The Islamic Financing Sector is in Danger and Mass Media is one of its Reasons

At a time “ Tompson Financial” company expects the increase of the Islamic financial assets by an annual average estimated at 20 % , and to rise from $ 900 Billion to $ 2 Trillion in 2010, a big number of the experts at the Islamic financing sector have expressed, during the forum of the International Islamic Financing held in Dubai, their worry with regard to the sector of the Islamic financing sector , saying that it is “ in danger “ due to the fact that the banks and men of religion have not come up with the solutions based on the Islamic Share’, stressing at the same time the necessity of shifting from acting according to the Sharee’ at the Islamic financing sector into building the banking activities on the Islamic principles which needs an overall and deep media coverage because the Arab financial press is absent, according to them. Of course, no one denies the bad condition of the Arab media sector in its different fields and domains, but when the case is reversed in the sense that when the Arab media becomes a reason for the bad condition the Arab economy is witnessing, then it is really funny and tragic at the same time.

The Real Estate “Damamc” Company Pledges to carry Out “Palm Spring” Project in “al-Nakhla” – Jabal Ali

The Directorate of the Real estates in Dubai said yesterday that it managed in solving a dispute between the two real estate “ Nakhil “ and “Damac” in Dubai because the latter has canalled its project “ Palm Spring “ in “Nakhla – Jabal Ali”.
Chairman of “Damac “ company, “Hussein Sajwani “ said that the company will resume working in the project and finishing it according to the concluded agreements with the investors, pointing out that the company will hold the project at the same site and on the same area. He further asserted the company’s keenness on abiding by the rules in the real sector in Dubai.

The 13th International Exhibition of Oil , Gas , and Petrochemicals in Tehran

The 13th International Exhibition of Oil, Gas, and Petrochemicals was opened on Wednesday. More than 500 giant companies working in this field will take part, representing 30 countries, among them: Belgium, China, France, Germany , Austria, Romania, , South Korea, Spain , in addition to many other Asian and European countries as well as the local Iranian companies. The exhibition is due to last till the 20th of April.

Russia Cancels Libya’s Debts in Return for Contracts for its Companies

One of the results of the Visit paid by the Russian president Vladimir Putin to Libya was the cancelling of the Libyan debts to Russia, estimated at $ 4,6 Billion in return for signing contacts by millions between Russian and Libyan companies, according to statements made by the Russian Minister if Finance , Alexy Kordeen.

The Saudi-Pakistani Investment Company Sells its Share at the United Trade Bank

The Saudi – Pakistani Limited Company for Industrial and Agricultural Investment has achieved capital profits estimated at 390 million Saudi Riyal after selling its share at the capital of the Limited & United Trade Saudi- Pakistani bank estimated at 340 Million, and 154091 shares with an average of 68,01 % with a total value estimated at about 604 Million Riyal, according to “Al-Ghad” newspaper.

$ 8, 6 Million , the Profits of the Islamic Banking Company “al-Arabiya” in the First Quarter

The Islamic Banking Arab Establishment has announced that it achieved net profits during the first quarter of 2008 estimated at 8,6 Million , which represents 5,98% of the profits of the same period of last year. Moreover, the total revenues of the bank has reached $ 34, 8 Million ($ 62,4 Million during the same period of 2007 ), whereas the revenues of the commission have reached $ 33,2 Million with an increase estimated at 123% for the same period of last year.

Small Indexes

- The Commissioner of the Affairs of Energy at the European Union “ Andrwas Begales” has said that the Iraqi government promised to export 5 billion cubic meters of gas as a first shipment from “ Akas” field near the Syrian borders.
- Assistant Minister of Agriculture in Iran “ Hussein Safai” said that self-efficiency and food security in Iran Have risen from 67% to 92% .

Companies Indexes

- “Trunce Guard” Group and “ Al-Tafaouk” Centre for Applied Researches and Training ( CERT) have signed a memorandum of Understanding with the aim of providing services of international level in the UEA and the neighbouring countries.
- “Invest Corp “ Bank, based in Bahrain, is coming closer for concluding a big acquisition of one of the companies with a value estimated at $ 500- one Billion, making it the biggest acquisition deal the bank concludes during its fiscal year to be ended next July. Exhibitions $ Conferences
- The Conference of Developing the Strategies of the Domestic Economic Development is due to be held in Amman on the 28th on next month with the participation of more than 10 Arab and foreign countries. The three-day- conference will discuss the costs of the strategies of development and evaluating new developmental strategies.
- The Conference of Palestine for Investment is due to be held between 21- 23 of next month in Bethlehem city in the West Bank. The exhibition will last for three days exhibiting projects with a total value estimated at $ one Billion for the foreign investors, according to “ al-Hiyat “ newspaper.

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