Investment Vision, a premier investment company offering wide array of Asset Management and Trading services has announced the launch of the first ever Shari’a Compliant GCC Equity Fund in the Sultanate of Oman. Interest in Islamic Finance has gained a lot of momentum in Oman in under 2 years. More and more investors, in accord to Islamic faith, are now actively seeking Shari’a compliant practices, and interest-free venues and investments.
“Investment Vision has ambitiously dedicated itself to serving the Shari’a compliant Investment sector and we have administratively committed our resources to further expand and develop our capabilities in structuring and offering some of the very best Shari’a compliant products in the Islamic industry,” said Mr. Ammar Ibrahim, Vice President, GCC Assets Management & Advisory Brokerage Services.(Press Release)

The Dhaka Stock Exchange (DSE) is planning to introduce an ‘Islamic Shariah Index’ to increase investment of Islamic Shariah-based banks in the stock market, official said. DSE president and coordinator of the Stock Market Coordination Committee Rakibur Rahman said this after a meeting of the committee at the DSE board-room Thursday.
Convener of the committee and president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akram Uddin Ahmed chaired the meeting………………………………………..Full Article: Source

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has launched innovative Shari’a compliant savings and home finance products which have evoked good response.
Sulaiman Al Harthy, Group General Manager, Islamic Banking, said: “Meethaq is proud to take the lead in launching a suite of banking products which combine traditional values with modernity and ensure the choice of staying true to one’s values. Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which will protect customers and complement the Islamic banking industry………………………………………..Full Article: Source

SGI-Mitabu, a consortium of two Brisbane solar companies, will finance its entire Indonesian solar power project using sharia-compliant financing, starting in July with an offshore-domiciled sukuk, or Islamic bond, a senior executive said.
The deal is set to be Australia’s first issuance of sukuk, a market that expects global demand to reach $421 billion by 2016 from $240 billion in 2012, according to a Thomson Reuters report………………………………………..Full Article: Source

Indonesia raised 1.5 trillion rupiah ($155.11 million) at a Feb. 5 sukuk auction, as targeted, the Finance Minstry’s debt office said on Tuesday.
In its first sukuk auction of the year, Indonesia sold 6-month sharia T-bills, as well as project-based 5- and 24-year sukuk to finance its budget deficit………………………………………..Full Article: Source

The Paramount Corporation Bhd (PCB), a wholly-owned subsidiary of KDU University College Sdn Bhd (KDUUC), plans to issue Islamic medium-term notes (sukuk ijarah) of up to RM350 million in nominal value.
Hong Leong Investment Bank Bhd, OCBC Al-Amin Bank Bhd and RHB Investment Bank Bhd are the joint principal advisers, arrangers and lead managers for the sukuk programme. The Securities Commission Malaysia had approved the issuance of the proposed sukuk programme via a letter on January 31. …………………………………..Full Article: Source

Gulf Installments Company has been established to provide Shari’ah-compliant installment and lease financing with a focus on small and medium sized enterprises. Saudi Arabian small and medium sized enterprises (SMEs) account for 90 per cent of all Saudi businesses but receive only two per cent of bank lending
In Saudi Arabia, Gulf Installments Company aims to replicate the financial success of SHUAA’s UAE SME financing subsidiary, Gulf Finance Company…………………………………..Full Article: Source

Emirates airline, Dubai’s flagship carrier, launched a $750 million 12-year amortising bond on Thursday, with final pricing due later in the day, arranging banks said.
The bond, which matures in 2025 but carries an average life of seven years, launched at 300 basis points over seven-year midswaps, at the wider end of guidance released on Wednesday………………………………………..Full Article: Source

Oman Arab Bank (OAB) announced the launch of an independent Islamic banking services unit under the brand name ‘Al Yusr’ recently. OAB aims to launch its Islamic operations with five branches across the major cities of Oman during 2013, a press release said.
Commenting on the launch of the new Islamic banking serv-ices, Abdul Kader Askalan, CEO of OAB, said, “It is my pleasure to be announcing Al Yusr, our dedicated Islamic banking Unit. We are confident that Al Yusr will provide customers with an avenue to be true to their beliefs while offering all the advantages of world class banking.”……………………………………….Full Article: Source

Vision Investment Services has set a new trend by introducing the first Sharia-compliant fund in Oman. The Vision Al Khair GCC Fund (Sharia-compliant) is an investment vehicle, wherein all financial instruments of the fund are in compliance with acceptable Sharia principles and policies.
It is an investment programme, wherein the fund seeks investments in financial instruments of the Gulf Cooperation Council (GCC) economies to earn profits that are in conformity with the precepts of Sharia. ……………………………………….Full Article: Source

Finance Minister Adviser Ahmed El-Nagar said that the Ministry will start the Sukuk issuance project for financing economic and social projects in the last quarter of the current Fiscal Year’s budget. Nagar noted that proposals by the Islamic Research Academy were taken into consideration, adding that Azhar will review the bill before endorsement.
He noted that a seven-member central Sharia panel will be formed for Sukuk issuance. The premier will be in charge of appointing the panel members - in view the finance minister nominations - for a three-year renewable term………………………………………..Full Article: Source

Vision Investment Services has set a new trend by introducing the first Sharia-compliant fund in Oman. The Vision Al Khair GCC Fund (Sharia-compliant) is an investment vehicle, wherein all financial instruments of the fund are in compliance with acceptable Sharia principles and policies.
It is an investment programme, wherein the fund seeks investments in financial instruments of the Gulf Cooperation Council (GCC) economies to earn profits that are in conformity with the precepts of Sharia………………………………………..Full Article: Source

Chairman of Board of Managers of National Development Fund Mohammad Reza Farzin in a meeting with the head of Islamic Development Bank (IDB) Monday proposed establishing an Islamic states savings fund. At the meeting, both sides exchanges views on promoting cooperation between the fund and the bank to issue bonds as well as making investments in Muslim states’ markets.
Head of IDB Ahmad Mohammad Ali, for his part, voiced the bank’s readiness to cooperate with National Development Fund and described its role in advancing the economic objectives of the bank as crucial………………………………………..Full Article: Source

Ahlibank’s Al Hilal Islamic Banking Services launched five branches on Tuesday with a sixth planned in Salalah by the end of next month. Al Hilal said it is now ready to provide Islamic banking products and services with the window’s operations being fully segregated from the bank’s conventional activities.
Commenting on the launch, Hamdan bin Ali bin Nasser al Hinai, chairman of Ahlibank, said, “Islamic finance, by its very nature, is a financial system that highlights the importance of aligning the objectives of business with the needs of the community to ensure that the overall well-being of society is not forgotten when pursuing investment opportunities.”……………………………………….Full Article: Source

Bank Nizwa, Oman’s first dedicated Islamic bank, on Monday celebrated its official launch into the Omani market. HH Sayyid Shihab Bin Tariq Al Said, Personal Adviser to His Majesty Sultan Qaboos Bin Said, was the chief guest at the special reception held at the bank’s head office at Shatti Al Qurum.
Those present included the founders, members of the board, executive management team from the bank, media representatives and various dignitaries from across the Sultanate………………………………………..Full Article: Source

Taliworks Corp Bhd , a Malaysian water and waste management company, said on Tuesday its 55 percent subsidiary Cerah Sama Sdn Bhd received regulatory approval to sell 750 million ringgit ($247.16 million) worth of Islamic bonds.
The country’s securities commission approved the bond issue by Cerah Sama, which owns and operates the concession for a 11-kilometer highway in the country’s capital. “Proceeds will be utilised to refinance existing medium-term notes, finance investments, working capital requirements and general corporate purposes,” Taliworks said………………………………………..Full Article: Source

FIMBank President Margrith Lütschg-Emmenegger told Times of Malta, that it would be the first to bring Islamic banking to Malta if Middle Eastern institutional investors take a controlling interest in the next few months.
She said FIMBank was heading for a major strategic turning point the joint offer by Kuwait’s Burgan Bank and Bahrain-licensed United Gulf Bank is given the go-ahead at FIMBank’s EGM on 31 January………………………………………..Full Article: Source

Marking the first sovereign Islamic bond sale in the GCC this year, Dubai on Tuesday launched a $1.25 billion two-part conventional and Islamic bond sale to take the advantage of low borrowing costs and speedy economic rebound.
The $750 million 10-year Islamic bond, or sukuk, launched at 3.875 per cent, well inside guidance of four per cent range, while the $500 million 30-year bond sold at 5.375 per cent………………………………………..Full Article: Source

Indonesia, Southeast Asia’s largest economy, plans to raise $1 billion through a global Islamic bond in the second half of 2013 to help plug its budget gap, a top official told Reuters.
This would bring the contribution to its annual budget from domestic and global Islamic bonds to as much as 57 trillion rupiah ($5.9 billion), the same amount as 2012. The country, whose economy grew faster than its regional peers at 6.3 percent last year, will also seek funds to kick-start $54.4 billion worth of infrastructure projects this year………………………………………..Full Article: Source

The government of Dubai has mandated four banks for a potential Islamic bond, or sukuk, issue, four sources familiar with the matter said on Monday, as the emirate seeks to benefit from its lowest borrowing costs since a crippling debt crisis in 2009.
Three of the sources indicated the new issue could be announced as early as Tuesday, and two sources said the borrower was looking to raise at least $1 billion from the sale. All sources declined to be identified because the information is not yet public. A Dubai government spokesperson was not immediately available for comment………………………………………..Full Article: Source

Shariah-compliant lender Bank Muamalat Indonesia plans to sell Rp 700 billion ($73 million) worth of sukuk Islamic bonds in the first half of 2013, of which the proceeds will be used for branch expansions. The bond sale is part of the lender’s plan to issue a total of Rp 1.5 trillion worth across several years.
“Last year, we issued the first one, worth Rp 800 billion, that offers 10.21 percent yield,” Meitra N. Sari, the company’s corporate secretary, said on Friday. Shariah bonds comply with the Islamic teaching that bans interest, instead using asset returns to pay back investors………………………………………..Full Article: Source

Rakbank is starting 2013 with the launch of its new Islamic banking window. The bank’s Islamic banking services will be offered through a separate brand, Rakbank Amal, to include a wide range of products from accounts, loans and cards to takaful policies.
“As the fastest growing bank in the region, introducing Islamic Banking is the natural direction for Rakbank as it strives to better serve existing and potential customers in the country through added choice,” said Graham Honeybill, Rakbank chief executive officer………………………………………..Full Article: Source

The new Islamic Bonds (Sukuk) law is expected to generate $10 billion for the Egyptian government, Finance Minister El-Morsi Hegazy was quoted as saying on Sunday. The minister indicated that “studies” show that the new bonds would generate such an amount without giving further details or specifying a timeline, according Reuters.
Last week, Egypt’s cabinet approved a draft law to allow sovereign Islamic bonds as the government searches for new ways to finance an unsustainable budget deficit………………………………………..Full Article: Source

RakBank, also known as the National Bank of Ras Al-Khaimah, has launched its new Islamic banking services including a wide range of products from accounts, loans and cards to Takaful policies.
The services will be offered through a separate brand, RakBank Amal. “As the fastest growing bank in the region, introducing Islamic Banking is the natural direction for RakBank as it strives to better serve existing and potential customers in the country through added choice,” said Graham Honeybill, RakBank chief executive officer………………………………………..Full Article: Source

ahlibank is all set to launch its Islamic Banking services window across Oman under the Al Hilal Islamic Banking Services brand. Al Hilal Islamic Banking services will provide Islamic banking products and services built on the tenants of truth and transparency in banking and will be fully segregated from the conventional branches.
The bank will be launching six branches from the very start covering a wide geographical area in the Sultanate and will be providing a full-fledged banking experience with a full tray of products to both retail and commercial customer from the launch. ……………………………………….Full Article: Source

Aberdeen Islamic Asset Management Sdn Bhd launched Aberdeen Islamic Malaysia Equity fund and the Aberdeen Islamic World Equity fund, the company’s first Shariah retail products in Malaysia and the first by a foreign fund manager.
Aberdeen Asset Management Sdn Bhd General Manager Gerald Ambrose said this was a natural step forward for the company. “Having established ourselves as an institutional manager, we are pleased to offer investors the first Islamic unit trusts from a foreign Islamic fund management licensee,” he said in a statement………………………………………..Full Article: Source

Sime Darby Global, a subsidiary of Sime Darby has received approval from the Securities Commission of Malaysia to carry out a $1.5 billion multi-currency Islamic bonds programme.
Sime Darby Global is a Malaysia-based multinational corporation involved in development, property, energy and utilities and healthcare. The structure, which is the first of its kind by an Asian conglomerate, will allow the corporate to tap any foreign currency of its choice; including the Euro, GBP and Renmibi………………………………………..Full Article: Source

Four Luxembourg-based companies have launched a Shariah-compliant platform offering custody and administration services for the “increasing number” of Islamic investment funds being domiciled in the country.
The Alliance for Luxembourg Islamic Finance (ALIF) has been created by Amanie Advisors, ADEPA Asset Management, Theisen Law and KBL European Private Bankers. The organisation said it plans to offer services including full Shariah supervision and monitoring, compliance monitoring, liaison with regulatory authorities for approval and the setting up of investment vehicles………………………………………..Full Article: Source

SHUAA Capital psc announced Tuesday that its wholly-owned subsidiary, Gulf Finance Corporation, a leading UAE-based boutique finance company focused on the needs of small- and medium-sized enterprises (SMEs), has engaged with the UAE Central Bank for a license to establish an Islamic Window for some of its financing activities.
Gulf Finance plans to submit the necessary applications in the first quarter of 2013 with a view to being market-ready in the spring of 2013, subject to regulatory approvals………………………………………..Full Article: Source

Pure Islamic Banking is now open for you — MUSCAT — National Bank of Oman (NBO) has received the final license from Central Bank of Oman and is proud to announce the soft launch of MUZN Pure Islamic Banking from TODAY! Muzn is now officially open to welcome and serve customers at its first branch in Al Athaiba.
Muzn’s flagship branch located in A’Sahwa Towers — Athaiba North, is a full fledged Islamic Banking Branch. The Branch has qualified staff and robust systems in place to offer a broad spectrum of Shari’a approved Islamic Banking products and services to all its customers. The Bank will also progressively open more branches in all regions of Oman………………………………………..Full Article: Source

After its foray into investment banking services, Ahlibank is expanding its service offering with new licenses obtained from the Capital Market Authority (CMA). The new activities are: Portfolio Management, Fund Management, Issue Management and Issuer of Structured Instruments.
The above activities will be in addition to the existing licenses to provide Brokerage and Investment advisory services. Thanking CMA for its approval, the chief executive officer, Abdulaziz al Balushi, said, “On our fifth anniversary, we are happy to launch our full-suite investment banking services offering………………………………………..Full Article: Source

Sime Darby Bhd, through its wholly-owned subsidiary, Sime Darby Global Bhd, has received approval from the Securities Commission for its proposed US$1.5bil multi-currency sukuk issuance programme.
This sukuk programme is a significant landmark it is Asia’s first internationally rated multi-currency sukuk programme by an Asian corporate under the syariah principle of Ijarah, according to Sime ………………………………………..Full Article: Source

The maiden RM300 million sukuk from DanaInfra Nasional Bhd to partially fund the Klang Valley’s mass rapid transit (MRT) will kick-start retail trading of bonds on Bursa Malaysia and would also likely attract the issuance of private debt securities like conventional bonds and Malaysian Government Securities (MGS) made available to the public.
Bursa Malaysia Bhd CEO Tajuddin Atan said a number of parties have indicated they would issue retail bonds, adding that there should be ample amount of issuance for the successful trading of these bonds on the local exchange………………………………………..Full Article: Source

Islamic Bank of Britain, the UK’s only wholly Sharia compliant retail bank, has diversified its Sharia compliant Buy to Let Purchase Plan product range with the launch of a rent only BTLPP.
IBB’s BTLPP is a variable rental rate product available to landlords, of any faith, with a deposit of 35% at a rental rate of 5.49%. Other features include: The ability to make additional acquisition payments, without penalty, subject to a minimum amount of £4,000……………………………………….Full Article: Source

Bank Nizwa, Oman’s first dedicated Islamic bank, formally opened its doors to the public making history for the Sultanate’s financial services industry. This pioneering initiative by Bank Nizwa signifies the start of a new era for banking in Oman. The launch was announced soon after the release of the Islamic Banking Regulatory Framework (IBRF) by the Central Bank of Oman (CBO).
Commenting on the occasion, Sayyid Amjad Mohammed Ahmed Al Busaidi, chairman of board of directors, Bank Nizwa, said “We are grateful to His Majesty Sultan Qaboos bin Said for his visionary leadership that made Islamic banking a reality in Oman………………………………………..Full Article: Source

Prime Minister Datuk Seri Najib Razak launched the country’s first retail Exchange-Traded Bonds and Sukuk (ETBS). It is the first infrastructure bond issuance to be opened to the public. Najib said the ETBS, with a maiden issuance by DanaInfra Nasional Bhd, would enable the people to have a stake in the country’s success.
DanaInfra is allocating RM300 million under this issuance for retail investors, the initial tranche of RM1.5 billion to fund the first phase of the Kajang-Sungai Buloh MRT line………………………………………..Full Article: Source

Dubai Electricity and Water Authority (DEWA) is planning to issue an Islamic bond worth around $1 billion during the first quarter of 2013, its chief executive said on Tuesday.
The proceeds of the sukuk would be used to refinance existing debt and to invest in the company’s projects, Saeed Mohammed al-Tayer told reporters on the sidelines of a conference in the Qatari capital. “It will be used for both – mainly for refinance, but also for investment,” he said………………………………………..Full Article: Source

DanaInfra Nasional Bhd, a unit owned by Malaysia’s Finance Ministry, yesterday launched a 10-year Islamic bond worth RM300 million aimed at retail investors to raise funds for the country’s largest infrastructure project.
DanaInfra, which was created last year to facilitate funding for large infrastructure projects, will draw the amount from an RM8 billion bond programme established to cover costs for the planned Mass Rapid Transit (MRT) rail system………………………………………..Full Article: Source

Malaysian construction company Eversendai Corp Bhd will issue RM500 million worth of Islamic bonds, or sukuk, after getting approval from the securities commission, the firm said.
Eversendai, which focuses on construction jobs in the Middle East, said it has mandated Standard Chartered Saadiq Bhd as the principal adviser, lead arranger and the lead manager for the seven-year sukuk programme………………………………………..Full Article: Source

Dhaka Bank Ltd (DBL) Monday launched three new Islamic deposit products as the brand name ‘Tawfeer’ under its Islamic Banking Division. The new products are: Tawfeer Mudaraba Savings Bond Account, Tawfeer Mudaraba Deposit Pension Scheme, Tawfeer Mudaraba Foreign Remittance Account.
Prof Moulana Muhammad Salahuddin, Khatib of Baitul Mukarram National Mosque, M Azizul Huq, chairman of Dhaka Bank Shariah Supervisory Committee, and Khondker Fazle Rashid, Managing Director of the bank together launched the products at a city hotel………………………………………..Full Article: Source

The much-anticipated RM300 million retail Islamic bond (sukuk) offering by DanaInfra Nasional Bhd, the country’s first for retail investors, is set to be launched next Tuesday by Prime Minister Datuk Seri Najib Razak.
The retail sukuk, first announced by Najib in his Budget 2013 presentation last September, is part of a larger RM1.5 billion issue that’s being sold by DanaInfra, of which RM1.2 billion is for institutional investors………………………………………..Full Article: Source

Public-transport operator Syarikat Prasarana Negara Bhd will sell up to RM6 billion of sukuk this year to fund infrastructure projects.
Prasarana is also planning to list its rail unit, Rapid Rail Sdn Bhd, on the local bourse by 2018 to mark further expansion in the company. The rail business includes the Ampang and Kelana Jaya light rail transit (LRT) lines, and the KL Monorail………………………………………..Full Article: Source

Cagamas Bhd, the national mortgage corporation, expects its debt securities issuance to increase by 20% to RM6 billion this year from RM5 billion in 2012, following the sale of the RM125 million Sukuk Commodity Murabahah.
The Cagamas sukuk will be issued on Jan 10, with proceeds being used to fund the purchase of Islamic receivables from the financial system. The Islamic bonds will be issued in tenures of one, three and five years at profit rates of 3.30%, 3.45% and 3.60% respectively or equivalent to between 29 and 39 basis points over comparable Malaysia Government Securities (MGS)………………………………………..Full Article: Source

Qatar Exchange (QE) and Al Rayan Investment announced the launch of the QE Al Rayan Islamic index. The index, the first of its kind in the region, is based on QE listed stocks of minimum free float size and liquidity that are Shariah compliant.
Set to debut on January 7, 2013, the index is intended to support the creation of Shariah-compliant exchange traded fund (ETF) by Al Rayan Investment and has been issued with a fatwa by its Shariah Board………………………………………..Full Article: Source

Tunisia will be introducing its financial transactions to Sukuk for the first time next year alongside Egypt according to CIMB Group Holdings and OCBC Al-Amin Bank with the global sukuk sales tipped to surpass 2012 record of $46 billion in 2013. Sukuk has been attracting countries after the global economic crises took centre stage.
Countries have been using it more frequently in the Middle East and North Africa region and borrowing costs on Shariah-compliant debt have fallen 11.4% points to 2.82%since the end of 2008 as central banks in Europe, the U.S. and Japan pumped funds into their economies to spur growth. Tunisia, Egypt and Oman tapping the market for the first time has been received with positive reactions………………………………………..Full Article: Source

Saudi government will issue bonds next year backed by the Kingdom’s Ministry of Finance to fund construction work at airports in Riyadh and Jeddah, Finance Minister Ibrahim Alassaf said.
“The rest of the bonds for King Abdulaziz Airport in Jeddah and King Khaled Airport in Riyadh will be issued this (coming) year,” Alassaf said. The Kingdom’s General Authority for Civil Aviation (GACA) said in January it planned to issue a second sukuk, or Islamic bond, at the end of 2012 to help fund its SR27 billion ($7.2 billion) airport in Jeddah………………………………………..Full Article: Source

Dubai Electricity and Water Authority (DEWA) plans to issue as much as USD1 billion Islamic bond (sukuk) in the first quarter of 2013. CEO Saeed Al Tayer said that the utility’s move is part of a USD1.23 billion issuance plan to refinance existing debt and fund new investments.
The company has a USD872 million bond maturing in June 2013. DEWA completed a USD1 billion financing, with a tenor of 13 years, in May 2009 with agencies from France, Germany and Italy………………………………………..Full Article: Source

Agrobank is on track to fully implement Islamic banking by 2015, Chief Executive Datuk Wan Mohd Fadzmi Wan Othman said. He said Agrobank is formulating policies to ensure all its products and services are fully shariah-compliant.
“Most of our loans have already met syariah compliance requirements, but we still have loans under the conventional system and we are in the process of changing them into Islamic assets………………………………………..Full Article: Source

Bank Nizwa will open for the public in January next year after obtaining final approval from the Central Bank of Oman to initiate Islamic banking services inside the Sultanate starting from December 23, said Dr Jameel al Jarudi, Executive Chairman of Bank Nizwa in a statement to Oman Arabic, sister daily of the Observer.
According to Al Jarudi, the Bank will offer its services to its staff and their families from next Sunday and in a matter of three weeks time we complete technical preparations after which the Bank will be able to conduct international money transactions………………………………………..Full Article: Source

At least three Omani companies, including Tilal Development Company (TDC), are planning to float Islamic debt instruments or sukuks next year. “We have given initial approvals for Tilal Development Company and an institution to float sukuks,” said Abdullah bin Salem bin Abdullah Al Salmi, Executive President of the Capital Market Authority (CMA).
He was talking to the media on the sidelines of an interactive session organised by the CMA. TDC earlier said that it is planning to float a RO50 million issue, which is seen by the end of January next year. Al Madina Financial and Investment Services is the lead arrangers of sukuk issue for TDC, which will use the proceeds of the issue for funding the expansion of its complex at Bausher………………………………………..Full Article: Source