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Muslims may soon set their clocks to Makkah Mean Time

From Saudigazette.com.sa: Muslims around the world could be setting their watches to a new time soon when the world’s largest clock begins ticking atop a soaring skyscraper in Makkah. Saudi Arabia hopes the four faces of the new clock perched atop a tower, which is expected to be the world’s second tallest building, will establish Makkah as an alternate time standard to the Greenwich median. (more...)

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Lebuhraya, Malaysia Airports plan sales: Islamic bond alert

From Bloomberg: The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest. Global sales of sukuk fell 28 percent to $7.9 billion so far this year, according to data compiled by Bloomberg.  (more...)

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Asian growth attracts Shariah banks from Gulf

From Indiatimes.com: Banks and financial institutions in the Persian Gulf are turning to Asia to profit from the economic recovery and rising property prices. Al Salam Bank BSC, Bahrain’s fastest-growing lender by revenue in the past year, plans to invest $500 million of Islamic funds in Asia, joining Saudi Arabia’s Al Rajhi Group in tapping the region’s growth. (more...)

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Experts back introduction of Islamic banking in Nigeria

From Vanguardngr.com: Some experts have backed the plan to introduce Islamic Banking and Finance into the Nigerian financial system, urging people to embrace it. According to the experts, Islamic finance will help check the spate of sharp practices in financial institutions and will help promote ethical conduct and practices in the Nigerian financial landscape. (more...)

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Bangladesh: Popularity of Islamic banking

From Ittefaq.com: Islamic banking is gaining popularity across the world as the global financial turmoil seems to have had limited impact on it. The Islami banking system is based on Islamic Sharia'ah and not on 'predictions' which give it the advantage of having less external shocks like the recent global financial meltdown.  (more...)

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Maybank Islamic takes Kliff award for third time

From Bernama: Maybank Islamic Bhd won the Most Outstanding Islamic Retail Banking award for the third consecutive year at the 7th Kuala Lumpur Islamic Finance Forum (KLIFF) held recently. (more...)

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GFH gets $100 mln loan extended, shares rise

From Reuters: Gulf Finance House struck a last-minute deal with lenders to roll over a $100 million loan, giving the Bahraini investment house more time to sell assets and find new sources of revenue. (more...)

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ADIB, Etihad Airways launch co-branded cards

From Cpifinancial.net: Abu Dhabi Islamic Bank (ADIB) and Etihad Airways have launched a range of co-branded debit card and Shari’ah-compliant covered cards. Under the partnership, Etihad Guest cardholders will receive up to 50,000 Etihad Guest Miles upon signing up for one of the new cards - available in Classic, Gold and Platinum versions - and earn additional miles while using the card for any purchases.  (more...)

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Fitch: Emirates NBD remains on rating watch negative

From Globalarabnetwork.com: Fitch Ratings has today affirmed Emirates NBD's (ENBD) Long-term Issuer Default Rating (IDR) at 'A+', Short-term IDR at 'F1', Support Rating at '1', and Support Rating Floor at 'A+'. The Outlook on the Long-term IDR is Stable. The Individual Rating of 'C' remains on Rating Watch Negative (RWN). (more...)

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Investments setback for Dubai bank

From Gulf-daily-news.com: Dubai-based investment bank Shuaa Capital posted a second-quarter loss, hit by a fall in the value of its investments and dwindling trading volumes. (more...)

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Peugeot distributor Nasim and KFH collaborate to provide Islamic auto financing

Kuwait Finance House (Malaysia) Berhad (KFHMB), the country's first foreign Islamic bank, today entered into an Automobile End-Financing Agreement with Nasim Sdn Bhd (Nasim), the official distributor of the Peugeot marque in Malaysia.  (more...)

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Al Baraka Bank Syria goes live with iMAL to support its volume growth and allow for faster ROI

From Mysolutioninfo.com: Path Solutions, the global provider of software solutions and services to the Islamic finance industry, today announces that Al Baraka Bank Syria has successfully deployed iMAL enterprise banking and investment system with full service offerings to its customers in just 6 months. (more...)

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Meezan Islamic Fund ranked 5- Star

From Pakobserver.net: Meezan Islamic Fund (MIF), Pakistan’s largest equity fund in the private sector, has received 5 STAR ranking from the JCR-VIS Credit Rating Company for the one, two and three year periods ended June 30, 2010.  (more...)

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Islamic finance courses to start at University of Bedfordshire

From Lutontoday.co.uk: Two new courses are set to begin at the University of Bedfordshire next month, which will recognise the increasing demand for Islamic financial products and services. (more...)

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U.S. underwrites fundraising tour for Islamic shrine at Ground Zero

From Washingtontimes.com: The State Department is sending Imam Feisal Abdul Rauf - the mastermind of the Ground Zero Mosque - on a trip through the Middle East to foster "greater understanding" about Islam and Muslim communities in the United States.  (more...)

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