Banking
Qatar’s Islamic banks and the entire country set for financial growth
… as FIFA 2022 World Cup draws nearer
LONDON – Oil-rich Qatar may be a tiny Persian Gulf state but its economy is one of the wealthiest in the world. The country is also a major player on the growing global Islamic finance stage which is estimated to be worth, at present, something in the region of $1.9 trillion. But that figure is predicted to rise to more than $2.5 trillion by 2015.
Qatar’s banking sector is as modern and forward-looking as its Western counterparts, offering a range of services and expertise across both the retail and business banking segments. But with crucial support from the Qatari government, the country’s Islamic banks are set to flourish over the next three or four years and perhaps even begin to challenge the market dominance of the big players in the Gulf, Saudi Arabia and the United Arab Emirates.
Last year, the balance-sheet assets of Qatar’s Islamic banks were worth around $54 billion, but if growth trends continue, says ratings agency Standard & Poor’s, this figure could nearly double by 2017.
S&P says, “The Qatari government’s strategy to grow Qatar as an Islamic banking center means that it is highly supportive of this sector. As an Islamic country Qatar is committed to the principles of Sharia. Islamic banks currently represent one-quarter of Qatar’s banking system in terms of assets, up from 13% in 2006, and we anticipate that they will continue to gain market share.
“For example, in 2011, Qatar Central Bank banned conventional banks from extending Islamic banking products through what are called “Islamic windows” in the onshore conventional banking system, thereby requiring conventional banks to close or divest their sharia-compliant businesses and not underwrite any new sharia-compliant loans. As a result, sharia-compliant banking shifted to the Islamic banks.
“Furthermore, the Qatari government and its related entities are the main sponsors of the country’s four incumbent Islamic banks. The Qatar Investment Authority, the nation’s sovereign wealth fund, is a key shareholder in three of the Qatari Islamic banks – Masraf Al Rayan, Qatar Islamic Bank, and Qatar International Islamic Bank. In addition, two government-controlled entities – Qatar Holding and Barwa Real Estate – are the principal shareholders of Barwa Bank, the nation’s youngest Islamic bank that started operating in 2010.”
Infrastructure spending in the run-up to the FIFA 2022 World Cup is expected to spur lending for roads, stadiums and hotels, according to a recent article in the Gulf Times. The article quoted Chavan Bhogaita, head of markets strategy at the National Bank of Abu Dhabi, as saying, “Qatari banks in general clearly have substantial scope to grow their asset base given the sheer magnitude of projects and infrastructure development going on in Doha at present.”
The article also says that Qatar’s economy will grow 5.2% next year, the fastest in the GCC, according to the median of 17 estimates compiled by Bloomberg. Economic growth will reach 3.4% in the UAE and 4.2% in Saudi Arabia.
Islamic finance will certainly be one of the many topics discussed at the 9th World Islamic Economic Forum which will be held on 29 – 31 October 2013 at the ExCel London. This will be the first time the Forum has been held outside the Muslim world.
Banking
Millions of customers still stranded worldwide 24 hours after GT Bank online operations suffered attacks
By Yemie ADEOYE
GT Bank, one of Nigeria’s leading banks, with operations across Africa and the United kingdom, and with an asset base of about US$3.11 trillion is under a cyber attack which has left millions of its customers across the world stranded in the last 24 hours.
The bank which was renowned for its seamless online operations at inception has suffered dwindling online efficiency in recent years and this current attack didn’t come as a surprise to many of its numerous customers. However, it is becoming worrisome that over 24 hours after its online operations went down, the bank has not been able to arrest the situation and restore its online services.
Stranded GT Bank customers outside the banks premises
Several customers of the bank took to their X (formerly known as twitter) handles to express their frustrations at the bank, as several of the customers in the diaspora are unable to access their accounts and carry on with their transactions. A customer , Jeff55 who lamented on his X handle about the development, stated that it is a thing of shock that a bank of this size couldn’t afford to have the necessary tools and experts to ensure a full protection of its online operations in this age and time.
Another customer Dimma stated that while Cybersecurity training may seem tedious, the recent #GTBank hack is a stark reminder that everyone is just a click away from a devastating attack.
Several media organisations had reported that hackers have stolen GT Bank website, and intercepted customers Data in massive phishing operation.
At the time of filing this report, Biztellers.com.ng checks on the banks website shows that it is still down and unaccessible, and neither GT Bank media and communications unit nor any of its agencies or surrogates have commented officially on the development.
Says output surge buoyed by reforms he announced in May 2024 to address gaps in PIA
President Bola Ahmed Tinubu on Sunday declared a resurgence in the oil & gas industry, commending the increased crude production to 1.6 million barrels per day.
The president, who said this in a national broadcast, maintained that the resurgence was buoyed by the reforms he announced in May 2024 to address the gaps in the Petroleum Industry Act (PIA).
Nigeria’s crude oil output got a boost to 1.61 million barrels per day in July 2024 through the president’s directive and the industry leadership provided by the Nigerian National Petroleum Company Limited (NNPCL).
Acknowledging what he called a resurgence of the once-declining oil and gas industry in his Sunday-morning broadcast to the nation, President Tinubu said that oil investors are coming back to Nigeria.
He said; “Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act. Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve. Investors are coming back, and we have already seen two Foreign Direct Investments signed of over half a billion dollars since then.
Read Also : BREAKING: Sell Crude To Dangote Refinery In Naira – Tinubu To NNPC LtdRead Also : BREAKING: Sell Crude To Dangote Refinery In Naira – Tinubu To NNPC Ltd
“Fellow Nigerians, we are a country blessed with both oil and gas resources, but we met a country that had been dependent solely on oil-based petrol, neglecting its gas resources to power the economy.
We were also using our hard-earned foreign exchange to pay for and subsidise its use. To address this, we immediately launched our Compressed Natural Gas Initiative (CNG) to power our transportation economy and bring costs down.
This will save over two trillion Naira a month, being used to import PMS and AGO and free up our resources for more investment in healthcare and education.
“To this end, we will be distributing a million kits of extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80% of the imported PMS and AGO.
“We have started the distribution of conversion kits and the setting up of conversion centres across the country in conjunction with the private sector. We believe that this CNG initiative will reduce transportation costs by approximately 60 per cent and help to curb inflation.”
Plans are in top gear for the 11th Annual General Meeting (AGM) of the FBN Holdings Plc.
The management made this disclosure in a notice it filed with the Nigerian Exchange Limited (NGX) on Thursday, where it averred that it has not been served with any court order against the proposed AGM.
According to notice, which was signed by the acting Company Secretary, Adewale Arogundade, FBN Holding said, “The attention of FBN Holdings Plc (the Company) has been drawn to recent media reports purporting that the Company has received a Court Order stopping it from holding the Annual General Meeting (AGM) scheduled for August 15, 2023.
“We confirm that this assertion is a false narrative as the Company has, as at the date hereof, not been served with any court order to stop the forthcoming AGM.
“Suffice to mention that the AGM is a statutory meeting of Shareholders that must be held in accordance with the law, further to which the Company will notify the regulators and the public as appropriate if there is any lawful order to restrain the Company from conducting same.
“We hereby assure our esteemed Shareholders that the AGM shall hold on August 15, 2023, as planned and we look forward to their attendance and active participation at the meeting.”
However, court orders published in national dailies showed that the Federal High Court in Lagos had issued an order against the financial institution, barring it from holding its 11th AGM.
The order was entered pursuant to a petition by Olusegun Onagoruwa, in suit No: FHC/L/CP/1271/2022. It was addressed to the bank and some other bank officials.
It read, “Take notice that unless you obey the directives in the judicial order contained in the order made on July 15, 2022, by the Federal High Court, Lagos, by refraining from proceeding with the 11th Annual General Meeting of FBN Holdings Limited proposed for August 15, 2023, from seeking approval to issue or raise share capital in any manner whatsoever, from appointing or confirming the appointment of new directors, or in any other manner taking any step towards implementing, actualising enforcing resolution of the 10th Annual General Meeting of FBN Holdings Plc held on June 20, 2022, or in any other manner overreaching, disobeying or undermining the said order of a court, you will be guilty of contempt of court and you will be liable to be committed to prison and to there imprisoned.”
Biztellers brought you a report that a segment of shareholders had staged a protest at the headquarters of the bank on Monday, calling for the AGM to be held, as well as soliciting regulatory interventions.
It is expected that at the AGM, FHN Holdings is poised to breathe life into plans to seek shareholders’ approval to raise N150bn fresh capital via a rights issue and elect new directors including billionaire, Femi Otedola and Samson Ariyibi among other resolutions.
I Previously Called For Simon Ekpa To Be Shot – APC Chieftain
I Make $40,000 Montly With Content Creation Says Blessing CEO
Senator Ifeanyi Ubah Laid To Rest In Nnewi Amidst Tight Security
Tinubu Moves To Transform Tragedy To Prosperity With Livestock Investment
Nicki Minaj Teams Up With Davido On ‘The Pink Print’ Anniversary
Simon Ekpa’s Arrest Will Restore Peace In South East, Says Enugu Gov’t
OSSG Raises Alarm Over Murder Plot By APC Chieftain
NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conf June 13
Sahara’s Tonye Cole resigns from GPHCDA
Oando opens ultra-modern petrol station in Lagos
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
