UK - EIIB pre-tax losses rise

StockMarketWire.com - European Islamic Investment Bank's operating income rose by 95% to £9.7m in 2011 but pre-tax losses increased from £6.7m to £8.5m.

The underlying profit before tax for the year to the end of December - excluding the Arcapita provision - was £1.2m. (source)

UK - Europe/Islam-Finance: European Islamic Investment Bank takes strategic stake in Rasmala

iina.me - DUBAI, 14 Safar/Jan.8 (IINA)-European Islamic Investment Bank (EIIB) has announced that it has completed an investment in Rasmala Holdings Limited.

Rasmala is a leading investment bank operating in the Gulf Cooperation Council (GCC) countries and Egypt and specializes in asset management, investment banking, brokerage and research. (source)

UK - Flying out for the summer

Cooling Islamic markets in Europe have spurred banks to send staff off to sunnier climes in the Middle East, according to the UK’s Islamic Finance Council.
In a bid to capture growth, UK Islamic banks are expected to follow the lead of European Islamic Investment Bank (EIIB), which recently shifted key personnel to Bahrain.
Islamic Finance Council board member, Omar Shaikh, said: “I wouldn’t be surprised if others do something similar to EIIB and formalize some of their operations in the GCC . The current arrangements are no longer fit for purpose.” (source)

UK - EIIB - Algosaibi Overwhelmed by Claims, Lawyer Says Can’t Pay EIIB

European Islamic Investment Bank Plc (EIIB) is seeking payment of its $78 million claim against Saudi investment firm Ahmad Hamad Algosaibi & Brothers Co. without a trial. 

EIIB, which filed its claim on behalf of a group of other banks, sought the ruling from a London judge after Algosaibi admitted June 15 liability in another case where HSBC Holdings Plc (HSBA) and four other banks are seeking $250 million from the company. Algosaibi, which has defaulted on its debt, said there isn’t enough money to go around. (source)

UK - EIIB relocating staff to Bahrain in major push

MANAMA: The London-based European Islamic Investment Bank (EIIB) has decided to change its strategy and refocus on the Islamic markets of the Middle East and Asia.

As part of that strategy, it is relocating some of its key personnel from its London office to its representative office in Bahrain. (source)

UK - LUXEMBOURG - London and Luxembourg battle over sukuk listing domicile

London and Luxembourg are engaged in a friendly “battle of the listings domicile” especially for sukuk and Islamic investment funds, and its seems that the London Stock Exchange (LSE) currently has the upper hand on its counterpart in the Duchy, Luxembourg Stock Exchange.

In a short and simple announcement on June 1, the London Stock Exchange welcomed "the listing of another two sukuk bringing the total number of sukuk which have listed on the exchange to 33 and the total money raised to $19.4 billion." The two latest listings coup include the IDB Trust Services Ltd.’s $750 million Trust Certificates, and the SIB Sukuk Company II Ltd.'s $400 million Trust Certificates which are due on May 25, 2016. (source - arabnews)

UK - Britain gets boost from TheCityUK

The Islamic finance sector in the UK has received a major structural boost following the integration last week of the UK Islamic Finance Secretariat (UKIFS) into TheCityUK, the independent body promoting UK-wide financial and related professional services. UKIFS, which was established in March 2010, is the leading cross-sectoral body assisting with the promotion and development of Islamic Finance, both domestically and to represent the UK industry internationally. (source)

UK - Euro Islamic Inv Bnk - Letter to Shareholders

European Islamic Investment Bank plc

("EIIB" or the "Company")

Letter to Shareholders

EIIB announces that it has today posted a letter to Shareholders in the Company. The full text of this letter follows: