Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Thursday, February 14, 2008

First Leasing Bank named ‘Best Islamic Leasing Provider’

Posted: 10-02-2008 , 14:34 GMT

First Leasing Bank (FLB), the first bank in specialising in equipment leasing throughout the GCC, has been named 'Best Islamic Leasing Provider' for 2007 by leading Islamic banking publication, Islamic Finance News.

The Islamic Finance News Awards 2007, which honour outstanding achievements in the Islamic financial industry, set the benchmark for excellence in the Islamic banking and finance industry.

"While some commercial banks in the region offer finance leases as secondary products, FLB is the only institution focusing on equipment leasing. It is gratifying that the value added by our specialist approach has been recognised by our industry peers and associates," said James Cracco, CEO, First Leasing Bank.

"Our award for 'Best Islamic Leasing Provider' reflects international recognition for the strong customer response and operational and technical skill of our team. Over the past year First Leasing Bank has funded equipment worth more than US$54 million, with more opportunities on the way as we continue to expand the market for equipment leasing," added Cracco.

FLB, which is an affiliate of the Ithmaar banking group, provides finance and operating leases to the industrial, manufacturing, medical, printing and publishing, construction, telecommunications, IT, transportation and marine industries. Operating leases, virtually unheard of in the Gulf prior to the establishment of FLB in 2004, allow companies to lease their equipment rather than purchase it out right. This allows them to free up cash to be used in developing their higher returning core businesses.

The Islamic Finance News Annual Poll, which determines the award winners, is widely considered to be one of the industry's most comprehensive surveys. Members of the global Islamic finance industry, including Islamic finance issuers, investors, non-banking financial intermediaries and government bodies, are invited by Islamic Finance News to vote in a total of 35 categories. A record 1,502 votes were cast during the December 2007 polling period, which represented a 22 per cent increase over the previous year.

About First Leasing Bank:
Established in August 2004, FLB has a paid-up capital of US$100 million, and is the first bank in the GCC dedicated exclusively to the introduction and expansion of equipment leasing throughout the region. The Bank provides finance and operating leases for most asset classes, including industrial, manufacturing, medical, printing and publishing, construction, telecommunications, IT, transportation and marine.

About Ithmaar banking group
The Ithmaar banking group consists of: Ithmaar Bank, Shamil Bank, Solidarity (an Islamic insurance company), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing Bank and Ithmaar Development Company. The group's services, including investment, private, retail, and commercial banking, private equity, mergers & acquisition advice, takaful, leasing, and real estate development, form a 360 degrees value chain that embraces the entire spectrum of banking and financial services.

© 2008 Al Bawaba (www.albawaba.com)
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