As business activity picks up after the summer, we offer a summary of some of the stories we're following at the Arab Bankers Association.
Gatehouse and QNB make changes to London management
Henry Thompson has left Gatehouse Bank, 18 months after he was appointed as CEO. Subject to regulatory approval, the bank's Chief Investment Officer, Abdul-Aziz al-Duweesh, will take over as CEO. In a statement, the bank said that Henry Thompson will remain at the bank for a period of time to ensure a smooth hand-over.
Gatehouse Bank is a Shari'ah-compliant bank headquartered and regulated in the United Kingdom. The bank is primarily involved in real estate investment and development. On 9 December it announced plans to invest a further £100 million in private rented housing across the country.
Simon Walker is to leave Qatar National Bank where he has held the position of Regional Manager for Europe. The bank has not yet announced a replacement. Paul Mason remains the bank's General Manager in the United Kingdom.
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Fitch downgraded the Republic of Lebanon to CCC on 23 August, the same day that S&P affirmed its B- rating and negative outlook. The ABA's Editor, Andrew Cunningham, considers the different views on Lebanon's financial health. The views are his own, not necessarily those of the ABA.
This is an important report, and one of its findings is that those who use Islamic finance say that they have a good experience.
A change in Jersey's tax legislation has clarified that commodity murabaha contracts that are used to strcuture Shari'ah-compliant transactions will not be subject to Jersey tax.
The Directors and staff of the Arab Bankers Association send best wishes to members and their families on the occassion of Eid el-Adha. The holiday was due to begin in most countries on 12 August and will last for four days.