Mar. 24--ADIB BOARD APPROVES DHS2BN SUKUK: The board of Abu Dhabi Islamic Bank has approved issuing a Dhs2bn ($545m) sukuk to the Abu Dhabi government. The bank's board also approved the Ministry of Finance's proposal to transfer the equity liquidity support facility of Dhs2.2bn to Tier 2 Capital. GULF BANKS PROFITS TO DROP 24 PERCENT IN 2009: A report by Kuwaiti financial centre Markaz has shown that the net profits of more than 150 banks in the GCC region will decline by around 24 percent to reach $14.6bn in 2009 compared to $19.28bn in 2008. The drop in profits was attributed by the report to declining oil prices and the world financial crisis.
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