The Financial Thread

[smussuw]

Since u admit that u dont know anything about Bahrain u should listen when Bahrainis say that most of what was broadcasted in CNN was bullshit. I agree with zelterheist, there is no point in arguing with u if u believe in CNN more than anything else.

[Elmahri]

[QUOTE=asif iqbal;15512240]something behind it? I dont know bahrainis, i havnt been there and ive got nothing to do with bahrain but that doesnt mean i dont know the truth

I stated a fact, no one has a answer, that makes me suspicous and then my suspictions come true when i see people like you faking a argument and pretending to to bahrani and trying to show a different side to it and denying the facts

QUOTE]

I gave you names and facts.. and its up to you beleive it or not.
well, CNN presented many reports against muslims and islam in many countries, why would i beleive what they're saying in everything?

any way, you know what.. your openion doesn't matter as i beleive what zelterheist said about you is true..

[asif iqbal]

yup that is the reply i predicated

[B-Patriot]

Originally Posted by asif iqbal

B-Patirot why dont you speak facts rather than fiction. What you think when making such posts how daft do you think people are!

My original statment was made regarding the poor people in Bahrain who are Bahrain citizens have lived there for years. No one can seem to answer my orginal question yet feel the need to backpeddal and come up with some ridiculous posts which has nothing to do with the issue at hand.

Bahrain is a multi-cultural society?? Do you know what multi-cultural means!

Bahrain goverment marginalise Shia comminites, they dont have running water and they are in worse conidtions than even poor countrys than Africa. Why Minister of Cabinet Affairs Shaikh Ahmed financed Bandargate scandal? Sunni goverment in Bahrain dont allow Shia in jobs and education why? you are scared of Shia becoming strong party in Bahrain and ask for thier peoples right? This is what is said I am not Shia nor do a support Shia but fact is fact and you need to face reality and answer the question rather than jumping up and down as if nothing is wrong-but for some reason I am not suprised.

Oh Just shut the fuck up Asif.... You want to listen to CNN over what Bahrainis tell u go ahead...

We didn't say what they said is wrong.. But they give a slightly distorted picture.. Not the full story...

No one ever denied there is some poverty in Bahrain....

When i talked about multi-culturalism in Bahrain, it was nothing to do with the Hala Gorani report.... and i said in a RELATIVE SENSE !!

So open ur eyes.. Pay attention.... YOu mentioned in ur definitions accepting aspects of different Cultures... Did u read my post??

I said part of our RELATIVE multiculturalism is that Bahraini ppl and the law is tolerant...!! Makes life easy for expats, or ppl with different backgrounds and cultures!!

The thing about no water was not mentioned in the CNN report that i saw... Its greatly exaggerated.... I'm fuckin' shiite and Bahraini.... And like my fellow bahraini forumers said, Education is subsidized for both shiites and sunnis.... Its normal for their to be some 'wasta' in the gulf, but in general, there is no descrimination when it comes to scholarships or subsidized education at the higher level....

Up to 12th grade its entirely free... Healthcare is free... A lot of work is being done in the past couple of yrs to cater for ppl living in sub-standard conditions....

Yes we have poverty, but we are in no way comparable to some of the african countries u mentioned....

So don't judge unless u come here and see for urself.. I mean the audacity of you... So sure of urself..!

Yes there are some scandals... Some 'cells' reported working in racist counter-productive way... Against our national interest... But its not Everything.. Its not the whole fucking story!

I'm a shiite... I got a scholarship from the Ministry of Education, as MANY of my SHIITE frends did... I go when sick to get my FREE HEALTHCARE from clinics or the public hospital... No one said Bahrain is perfect or without any sort of descrimination... But many of those stories are of the past.... So you go research ur 'facts' before talking to us in such a presumptuous manner and have some respect when you talk!

[B-Patriot]

DOn't allow shias in Education, what does that even mean.. I beg you to please elaborate.. Please explain!

[B-Patriot]

Ministry push for Homes Project
By MARK SUMMERS

MANAMA

A FINAL push to complete the construction of 1,000 homes for needy Bahrainis before the end of the year has been launched by the Works and Housing Ministry, it announced yesterday. Control of the His Majesty King Hamad Housing Rehabilitation Programme will pass to the Municipalities and Agriculture Ministry next year.

This will leave the Works and Housing Ministry in charge only of those cases accepted into the programme up to this year, said Assistant Under-Secretary for Housing Nabil Abul Fateh.

The project to repair or rebuild needy families' dilapidated homes was launched in 2004.

A total of 1,149 cases had been accepted into the nationwide programme by September this year.

Dr Abulfateh said 1,041 homes had been evacuated and 886 demolished, with a total of 815 houses completed or under construction.

He emphasised that the programme was not only providing new and secure houses for families, but also making sure that old and needy areas are renovated and low-income citizens get to live in decent houses.

On an international level, he said the United Nations Human Settlements Programme praised the quality and efficiency of the houses built under the initiative, enacted at the behest of the King.

Strong efforts are being made to finish outstanding homes by the end of the year, said an engineer on the project, who asked not to be named.

"We are pushing ourselves hard to meet this commitment to hand over 1,000 units," he said.

"The Works and Housing Ministry has done an important job because it has established a system.

"We passed through the kick-start programme and we managed the relationship between councillors and the people and the engineers. All the stages of the production of the houses have been dealt with and things are up and moving.

"We are devoting ourselves to poor people, to those who need help from the government.

"Many people's incomes are only sufficient to feed themselves - they cannot build houses. Now it is built free."

[brn4ever]

asif can you shut the fuc# up and go away , you dont know your face from your ass .. your starting to get boring.. this is a financial thread ,, not a bullshit thread,,, NOW get the hell out of here and bother someone else

stupid loser

[Adel]

$3bn FDI bonanza
By ARTHUR MACDONALD


MANAMA: The tangible results of Bahrain's recent initiatives aimed at enhancing the economy are illustrated in the almost tripling of Foreign Direct Investment (FDI) to the kingdom last year.

This was revealed yesterday by Economic Development Board (EDB) chief executive Shaikh Mohammed bin Essa Al Khalifa, following the publication of an international report by the United Nations Conference on Trade and Development (UNCTAD).

Bahrain's FDI inflow increased substantially last year to reach $2.915 billion, almost triple its 2005 size of $1.049bn, according to the report.

World Investment Report 2007 - Transnational Corporations, Extractive Industries and Development, was released by the Economic Development Board (EDB) on behalf of UNCTAD.

The report notes that the increased inflows to the kingdom last year were driven by substantial international investment in the real estate and the financial sectors.

The increased inflows led to Bahrain's economy being ranked 11th in the performance category globally, up from 23rd in 2005 report.

Bahrain was placed at 32nd in the 'potential' category, unchanged from 2005.

Shaikh Mohammed said this investment inflow is an evidence of the healthy economy of Bahrain and highlights the confidence of international investors in the kingdom's strong and developed infrastructure.

"We are pleased to see the tangible results of Bahrain's recent initiatives aimed at enhancing our economy and making us a preferred destination for international investors," he said.

"While FDI inflows to some countries in the region have been dropping, we see a huge leap for foreign investments to Bahrain. This is a clear vote of investor confidence in our economy."

The report ranks 141 countries across the world and provides transnational corporations and their subsidiaries with potential and performance rankings of economies.

It also provides international governments with clear forecasts of emerging sectors and global trends over the short term.

Figures from the report revealed that last year, world foreign direct investment reached $1.306 trillion, an increase of 38pc over 2005 figures.

FDI growth occurred in all three groups of global economies: developed, developing and transitional economies (southeast Europe and Commonwealth).

The 2006 report noted a new trend emerging in the geographic patterns of greater south-south FDI inflows between economies below the equator.

FDI inflows into West Asia - which includes Bahrain and the Middle East - reached $60bn last year, a surge of almost 44pc.

Outflows from the region totaled $14bn, and were targeted at mainly developed countries, specifically the UK, Canada, and the US, as well as Pakistan. Outflows from the region largely went into oil, gas and related industries and the telecommunication sector. business@gdn.com.bh

[hankok23]

[IMG]P4160142[/IMG]

[B-Patriot]

By GEOFFREY BEW


MANAMA: Bahrain has been named as the most sophisticated financial market in the GCC, in a global report.

Its economic competitiveness has also improved sharply in the last year, despite global turmoil, according to the World Economic Forum (WEF).

Bahrain ranks 14th out of 134 countries in terms of financial market sophistication, ahead of Qatar (22nd), UAE (41st), Oman (50th), Kuwait (51st) and Saudi Arabia (73rd) in the WEF's newly-released Global Competitiveness Report 2008-2009.

The country ranks 37th in terms of overall economic competitiveness, an improvement of six places from 2006-2007.

Bahrain Economic Development Board chief executive Shaikh Mohammed bin Essa Al Khalifa said the ranking was a global vote of confidence.

"This widely respected and long standing WEF report reinforces Bahrain's position not only as the leading financial market in the Gulf, but also as a world leading international finance centre," he said.

"The kingdom offers a full range of financial services, with particular strength in banking and asset management and is home to the most advanced, transparent and respected regulatory regime in the region".

"Bahrain offers the most business friendly and cost competitive location for financial services in the region and continues to attract a high level of inward investment as a result."

[Adel]

This is why Bahrain is the financial centre of the Middle East.

When all the so called new financial centers in the gulf needed help and cash injections from their governments during the global financial crisis, it's business as usual in Bahrain.

SAVINGS SAFE

MANAMA

MANAMA: It is business as usual for Bahrain's financial sector despite the snowballing global meltdown.

"All retail commercial banks and wholesale investment and offshore financial units enjoy strong solvency despite the crisis," Central Bank of Bahrain Governor Rasheed Al Maraj said yesterday.

He was speaking to editors-in-chief of local newspapers at a Press conference initiated by Information Minister Jihad Bukamal.

Banks have reported a substantial surplus in liquidity surpassing their real needs, Mr Al Maraj said.

"No abnormal withdrawals of deposits have been reported in any retail or wholesale banks operating in Bahrain," he said.

Bahrain's laws, which provide full warranty for deposits, have ensured customers' unflinching trust in the ability of the banking sector to withstand potential crisis, he said.

According to recent economic indicators, the rate of inflation has remained under control in Bahrain, at 3.4 per cent. By comparison, it soared three to four times higher in other GCC countries, topping 12pc.

"The big slump in oil prices in the world markets will bring down the rate of inflation further and the prices of basic goods," he said.

The outlook has also remained reassuring despite a slight drop in the rate of growth in traded cash last July. According to central bank statistics, the volume of traded cash fell by 6pc to BD340 million, down from BD370m.

"That regression is natural and can't be blamed on the global financial crisis."

He credited Bahrain's efficient regulatory policies for insulating the banking sector and invigorating its stamina to withstand the global crisis.

[Wild el Bahrain]

Good to hear but this report ignores that there were several banks affected big time by the crisis...

For the record i dont think they should be bailed out by the govt. or the shareholders.

[Adel]

Bahrain Financial Exchange on way
By ARTHUR MACDONALD

MANAMA: Financial Technologies (India) plans to open a Bahrain Financial Exchange (BFX) early next year.

The BFX, regulated by the Central Bank of Bahrain (CBB), has been given approval to list cash and derivatives instruments on multiple asset classes such as currencies, commodities, equity and debt related products for trading and clearing by its brokers.

The BFX will also list and trade Islamic finance instruments.

It will be an international financial exchange providing the widest possible access to its brokers from any part of the world to trade in multi asset products through a single venue.

It also aims to be a leading market place for regional and international businesses to raise capital by issuing and listing various types of financial instruments on its markets.

The exchange will offer full end-to-end automated trading, with clearing and depository settlement services, providing low latency and low transaction costs.

"Bahrain is widely regarded as the best-regulated financial centre in the Middle East. Important developments are taking place in the country to widen the scope of the financial services," said Financial Technologies chief executive officer Jignesh Shah.

"Through the BFX, Financial Technologies will endeavour to participate in these developments and significantly contribute to the emerging globalised economy of Bahrain. The multi asset profile of BFX will give it a unique standing to become a leading market place in the region."

"The Economic Development Board (EDB) is delighted to welcome Financial Technologies which has great experience in setting up financial exchanges in various other countries," said EDB chief executive officer Shaikh Mohammed bin Essa Al Khalifa.

"Bahrain offers international companies a location which combines the lowest cost of doing business in the Middle East with strong and highly regarded regulation and excellent access to other gulf markets.

"We are very pleased that Financial Technologies has chosen Bahrain as a base and look forward to a successful relationship with the company as it develops BFX into a world class exchange.

"BFX is part of the broadening of the capital market services within the economy of Bahrain. BFX will in addition to the current services offered by the Bahrain Stock Exchange as the market for the listing of equity and debt securities, provide additional investment opportunities to global, regional and local investors," added Central Bank of Bahrain executive director A Rahman Al Baker.

"Bahrain is home to over 400 financial institutions and the establishment of BFX, an international multi-asset financial exchange, will strengthen its position as the leading financial hub of the region."

[Adel]

BIGGEST ISLAMIC BANK
MANAMA

KUALA LUMPUR: The world's largest Islamic bank will be launched by June, an industry body said yesterday, as the sector tries to address a shortage of large lenders it needs to become a global alternative to conventional banking. The Bahrain-based sharia bank would have a paid-up capital of $11 billion (BD4bn), with the Islamic Development Bank (IDB) as its largest shareholder, said Shaikh Saleh Abdulla Kamel, chairman of the General Council of Islamic Banks and Financial Institutions.

Shaikh Saleh said the Organisation of Islamic Conference (OIC) countries would also invest in the bank, adding that it was the right time to set up the bank despite tough financial market conditions worldwide.

"I think it is the best time to push and to encourage people to invest in the real economy ... industry, agriculture, but not to invest in markets and derivatives and these blow-up things," Shaikh Saleh said in the Malaysian capital.

Islamic finance is based on the sharia and avoids the interest-based formula of conventional banking and argues that gains must be derived from ethical investing and profits and losses be shared between venture partners.

The bank, which has yet to be formally named, has been in the pipeline for several years and is currently undergoing final review by IDB on its capital input.

While a total of $1bn will be raised by private investors, including IDB, the other $10bn is expected to come from an IPO on the Bahrain Stock Exchange, he said.

[B-Patriot]

10 Billion dollars.. WOw.. thats huge!

That should be one of the biggest IPO's in the gulf.. And it'll add like 35% to the total market capitalization of our stock exchange, LoL..

Have u guys heard of a possible Shamil Bank/BBK Merger..!?

[Adel]

More reasons why Bahrain is the financial center of the Middle East

CBB got it right on financial crisis.

MANAMA: Al Salam Bank, one of the few regional banks to post an increase in profit last year, remains positive about the Bahrain real estate market.

Given the huge shortage of dwelling units in the kingdom for the middle class, the bank is committed to funding affordable housing in the coming years, bank chairman Mohammed Ali Alabbar said yesterday at the Bahrain-based bank's annual meeting at the Gulf Hotel.

Mr Alabbar, who is also chairman of Emaar, the Dubai real estate giant, said that the bank is tightening its investments and financing to the real estate sector and has limited its exposure to 30 per cent of its total assets but still sees opportunities in the local market.

He said that in anticipating strict regulations from the Central Bank of Bahrain (CBB), Al Salam had tightened its investment and financing in this sector and new business was being undertaken on a selective basis to take advantage of market opportunities.

He praised the CBB for its actions in the face of the global financial downturn.

"I deal with the CBB on a regular basis," he said.

"They issued a white paper way ahead of the global financial crisis on investment and infrastructure. They got it right and a lot of bankers got it wrong. In the present financial situation banks have got to be cautious," he said.

"The world is not what is used to be and it is going through change and I believe in structured change.

"In these circumstances there is a lot we can learn from the West and there is a lot they can learn from us."

He said the bank has been extremely successful in growing its relationship network last year and managed to draw more than BD225 million in interbank lines in the first half of the year.

"At this date the bank is a net lender to the banking system to the tune of BD165m due to sustained growth in customer deposits," he said.

"When the symptoms of financial meltdown were evident the bank proactively managed to curtail interbank activity and build healthy liquidity reserves with the CBB.

"This is demonstrated by huge liquid funds and investments in CBB sukuk to the tune of BD111m, or 20 per cent of total assets."

"We are proud that to date your bank continues to be a net lender to the banking system," he told shareholders.

The bank saw its total assets rise to BD554m last year and it posted a record profit of BD25.5m.

[B-Patriot]

ITHMAAR GO-AHEAD



MANAMA: Ithmaar Bank has received the initial go-ahead for its reorganisation into a retail and commercial bank, it was announced yesterday.

Shareholders at the annual meeting of the bank at the Diplomat Raddison Blu Hotel, Residence and Spa were told by chairman Prince Amr Mohammed Al Faisal that formal written approval will follow shortly.

"The bank will immediately implement plans for a comprehensive reorganisation with its wholly-owned subsidiary Shamil Bank," he said.

The reorganisation, which will turn Ithmaar Bank into a premier Islamic retail bank, involves both banks pooling their resources to create a single, more efficient and significantly stronger retail-focused bank with an Islamic licence, under the Ithmaar brand."

Plans for the reorganisation were approved by Ithmaar shareholders last year.

"The Ithmaar board of directors received assurances yesterday from the Central Bank of Bahrain (CBB) that the reorganisation plans had been approved and that formal written approval is now being issued," he said.

"This allows us to start our transformation from a conventional investment bank into an Islamic retail-focused bank, and to focus on realising our new strategic objectives."

Following the reorganisation, and as part of its new board-approved three-year strategic plan, Ithmaar will focus on developing its retail operations, by expanding its products and services as well as its delivery channels, and on expanding its geographical reach across the GCC by offering a wide range of corporate banking services.

To fund this planned expansion, Ithmaar had announced capital raising initiatives designed to raise up to $400 million.

These initiatives, which include the launch of a mandatory convertible sukuk, kicked off on a high note earlier this month with the successful launch of a rights issue.

"The subscription period ended on Thursday and we are pleased to report that the rights issue has raised $103m," said Ithmaar Bank chief executive officer Mohamed Hussain.

"The offering was an opportunity for current shareholders to further consolidate their stake in Ithmaar Bank - and the fact that it proved so successful is testimony to our shareholders' unwavering faith in the bank's potential," he said.

"The increased capital, which comes immediately ahead of the CBB's formal, written approval of our plans, will help support the Bank's retail, corporate and financial institutions activities, and enhance shareholder value by amplifying existing synergies. "This perfectly positions Ithmaar for its planned growth, and we are grateful to the CBB for their continued support and guidance," he said.

[B-Patriot]

I like this.. I hope this will trigger a wave of consolidations, and that the CBB will not stand against any of them..

We need bigger banks.. Local banks that are big enough to compete regionally, outside of Bahrain...



I wonder though if they might change the name to Masrif Al Ithmaar in arabic.. Cuz i noticed Islamic banks like to use the word Masrif in arabic, as opposed to just Bank..