From Bloomberg: Malaysia, the world’s biggest market for Islamic bonds, will issue a license before the end of this year to a new Islamic bank that will be jointly established by institutions from Asia and the Middle East, central bank Governor Zeti Akhtar Aziz said.
The newly formed entity will have a capital of at least $1 billion, Zeti said in an interview late yesterday, without naming the companies or organizations involved. A second so- called “mega Islamic bank” permit may be issued by the central bank next year, she said……………………………………….Full Article: Source

From Bernama: All new Islamic financial products to be offered by Islamic financial institutions or any existing products to be offered to new customers must comply with the rulings of the new Syariah Resolutions in Islamic Finance (Second Edition), said Bank Negara Malaysia (BNM).
However, for Islamic financial products which had been contracted between the customers and Islamic financial institutions based on syariah rulings published in the first edition and the Summary of National Syariah Advisory Council (NSAC) decisions, the contract would remain in force until maturity, BNM said in a statement here Tuesday……………………………………….Full Article: Source

From Bernama: CIMB Islamic Bank and Hewlett-Packet (HP) Multimedia Sdn Bhd on Tuesday signed an agreement formalising an Islamic Term Financing Facility agreement.
The agreement is to finance the development and construction of HP’s Next Generation Data Centre (NGDC) in Cyberjaya……………………………………….Full Article: Source

From Bloomberg: Former Malaysian Prime Minister Mahathir Mohamad comments in a speech on the growth of Islamic banking and the need for proper regulation to avoid abuse. He spoke at a Shariah scholars forum in Kuala Lumpur.
On the rising demand for Islamic banking: “Islamic banking has become the focus of discussion all over the world and especially after the current financial crisis brought to their knees the great financial houses of the rich countries. The collapse of conventional banking, finance and the monetary system has exposed their weakness and the ease with which they can be abused……………………………………….Full Article: Source

From Bernama: Backing currency with gold does not make it Islamic, former prime minister Tun Dr Mahathir Mohamad said on Tuesday. He said it became Islamic only if transaction in the currency did not involve interest or riba.
“It is not the name that is important. It is the gold backing for the currency, whatever may be its name,” he said in a keynote address at the Global Islamic Finance Forum 2010 here……………………………………….Full Article: Source

From Thestar.com.my: Maybank Investment Bank Bhd’s affiliate company Saudi-based Anfaal Capital is eyeing the sukuk, corporate finance and advisory, fund management and real estate investment markets in Saudi Arabia to build its business.
Anfaal chairman Khaled M. Al Aboodi said the Saudi market had vast potential being the largest economy in the Gulf Cooperation Council and provided huge opportunities for the company to tap especially in the asset management and investment banking services segments……………………………………….Full Article: Source

From Financesarticle.com: Wealth Management is followed by most people interested in growing their wealth in a systematic and disciplined manner. It is an advisory run by banks, mutual funds and other such financial institutions.
The individuals within these institutions who manage the combined finances of a number of investors are wealth managers who invest on behalf of the institution into financial securities. Islamic banking has evolved in a large way since it was started……………………………………….Full Article: Source

From : South Korea is keen to foster further cooperation with Malaysia to beef up its Islamic finance and services sector that is at its infancy stage.
Korea Investment and Securities head of Islamic finance Yul-Hee Lee said there has been many enquiries made by Korean companies on how it can raise funds using the sukuk……………………………………….Full Article: Source

From KUNA: There are tremendous opportunities available for Islamic Finance in Aviation and Shipping Industries, according to a report issued by Kuwait Finance House Research Limited (KFHR) Company, a subsidiary of Kuwait Finance House (KFH), on Tuesday.
The report brought attention to the fact that the financing deals in compliance with the provisions of Islamic Sharia’a contributed to the growth of aviation and shipping sectors in the region. This growth was achieved through huge financing deals concluded over the past few years and introduced benefits to these sectors……………………………………….Full Article: Source

From Theedgemalaysia.com: The Islamic finance industry is set to see robust growth with the internationalisation of the market as interest picks up beyond the borders of Muslim-majority countries.
According to a report by KFH Research, released in conjunction with the second Global Islamic Finance Forum here yesterday, Islamic assets have expanded at a compound average growth rate of 14.1% from US$150 billion (RM463.5 billion) in the mid-1990s to around US$1 trillion last year, mainly due to abundant liquidity and greater awareness of syariah-compliant products……………………………………….Full Article: Source

From Bernama: Malaysian Rating Corp Bhd (MARC) has launched its Islamic financial institution (IFI) governance rating, an interactive rating service catering to IFIs.
Its chief executive officer, Mohd Razlan Mohamed, said the service was designed to facilitate the IFIs’ institutional capacity building for improved governance and the discharge of accountability to stakeholders……………………………………….Full Article: Source

From Zawya Dow Jones: he U.A.E. government is still exploring the possibility of a merger and balance sheet restructuring for Islamic mortgage financier Amlak Finance, the company said Tuesday, after its planned merger with another Dubai company was almost scuppered last month.
“The Governmental Committee for Amlak’s affairs continues to explore the possibilities of a merger and balance sheet restructuring of the company,” Amlak said in its financial statements for the third quarter of 2010……………………………………….Full Article: Source

From Cpifinancial.net: Bank of London and The Middle East plc (BLME) has unveiled BLMEFX, a Shari’ah-compliant web-based FX trading platform to provide clients with direct access to multiple currencies for overseas transactions
In a Shari’ah-compliant environment currency trading is used to support cross-border transactions rather than to realise a profit. Under Shari’ah all currency transactions must be backed by a commodity, which has historically made currency trading, as well as related transactions, complex and expensive……………………………………….Full Article: Source

From Arabnews.com: Well-known Saudi businessman Sheikh Saleh Kamel was last night named as the first winner of The Royal Award for Islamic Finance launched in June by the Malaysia International Islamic Financial Center (MIFC) and the Securities Commission Malaysia which honors “outstanding contribution of an exceptional individual in Islamic finance.”
The award was presented in a ceremony Kuala Lumpur in the presence of Sultan of Kedah Tuanku Alhaj Abdul Halim, and his consort Tuanku Sultanah Hajjah Haminah, Raja Nazrin Shah, the crown prince of the state of Perak and ambassador at large of the MIFC Initiative, Tun Musa Hitam, former deputy Prime Minister of Malaysia, Zeti Akhtar Aziz, governor of Bank Negara Malaysia and Zarinah Anwar, chairman of the Securities Commission of Malaysia……………………………………….Full Article: Source

From Bloomberg: Demand for Islamic bonds from the Middle East will return to “pre-crisis” levels by the end of the third quarter as companies restructure debt and higher yields lure investors, according to Citigroup Inc.
“The yields offered here are high, and investors globally are willing to take the risk of investing here to get that spread and return,” Samad Sirohey, Dubai-based chief executive officer of Citi Islamic Investment Bank E.C., said………………………………………Full Article: Source

From Btimes.com.my: Global sukuk sales will be boosted by Malaysia’s 10-year Economic Transformation Program and issuance is set to improve after falling 16 per cent this year, the country’s Prime Minister Datuk Seri Najib Razak said at the Global Islamic Finance Forum in Kuala Lumpur.
“These funding needs will be addressed through a sukuk-raising exercise as the global market picks up,” he said……………………………………….Full Article: Source

From Bernama: The successful closing of the five-year US$500 million Emas Sukuk reflects Malaysia’s evolution into a multi-currency platform for sukuk issuances, said Bank Negara Malaysia (BNM).
It said the sukuk was a significant transaction under the Malaysia International Islamic Finance Centre (MIFC) initiative as it was the first US dollar sukuk issuance by a multilateral development institution in Malaysia……………………………………….Full Article: Source

From Bernama: Malaysia is well-positioned as a multi-currency issuance platform for sukuk given its access to a wide range of players and investors, backed by significant tax incentives, Prime Minister Datuk Seri Najib Tun Razak said on Monday.
He said there were numerous fund-raising opportunities through the Malaysian International Islamic Finance Centre (MIFC) initiatives where Malaysia offers itself as a hub for fund raising……………………………………….Full Article: Source

From Bloomberg: The state-run Islamic Bank of Thailand will delay the nation’s first sale of sukuk until early next year as it awaits new guidelines from the securities commission, President Dheerasak Suwannayos said.
The bank also plans to start a 1.5 billion baht ($50.2 million) property fund that complies with Shariah law, Dheerasak, who is also a member of the government’s steering committee working on the guidelines, said in an interview from Kuala Lumpur. The lender has hired CIMB Group Holdings Bhd. for the sukuk issuance, he said……………………………………….Full Article: Source

From Thestar.com.my: The Islamic Development Bank’s (IDB) successful issuance of five-year US$500mil Emas sukuk marks Malaysia’s march towards a multi-currency platform for sukuk issuances.
The Malaysia International Islamic Finance Centre (MIFC) secretariat said in a press release that the sukuk’s successful closing reflected Malaysia’s evolution into a multi-currency platform for sukuk issuances……………………………………….Full Article: Source

From Bloomberg: Islamic Development Bank plans to issue more Islamic bonds, known as sukuk, next year after the Saudi Arabia-based multilateral lender sold $500 million of bonds last week.
“We just issued sukuk couple of days ago, and we will definitely issue more sukuk next year,” President Ahmad Mohammed Ali said in Jeddah today, without providing more details. The bank will use proceeds from the bond sale to finance agricultural and energy projects in the Muslim world, he said……………………………………….Full Article: Source

From Bernama: RAM Rating Services Bhd has reaffirmed the respective ‘A1′ and ‘A3′ ratings of Projek Lintasan Shah Alam Sdn Bhd’s (PLSA) RM330 million Sukuk Ijarah (2008/2027) and RM415 million Sukuk Mudharabah (2008/2037), with a stable outlook.
In a statement here on Monday, RAM said PLSA was the concessionaire for the 14.7-km Lebuhraya Kemuning-Shah Alam (LKSA) in Selangor……………………………………….Full Article: Source

From Bernama: It is critical for the the Islamic financial products to be on par with their conventional counterparts in terms of competitiveness, comprehensiveness and returns.
Raja Muda of Perak, Raja Nazrin Shah, said for this to happen, the markets must be deep and liquid, adding that the Islamic finance products also have to be commercially driven and based on yield optimisation……………………………………….Full Article: Source

From Bernama: The establishment of the International Islamic Liquidity Management Corp (IILM) will further enhance the capacity of Islamic finance in facilitating efficient cross-border flows, Bank Negara Malaysia (BNM) Governor, Tan Sri Dr Zeti Akhtar Aziz, said on Monday.
She said the corporation would enable effective liquidity management not only for the Islamic financial institutions but also for the management of Islamic financial portfolios……………………………………….Full Article: Source

From Cpifinancial.net: Eleven central banks and two multilateral organisations signed the Articles of Agreement for the establishment of the International Islamic Liquidity Management Corporation (IILM) in Kuala Lumpur on 25 October 2010
The collaboration is a landmark global initiative that is aimed to assist institutions offering Islamic financial services in addressing their liquidity management in an efficient and effective manner. In addition, the initiative should facilitate greater investment flows for the Islamic financial services industry……………………………………….Full Article: Source

From Globalarabnetwork.com: New rules for Islamic banking in Qatar released by the Central Bank in late August will change the way conventional banks offer sharia-compliant services and likely boost the performance of banks that focus solely on such services, reports Global Arab Network according to OBG.
The new regulations, made public on August 29, prohibit conventional banks from allocating more than 10% of issued capital to Islamic banking operations and from opening additional branches for Islamic banking……………………………………….Full Article: Source

From Reuters: The UK unit of Qatar Islamic Bank (QIB) has unveiled a new lending strategy targeting small to medium-sized British companies with limited access to conventional sources of credit, the company said.
“We are seeing quite a big opportunity in the UK for good, solid credit, which is being ignored by traditional banking and capital sources, and our strategy is to pursue those transactions,” its Head of Corporate Finance Akbar Ahsan told Reuters on Monday……………………………………….Full Article: Source

From Bloomberg: Asian Finance Bank Bhd., the Malaysian unit of Qatar Islamic Bank SAQ, said it has identified up to three Shariah-compliant banks for purchase in Indonesia.
Asian Finance is conducting a due diligence and aims for the acquisition by Qatar Islamic to be completed by April next year, Mohamed Azahari Kamil, chief executive officer of the Malaysian unit, said in an interview in Kuala Lumpur today……………………………………….Full Article: Source

From Bloomberg: Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, is not holding any talks about merging its Emirates Islamic Bank PJSC unit with Dubai Bank PJSC, Chief Executive Officer Rick Pudner said.
“The reports in the press regarding the completion of these technical examinations, evaluations are not accurate,” Pudner said on an earnings conference call from Dubai today. “I would just like to confirm that there are currently no talks with regard to the merger or acquisition of Dubai Bank by Emirates Islamic.”………………………………………Full Article: Source

From Gulfnews.com: Emirates NBD, the largest UAE bank by assets, Monday reported a 60 per cent decline in third-quarter profit, which came in below analysts’ estimates. Net income for the three months ended September 30 stood at Dh424 million compared to Dh1.05 billion in the same quarter last year. Analysts had forecast an average of Dh800 million.
For the first nine month of the year, the bank reported a net profit of Dh1.9 billion, down 39 per cent from the same period in 2009……………………………………….Full Article: Source

From Reuters: Dubai-based Emirates NBD said a spike in bad loans and a provision for its exposure to debt-laden Dubai World more than halved its third-quarter net profit to well below analysts’ forecasts.
Chief Executive Rick Pudner also poured cold water on recent newspaper reports that Emirates Islamic Bank, ENBD’s shariah-compliant business, has plans to buy Dubai Bank and Amlak, two local lenders……………………………………….Full Article: Source

From Gulfnews.com: The Islamic Development Bank Group (IDB) and the Egyptian government recently signed three deals in Cairo under which the Jeddah-based bank will offer financial services amounting to $120 million (Dh440 million) to Egypt.
The documents were signed by Egyptian Minister of International Cooperation Faiza Abul-Naja and IDB Board Chairman Ahmad Mohammad Ali with Prime Minister Ahmad Mohammad Nazif and Minister of Electricity and Energy Hassan Ahmad Younis attending……………………………………….Full Article: Source

From Bernama: Shaikh Saleh Abdullah Kamel has been awarded the Royal Award for Islamic Finance for his visionary drive, extraordinary leadership and personal commitment at the royal gala dinner and award presentation.
The award was presented by Sultan of Kedah and Deputy Yang di-Pertuan Agong Tuanku Abdul Halim Mu’adzam Shah, on behalf of the Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin……………………………………….Full Article: Source

Dar Al Takaful PJSC, an Islamic Insurance & Reinsurance Company, has announced the launch of the world’s first Sharia-compliant bloodstock policy, which will include a new insurance product to horse owners across the GCC to protect them from certain financial losses in the result of deteriorating health or incurred accidents involving their animals.
The company has established a specialised equine underwriting unit in Dubai, where insurance will be available for all breeds of horses. Coverage can be provided for a number of equine conditions, including mortality, medical fees and permanent disability. In addition, certain products can also be supplied against limited theft and unlawful removal……………………………………….Full Press Release: Source

From Straitstimes.com: Retail investors will soon get to invest in Singapore’s first Shariah-compliant real estate investment trust (Reit). In fact, the Sabana Reit - set to hold about $850 million of Singapore industrial properties - is expected to be the world’s largest certified Syariah-compliant Reit when it goes on sale late this year.
That is exciting news, but let’s back up a moment……………………………………….Full Article: Source

From Btimes.com.my: Is the AIR (authenticity, innovation and reach) out of Islamic finance? It has been operating in a viral vacuum of “Islamic on Islamic” as an over the counter fragmented industry without global connectivity.
First, we need to scientifically establish the size and growth rate of the industry. Is it US$500 billion (RM1.5 trillion), US$750 billion (RM2.3 trillion) or US$1 trillion (RM311 trillion) as the range variance erodes the credibility……………………………………….Full Article: Source

From Gulfnews.com: If perception is reality, then we need to look at the mis-perceptions of Islamic fin-ance. There are a number of myths about this niche market, and, taking a cue from a programme called ‘Myth-busters,’ we need to review some of them for plausibility, amendment or more information necessary.
Myth 1: Islamic finance is only for Muslims. The way Islamic banks market and promote their product and services, primary emphasis on Sharia compliance, gives the impression to non-Muslims that its not for them. Plausible……………………………………….Full Article: Source

From Arabnews.com: Islamic finance is never off the agenda of Malaysian officials whenever they address international, regional or national events relating to finance and the economy.
While most IDB (Islamic Development Bank) member countries shy away from promoting Islamic finance on the global agenda including the G20 meeting in Canada in July this year, and some still live in denial about the reality and efficacy of Islamic finance, Malaysia has been championing the Islamic finance agenda, sometimes to the point of embarrassment, not due to their own role but the lack of empathy from fellow Muslim countries……………………………………….Full Article: Source

From Khaleejtimes.com: Sukuk financing has made a notable comeback, according to a latest study by the National Commercial Bank, or NCB. It said that the global sukuk market had recovered last year after being pummeled by the financial crisis in 2008, posting a 36 per cent year-on-year increase after raising $19.1 billion, higher than $15.5 billion recorded in 2008.
The Kingdom maintained its third-place ranking for the fourth year in a row, after Malaysia and the UAE, as its four issuances collected a combined $3.1 billion in 2009, a 66 per cent annual gain over 2008 figure……………………………………….Full Article: Source

From Gulf-times.com: Sukuk issuance in 2011 will likely be less than $25bn as Gulf debt restructurings and state deficit constraints dampen borrowing, a Reuters quarterly poll has showed. Issuance is expected to reach $30bn this year, according to Kuwait Finance House. Based on this forecast, the poll’s estimated sales in 2011 would mark the first decline since 2008 when sales dropped 56%.
Sales stood at $23.3bn in 2009 and $14.9bn in 2008, Standard & Poor’s has said……………………………………….Full Article: Source

From Gulf-times.com: Saudi firms may launch 10 Islamic bonds, or sukuk, in 2011, more than double their number this year, but they will be dominated by private placements, a specialist at Saudi Hollandi Bank has said.
“The market confidence is coming back … We should probably see two or three (sukuk issues) every quarter over the next year … Ten more issues coming in 2011,” Haroon Nisar, senior manager for Islamic banking at the Royal Bank of Scotland affiliate told the Reuters Middle East Summit in Riyadh……………………………………….Full Article: Source

From Smartmoney.com: Assets at Islamic banks in major Muslim markets like Saudi Arabia and the United Arab Emirates swelled 32% from 2007 to 2009, versus 13% for conventional banks in the same markets, according to a September paper by the International Monetary Fund. In the U.S., more than a dozen companies offer primarily Shariah-compliant banking products.
For most large Islamic banks, however, at least three-quarters of — and in some cases nearly all — transactions are Islamic in name only, according to a new study. In practice they closely resemble the conventional bank products that are off limits to devout members of the faith……………………………………….Full Article: Source

From Tribune.com.pk: Muhammad Raza, Head of Commercial Banking at Meezan Bank, outlines the difference succinctly by using an often-quoted reference from the Quran that allows trade but forbids ‘riba’ or usury. He explains that riba is a form of a transaction that is impermissible in Islam.
The transaction is straightforward: the lender extends a certain amount of money to the borrower and the two enter a contract that obligates the borrower to return the principal amount and additional interest payments……………………………………….Full Article: Source

From Haveeru.com.mv: Maldives Islamic Bank (MIB) and Islamic Banking and Finance Institute Malaysia (IBFIM) will sign a Memorandum of Agreement (MoA) to set up the first Islamic bank in Maldives, Malaysian national news agency Bernama reported.
According to the agency, the agreement will bind both parties to co-develop Islamic finance in Maldives through extensive study of Maldives’ legal and banking framework to create a harmonise environment for the growth of Islamic finance……………………………………….Full Article: Source

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced that it has provided the financing facilities to Hyundai Engineering and Construction Co., Ltd. (HDEC) for the newly awarded project Borouge 3 expansion project with a project value Dhs3.41bn ($935m) for the construction of utilities and off-site facilities for the project in Ruwais Industrial Complex, Abu Dhabi, UAE.
The expansion will more than double Borouge’s production capacity to over 4.5 million tones per year by 2013, making it the largest integrated polyolefin site in the world……………………………………….Full Press Release: Source

From Cpifinancial.net: Fitch Ratings has affirmed Qatar Islamic Bank’s (QIB) Long-term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook; other ratings are also affirmed and at the same time, QIB Sukuk Funding Limited’s $750 million Sukuk issue of senior unsecured trust certificates has been affirmed at ‘A’
QIB’s IDRs and Support ratings are driven by the extremely high probability of support from the Qatari authorities, if required……………………………………….Full Article: Source

Sharjah Islamic Bank (SIB) has announced the launch of 0% profit financing service for Hajj under the theme “Perform Hajj this year and pay it off over the year with no profit”.
The innovative service, the first-of-its-kind to be offered by an Islamic bank in the UAE, will enable a lot of people to perform Hajj and pay back the cost via easy and affordable monthly installments for one year without any profit, fees or extra costs……………………………………….Full Press Release: Source

Abu Dhabi Commercial Bank (ADCB) announced today that a MoU has been signed with Zakat Fund, to enable ADCB customers, for the first time, to contribute to zakat through electronic channels.
In addition to financing the cost of all technical systems and support, ADCB will develop the new IT infrastructure necessary for collecting zakat on behalf of the fund by displaying a Zakat Fund icon on the Bank’s customer service electronic channels identifying this unique service……………………………………….Full Press Release: Source

From Arabtimesonline.com: Al Ahli Bank of Kuwait (ABK) announced net profits of KD 41.5 million for the nine month period ended Sept 30, 2010, achieving a 71 percent growth over KD 24.3 million profit for the same period in the previous year. Earnings per share have increased by 50 percent from 20 Fils to 30 Fils.
Commenting on these financial results, Ahmed Yousuf Behbehani, the Chairman of the Board, stated that “This significant improvement in performance is a result of the prudent strategies and conservative approach adopted by the Bank to minimize its risks in the prevalent difficult market environment……………………………………….Full Article: Source

From Kippreport.com: Dubai Islamic Bank Capital’s Chief Executive Officer Saad Zaman resigned from the company, a spokesman for its parent firm Dubai Islamic Bank (DIB) said on Sunday.
DIB Capital is the investment banking unit of DlB, the United Arab Emirate’s largest Islamic lender by market capitalization……………………………………….Full Article: Source