Global executives attend Islamic finance program in Jeddah

The program attracted Nigerian, British, Ugandan, Jordanian, Saudi, Spanish, French, Lebanese and Indian participants.
Updated 15 May 2019

Global executives attend Islamic finance program in Jeddah

Representatives from financial and academic institutions around the world attended a four-day international executive program in Islamic finance in Jeddah.

The program was jointly organized by the Saudi-Spanish Center for Islamic Economics and Finance at the IE Business School in Madrid, the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank, and the Islamic Economics Institute (IEI) of King Abdul Aziz University, Jeddah.

In his opening remarks at the event, Vice Dean of Postgraduate Studies and Research Dr. Hasan Makhethi said the course aimed to enhance knowledge and experience in Islamic finance and provide networking opportunities for participants.

He said the IEI was delighted that the partnership among the organizing institutions has created “a platform for alternative finance in order to raise awareness among academics and business people about the importance of ethics and morals in finance and business.”

“IRTI is an important partner in the success of the program, as it is enhancing both the academic and practical sides of the program,” Dr. Makhethi added.

Dr. Kaleem Alam, program manager, noted that Islamic finance is no longer alien to the world of finance, and that there is growing demand globally, especially in Africa, to learn and implement Shariah-complaint finance.

The program was designed for executives interested in gaining knowledge and developing contacts in the Islamic finance sector. Participants attended workshops, roundtable discussions and academic sessions covering the fundamental principles, key concepts and modes of Islamic finance, as well the importance of ethics in business.

The program attracted participants of Nigerian, British, Ugandan, Jordanian, Saudi, Spanish, French, Lebanese and Indian nationalities. There were also participants from the Saudi Arabian Monetary Authority (SAMA), Jaiz Bank and the Microfinance Support Center Limited (MSC).

Participants also visited a number of organizations in Jeddah, including KAU, IDB, THIQAH, SEDCO Capital and the National Commercial Bank.

Some of the prominent trainers included Dr. Sami Al-Suwailem, Mr. Khalid Gama, Dr. Ahmed Belouafi and Dr. Mansoor Durrani.

Bashair A. Alnahari, a participant from SAMA, said: “It was one of the most valuable and enjoyable programs I have ever attended.”


Investcorp closes $375m for second Italian NPL fund

Updated 01 June 2020

Investcorp closes $375m for second Italian NPL fund

Investcorp, a global provider and manager of alternative investment products, has announced the fully subscribed final closing of approximately 340 million euros ($375 million) in commitments for its second vintage Italian Distressed Loan Fund II (Italian NPL Fund II), which is exclusively advised by Eidos Partners, a Milan-based advisory firm and credit specialist. To date, more than 460 million euros in assets have been allocated toward Investcorp and Eidos Partners’ Italian nonperforming loans (NPLs) strategy.

Italian NPL Fund II invests in non‐performing loans secured by residential and commercial real estate in Italy. The fund represents Investcorp’s ninth Special Opportunity Portfolio (SOP). In 2011, Investcorp launched its first SOP with the aim of taking advantage of opportunities arising from market dislocations and structural shifts.

Timothy Mattar, global head of distribution at Investcorp, said: “Several years ago we identified that many banks across Italy would need to reduce their credit exposure and strengthen their balance sheets, creating opportunities for investors with strong underwriting expertise. We know the Italian NPL market well and we have further strengthened our capabilities through partnerships with dedicated local expertise in the Italian credit market.”

Elena Ranguelova, portfolio strategist, said: “There are compelling opportunities to acquire attractive loans at significant discounts in the Italian NPL market. We believe that our latest NPL fund will help fulfill an important market need and we are committed to leveraging our expertise and resources to create value and help Italian consumers and businesses during this time. We appreciate the support from our existing limited partners and new investors, and we look forward to continuing to build upon our partnership with Eidos.”