From Ameinfo.com: Standard Chartered Bank today announced the launch of the first Islamic US Dollar Nostro Account in the United States. Islamic banks across the world will now be able to earn Shariah-compliant profits on their account balances at Standard Chartered Bank New York by using this facility.
The facility will operate on the Islamic finance principle of Commodity Murabaha. Profits will be paid on a monthly basis……………………………………….Full Article: Source

From Zawya.com: Abu Dhabi Islamic Bank, a top-tier Islamic financial services group, today announced the launch of its Wealth Management service that will cater to the increasingly discerning needs of mass, affluent and high net worth customers.
The service will offer an innovative range of investment solutions that are tailor-made to meet the financial needs of their customers through dedicated and certified relationship managers who are supported by a team of investment professionals. ADIB Relationship Managers combine their industry expertise with technical and investment expertise to deliver innovative investment solutions and to support their brand promise of ‘Trusted Advice by Trusted Advisor.’………………………………………Full Article: Source

From Globalarabnetwork.com: The impact of the global financial crisis on the GCC banking sector, as was reported, has been limited. The profits of the top 25 banks in the GCC have reached their peak in the second half of 2008 followed by a dip in 2009 and the total banking assets of those banks reached a total of USD 860.1 Billion in 2010 up from a total of USD 534.9 Billion in 2008.
“Recently, growth has restarted and profits have recovered to those nearing pre-crisis levels,” George Nasra, Managing Director of International Bank of Qatar said. IBQ is participating in the MEED Middle East Retail Banking 2010 Conference which is currently being held in Abu Dhabi on 27 and 28 September……………………………………….Full Article: Source

From Ameinfo.com: Muhammad al-Jasser, Saudi Arabia’s central bank governor has said that private sector lending in the kingdom rose by 4.9% in August, a sign “that lending is continuing its recovery.”
Bank claims on the private sector rose at the same annual pace at the end of July, central bank data showed……………………………………….Full Article: Source

From Ahlul Bayt News Agency: Daud Vicary Abdullah, global leader of Deloitte’s Islamic finance group told reporters in Dubai at the launch of the firm’s Middle East Islamic finance leaders survey that international markets such as Japan and London are actively trying to raise sharia-compliant capital in order to tap liquidity from the Gulf region.
“Islamic finance still represents less than 1 percent of the global market,” he said. “It’s not yet punching its weight.”………………………………………Full Article: Source

From Ameinfo.com: Though the Islamic finance industry has enjoyed rapid growth over the past few years despite the effects of the global financial slowdown, a key challenge is to ensure that this growth is sustainable, even more so given the challenges inherent in the new global economic landscape.
It is against this backdrop that the 17th Annual World Islamic Banking Conference (WIBC 2010) will be held from the 22nd - 24th of November 2010 at the Gulf Hotel, Kingdom of Bahrain……………………………………….Full Article: Source

From Bernama: Malaysia can strengthen its position as a leader in global Islamic finance by exploring further important Islamic principles, according to an industry expert.
Such principles can complement not only the product creations and innovation but also support the Islamic finance foundation, said Dr Armen V. Papazian, currently a fellow at the University of Cambridge’s Judge Business School……………………………………….Full Article: Source

From Bt.com.bn: Organisations and companies can benefit from good values contained in the religion of Islam, and by implementing or applying them in their management practices, working culture and human resource development, said a management expert.
Dato’ Aidit Ghazali, executive chairman of Malaysian consultancy firm Akademi Aidit Sdn Bhd and consultant in Islamic management and leadership, shared the philosophy of Islamic management and leadership as well as its benefits to Bruneian organisations during his two-day training workshop at The Rizqun International Hotel……………………………………….Full Article: Source

From Bt.com.bn: Brunei Darussalam is putting laws in place aimed at extending the reach of Syariah practices across its economy, according to the Minister of Religious Affairs (MoRA), Pengiran Dato Seri Setia Dr Hj Mohamad Pg Hj Abdul Rahman.
Speaking exclusively to Oxford Business Group (OBG), the global publishing, research and consultancy firm, Pengiran Dato Mohammad Rahman said that new legislation would allow the Sultanate to extend Islamic principles, which already feature in Brunei’s banking and insurance sectors, into other areas of business……………………………………….Full Article: Source

From Ahlul Bayt News Agency: Makkah Islamic Economic Forum (MIEF 2010) will be held under the theme “Unifying Vision and Objectives” from December 12th to 16th. The forum is organized by Umm Al-Qura University in cooperation with Dunia Intermedia Group and will be held at the Umm Al-Qura University in Makkah.
It seeks the convergence of visions and facilitating the achievement of objectives for the 57 Islamic countries that are members of the OIC……………………………………….Full Article: Source

From WAM: The Abu Dhabi National Takaful Co. is organizing Technology and Recruiting Exhibition 2010 between in November, under the patronage of Mariam Mohammed Khalfan Al Roumi, Minister of Social Affairs.
Three days exhibition is aimed to recruit disabled people in the UAE and review best modern technologies to rehabilitate, train and educate them……………………………………….Full Article: Source

From Gulf-daily-news.com: The Middle East insurance market has the potential for better returns than the West because it is not hampered by the legacy the industry has elsewhere from consolidating business after a period of takeovers.
That is the view of Ernst & Young (E&Y) MENA Insurance leader Justin Balcombe. He said the industry in the region was split between small family run businesses, more developed companies looking for expansion regionally and international firms with a presence in the market……………………………………….Full Article: Source

From Bloomberg: Islamic bonds of Tamweel PJSC rose the most in almost a year after Dubai Islamic Bank PJSC received government approval to purchase a majority stake in the mortgage lender hit by Dubai’s property slump.
The price on the 4.31 percent sukuk due in 2013 climbed to 83.5 cents on the dollar at 3:47 p.m. in Dubai, according to Barclays Capital Group prices on Bloomberg. That is a 13 percent increase, the biggest since Oct. 13, from the 73.7 cents close on Sept. 24, according to Bloomberg prices……………………………………….Full Article: Source

From Gulfnews.com: For Islamic finance, 2009 and 2010 may be categorised as the years of ‘R-Cubed’ — reflection, reassessment, and reality check. Since the beginning of 2009, there have been 42 liquidations of Islamic funds, defaults by 34 sukuks, rating downgrades of Takaful operators, and increase in layoffs in the sector.
A recent Deloitte study, the ME Islamic Finance (IF) Leaders Survey, arrived at some interesting conclusions: 64 per cent of respondents agreed that IF is lagging in risk management; 65 per cent believe IF institutions are not properly capitalised; 66 per cent expect change in existing business models in the foreseeable future……………………………………….Full Article: Source

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From Ameinfo.com: To compete better with conventional finance, Islamic finance will need to move beyond the retail market and develop its capital markets globally, an official from consultancy Deloitte told reporters in Dubai at the launch of the firm’s Middle East Islamic finance leaders survey.
“Islamic finance still represents less than 1 percent of the global market. It’s not yet punching its weight,” Daud Vicary Abdullah, global leader of Deloitte’s Islamic finance group, was quoted as saying by Reuters……………………………………….Full Article: Source

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From Thenational.ae: Excess risk, excess reward, excess concern with short term results. More than any other word, excess gets to the root of the last financial crisis. Islamic law has long cautioned against excesses in the marketplace. Sharia-compliant finance prohibits “riba”, translated into English as usury, and also attempts to keep financial transactions and markets in balance.
The application of these principles helped to give birth to a thriving market economy in the Arab world that predated western capitalism and modern banking by centuries. The lessons of Islamic finance have a particular poignancy today……………………………………….Full Article: Source

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From Arabnews.com: The South African government’s recent confirmation that it is in the process of introducing tax neutrality laws for Mudaraba (trust financing), Murabaha (cost-plus financing) and Diminishing Musharaka (diminishing shared ownership) contracts is a long overdue recognition of the potential Islamic finance has for the country and the region.
Financial services industry sources stress that the proposed tax neutrality measures are just the start and the wider objective is to introduce a comprehensive regulatory and legal framework to facilitate Islamic finance in the country both for financial inclusion and market liberalization and development reasons……………………………………….Full Article: Source

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From Arabnews.com: The perceived sustainability and attractiveness of Islamic finance as an alternative financial management model in a post global financial crisis continues to flourish in new regions and countries trying to change banking regulations and laws to facilitate the introduction of such institutions and products in their respective jurisdictions.
The latest region which is trying to open up to Islamic finance is East Africa, including Ethiopia, where local reports suggest that the National Bank of Ethiopia (NBE), the central bank, is in the process of finalizing a banking regulation and business directive that would allow the authorization of a bank operating under interest-free (Islamic finance) principles……………………………………….Full Article: Source

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From Tradearabia.com: A majority of Islamic Finance leaders in the Middle East region believe the Islamic Finance industry is under regulated, said a recent survey by Deloitte, a leading accounting and consulting firm.
Deloitte, in its first ‘ME Islamic Finance Leaders Survey’ reveals insight from experts on a wide range of pressing issues and prevailing trends within five key areas of regulatory and Sharia’a compliance, risk management, corporate structuring and capital management strategy, investment and capital markets and human capital management……………………………………….Full Article: Source

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From Nytimes.com: With the Islamic finance industry worth an estimated $1 trillion and growing rapidly, it is perhaps no surprise that a number of Asia-Pacific nations are among a growing band of countries worldwide to signal their intention to carve out a larger share of the market.
Countries like Malaysia, Indonesia and Singapore, along with Hong Kong, have set their sights on becoming hubs for Islamic finance, where investments are made according to Islamic principles……………………………………….Full Article: Source

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From KUNA: The Islamic banking sector in the Gulf Cooperation Council (GCC) member states grows by 20 percent a year representing 17 percent of the total assets of the banking industry in the region, a report said here on Sunday.
Kuwait ranked first among the GCC countries in terms of total assets while Saudi Arabia and the United Arab Emirates (UAE) have risen among the countries that promote Islamic finance products and services, according to the report issued by KFH Research Ltd - the Islamic investment research arm of Kuwait Finance House (KFH)……………………………………….Full Article: Source

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From Ameinfo.com: A report released by Kuwait Finance House Research Limited revealed that the Islamic banking industry accounted for 35% of the total banking assets of Kuwait and about 17% of the GCC banking system total assets as a whole.
It is expected that this industry will to continue to grow at an annual average rate of 15 - 20%, should four main factors including the regulatory framework, increase in the GDP, government development plans continue to drive growth rates forward and add momentum representing increased demand and further expanding related areas of business……………………………………….Full Article: Source

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From AFP: Dubai’s government said on Sunday it has given the green light to Dubai Islamic Bank for a majority stake in Tamweel, one of the emirate’s largest property finance groups.
DIB would now become the largest stakeholder in Tamweel with a 57.33-percent share, the government said in a statement, in a move to revive the property lending market that has suffered the worst by the global financial crisis……………………………………….Full Article: Source

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From Arabianbusiness.com: Dubai Islamic Bank raised its stake in Islamic mortgage firm Tamweel to 57.33 percent, Dubai’s government said on Sunday, in a move that will help revive lending in Dubai’s battered property market.
Dubai Islamic Bank, the emirate’s third-largest bank by market value, had said in June it may increase its one-fifth stake in Tamweel……………………………………….Full Article: Source

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From Businessweek.com: Dubai Islamic Bank assumed control of troubled mortgage provider Tamweel on Sunday, boosting its stake in a bid to spur real-estate lending in the debt-laden emirate.
The deal carried the blessing of Dubai’s government, which announced the transaction before the bank itself did……………………………………….Full Article: Source

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From Saudigazette.com.sa: The pre-crisis moves toward developing the concept of Shariah-compliant investment banking (SCIB) were brought to a halt by the onset of the global financial crisis and severely undermined by the spectacular defaults of a few SCIBs mid-crisis, Moody’s Investors Service said in a special comment on GCC Islamic investment banks.
“The SCIBs’ unsound risk-management architecture is reflected by their concentration risks, poor sector allocation, imprudent liquidity management and imbalanced ALM,” it pointed out……………………………………….Full Article: Source

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From Pakobserver.net: Pakistan, Afghanistan and Senegal, among the world’s 50 poorest nations, are turning to Islamic banking to spur economic growth by encouraging people to take out loans and open savings accounts.
Outstanding domestic bank lending accounted for 3.5 percent of Afghanistan’s gross domestic product in 2008, 25 percent in Senegal, 27 percent in Nigeria and 46 percent in Pakistan, according to data compiled by the World Bank. The rates compare with 224 percent in the U.S. and 115 percent in Malaysia, a global hub for finance that conforms with Shariah principles……………………………………….Full Article: Source

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From Bloomberg: Hong Leong Islamic Bank Bhd. and Manulife Asset Management (Malaysia) Sdn. say they are avoiding some toll-road Islamic debt in Malaysia after two highway operators submitted debt restructuring plans this year.
Senai-Desaru Expressways Bhd., the builder of Malaysia’s third-longest highway, plans to conclude talks on reorganizing 1.46 billion ringgit ($471 million) of debt by year end, Chief Executive Officer Mustaza Salim, said……………………………………….Full Article: Source

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From Ameinfo.com: Fitch Ratings has today assigned an expected Long-term Rating of ‘A’ to QIB Sukuk Funding Limited’s senior unsecured trust certificates, due in 2015.
QIB Sukuk Funding Limited is a special purpose vehicle established to act as the issuer and trustee for the certificate holders. The final rating is contingent on receipt of final documentation conforming to information already received……………………………………….Full Article: Source

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From Bernama: Malaysia Rating Corp Bhd (MARC) has downgraded its rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah facility to BB+IS from A+IS and placed it on MARCWatch Negative.
VCSB is a special purpose company and wholly-owned subsidiary of Vastalux Sdn Bhd (Vastalux), incorporated for the purpose of issuing the Sukuk Musyarakah, largely to fund its working capital in relation to oil and gas service contracts awarded by the Petronas group, the rating agency said……………………………………….Full Article: Source

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From Nytimes.com: Fozia Amanulla, one of the first women to lead an Islamic bank in Malaysia, has had no shortage of reminders that her industry — in which investments are made according to Islamic principles — is a male-dominated one.
But while some women in more conservative corners of the Islamic world are still fighting for the right to work outside the home in the booming Islamic finance sector, the number of female faces is multiplying……………………………………….Full Article: Source

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From Arabnews.com: Malaysia has introduced several measures to boost the development of human capital in the Islamic finance industry under the Malaysia International Islamic Finance (MIFC) initiative. Developing the next generation of Islamic finance executives and experts remains a major priority of the government and the Bank Negara Malaysia, the central bank.
Malaysian Prime Minister Mohd Najib bin Abdul Razak, in his capacity as the minister of finance, accorded the “Project of National Interest” (Projek Berkepentingan Negara) status to INCEIF University in July 2010 in recognition of its role in the development of the human capital for Malaysia’s growing Islamic finance industry……………………………………….Full Article: Source

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From Reuters: A Middle East group led by Gulf Petroleum Ltd Qatar is looking to invest up to 5 billion ringgit ($1.4 billion) in Malaysia, as the country’s efforts in attracting the petrodollars appear to be paying off.
The group, which include investment and banking firms from Saudi Arabia, Kuwait, Bahrain and the United Arab Emirates, is eyeing investments in oil and gas, property and Islamic banking sectors, Gulf Petroleum President Abdul Aziz Hamad Al-Delaimi told reporters in the Malaysian capital on Monday……………………………………….Full Article: Source

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From Albawaba.com: Though the Islamic finance industry has enjoyed rapid growth over the past few years despite the effects of the global financial slowdown, a key challenge is to ensure that this growth is sustainable, even more so given the challenges inherent in the new global economic landscape.
According to world-renowned investment leader and emerging markets guru, Mark Mobius, “since the bottom of the markets in early 2009, prices have risen from those very low levels. Nevertheless attractive valuations can be found since, on the average, those valuations are in the middle of their long term range.”………………………………………Full Article: Source

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From Bernama.com: The Islamic Banking and Finance Institute Malaysia (IBFIM) and the Malaysia Venture Capital and Private Equity Association (MVCA) will host the 3rd Islamic Venture Capital and Private Equity Conference (IVCPEC) 2010 scheduled to be held from 28 to 29 September 2010 at Nikko Hotel Kuala Lumpur.
Arguably one of the most comprehensive coverage of the professional practice of Islamic Venture Capital firm, the Conference presents itself as a springboard for venture capitalists and private equity investors to keep abreast of international market trends and developments that impact the structuring and planning of Islamic alternative investments in the region……………………………………….Full Article: Source

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From Independent.com.mt: The Malta Institute of Management is organising the “Malta Islamic Finance Conference: A New Beginning 2010” which will be addressing the latest challenges for Islamic Finance operations in a European jurisdiction.
For this landmark event various Scholars and Islamic Finance experts from different parts of the World are being invited as speakers, offering a unique opportunity for participants to keep adjourned with latest developments and guidelines……………………………………….Full Article: Source

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From Kippreport.com: Islamic finance will need to move beyond the retail market and develop its capital markets globally to compete better with conventional finance, an official from consultancy Deloitte said on Thursday.
Daud Vicary Abdullah, global leader of Deloitte’s Islamic finance group told reporters in Dubai at the launch of the firm’s Middle East Islamic finance leaders survey that international markets such as Japan and London are actively trying to raise sharia-compliant capital in order to tap liquidity from the Gulf region……………………………………….Full Article: Source

From Thenational.ae: Islamic finance needs more regulation to boost the detection of risk and restore its reputation after a series of financial troubles within the industry’s GCC heartland, says Deloitte & Touche.
A “sizeable” number of Sharia-compliant financial companies were not following industry best practices, the international accounting company found in a survey of the Middle East……………………………………….Full Article: Source

From Gulfnews.com: Islamic institutions in the region have adequate funding avenues despite the financial crisis, said Adnan Ahmad Yousuf, chief executive of Al Baraka Group in Dubai. “The sukuk market is open for longer term funding while there are enough avenues for Murabaha fundings in the region. Al Baraka Group’s assets grew more than 15 per cent during the first half of this year,” said Yousuf.
Al Baraka will launch a $200 million (Dh734 million) Islamic bond sale this year to fund expansion in France, its chief executive said. Proceeds from the sukuk will be used to set up branches in France, Yousuf said on the sidelines of a conference on media impact on the Arab banking and financial sectors yesterday……………………………………….Full Article: Source

From Gulfnews.com: Over half of the Middle East’s Islamic finance institutions (IFIs) flagged a need for raising capital and are likely to restructure current Islamic debt over the next 12 months, according to Deloitte’s Islamic Finance leaders survey in the Middle East.
Corporate issuers are also driving strong demand for sukuk bonds, according to Dr Hatim Al Tahir, Director of Deloitte’s Islamic Finance Knowledge Centre in Bahrain……………………………………….Full Article: Source

From Bloomberg: Qatar Islamic Bank SAQ plans to sell its first dollar sukuk and will start meeting investors in the Middle East, Asia and Europe, according to a statement from the Gulf state’s biggest Shariah-compliant lender.
“The sukuk is expected to be launched, subject to market conditions” and Credit Suisse Group AG, HSBC Holdings Plc and Qatari investment bank QInvest have been hired to manage the issuance, said the statement posted on the Qatar Exchange website today……………………………………….Full Article: Source

From Emirates247.com: Nakheel plans to launch its five-year sukuk (Islamic bond) by year-end by when it expects to complete the debt restructuring process, a senior company executive said on Thursday.
“We expect the restructuring to be completed by year-end and the sukuk launch by then. The value, however, will be determined after the ‘overall’ settlement is achieved,” Chris O’Donnell said during a site visit of Al Furjan project……………………………………….Full Article: Source

From Arabianbusiness.com: Abu dhabi bonds are heading for their best quarter in a year. Union Investment and LCF Edmond de Rothschild CI Ltd say investors are ready to snap up any new issue from the oil-rich Persian Gulf emirate.
The government’s 6.75 percent dollar-denominated non- Islamic notes due April 2019 have returned 6.6 percent, set for the biggest quarterly gain since Sept 2009, and more than the 6 percent increase for Qatar’s 5.25 percent debt maturing in January 2020, according to data compiled by Bloomberg……………………………………….Full Article: Source

From Reuters: Burgan Bank, the commercial banking arm of Kuwait Projects Co (KIPCO), raised $400 million in a heavily oversubscribed sale of 7.875 percent 10-year bonds.
The proceeds will “strengthen the bank’s business locally as well as supporting its expansion strategy which has primarily targeted high growth markets in the MENA (Middle East and north Africa) region,” chairman Majed Eisa al-Ajeel said on Thursday……………………………………….Full Article: Source

From Gulfnews.com: The National Bank of Abu Dhabi (NBAD) said Wednesday it plans to launch a low-risk bond fund with a target to raise up to Dh200 million within the first couple of months of its launch.
NBAD Cautious Income Fund’s launch is subject to approval by the capital markets regulator Emirates Securities and Commodities Authority (SCA)……………………………………….Full Article: Source

From Balkans.com: Bahraini Islamic lender Al Baraka will launch a $200 million Islamic bond sale this year to fund expansion in France, its chief executive said. Proceeds from the sukuk will be used to set up branches in France, Adnan Yousif told Reuters on the sidelines of a conference on Wednesday.
“We are thinking to expand in France next year. The number of branches will not exceed five. It is the right time to open subsidiaries in Europe. The sukuk will be issued by the end of the year, maybe December,” Yousif said……………………………………….Full Article: Source

From Aawsat.com: Indonesia, an archipelago made up of approximately 17,508 islands, and is located in South-East Asia. The country has a population of approximately 230 million, making it the fourth most populous country in the world; its capital city is Jakarta, which is located on the island of Java.
Since the majority of the population of Indonesia are Muslims, Indonesia can be considered the largest Islamic state in the world in terms of population. The Indonesian economy is classified as a developing economy, and is known as a “Tiger Cub Economy” which is a group that also includes Malaysia, the Philippines, and Thailand……………………………………….Full Article: Source

From Arabnews.com: Gulf Finance House (GFH), a Bahrain-based Islamic investment banking major, on Wednesday said that the bank was treading on the right path of growth and development.
“We are committed to returning to growth, a lower operating cost base, aggressively reduce our debt through asset sales and improving our reporting and transparency,” Ted Pretty, GFH Group CEO, said in an interview……………………………………….Full Article: Source

From Globalarabnetwork.com: In response to the Central Bank of Kuwait’s (CBK) request for local banks and investment companies to find a mechanism for handling the complaints of their clients, representatives of the institutions gathered in a symposium Thursday in a symposium to probe the issue.
The symposium, titled “the planned mechanism for dealing with complaints of clients,” aims to find a suitable way for settling the the possible legitimate grievance of clients against companies and banks without recourse to the CBK, said Dr. Jamal Abdulrahim, an expert in financial and commercial crimes……………………………………….Full Article: Source

From Tradearabia.com: Abu Dhabi government-owned investment fund Mubadala posted a first-half loss of Dh4.5 billion ($1.23 billion) due to a fall in the value of its investments and said it would triple its capital base.
The investment fund, which has stakes in Advanced Micro Devices Inc and Ferrari, said the results reflected an unrealised loss of Dh4.4 billion on its investments in local and global markets……………………………………….Full Article: Source