Kuwait Finance House voted as best Islamic bank in world
Kuwait 03 April 2008  Kuwait Finance House (KFH), the leading Islamic bank in the region, was voted the Best Overall Islamic Bank in the World for the year 2007 at the most comprehensive Islamic Finance News annual poll.
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NYSE Euronext and Abu Dhabi Securities Market Enter Strategic Cooperation Agreement
March 19, 2008, New York, U.S.A.   NYSE Euronext (NYX) and Abu Dhabi Securities Market (ADSM) have entered a cooperation agreement to jointly develop and explore new opportunities in trading systems and other related technology, investor and issuer services, and investment products. As part of this alliance, NYSE Euronext will provide ADSM, by end 2008, with state-of-the-art information and market infrastructure systems and technology to host all financial instruments admitted to trading on ADSM. In addition, NYSE Euronext and ADSM will explore the development of new ventures, including the implementation of ADSM’s derivatives market.
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Citi Names Michael Klein Chairman, John Havens Chief Executive Officer of Institutional Clients Group
March 19, 2008, New York, U.S.A.  Citi today announced the appointments of Michael Klein as Chairman and John Havens as Chief Executive Officer of the Institutional Clients Group (ICG), effective immediately. ICG is comprised of Citi Markets & Banking (CMB) and Citi Alternative Investments (CAI). Mr. Klein and Mr. Havens will report to Vikram Pandit, Chief Executive Officer of Citi. Mr. Havens has also been appointed Chairman of CAI. Today’s appointments are another in a series of actions taken by Mr. Pandit since becoming CEO last December. These actions reflect Mr. Pandit’s commitment to build a culture based on teamwork and the best possible talent; manage Citi’s capital for greater profitability; and create a strong base for future earnings growth through a more streamlined, client-focused organization. “Mr. Klein and Mr. Havens will play vital roles in Citi and ICG achieving these objectives,” Mr. Pandit said.
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Arch Capital Group Ltd. and Gulf Investment Corporation Announce Joint Venture to Establish Specialist Reinsurer in the Gulf
20-03-2008, HAMILTON, Bermuda   Arch Capital Group Ltd. (NASDAQ: ACGL) and Gulf Investment Corporation (“GIC") announced today that they have entered into a joint venture agreement to establish Gulf Re, a new specialist reinsurer to be based in the Dubai International Financial Centre. Arch Capital and GIC will subscribe to a total of $400 million of capital. The initial paid up capital of Gulf Re will consist of $200 million, with an additional $200 million to be funded depending on the business needs of the company. Gulf Re will be owned by Arch Capital and GIC equally.
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Moody’s Analysis Of Islamic Banking In GCC - Needs Innovation
Doha, Qatar 11 March 2008  The GCC countries’ Islamic banking sector, which has been growing at double-digit rate over the past decade, accounts for 25% of the Shariah-compliant banking assets globally and 15% of the region’s banking system’s assets, according to Moody’s.
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