• Abu Dhabi: Law to regulate Islamic insurance
• New agencies to standardise Islamic banking
• Senegal to showcase Islamic banking potential
• StanChart benefits from rapid progress in Islamic finance
• Syria: Cham Bank revenues grow by 96.7 pct
• IDB board decides to raise capital, reelects Mohamed Ali as president
• Qatar’s banking sector sees ‘remarkable’ growth
• Bahrain's banking growth 'extraordinary'
• ADIB first to launch Cash Cover Takaful Service
• Awareness on export credit and investment insurance rising in OIC countries
• Australian initiatives to boost Shariah-compliant projects
• Australia set to accommodate Islamic sharia finance
• Islam provides greater economic stability: Pak economist
• Adaptation of Islamic economic system to alleviate poverty
• LB Finance launches Islamic finance unit
• Consider setting up supra-sovereign wealth fund, Muslim nations told
• Sukuk gain to six-month high on global growth: Islamic finance
• Jordan to tap Islamic or Eurobonds debt market
• Bursa Suq Al-Sila’ facilitates Sukuk 1Malaysia
• Brunei: Successful issuances of Sukuk Al-Ijarah securities
• Saudi Zakat to be handled by independent body
• Malaysia: Halal benchmark
• Malaysia govt plans to set-up separate accounts for non-halal revenue

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From Gulfnews.com: The Ministry of Economy issued a law on the Islamic insurance system (Takaful) to regulate the work of Islamic insurance companies in the country. Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the UAE Insurance Authority, issued the new system. (more...)

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From Business24-7.ae: An important effort towards achieving international consistency was the creation of two multilateral institutions: the Accounting and Auditing Organisation for Islamic Financial Institutions and the Islamic Financial Services Board. The Islamic banking industry is a fast-growing sector that offers an array of opportunities.  (more...)

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From Tradearabia.com: Bahrain will host a key Islamic banking forum with Senegal on Monday that aims to assist the Senegalese government in its efforts to promote the financial services sector and attract more private investments. (more...)

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From Btimes.com.my: Standard Chartered Plc (StanChart), the oldest bank in Malaysia, is benefiting greatly from rapid development of Islamic banking and finance in Malaysia, especially the Malaysia International Islamic Finance Centre (MIFC) initiative. (more...)

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From KUNA: Cham Bank, the first Sharia-abiding bank in Syria, said Friday its revenues grew by 96.7 percent in 2009 compared with the figures of the previous year. The bank made record high revenues from crediting activities which hit 297. (more...)

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From Arabnews.com: The subscribed capital of the Islamic Development Bank (IDB) has been increased from ID16 billion to ID18 billion. The decision was taken by the bank’s Board of Governors its 35th annual meeting which was held in Baku, Azerbaijan, June 23-24. (more...)

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From Gulf-times.com: Qatar’s banking sector registered a remarkable 38.4% compounded annual growth during 2004-09, according to a study by TAIB Securities research. (more...)

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From Tradearabia.com: Bahrain has succeeded in building a leading regional financial services sector and the sector’s growth has been extraordinary, said a senior banker. (more...)

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Abu Dhabi Islamic Bank (ADIB), a top- tier Islamic financial services group, is now the first bank in the region to launch the Cash Cover Takaful Service that provides customers coverage against financial loss and emergency medical expenses in the event of a fraud resulting from theft, assault, or robbery. (more...)

Email Add Comments More stories about: Insurance (Takaful), New Launches

From Arabnews.com: The export credit and investment insurance culture in the 56 member countries of the Organization of the Islamic Conference (OIC), has traditionally been at best under-developed although there are signs that this has started to change.  (more...)

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From Arabnews.com: In a clear statement of intent, the Australian government has launched a series of initiatives that when completed and hopefully adopted will make the country one of the most proactive Islamic finance markets in the Asia-Pacific Region. (more...)

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From Newsweekly.com.au: All over the Western world, governments are bending over backwards to accommodate sharia finance. This is an interest-free banking and finance system which Muslims want to have run as a parallel economic stream in Western nations. (more...)

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From Thenews.com.pk: Islamic financial system provides greater economic stability than the present economic system, a senior economist said on Saturday. (more...)

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From Dailytimes.com.pk: Ex Governor State Bank of Pakistan, Ishrat Hussain has said that Islamisation of economic system, if adopted and practiced in its true form, at any time in the future will strengthen the economy particularly income distribution and poverty alleviation which have proved elusive under the present western economic model. (more...)

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From Dailymirror.lk: Financial trailblazer LB Finance is once again set to revolutionise the industry, this time with Al Salamah, its brand new Islamic Finance unit. (more...)

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From Btimes.com.my: Muslim economies should consider setting up a supra-sovereign wealth fund, given the shifting in investment fund flows to the East, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah. (more...)

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From Bloomberg: Islamic bonds are trading at their highest level in more than six months as companies reach agreements with creditors to restructure debt and the global economy recovers. (more...)

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From Ameinfo.com: Jordan officials and bankers have said the kingdom wants to speed up issuance of Islamic bonds or Eurobonds to tap more competitive sources of funding to contain its budget deficit.  (more...)

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From Cpifinancial.net: Bursa Malaysia reports the issuance of the Malaysian Government’s Sukuk 1Malaysia through its Shari’ah compliant trading platform, Bursa Suq Al-Sila’. The MYR 2.4 billion ($738 million), is the single largest transaction since the launch of the world’s first, end-to-end Shari’ah-compliant commodity trading platform in August 2009. (more...)

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From Brunei-online.com: The Ministry of Finance announced recently the successful pricing of its 44th and 45th issuances of short-term Sukuk Al-Ijarah securities, according to a press release. (more...)

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From Bloomberg: Saudi Arabia, the Arab world’s largest economy, has decided to turn the Department of Zakat and Income Tax into a separate government agency independent of the Ministry of Finance, according to media reports, citing the Shoura Council, the kingdom’s consultative assembly. (more...)

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From Thestar.com.my: A global halal standard needs to be set to move the halal industry forward. The entire halal industry is estimated to be worth US$2.3tril (RM7.4tril) and includes food and beverage, pharmaceuticals, cosmetics and personal care, excluding banking. (more...)

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From Nst.com.my: The Finance Ministry is planning to channel revenues collected from non-halal sources in separate account so that they would not get mixed up with revenues from halal sources, Deputy Finance Minister Datuk Dr Awang Adek Hussin said. (more...)

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