  Source: Khaleej Times (www)
Source: Emirates Business 24/7 (www)
                                                                  News Date: March 11, 2008
News Date: March 12, 2008
Jadwa Investment (www) (Country: Saudi Arabia)                    Shuaa Capital Saudi Arabia (www)
                                                                  (Country: Saudi Arabia)
Industry: Diversified Financial Services
                                                                  Industry: Diversified Financial Services
Summary: The company has received approval from Capital
                                                                  Summary: The company has received final approval to
Market Authority to launch three funds of funds and a Global
                                                                  commence operations from the Saudi Arabian Capital Markets
Real Estate Securities Fund.
                                                                  Authority.
Source:- (www)
                                                                  Source: Gulf News (www)



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Islamic Banking and Finance 500                                    Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                        Page 4-27

News Date: March 2, 2008
                                                                News Date: March 18, 2008
Islamic Development Bank (www)                                  Oversea-Chinese Banking Corp
(Country: Saudi Arabia)
                                                                (Country: Singapore)
Industry: Banking
                                                                Industry: Banking
Summary: The bank and UAE Ministry of Finance gave
                                                                Summary: The bank has already received regulatory approval
approval for a UAE proposal to institute a global forum for
                                                                to set up Islamic banking units in Malaysia.
Islamic financial policies.
                                                                Source: The Yahoo (www)
Source: Emirates Business (www)
                                                                News Date: March 16, 2008
News Date: March 11, 2008
Absa Capital (www) (Country: South Africa)                      Aldar Properties (www) (Country: UAE)
                                                                Industry: Property Mgmt/Construction Svcs
Industry: Diversified Financial Services
                                                                Summary: The company has received an approval from the
Summary: The bank's NewGold exchange -traded fund has
                                                                market regulator to increase its capital through sukuk
been certified sharia-compliant.
                                                                conversion.
Source: Structured Products (www)
                                                                Source: Intesa Trade (www)
News Date: March 18, 2008                                       News Date: March 14, 2008
Standard Chartered Bank PLC                                     Aman Insurance Company (www) (Country:
(Country: United Kingdom)                                       Yemen)
Industry: Banking                                               Industry: Insurance
Summary: The bank has applied for a license to set up a         Summary: The Syrian CabinetÆs presidency agreed on giving
seperate Islamic banking unit in Malaysia.                      license to the company to operate in Syria.
Source: The Yahoo (www)                                         Source: Arab Times Online (www)


                     IBF News Listed by News Type: Purchase/Sale of Property

                                                                News Date: March 12, 2008
News Date: March 27, 2008
Bahrain Islamic Bank (www) (Country: Bahrain)                   Bahrain Bay Development (www) (Country:
                                                                Bahrain)
Industry: Banking
                                                                Industry: Real Estate
Summary: The bank is in talks with regional and international
                                                                Summary: The company has successfully sold 60% of its land
banks to sell 250m Bahraini dinars (USD663m) of sukuk.
                                                                parcels to international and regional developers and investors.
Source:- (www)
                                                                Source: Gulf Daily News (www)
                                                                News Date: March 1, 2008
News Date: March 25, 2008
Muhibbah Engineering (www) (Country: Malaysia)                  National Commercial Bank (www)
                                                             (Country: Saudi Arabia)
Industry: Property Mgmt/Construction Svcs
                                                             Industry: Banking
Summary: The company will sell up to 400m ringgit of Islamic
                                                             Summary: The sale of Turkiye Finans to the bank has been
bonds.
                                                             approved by Turkey's banking watchdog.
Source: The Reuters (www)
                                                             Source:- (www)
News Date: March 1, 2008                                        News Date: March 24, 2008
Turkiye Finance (www) (Country: Turkey)                         Amlak Finance (www) (Country: UAE)
Industry: Diversified Financial Services                        Industry: Diversified Financial Services
Summary: The company's sale to the National Commercial          Summary: The company is planning to sale as much as Dh4.8b
Bank of Saudi Arabia has been approved by Turkey's banking      (USD1.31b) worth of convertible and non-convertible Islamic
watchdog.                                                       bonds this year to help finance expansion.
Source:- (www)                                                  Source: Khaleej Times (www)


                            IBF News Listed by News Type: Ratings Changes

                                                                News Date: March 18, 2008
News Date: March 20, 2008
CBB International Sukuk Company                                Jordan Islamic Bank for Fin. & Inv. (www)
                                                               (Country: Jordan)
(Country: Bahrain)
                                                               Industry: Banking
Industry: Banking
                                                               Summary: Fitch Rating has assigned for Long-term Issuer
Summary: Fitch has assigned 'A' senior unsecured rating to the
                                                               Default (IDR) 'BB-' (BB minus), Short-term IDR 'B', Individual
company's USD350m trust certificates (Sukuk) due in 2013.
                                                               'C/D', Support '3' and Support Rating Floor 'BB-' (BB minus).
Source: Gulf Daily News (www)
                                                               Source:- (www)




From emergingmarketsanalysis.com/web/ibf                                                               IBF500 Series
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Islamic Banking and Finance 500                                     Monthly Business Summary - March 2008

Section 4 - By News Type                                                                                       Page 4-28

                                                                 News Date: March 26, 2008
News Date: March 28, 2008
Malayan Banking Bhd (www) (Country: Malaysia)                    Malaysian Rating Corp Bhd (www)
                                                                 (Country: Malaysia)
Industry: Banking
                                                                 Industry: Diversified Financial Services
Summary: The bank has maintained stable outlooks in deposit
                                                                 Summary: The company has assigned an initial rating of AA-IS
and debt ratings and financial strength rating of C has been
                                                                 for WCT Engineering Berhad's RM300m Redeemable Sukuk with
changed to negative from stable.
                                                                 Warrants.
Source: The Asian Banker (www)
                                                                 Source: The Reuters (www)
News Date: March 26, 2008
                                                                 News Date: March 25, 2008
WCT Engineering Berhad (www) (Country:                           Stratavest Sdn Bhd (Country: Malaysia)
Malaysia)
                                                                 Industry: Business Services
Industry: Engineering Services
                                                                 Summary: RAM Ratings reaffirms A3 rating of the company's
Summary: MARC has assigned an initial rating of AA-IS for
                                                                 Islamic bonds.
company's RM300m Redeemable Sukuk with Warrants.
                                                                 Source: Company Website (www)
Source: The Reuters (www)
News Date: March 18, 2008
Muscat Bank (www) (Country: Oman)                                News Date: March 24, 2008
Industry: Banking                                                Qatar Central Bank (www) (Country: Qatar)
Summary: Fitch has upgraded the bank's ratings to 'B/C' from     Industry: Banking
'C' and affirmed its other ratings at Long-term Issuer Default   Summary: The bank has reduced its deposit facility rate by 75
(IDR) 'A-' (A minus) with Stable Outlook, Short-term IDR 'F2'    basis points.
and Support '1'.                                                 Source: Gulf Times (www)
Source:- (www)


               IBF News Listed by News Type: Sale/Purchase of Company Stakes

                                                                 News Date: March 27, 2008
News Date: March 12, 2008                                        Malayan Banking Bhd (www) (Country: Malaysia)
National Bank of Kuwait (www) (Country: Kuwait)           Industry: Banking
Industry: Banking                                         Summary: Temasek Holding of Singapore has sold its holding
Summary: The bank has acquired 40% stake in Turkish Bank. holding in Bank Internasional Indonesia (BII) for USD1.1b to
Source: Emirates Business 24/7 (www)                      the company.
                                                          Source: Finance Asia (www)
                                                                 News Date: March 18, 2008
News Date: March 24, 2008                                        Bumiputra-Commerce Holdings Bhd
Malayan Banking Bhd (www) (Country: Malaysia)                (Country: Malaysia)
Industry: Banking                                            Industry: Diversified Financial Services
Summary: The bank has agreed to buy a 15% stake in           Summary: The company will use its 20% stake in Bank of
Vietnam's An Binh Bank for 430m ringgit (USD135.2m) in cash. Yingkou (BOYC) of China to latch on Islamic banking expertise
Source: The Reuters (www)                                    in China.
                                                             Source: The Edge Daily (www)
News Date: March 3, 2008                                         News Date: March 17, 2008
RHB Capital Berhad (www) (Country: Malaysia)                     Barwa Real Estate (www) (Country: Qatar)
Industry: Diversified Financial Services                         Industry: Real Estate
Summary: Abu Dhabi Commercial Bank of UAE has received           Summary: The company has bought 21% shares of First
approval to buy 25% stake in the company.                        Leasing Co.
Source: The Yahoo (www)                                          Source: Gulf in the Media (www)
                                                                 News Date: March 10, 2008
News Date: March 17, 2008
First Finance Company (www) (Country: Qatar)                   Qatar National Bank (www) (Country: Qatar)
                                                               Industry: Banking
Industry: Diversified Financial Services
                                                               Summary: The bank is taking a 30% stake in a new Kuwaiti-
Summary: The company has bought 16% stake worth QR45mn
                                                               Qatari company to establish the financing entity for Ijara and
(USD12.4mn) of First Leasing's capital.
                                                               Investment.
Source: Gulf in the Media (www)
                                                               Source: Gulf Times (www)
News Date: March 27, 2008
                                                               News Date: March 18, 2008
Temasek Holdings Pte. Ltd (www)                                Abraaj Capital (www) (Country: UAE)
(Country: Singapore)
                                                               Industry: Diversified Financial Services
Industry: Diversified Financial Services
                                                               Summary: The company has acquired a strategic minority
Summary: The company has sold its holding in Bank
                                                               stake in Osian's Connoisseurs of Art Private Limited.
Internasional Indonesia (BII) for USD1.1b to Maybank Malaysia.
                                                               Source: Islamonline (www)
Source: Finance Asia (www)


From emergingmarketsanalysis.com/web/ibf                                                              IBF500 Series
                                                                                             Powered by: Finglobe.com
Islamic Banking and Finance 500                            Monthly Business Summary - March 2008

Section 4 - By News Type                                                                Page 4-29
News Date: March 3, 2008
Abu Dhabi Commercial Bank (www) (Country:
UAE)
Industry: Banking
Summary: The bank has received approval to buy 25% stake
in RHB Capital of Malaysia.
Source: The Yahoo (www)




From emergingmarketsanalysis.com/web/ibf                                             IBF500 Series
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