Post by Sapphire Capital on Jul 10, 2008 21:43:50 GMT 4
Kuwaiti Islamic firm Investment Dar said on Sunday it was considering selling its stake in Syrian Islamic lender Cham Bank but had reached no deal yet. An unsourced report in Kuwaiti newspaper Al-Rai said the firm had agreed to sell its 12.5 per cent stake in the Syrian lender to Commercial Bank of Kuwait (CBK), the country's fourth-largest lender by market value, which offered 700 lira ($15.32) per share for the stake.
But Investment Dar said in a statement on the bourse website: "The issue is still in the process of being studied, submitting requests to regulatory bodies and approval of the firm's board." It gave no more details.
Kuwait's bourse said it would resume trading in shares of Dar, which it had halted earlier pending clarification of the report.
The newspaper also said Dar made KWD2 million (Dh27.5m) profit on the sale and would book the gain in Q2. CBK said in March it plans to raise its stake in Cham Bank to 30 per cent. CBK has already raised its stake to 27 per cent by buying shares from Syrian investors, the report said.
Cham Bank Damascus, Syria, www.chambank.com/?lang=en
Cham Bank, private bank in the charter of a Syrian Joint stock company, Was established on the 7th of Sep 2006 With a capital of 5 Billion Syrian Pounds (100 million USD) and registered at the Commercial Register under No.14809 dated January the 24th 2007(the 5th of Muharram 1428), and registered at the Syrian Central Bank under No. 15.
Cham Bank is the first Islamic bank in Syria to take the Islamic Sharia approach. The Bank s operations and activities (With Keeping customer’s names anonymous) are subject to the Central bank of Syria and the Islamic committee monitoring.
The Islamic committee representatives:
* Dr. Wahba El-Zohaily
* Dr. MHD Saied Ramadan El-Bouti
* Dr. Abdul-Satar Abu Ghedah
* Dr. Issam Khalaf Al-A’nzi
They provide the following:
Current Account (Cash/Transfer) :
Is a Sharia compliant transaction account that offers you flexibility of unlimited transactions along with a host of other benefits.
This account is available in either EURO or USD
Features:
* Free cheque-books (terms and conditions apply)
* Free monthly account-statements
* ATM services (SYP only)
Requirements:
* Minimum Opening-Balance of 10.000 SYP (or equivalent in foreign currencies).
* A photocopy of a valid ID card
* Additional documentations required for minors, joint account holders, illiterates, blinds, mentally incompetent individuals, companies, organizations and government bodies.
Saving Account:
Is a profit bearing Sharia compliant transaction account which offers flexibility of unlimited transactions with an array of features to meet our customers’ needs.
Features:
* Profit credited is on yearly basis
* Free monthly account statements
* ATM services (SYP only).
Requirements:
* Minimum Opening-Balance of 10.000 SYP (or equivalent in foreign currencies).
* A photocopy of a valid ID card
* Additional documentations required for minors, joint account holders, illiterates, blinds, mentally incompetent individuals, companies, organizations and government bodies.
Investment -Deposit Account:
Wherein the depositor authorizes bank to invest his funds according to an unrestricted Mudaraba contract for a limited period.
The account is available in SYP, USD and EURO.
Features:
* Profit credited is on a yearly basis.
* Available for terms of 3, 6, 12 or 24
* ATM services (SYP only).
Requirements:
* Holding a current or a saving account with Cham Bank with minimum Opening-Balance of 10.000 SYP (or equivalent in foreign currencies).
* A photocopy of a valid ID card
* Additional documentations required for minors, joint account holders, illiterates, blinds, mentally incompetent individuals, companies, organizations and government bodies.
Transfer Account:
This account is for inward /outward transfers from (from a valid transfer account) to overseas according to the Syrian laws.
Other Services:
* Documentary Credits
* Letters of Guarantee
* Banking Cards
* Transfers Between two accounts within the bank.
* Local and international transfers (complied with the Syrian Laws).
* Currencies Exchange (Based on the daily Foreign Exchange quotations released by the CBS and international currency markets)
* Cash withdraws through ATM machines
* Paying bills and Payrolls
* Safe boxes
* Checks collections
Managers are:
- Dr. Wahba Alzuhali
President Sharia Control Committee / Cham Islamic Bank / Damascus
Received doctorate in law (Islamic Sharia) from the Faculty of Law at Cairo University
Chief of Islamic jurisprudence / Damascus University Faculty of Sharia
Member jurisprudence academies as an expert in Mecca and Jeddah, India and America, Sudan
His special site on the Internet: Http://www.zuhayli.net
- Dr. Said ramadan Al Bouti
Member Sharia Control Committee / Cham Islamic Bank / Damascus
Received doctorate from Al-Azhar University in 1965 with First Class Honour
Member of the Royal Academy for Islamic Civilization Research in Amman
He has participations in the Islamic Fiqh Academy in Jeddah
More details on its own site: Www.bouti.com
- Dr. Abdestar AbouGhudah
Member Sharia Control Committee / Cham Islamic Bank / Damascus
He holds a doctorate in comparative jurisprudence from the University of Al-Azhar in 1975 with the Master of “Hadeeth” science and Bachelor in Law
A member or head of a number of Sharia Control Committees for banks and financial institutions and Islamic insurance companies,
- Dr. Esam Ghalf Al Onazy
Member Sharia Control Committee / Cham Islamic Bank / Damascus
He holds a doctorate from the University of Jordan in jurisprudence
Member of the teaching staff at Kuwait University-Faculty of Sharia and Islamic Studies
Member of the legitimacy of a group of companies and institutions that deal in financial matters.
- Internal sharia Auditor: D. Ahmed Hassan
Observer sharia’s procedures within the Islamic Cham Bank
* Ph.D. in Islamic jurisprudence and fundamentals of Sharia Faculty, University of Damascus / 2000
* Professor financial transactions and the Islamic economy in the Faculty of Sharia /Damascus University
brochure: www.chambank.com/pdf/a-pdf/ChamBank.pdf
Its not a bad bank but no ue for larger amount international banking due to to the location and internationally requires to move through their correspondents.
But Investment Dar said in a statement on the bourse website: "The issue is still in the process of being studied, submitting requests to regulatory bodies and approval of the firm's board." It gave no more details.
Kuwait's bourse said it would resume trading in shares of Dar, which it had halted earlier pending clarification of the report.
The newspaper also said Dar made KWD2 million (Dh27.5m) profit on the sale and would book the gain in Q2. CBK said in March it plans to raise its stake in Cham Bank to 30 per cent. CBK has already raised its stake to 27 per cent by buying shares from Syrian investors, the report said.
Cham Bank Damascus, Syria, www.chambank.com/?lang=en
Cham Bank, private bank in the charter of a Syrian Joint stock company, Was established on the 7th of Sep 2006 With a capital of 5 Billion Syrian Pounds (100 million USD) and registered at the Commercial Register under No.14809 dated January the 24th 2007(the 5th of Muharram 1428), and registered at the Syrian Central Bank under No. 15.
Cham Bank is the first Islamic bank in Syria to take the Islamic Sharia approach. The Bank s operations and activities (With Keeping customer’s names anonymous) are subject to the Central bank of Syria and the Islamic committee monitoring.
The Islamic committee representatives:
* Dr. Wahba El-Zohaily
* Dr. MHD Saied Ramadan El-Bouti
* Dr. Abdul-Satar Abu Ghedah
* Dr. Issam Khalaf Al-A’nzi
They provide the following:
Current Account (Cash/Transfer) :
Is a Sharia compliant transaction account that offers you flexibility of unlimited transactions along with a host of other benefits.
This account is available in either EURO or USD
Features:
* Free cheque-books (terms and conditions apply)
* Free monthly account-statements
* ATM services (SYP only)
Requirements:
* Minimum Opening-Balance of 10.000 SYP (or equivalent in foreign currencies).
* A photocopy of a valid ID card
* Additional documentations required for minors, joint account holders, illiterates, blinds, mentally incompetent individuals, companies, organizations and government bodies.
Saving Account:
Is a profit bearing Sharia compliant transaction account which offers flexibility of unlimited transactions with an array of features to meet our customers’ needs.
Features:
* Profit credited is on yearly basis
* Free monthly account statements
* ATM services (SYP only).
Requirements:
* Minimum Opening-Balance of 10.000 SYP (or equivalent in foreign currencies).
* A photocopy of a valid ID card
* Additional documentations required for minors, joint account holders, illiterates, blinds, mentally incompetent individuals, companies, organizations and government bodies.
Investment -Deposit Account:
Wherein the depositor authorizes bank to invest his funds according to an unrestricted Mudaraba contract for a limited period.
The account is available in SYP, USD and EURO.
Features:
* Profit credited is on a yearly basis.
* Available for terms of 3, 6, 12 or 24
* ATM services (SYP only).
Requirements:
* Holding a current or a saving account with Cham Bank with minimum Opening-Balance of 10.000 SYP (or equivalent in foreign currencies).
* A photocopy of a valid ID card
* Additional documentations required for minors, joint account holders, illiterates, blinds, mentally incompetent individuals, companies, organizations and government bodies.
Transfer Account:
This account is for inward /outward transfers from (from a valid transfer account) to overseas according to the Syrian laws.
Other Services:
* Documentary Credits
* Letters of Guarantee
* Banking Cards
* Transfers Between two accounts within the bank.
* Local and international transfers (complied with the Syrian Laws).
* Currencies Exchange (Based on the daily Foreign Exchange quotations released by the CBS and international currency markets)
* Cash withdraws through ATM machines
* Paying bills and Payrolls
* Safe boxes
* Checks collections
Managers are:
- Dr. Wahba Alzuhali
President Sharia Control Committee / Cham Islamic Bank / Damascus
Received doctorate in law (Islamic Sharia) from the Faculty of Law at Cairo University
Chief of Islamic jurisprudence / Damascus University Faculty of Sharia
Member jurisprudence academies as an expert in Mecca and Jeddah, India and America, Sudan
His special site on the Internet: Http://www.zuhayli.net
- Dr. Said ramadan Al Bouti
Member Sharia Control Committee / Cham Islamic Bank / Damascus
Received doctorate from Al-Azhar University in 1965 with First Class Honour
Member of the Royal Academy for Islamic Civilization Research in Amman
He has participations in the Islamic Fiqh Academy in Jeddah
More details on its own site: Www.bouti.com
- Dr. Abdestar AbouGhudah
Member Sharia Control Committee / Cham Islamic Bank / Damascus
He holds a doctorate in comparative jurisprudence from the University of Al-Azhar in 1975 with the Master of “Hadeeth” science and Bachelor in Law
A member or head of a number of Sharia Control Committees for banks and financial institutions and Islamic insurance companies,
- Dr. Esam Ghalf Al Onazy
Member Sharia Control Committee / Cham Islamic Bank / Damascus
He holds a doctorate from the University of Jordan in jurisprudence
Member of the teaching staff at Kuwait University-Faculty of Sharia and Islamic Studies
Member of the legitimacy of a group of companies and institutions that deal in financial matters.
- Internal sharia Auditor: D. Ahmed Hassan
Observer sharia’s procedures within the Islamic Cham Bank
* Ph.D. in Islamic jurisprudence and fundamentals of Sharia Faculty, University of Damascus / 2000
* Professor financial transactions and the Islamic economy in the Faculty of Sharia /Damascus University
brochure: www.chambank.com/pdf/a-pdf/ChamBank.pdf
Its not a bad bank but no ue for larger amount international banking due to to the location and internationally requires to move through their correspondents.