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Meethaq window launch. Meethaq will reach out to customers by offering a full suite of banking products and services that fully comply with Shariah principles. Inspired by belief and a tradition of trust, Meethaq will assist customers in staying true to their val- ues.” Dr AbdulRazak Ali Issa, Chief Executive of Bank Muscat, said: “As the nation’s lead- ing financial services provider, Bank Muscat is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole.


The bank has in place a comprehensive strat- egy to effectively respond to the directive of His Majesty Sultan Qaboos on Islamic bank- ing and thereby cater to the financial needs of people in accordance with the guidelines and regulatory framework prescribed by the


The Islamic banking operations will be man- aged by an experienced and professional team, independent and separate from conventional banking.” The bank’s Islamic banking operations will be segregated from its conventional counterpart and led by its Shariah board, which consists of world-re- nowned Shariah scholars.


Abu Dhabi’s Taqa Sees 2012 Capex at $2.2 Billion Abu Dhabi National Energy Company (Taqa) expects to increase capital spend- ing to between $2.0 billion to $2.2 billion this year as it pushes ahead with expan- sion plans. Taqa, which is 75-percent owned by the government of Abu Dhabi, spent $1.9 bil- lion in 2011, Chief Executive Carl Sheldon


or Sukuk last month, will go to the bond mar- ket on an opportunistic basis, he said. The Sukuk was part of the firm’s 3.5 billion Ma- laysian ringgit Sukuk programme, which was established late last year.’There is no pres- sure to go to the market and our capex is funded from our operations,’ Stephen Kers- ley, chief financial officer, said.


Taqa’s total outstanding debt at the end of 2011 was Dh72.1 billion of which nearly half is project debt and the remainder corporate debt, Kersley said. The firm which is a low bidder in Dubai’s Hassyan 1 power project, may consider bidding for Dubai’s mega so- lar power project, said Sheldon, adding Taqa may also bid for renewable energy projects in Morocco.


If you need to engage a lawyer or a


doctor you would naturally want someone experienced, well known and reputable. A Shariah scholar’s role should be viewed more like a doctor’s. It involves diagnos- ing the problems, recommending Shariah compliant solutions and requires personal atention in each case


,, Muddassir


Siddiqui, Shariah Scholar, Dubai, UAE


Interest in both Shariah compliant and


ethical investing is on the rise. Green sukuk can support this trend by expanding the range of available financial instruments. They also support national development strategies by offering longer term finance for essential infrastructure


,,


Michael Grifferty,


The Gulf Bond and Sukuk Association, President, Dubai, UAE


In the West there is a pent-up demand


for retail financial products based on Islamic principles. It is due to the steady growth of the Muslim middle-class and the interest in ‘halal’ products by ethical and social-responsi- ble finance, and is fueled by the conventional banks’ perception that Islamic finance is a lucrative business opportunity


,, Alberto Bru-


gnoni, Assaif, Chief Executive Officer, Italy


Central Bank of Oman. The bank is proud to have on board some of the brightest minds in Islamic finance to chart the way forward.” Sulaiman al Harthy, Group GM — Islamic Banking, said: “Bank Muscat’s strategy is to attract customers through innovative prod- ucts and services. As always, Bank Mus- cat takes the lead in offering value added services. The bank strives to increase the range of benefits for customers and we are confident that the proposed Islamic banking window operations will benefit various seg- ments.


The bank has always strived to fulfil the needs of customers with ground-breaking solutions and Meethaq is yet another proof of its commitment and dedication to meet customer expectations for Islamic banking.


12 Global Islamic Finance April 2012


said in a conference call on Wednesday, adding this year’s spending would mainly go towards five long-term projects. ‘This year it (capex) runs in the order of $2 to $2.2 bil- lion in long range projects,’ Sheldon said. Taqa plans to spend on oil and gas drilling in western Canada and the North Sea, as well as in expansion programmes in Morocco, Ghana and the Bergermeer gas project in the Netherlands, he said. The firm made a fourth-quarter loss of Dh1.048 billion ($285 million) according to Reuters calculations, compared with a Dh261 million profit in the same period of 2010.


The loss was mainly due to an impairment charge on gas producing assets in Canada, Sheldon said. Taqa, which sold a 650 million Malaysian ringgit denominated Islamic bond


Taqa shares were up 3.2 percent on the Abu Dhabi bourse Wednesday. They have risen 5 percent so far this year.”Despite a strong operational performance, the impact of both the impairment in North America and increased taxes in the UK North Sea can be seen in our net financial result,’ Kersley added.


Total revenues for 2011 grew by 13 per cent to Dh24.2 billion ($6.58 billion) as against total revenues of Dh21.4 billion in 2010. There was growth in both the Power & Water and Oil & Gas divisions, from new generat- ing capacity and higher production in the UK North Sea. However, while high oil prices bu- oyed performance, this was offset by weak- ening North American gas prices.


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