From Qatar-tribune.com: Riyadh One of Saudi Arabia’s largest supermarket chains has reversed a decision to employ female cashiers, in a religious dispute which saw the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz al Saud issue a reprimand on Thursday to a conservative scholar.
Facing pressure from strict religious groups, the Panda group, owned mostly by Saudi Prince Walid bin Talal, said it would not continue to employ the 11 women……………………………………….Full Article: Source

From Gulfnews.com: Emirates Steel said Wednesday it raised $1.1 billion (Dh4 billion) in project finance, an indicator that regional banks are easing credit to select government-related entities. The firm said it signed a seven-year project financing agreement with a consortium of seven conventional banks and two Islamic finance institutions.
“The project finance debt was raised through a $367 million Islamic facility and a $733 million conventional facility, each of seven-year tenure,” Emirates Steel said in a statement……………………………………….Full Article: Source

From the Opalesque team: Brian Luck, who has acquired extensive Finance and GCC experience since 1986, has recently resigned from The Capital Partnership (TCP) “after over six happy years,” and has started his own investment consultancy business called Optimus Consultancy FZ LLC, in Dubai, UAE - together with Junior Partner Dominic James.

“I am most pleased to report that this marks an evolution in, rather than an end to, my relationship with the partners and staff at TCP, with whom I have enjoyed such happy and successful times,” Luck said in his announcement yesterday.

Optimus is a team of Dubai-based British experts with in-depth, practitioner-based, experience of international investment fund management, managers and products. The firm will provide manager research services, investment product appraisal, product development for GCC institutions, directorships and access to the GCC for international investment managers.

Politically, the Arabian Peninsula consists of Saudi Arabia , Kuwait , Bahrain , Qatar , the United Arab Emirates , the Sultanate of Oman, and the Republic of Yemen . Together, these countries (excluding the Republic of Yemen ) constitute the Gulf Cooperation Council (GCC).

“We have unique relationships with GCC investors and institutions to provide out-sourced consultancy product to them and their clients,” says Optimus’ website.

Mr. Luck began his investment career in 1986 at JP Morgan. Ten years later, he moved to Kuwait as an advisor to the government oil company (KPC) where we set up a $2.5bn investment program, and in 2000, he joined NBK as Head of Asset Management and grew a five-person group to a team of 20 offering both funds and brokerage. Six years ago, he joined The Capital Partnership (TCP), which grew from offering and managing 12 products and relationships to a wider range of 34. AUM more than trebled to $2bn, and their achievements attracted NCB who purchased the firm.

Established in 1998, The Capital Partnership (TCP), with offices in London and in Dubai , was created to provide sophisticated investment services to the families of its founding partners. It now also offers customised investment solutions to institutions and HNW families. - B. Gravrand.

From Reuters: A global authority may be set up to oversee Islamic finance sharia advisers, a religious scholar said, amid calls to address the fragmented regulation which threatens to slow the industry’s growth.
The role of sharia scholars has been a growing point of debate as the $1 trillion industry’s rapid rise raises issues such as the shortage of advisers, conflicts of interest and a lack of transparency in their rulings……………………………………….Full Article: Source

From Bloomberg: South Korean lawmakers may revive legislation scuttled earlier this year amid opposition from church leaders that would pave the way for the first Islamic bond sales in the country.
A group of legislators will review the proposal as early as November regulating taxes on sukuk, or bonds that comply with Shariah law, said Choi Sung Soo, assistant director of the office of the committee’s Chairman Kang Ghil Boo……………………………………….Full Article: Source

From Thejakartaglobe.com: Islamic bond offerings from the Persian Gulf are struggling to keep up with Malaysia, the global hub for Shariah-compliant financial services, after new sales in the region fell to the lowest level in five years.
Issuance of Islamic debt from the Gulf has declined 24 percent to $2.5 billion so far this year, involving sales by three companies. Asia’s 29 borrowers, including Malaysia, issued $5.7 billion. The Gulf last outstripped Asian sukuk offerings in 2007……………………………………….Full Article: Source

From Reuters: Turkey’s first Islamic bond offering, from lender Kuveyt Turk, fetched a yield of 5.25 percent on Tuesday and was oversubscribed by investors, sources familiar with the matter said.
Kuveyt Turk, which is majority-owned by Kuwait Finance House, launched the three-year $100 million sukuk on August 17, paving the way for more Turkish companies to tap the growing Islamic finance market……………………………………….Full Article: Source

From Ameinfo.com: International legal practice Norton Rose (Middle East) LLP has advised Kuveyt Türk Katılım Bankası (Kuveyt Türk) a Turkish subsidiary of Kuwait Finance House (KFH) in connection with the issuance of Kuveyt Türk’s $100m Sukuk, the first ever Sukuk from Turkey and the first bank Sukuk originating from Europe.
The joint lead managers on the transaction were Citigroup Global Markets Ltd. and Liquidity Management House……………………………………….Full Article: Source

From Thestar.com.my: The Islamic Development Bank (IDB) will dual list US$3.5bil of its sukuk bonds in Kuala Lumpur and London by the year-end.
Of this amount, US$1.1bil has already been issued to investors. About US$1bil will be issued by year end, in tranches of five, seven and 10 years……………………………………….Full Article: Source

From Globalarabnetwork.com: Fitch Ratings has today affirmed the rating of IDB Trust Service Limited’s USD3.5bn Trust Certificate Issuance Programme (TCIP) at ‘AAA’. The programme benefits from a liquidity facility provided by the Islamic Development Bank (IDB).
The rating affirmation follows the IDB’s announcement that it has increased the ceiling of the programme to USD3.5bn from USD1.5bn in August 2010……………………………………….Full Article: Source

From Ffog.net: The Islamic Development Bank, a Saudi Arabia-based multilateral lender bank, which has 56 member countries including Egypt, Saudi Arabia and Turkey, is financing up to $8 billion of projects in 2010, said Vice President Al Hinai.
The proceeds from the sukuk will be used to mostly finance infrastructure development of $3 billion to $3.5 billion, projects that “are highly needed for the growth of our member countries,” he said. The sukuk are rated AAA by Standard & Poor’s, according to a statement issued by the bank today. Of course that is a very good thing to hear about them……………………………………….Full Article: Source

From Bloomberg: Emirates Steel Industries PJSC, the state-owned company that operates the largest steel plant in the United Arab Emirates, received a $1.1 billion loan from a group of regional banks as it seeks to expand its output.
The seven-year loan includes $367 million of Islamic financing and a $733 million conventional facility, the company said in an e-mailed statement today. It didn’t provide pricing for the loan, which is part of $2.2 billion in financing the company said it obtained Aug. 1……………………………………….Full Article: Source

From IMF: This paper investigates the determinants of the pattern of Islamic bank diffusion around the world using country-level data for 1992 - 2006. The analysis illustrates that income per capita, share of Muslims in the population and status as an oil producer are linked to the development of Islamic banking, as are economic integration with Middle Eastern countries and proximity to Islamic financial centers.
Interest rates have a negative impact on Islamic banking, reflecting the implicit benchmark for Islamic banks. The quality of institutions does not matter, probably because the often higher hurdle set by Shariah law trumps the quality of local institutions in most countries……………………………………….Full Article: Source

From Emirates247.com: National Bank of Abu Dhabi, the second largest bank in the UAE, said on Wednesday it plans to open around 22 branches in Egypt in the short-term as part of aims to become the largest Arab bank.
The bank said in a statement it already had 28 branches in the most populous Arab country, and aims to bring that number to 50 in the near-term……………………………………….Full Article: Source

From AP: The good will tour of the Middle East by the imam behind the proposed mosque near ground zero is just part of the U.S. government’s efforts to reach out to the Muslim world.
This year, the Obama administration will spend nearly $6 million to restore 63 historic and cultural sites, including mosques and minarets, in 55 nations, according to State Department documents……………………………………….Full Article: Source

From Bloomberg: The Islamic Development Bank, a Saudi Arabia-based multilateral lender, plans to sell $1 billion of Islamic bonds to fund development projects in its member countries, Vice President Abdul Aziz Al Hinai said today.

The five-, seven- and 10-year sukuk, part of the IDB’s $3.5 billion Medium-Term Note program, will be issued in the fourth quarter and listed in London and Kuala Lumpur, Al Hinai told reporters in the Malaysian capital after registering a separate ringgit issuance on the local exchange. CIMB Group Holdings Bhd. and four international banks will manage the sale, he said…………………………………….Full Article: Source

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From Theborneopost.com: The Islamic Development Bank (IDB) yesterday listed its RM1 billion sukuk medium-term note (MTN) programme on Bursa Malaysia in Kuala Lumpur.
The exercise marked the country’s first multi-lateral development bank to list its ringgit-denominated sukuk on the exchange. The sukuk was issued via IDB’s special purpose vehicle, Tadamun Services Bhd……………………………………..Full Article: Source

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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 25 percent to $8.3 billion so far this year, according to data compiled by Bloomberg. Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008…………………………………….Full Article: Source

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From Bernama: CIMB Islamic sees a healthy pipeline of Sukuk issuance before the year-end and is confident the value of sukuk raised will surpass that of last year.

“So far, US$9.76 billion worth of sukuk were raised this year and 26 per cent of them were led by CIMB Group,” said CIMB Islamic Chief Executive Officer Badlishah Abdul Ghani…………………………………….Full Article: Source

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From Bloomberg: Aldar Properties PJSC’s Islamic bonds, the worst-performing debt among Abu Dhabi-linked companies this year, are rebounding on speculation the government will support the company.

The 5.767 percent convertible Islamic notes due in November 2011 from Abu Dhabi’s biggest real-estate developer rose 1.81 cents on the dollar from a 16-month low reached on Aug. 11, cutting the yield to 9.589 percent from 11.142 percent, according to data compiled by Bloomberg. The securities probably will advance to par, according to Algebra Capital Ltd…………………………………….Full Article: Source

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From Bloomberg: Sovereign Islamic bonds from Asia to the Persian Gulf are beating returns on corporate sukuk for the first time in three months as accelerating economic growth and rising oil revenue shore up state finances.

Government debt that complies with the religion’s ban on interest gained 1.6 percent so far this month, according to the HSBC/NASDAQ Dubai Sovereign US Dollar Sukuk Index, more than the 1.2 percent advance in bonds issued by companies…………………………………….Full Article: Source

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From Bloomberg: Dubai’s government has no immediate plans to seek a credit rating or sell bonds, the emirate’s finance department said ahead of meetings with fixed-income investors in Asia this week.

“Usually, when an organization doesn’t want a credit rating it is because it feels that the rating agencies wouldn’t do justice to its story,” said Abdul Kadir Hussain, chief executive officer at Mashreq Capital DIFC Ltd. in Dubai. “It may be a timing issue, but a rating will be beneficial as it could open an offering to a wider variety of investors.”……………………………………Full Article: Source

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From Arabianbusiness.com: Bahrain’s Islamic lender Al Baraka said on Tuesday it planned to enter the Saudi Arabian market through an acquisition of an Islamic investment company there, valued at around 300 million Saudi riyals ($80m).

“The group is in the process of obtaining approval from Saudi authorities to enter the kingdom this year through acquiring one of the companies operating in the Saudi market,” the lender said in a statement on the bourse website…………………………………….Full Article: Source

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From Kippreport.com: Abu Dhabi Islamic Bank said on Tuesday it signed a $300 million loan facility with Al-Jaber Energy Services to finance the Shah gas project.

Al Jaber Energy Services is part of Abu Dhabi-based privately owned Al Jaber Group. It won contracts from Abu Dhabi Gas Development Company to build infrastructure as part of the $12 billion Shah gas project…………………………………….Full Article: Source

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From Btimes.com.my: Kuwait Finance House (Malaysia) Bhd (KFHM), the country’s first foreign Islamic bank, expects retail banking assets to account for a fifth of its total assets by year-end. Currently, the retail banking side accounts for some 4 per cent of KFHM’s total assets.

The bank, a wholly-owned unit of Kuwait Finance House KSC, also targets retail banking assets to account for half of its total assets by 2015…………………………………….Full Article: Source

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From Zawya.com: Daman Investments, the Dubai-based investment management company, said its funds continued to perform well despite negative market conditions.

The company on Sunday announced the performance results of its Daman Second Emirates Fund, Daman Islamic Fund, the Daman Speculator Fund, and the Daman Fifth Fund for the month of July 2010…………………………………….Full Article: Source

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From Bernama: The global sukuk issuance is expected to reach US$30 billion in 2010, according to a report prepared by Kuwait Finance House (KFH) Research Limited.

It said the 2010 sukuk market would be driven by the recovery in global economic activity, record low interest rates, continued sovereign fund raising to support economic growth as well as revival of private sector projects…………………………………….Full Article: Source

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From Bloomberg: Islamic bond offerings from the Persian Gulf are struggling to keep up with Malaysia, the global hub for Shariah-compliant financial services, after new sales in the region fell to the lowest level in five years.

Issuance of Islamic debt from the Gulf has declined 24 percent to $2.5 billion so far this year, involving sales by three companies, according to data compiled by Bloomberg. Asia’s 29 borrowers, including Malaysia, issued $5.7 billion. The Gulf last outstripped Asian sukuk offerings in 2007…………………………………….Full Article: Source

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From Ameinfo.com: A report prepared by KFH Research Limited about the global Sukuk market, shows remarkable recovery from the effects of the global financial crisis. There seemed to be a recovery in the growth of the total value of Sukuk issuance in 2009 and during the first half of this year.
KFH Research expects Sukuk market to maintain its vitality during 2010, and foreseeable future under the push of positive factors monitored by the report. The most important factors are stimulus programs, huge government expenditures and government initiatives that will enforce and develop Sukuk as well as the increasing popularity of Sharia compliant products…………………………………….Full Article: Source

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From Arabnews: Saudi Arabia contributed more than 14 percent to the total value of sukuk issued globally in the first half of 2010, while the international Islamic bond market is expected to reach $30 billion this year, according to a report.

Total sukuk issued globally during the first half of this year was valued at $16.5 billion, an increase of 116.3 percent from $7.6 billion during the corresponding period in 2009, said the report prepared by Kuwait Finance House (KFH) Research Limited…………………………………….Full Article: Source

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From Zawya.com: A report prepared by KFH Research Limited about the global Sukuk market, shows remarkable recovery from the effects of the global financial crisis. There seemed to be a recovery in the growth of the total value of Sukuk issuance in 2009 and during the first half of this year.

KFH Research expects Sukuk market to maintain its vitality during 2010, and foreseeable future under the push of positive factors monitored by the report. The most important factors are stimulus programs, huge government expenditures and government initiatives that will enforce and develop Sukuk as well as the increasing popularity of Sharia compliant products…………………………………….Full Article: Source

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From Reuters: Seeking to diversify its financial industry after a banking crisis, oil-rich Kazakhstan is drawing on Arab and Malaysian investment in an effort to build an Islamic finance industry among its 13 million Muslims.

Its success may depend on the fate of pioneer investors and the commitment of its secular government to clear the way for a long-awaited sovereign issue of sukuk, or Islamic bonds, which could prompt other issuers to follow…………………………………….Full Article: Source

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From Istockanalyst.com: The best Islamic Finance principle to base the much-awaited Saudi mortgage law should be sukuk-based with a Shariah-compliant set of guidelines, Giambattista Atzeni, vice president and MENA business manager for corporate trust and a member of the steering committee of the Gulf Bond and Sukuk Association at BNY Mellon Corporate Trust in Dubai told Arab News.
“Sukuk would be the best way to mortgage homes in a Shariah-compliant fashion,” he said. He also believes that the exact scheme would be the issuance of an asset-backed sukuk and then a pool of loans would be sold to a Specific Purpose Vehicle (SPV)…………………………………….Full Article: Source

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From Bloomberg: Bahrain Financial Harbour, which houses banks and financial institutions, received a 90.5 million-dinar ($240 million) Islamic facility to repay debt.

Al Salam Bank, BBK, Kuwait Finance House, National Bank of Bahrain, and Bahrain Islamic Bank helped arrange the seven-year Ijara facility, according to a joint statement issued by Bahrain Financial and the banks today…………………………………….Full Article: Source

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From MNA: The Islamic Development Bank has allocated 21 million euros for construction of a silo in the city of Garmsar, east of Tehran, Deputy Finance and Economic Affairs Minister Behrouz Alishiri said, ILNA News Agency reported.

Islamic Development Bank is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded by the first conference of Finance Ministers of the Organization of the Islamic Conference (OIC), convened 18 December 1973. The bank officially began its activities on 15 Shawwal 1395H (20 October 1975). There are 54 shareholding member states…………………………………….Full Article: Source

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From Aameinfo.com: Bahrain-based Al-Baraka Banking Group has signed a memorandum of understanding with the Islamic Corporation for the Development of the Private Sector (ICD) to jointly provide Islamic financing services, Arab News has reported.
As part of the agreement, the two parties will organise the invest surplus liquidity and exchange information relating to increasing awareness of the Islamic products…………………………………….Full Article: Source

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From WAM: The Disbursement Committee of Zakat Fund has decided to grant AED 1 million to 100 people who newly embraced Islam to encourage them learn more about the religion and start their new lives as Muslims. The newly Islam converts are one of eight categories specified by the Holy Quran and the Islamic Shari’ah to deserve being given Zakat money.

Chaired by Abdullah Aqeeda Al Muhairi, Secretary General of Zakat Fund, said that people who have recently converted to Islam are those whose hearts are to be brought together in Islam. They were clearly mentioned in Verse 60 of Al Tawbah Soura in the Holy Quran as one of the eight categories who deserve to receive Zakat money along with the poor, the needy and others…………………………………….Full Article: Source 2FWamLocEnews%2FW-T-LEN-FullNews

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From Gulf-times.com: Private equity is falling behind other rival asset classes in the Middle East in the competition to attract Islamic money. Head of Middle East structuring at Deutsche Bank Hussein A Hassan says many Islamic banks won’t commit capital due to the long-term and illiquid nature of many of the region’s private equity funds and their levels of debt liability.
“Islamic banks cannot invest in private equity funds in a meaningful way even though private equity is as close as one can get to pure or real Islamic finance,” said Hassan……………………………………Full Article: Source

From Thenational.ae: Given a choice between a sukuk or a plain-vanilla eurobond, most countries outside the Middle East and certain parts of South East Asia would tend to take the western option.

But not Kazakhstan. Last month, the emerging central Asian oil giant dropped plans to issue a US$750 million (Dh2.75 billion) eurobond, while proceeding with plans to issue a $500m Islamic bond – its first sovereign issuance in a decade…………………………………….Full Article: Source

From Zawya Dow Jones: Bahrain-based Al Baraka Banking Group plans to sell a $200 million Islamic bond before the end of this year, the group’s chief executive told Zawya Dow Jones late Sunday.

“This will be the bank’s first sukuk ever,” said Adnan Ahmed Yousif. Al Baraka has received offers to lead arrange the bond from three banks, a German, a British and an Arabic lender, he said…………………………………….Full Article: Source

From Arabtimesonline.com: The Turkish Minister of Finance Mehmet Shemshat stressed the pivotal role played by Kuwait Finance House-Turkey (KFH-Turkey) and the value it represents to the Turkish economy, in addition to its effective contributions in meeting the demands of large segments of individuals and corporations.

He added during a ceremony that was held to announce a $100 million sukuk deal orchestrated by KFH subsidiary Liquidity Management House in conjunction with Citi Bank, that this deal opens a new window of opportunity for financing tools in a market that is rich in opportunities, and added that the Turkish government welcomes such initiatives that are considered to be an addition to the Turkish economy…………………………………….Full Article: Source

From Thestar.com.my: Celcom Axiata Bhd expects the yield of its RM4.2bil unrated sukuk placement to three institutional subscribers to be market driven. Celcom Axiata is a wholly-owned subsidiary of Axiata Group Bhd.

The three institutional subscribers are the Employees Provident Fund (EPF), CIMB Islamic Bank Bhd and Malayan Banking Bhd…………………………………….Full Article: Source

From Cpifinancial.net: The Central Bank of Bahrain (CBB) has announced that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 630 per cent.

Subscriptions worth BHD 63 million ($167 million) were received for the BHD 10 million ($26.5 million) issue, which carries a maturity of 182 days…………………………………….Full Article: Source

From Reuters: Dubai’s government will keep its options open for a potential sovereign debt issue later this year but it is not under pressure to do so, its finance chief said late on Sunday.

The United Arab Emirates’ member said on Friday it planned to launch a non-deal roadshow for fixed-income investors in Asia, a move analysts said hinted the emirate may issue bonds later this year as it restructures $23.5 billion in debt…………………………………….Full Article: Source

From Tradearabia.com: Dubai’s late August roadshow for fixed-income investors in Asia is a hint that the emirate may issue bonds later this year as it restructures $23.5 billion in debt, according to analysts.

The government says the roadshow, its second in the past three months, follows its strategy for updating investors on its economy, “providing regular updates to both existing and prospective fixed income investors around the world”…………………………………….Full Article: Source

From International-adviser.com: World Shariah Funds PCC is listed on the Channel Islands Stock Exchange and contains three investment strategies from three different fund managers; Malaysia’s Reliance Asset Management, CIMB Principal Asset Management Berhad, a Malaysian and US joint venture, and Markaz of Kuwait. The three fund groups have combined assets under management of more than US$13bn.

Companies held within the three funds are excluded from dealing in alcohol, tobacco and pornography, among other industries, and are also not allowed to have highly leveraged balance sheets…………………………………….Full Article: Source

From Aawsat.com: The Islamic banking industry’s bias towards traditional sectors, particularly real estate, together with a lack of diversification in its financing and investment instruments has negatively impacted on the speed of this industry’s recovery from the after-effects of the global financial crisis.
This is unlike the conventional banking industry, where many institutions have begun to make profits once more a manner that defied expectations. Therefore, the Islamic banking industry must put aside traditionalism and pursue innovation with regards to its financial instruments and products. It should adopt and finance creative projects, for projects such as these make good profits while also being in line with the noble purposes of Islamic Sharia…………………………………….Full Article: Source

From Thedailystar.net: The Hong Kong and Shanghai Banking Corporation (HSBC) in Bangladesh is now pursuing personal banking, with focus on Islamic products, after making a mark in commercial banking.

The bank is the country’s largest commercial bank that handled 9 percent of annual external business worth over $35 billion in fiscal 2009-10…………………………………….Full Article: Source

From Istockanalyst.com: The Islamic Corporation for the Development of the Private Sector (ICD) has signed a Memorandum of Understanding (MoU) with Bahrain-based Al-Baraka Banking Group to jointly provide Islamic financing services.

The two parties also agreed to cooperate and work with each other on a non-exclusive basis to develop and enhance their relationship to their mutual benefit in areas of their business. ICD is the private sector arm of the Islamic Development Bank Group…………………………………….Full Article: Source

From Albawaba.com: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced a four-month postponement of monthly installments for customers who subscribe to its refinancing program ‘Al-Khair’ during the Holy Month of Ramadan.
Al-Khair is ADIB’s Shari’a-compliant repayment plan through which customers can transfer all their conventional bank liabilities to ADIB and get a fresh start…………………………………….Full Article: Source