A Call for an International Islamic Financial Coalition

Despite the volume of the Islamic Financing Market has reached more than $1.3 trillion, and its growth rate increased by more than 15% annually, yet the estimations asserted that these volume are still very small in the big ocean the international financial sector.
Estimations pointed out that the volume of the international Islamic capital will reach in 2010 $4 trillion, backed by investments of more than 1.5 billion investors in the Islamic Financing Markets.
Amid this, calls for establishing an Islamic financial coalition that comprises the countries of South Eastern of Asia region and the countries of the Middle East have begun to be heard, with the aim of putting these countries on the map of the international money because they have become an integrated part of the international monetary system. The Islamic financial institutions and banks are managing more than $250 bn in addition to about $200-300 bn run by the Islamic branches affiliated by the International Banks.
The establishment of the Information Services for Islamic Financing “IFIS” expected the value of the Islamic bonds issued this year to reach about $50 bn. The rising values of the bonds markets are promising of a big jump as they did not exceed $336 m seven years ago.

Kuwait Donates $ 150 m for Supporting Energy and Environment

Prince of Kuwait Sheikh Sabah al Ahmad underlined the necessity of cooperation between the producing countries of oil and consumers with the aim of achieving stability in the oil markets.
In his speech delivered in the third summit of OPEC which concluded its activities in al Riyadh yesterday Sheikh Sabah al Ahmad announced that Kuwait will donate a sum of $150 m for supporting a program that finances the scientific researchers related to energy, environment, and climate change.

Qatar’s Industries Company Increases its Investments in Mauritania

Qatar’s Industries Company said that it increased by more than 3 times the volume of its investments in a project for producing iron raw materials in Mauritania following the withdrawal of the Saudi company for basic industries “Sabic” due its expectations of the decline of the project’s profits.

Al-Arab Fund Grants Yemen a Loan of $36 m

The Yemeni government has signed an agreement with Al-Arabi Fund for Economic and Social Environment located in Kuwait to grant it a loan of $36 m. The loan will be invested in financing the project of developing water facilities and drainage system in Aden with a total cost of $40 m.

The International Monetary Fund Urges Turkey to Resume the Financial Supervision and Reforms Process

The International Monetary Fund urged Turkey to resume its financial supervision and the program of the economic reform, describing it by saying that it showed a slow down in executing the policy throughout the few last months.

Iran Provides al Sharja with Natural Gas

Saied Jafambor, Head of the Directorate of the Strategic Studies in the Iranian National Gas Company said that Iran resumed talks with the UAE with regard to the agreement of “Al Hilal Oil” for supplying al Sharja with natural gas from the Iranian Salman field in accordance with an agreement estimated at $1 bn.

Small Indexes

- Prices of the American crude oil in Asia stock markets have risen by $1.21 to 95.05 in February. Moreover prices of the European Brent oil has risen by $1.07 to 92.69.
- American officials said that Washington will pump about $250 m in three new investment funds in Africa.
- A governmental report said that Guinea intends to invest $12.26 bn with five years on projects of infrastructure with the aim of varying the economy’s resources which depends mainly on oil and gas.
- A report issued by environmentalists of a coalition that comprises 21 of environment and humanitarian aids agencies in cooperation with the international commission of environment and development said that Asia is the most content vulnerable to dangers resulted from the increase of the planet temperature due to climate change.

Companies’ Indexes

- The French Vivendi Group for Telecommunications and Mass Media said that the talks to buy a share in AG company ended without reaching an agreement.
- Dr. Salem al Sabah, the General Director of the Palestinian Islamic Bank said that the bank has started to establish a regional administration in Ramallah city following the required approval granted to it by the Monetary Fund.
- A banking source said that five banks have joined an Islamic loan estimated at $ 300 m for five years for the interest of the Kuwaiti Dar al Esthesmar Company as main authorized bodies for arranging the loan.

Exhibitions & Conferences

- The General Assembly of the Arab Organization for the Technology of Telecommunications and Information held an extra ordinary meeting for electing the General Director of the organization.

Indicators is a daily economic watch newsletter about the Near East, issued by New Orient News agency in Beirut, Lebanon. It is available on Voltairenet.org in Arabic and English. Also worth a read is Tendencies, the daily Near East political watch newsletter, available in Arabic, English and French languages.