From Theasset.com: SWIFT has announced that ISO 15022 message standards for the processing of treasury murabaha transactions have been certified compliant with the international Islamic finance standards issued by AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions).
This certification paves the way towards the automated processing of murabaha treasury transactions, said to represent 60 percent of all Islamic financing……………………………………….Full Article: Source

From Gulf-daily-news.com: The aftermath of the financial crisis presents the Islamic financial industry with both an opportunity and a challenge. But anyone in the industry who thinks Islamic financial institutions can return to business as usual is wrong, according to Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj.
Speaking in a keynote address at the opening of the 17th Annual World Islamic Banking Conference (WIBC) at the Gulf Hotel, he said that while Sharia-compliant institutions, by their very nature, did not get involved in structured investment vehicles and other instruments that turned into toxic assets, the industry did follow conventional banking in becoming overleveraged……………………………………….Full Article: Source

From Ameinfo.com: At the 17th Annual World Islamic Banking Conference (WIBC 2010), Richard Thomas, CEO, Gatehouse Bank (Gatehouse) plc, a wholesale Sharia-compliant investment bank based in the city of London, and a subsidiary of the Securities House Kuwait, commented on the important issue that the Islamic banking and finance industry is facing today - a critical need for dynamism in business strategies to suit changing economic conditions.
“Everyone knows that the times have changed and we need to adapt accordingly,” said Richard Thomas……………………………………….Full Article: Source

From Arabnews.com: The president of the Islamic Development Bank has pledged to continue contributing to the economic development and social progress of Muslim communities. Dr. Ahmad Mohammad Ali said he wanted to develop “a very real action plan, to make a better citizenship in your country.”
The IDB president was speaking at the 11th Community Development Workshop (CDW), which began at the bank’s headquarters in Jeddah on Saturday and attended by more than 50 delegates, both men and women, representing about 50 NGOs in at least 16 countries……………………………………….Full Article: Source

From Thenational.ae: Dubai Islamic Bank (DIB) plans to launch the UAE’s first real estate investment trust in a move the bank hopes will rekindle the Dubai property market. Real estate investment trusts, commonly called REITs, allow investors to buy into a portfolio of properties, which pay income from rents and sales in much the same way as a mutual fund profits from equities.
The Emirates REIT, as it will be known, would allow the bank to tap into liquidity from overseas investors seeking access to local property markets……………………………………….Full Article: Source

From Bernama: AmIslamic Bank Bhd and Sabah Credit Corporation (SCC) on Wednesday signed a RM100 million Islamic banking facility that is set to spur Sabah’s economic development.
“We are indeed pleased to be associated with SCC, a catalyst for Sabah’s socio-economic development,” said Ambank Group Chairman Tan Sri Azman Hashim……………………………………….Full Article: Source

From Thestar.com.my: State-owned Sabah Credit Corp (SCC) is venturing into Islamic financing business with the launching of its i-Executive personal financing facility.
To kick off i-Executive, SCC has teamed up with AmIslamic Banking Bhd that will provide a RM100mil Islamic banking facility in the form of a revolving credit scheme and term financing with the underlying contract, Bai’ Inah……………………………………….Full Article: Source

From Bernama: The Sabah Credit Corporation’s(SCC) move to venture into Islamic financing, is a significant milestone in remaining relevant and competitive in financial business, said Chief Minister Datuk Seri Musa Aman.
He said, it was also because, Islamic financing is one of the country’s aspirations for a more resilient financial industry and part of the national Economic Transformation Programme (ETP)……………………………………….Full Article: Source

From Tradearabia.com: Bahrain-based Gulf Finance House (GFH) has won approval from its shareholders to raise funds up to $500 million through a convertible murabaha to boost its capital base and fund growth strategy.
Announcing the investors’ backing for its future plans, Esam Yousif Janahi, executive chairman of GFH, said the investors had also given the go-ahead for the acquisition of another 10 per cent stake in Khaleeji Commercial bank……………………………………….Full Article: Source

From Todayonline.com: The Singapore Management University (SMU) is offering a new master’s programme in Islamic law and finance. On track to launch in the first quarter of 2012, the degree course will be offered by SMU’s Islamic Law and Finance Centre.
Mr Ng Nam Sin, assistant governor of development at the Monetary Authority of Singapore, said the programme will serve the growing Islamic finance industry in Asia……………………………………….Full Article: Source

From Mondovisione.com: The appetite for financial products that comply with Shari’ah or Islamic law is on the rise; with estimates for the total value of Islamic financial assets globally standing at approximately USD1 trillion.
However, the development and progress of the Islamic finance market has not been uniform by any means and is characterised by its fragmented nature within several regions across the globe. Bursa Malaysia’s Global Head of Islamic Markets, Raja Teh Maimunah further illustrated this scenario at the World Islamic Banking Conference in Bahrain today, where she presented a paper on “Establishing Global Connectivity”……………………………………….Full Article: Source

From Elanthemag.com: The total global Muslim population is 1.6 billion, around 25% of the world’s population today. It’s expected to be nearly 50% of world population by 2050 if it continues to outpace global population growth by 1.5x-2x. The Muslim household on average is around 5 people per family compared to the United States at 2.6 people.
The typical Muslim demographic is younger. For example, in the Middle East, North Africa and the South Asian region, the focal geography of SM Advisory Group, almost 50% of the population is under the age of 25. Furthermore with a rising middle class and adoption of modern and urban trends the consumption potential is very attractive for decades to come……………………………………….Full Article: Source

From Reuters: A new global Islamic liquidity management corporation backed by central banks will start issuing Islamic bonds next year to help Islamic banks manage their liquidity, a board member said on Tuesday.
Liquidity management is seen as the weak point of the emerging Islamic finance industry as it currently relies on the use of commodity murabaha, a money market instrument only grudgingly accepted by Islamic scholars for lack of alternatives……………………………………….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 29 percent to $13.7 billion so far this year from the same period in 2009, according to data compiled by Bloomberg. Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008.
Malaysia Airports Capital Bhd: The company hired CIMB Investment Bank Bhd. and Citigroup Inc. to help it sell as much as 1 billion ringgit ($321 million) of 12-year Islamic notes………………………………………Full Article: Source

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From Reuters: Islamic banks need to diversify their business models away from deal-making fees to survive in a period without pre-crisis liquidity levels, Bahrain’s central bank said on Tuesday.
“Islamic financial institutions need to build diversified sources of revenue, relying not only on placement and performance fees, but also on the steady stream of income generated by such unglamorous but essential activities as advisory services, asset management and providing financial services to retail clients,” governor Rasheed al-Maraj said……………………………………….Full Article: Source

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From Omantribune.com: The Kerala state government informed the high court that an Islamic bank was established on the secular principles of Sharia law and irrespective of religion anyone can become a stakeholder.
The oral submission was made by Advocate General CP Sudhakara Prasad on a petition by Janata Party leader Subramanian Swamy and others challenging the proposal to start an Islamic financial institution……………………………………….Full Article: Source

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From Thestar.com.my: HSBC Amanah Malaysia Bhd, a wholly owned subsidiary of HSBC Bank Malaysia Bhd, is targeting to have 26 branches in the country by 2013.
HSBC Amanah deputy chairman and chief executive officer Mukhtar Hussain said the company intended to expand its Islamic finance branch network in Malaysia in the next two to three years……………………………………….Full Article: Source

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From Ameinfo.com: Bahraini retail and commercial banking institution, BMI Bank and Tamkeen today announced the launch of a Sharia-compliant financing scheme for enterprises within the local private sector to bolster the segment within the country.
Created in partnership with Tamkeen, the scheme will offer a suite of Sharia-compliant financial products under the umbrella of the Islamic Financial Services division within the bank……………………………………….Full Article: Source

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From Bloomberg: Noor Islamic Bank, a lender controlled by Dubai’s government, cut its workforce by at least 30 employees as it seeks to consolidate the business, Chief Executive Officer Hussain Al Qemzi said.
“Thirty something” employees were let go a few weeks ago, Al Qemzi said today in an interview in Manama……………………………………….Full Article: Source

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From Reuters: Dubai Islamic Bank (DIB) launched the emirate’s first sharia-compliant real estate investment trust to aid in the recovery of the country’s battered real estate sector, top executives said on Tuesday.
Emirates REIT, a joint venture between DIB and French property firm Eiffel Management, looks to attract sharia-compliant property such as office buildings, warehouses, schools and car parks and convert the rental income into dividends for investors, said Adnan Chilwan, chief of retail banking at DIB……………………………………….Full Article: Source

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From Bloomberg: Restricting the number of boards religious scholars are involved in would curb growth in the $1 trillion Islamic finance market, says a Bahraini scholar who advises Citigroup Inc. and HSBC Holdings Plc.
The Accounting & Auditing Organization for Islamic Financial Institutions, a Manama-based agency, said in August it’s considering guidelines on scholars owning shares in the institutions they serve and the number of advisory boards they can join, to reduce the risk of conflicts of interest……………………………………….Full Article: Source

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From Bernama: Microfinance can be the new focus in Islamic finance as industry players are looking at news avenues to channel excess liquidity in the system, says an industry expert.
Yavar Moini, Head of Islamic Banking, Morgan Stanley, United Arab Emirates, said it was possible to develop a syariah-based microfinance product……………………………………….Full Article: Source

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From Gulf-press.com: Financial markets with a significant Islamic finance sector are recovering faster at 5% growth compared with the global average of 3.5%, stated a new report produced in collaboration with global management consultancy McKinsey & Company.
Despite Islamic banking assets growing at an average of 12% from 2008 to 2009, the profitabilityof Islamic banks in these markets has declined……………………………………….Full Article: Source

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From Gulfweeklyworldwide.com: More than 1,200 delegates from over 50 countries are taking part in the 17th annual World Islamic Banking Conference (WIBC 2010) which ends today at the Gulf Hotel. The three-day event has been convened under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa and held under the auspices of the Central Bank of Bahrain.
Under the theme ‘Building a new growth paradigm - Islamic banking and the new global financial landscape’, the event has featured a series of pragmatically-focused workshops and executive briefing sessions led by experienced and respected industry experts……………………………………….Full Article: Source

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From Asiantribune.com: Insurance Board of Sri Lanka (IBSL) has called for quotations from persons with financial or legal background with insurance experience to be appointed as an administrator to Ceylinco Takaful Ltd; a Islamic insurance arm owned by former Ceylinco Group.
A notice to public by the IBSL, island nation’s insurance watch dog further said that the appointment is yet to be taken place in terms of section 20 of the Regulation of Insurance Industry Act No.43 of 2000 to manage and administer the claim settlement procedure of the company……………………………………….Full Article: Source

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From Bernama: Hong Leong Tokio Marine Takaful (HLTMT) targets RM1 million contribution in the first six months for its newly launched takaful product, HLTMT i-Ihsan.
Chief Executive Officer Ab Latiff Abu Bakar said this product was the first that offers customers the flexibility in choosing the amount of sum covered or protection and savings based on their financial needs……………………………………….Full Article: Source

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From Finextra.com: UMEX Capital Markets Group plc announced that, in partnership with ULLINK, it has launched a dedicated broker dealer gateway cloud - UGx for Islamic banks, fund managers and brokers to interact with each other using FIX connectivity.
The UMEX Gateway Xchange is a connectivity hub where traders and market participants, who are operating in the Islamic finance sector, can deal in real time in securities from over 50 exchanges around the world. UGx facilitates interaction between institutions, brokers, fund managers, markets, and even from system to system……………………………………….Full Article: Source

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From Reuters: Bankers hoping to introduce the wider use of derivatives in Islamic finance said on Monday they would develop simpler individual contracts to try and foster the wider use of such instruments.
Islamic finance industry body IIFM and several international banks launched in March the Tahawwut Master Agreement (TMA), a template for an over-the-counter Islamic derivatives contract that aims at allowing quicker and cheaper Islamic risk management and more frequent cross-currency transactions……………………………………….Full Article: Source

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From Bloomberg: Islamic bonds slumped last week by the most since May as Ireland sought aid to shore up its banking system, reducing demand for the yield premium available on sukuk and damping the outlook for new sales.
Average yields climbed 22 basis points to 4.88 percent, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. Trading volumes declined because of the holiday in the Persian Gulf from Nov. 15 to Nov. 18 to celebrate the Muslim festival of Eid-al-Adha, according to Kuala Lumpur-based CIMB-Principal Islamic Asset Management Bhd……………………………………….Full Article: Source

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From Arabianbusiness.com: The International Islamic Financial Market, a Bahrain-based agency seeking to set standards for Islamic securities, may issue global guidelines in the next 12 to 18 months to facilitate the sale of sukuk, an official said.
“We are working on a sukuk master agreement based on asset-backed structures,” IIFM’s chairman Khalid Hamad said in an interview in Manama on Monday……………………………………….Full Article: Source

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From Arabnews.com: The asset-backed sukuk is set to be reality soon largely due to the efforts of the International Islamic Financial Market (IIFM) to develop a master agreement on this new form of Islamic bonds, a top official at the IIFM said on Monday.
Khalid Hamad, executive director at the Central Bank of Bahrain and chairman of the IIFM board, said all concerned parties have been consulted to prepare a master agreement paving the way for a shift from the asset-based to asset-backed sukuk, or Islamic bond structure……………………………………….Full Article: Source

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From Tradearabia.com: Iran will issue bonds worth some 5 billion euros ($7 billion) to help finance development of its giant South Pars gas field, the semi-official Mehr news agency quoted a senior official as saying.
“Soon we will issue international bonds worth … 5 billion euros for the development of this field that Iran shares with Qatar,” Mehr quoted Ali Vakili, managing director of the Pars Oil and Gas Co (POGC), a subsidiary of the National Iranian Oil Co……………………………………….Full Article: Source

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From Bloomberg: Sabana Shari’ah Compliant Industrial REIT said it plans to raise S$533.4 million ($412 million) in an initial share sale in Singapore to create the world’s biggest Shariah-compliant property trust by assets.
Sabana will sell 508 million shares at S$1.05 each, at the mid-point of its pricing range of S$1 to S$1.10, according to a filing with the Monetary Authority of Singapore……………………………………….Full Article: Source

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From Emiratesfn.com: Shariah-compliant units at conventional banks are not as credible as Islamic banks themselves while the nature of Islamic banking makes it less risky than other banks, a senior UAE Islamic banker has said.
Tirad Mohammed, CEO of the government-controlled Abu Dhabi Islamic Bank (ADIB), also described securitization as a “double-edge sword” which should be carefully considered by Islamic banks given its high risk……………………………………….Full Article: Source

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From Emirates247.com: Aggregate third-quarter profits of the GCC banking sector declined 6.8 per cent year-on-year (YoY) but witnessed an increase of 2.9 per cent quarter-on-quarter, according to a new report by Global Investment House (Global).
With a 43 per cent growth in quarter-on-quarter (QoQ) profits, UAE banks were the second-best performers in GCC, following Kuwaiti banks, whose profits grew 48 per cent QoQ, according to a Global study of 30 of the largest banks in the GCC……………………………………….Full Article: Source

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From Btimes.com.my: Until Islamic finance can have its own set of syariah-compliant benchmarks for investing and financing, the criticism of dependence to conventional finance will continue. But, if Islamic finance is eventually deemed “conventionally efficient”, then Islamic benchmarks should have same returns/value, but the means to the ends would be different.
The cross sell of Islamic finance to non-Islamic investors, investing or financing, is, at minimum, about market performance. However, to many Islamic investors, it must not only outperform Islamic indexes, but also conventional benchmarks……………………………………….Full Article: Source

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From Arabianbusiness.com: Gulf Finance House, a Bahrain based investment bank, sees no obstacles to repaying $300 million of rescheduled debt starting from 2012 as it begins a recapitalization, its chief executive officer said.
Ted Pretty said: “There’s no doubt we are tight on cash because we are selling assets, but part of the recapitalization is to raise new cash which is no different to what is happening to every major bank around the world, the idea is you don’t want all your debt maturing at the same time.”………………………………………Full Article: Source

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From Emirates247.com: The global fiscal turmoil largely stifled growth in Abu Dhabi’s financial sector despite massive support provided by the government. According to official data, gross fixed capital formation (local investment) in the banking and insurance sector grew by around 5.9 per cent in 2009 compared with as high as 29 per cent in 2008.
The figures by the Abu Dhabi Department of Economic Development showed growth in the value added in the sector also slowed down to about four per cent last year from nearly 11 per cent in 2008……………………………………….Full Article: Source

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From Thepeninsulaqatar.com: Demonstrating its strong focus on product innovation, QInvest and joint venture partner ABN AMRO, (previously Fortis Bank Nederland), won the ‘Shariah Fund of the Year’ award by successfully closing the $75m financing for the first ever Shariah-compliant Mezzanine Shipping Fund, a release by the QInvest said.
“The award expresses our commitment to contributing to the development of the Islamic financial services industry by offering innovative Sharia’a compliant investment solutions to our investors in the GCC region,” said QInvest’s CEO Shahzad Shahbaz……………………………………….Full Article: Source

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From Gulf-daily-news.com: More than 1,200 delegates from 50 countries will take part in the 17th Annual World Islamic Banking Conference (WIBC 2010) at the Gulf Hotel which will open today with pre-conference workshops.
The three-day event has been convened under the theme “Building a new growth paradigm - Islamic banking and the new global financial landscape”……………………………………….Full Article: Source

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From Arabnews.com: While other Muslim countries appear to be either fair-weather or ambivalent friends of Islamic finance, Malaysian policymakers continue with their strong support with the core objective of taking the industry to its next logical level.
Whether it is in the numerous speeches by the prime minister and his Cabinet, or by the regulatory officials; or in the National Development Plan; or in agreements signed with foreign governments; or in the investment strategies of its two sovereign wealth funds (SWFs);………………………………………Full Article: Source

From Gulfnews.com: One of the reality checks of Islamic finance, beyond the award winners, is appreciating the work of the ‘grind’ warriors of Islamic finance. These people cum institutions are the ‘unsung stars’ of this niche market, and they need to be acknowledged.
There is much ‘cut and paste’ website coverage on Islamic finance, hence, same ‘news’ repeated on different venues. The need of the hour is analysis of the news and developments, including how conventional ‘instruments and policies,’ impact Islamic finance……………………………………….Full Article: Source

From Arabnews.com: The Irish banking system may be beleaguered and awaiting an imminent bail out from the eurozone countries through the European Central Bank, but the Irish Revenue and Customs is pressing ahead with its tax neutrality regime to facilitate the introduction of Islamic financial transactions in the country.
The Irish Revenue in October 2010 published its latest report on Islamic finance, namely ‘Guidance Notes on the Tax Treatment of Islamic Financial Transactions’ which relate to Islamic investment funds; leasing and hire purchase (ijara) arrangements; takaful (Islamic insurance) and retakaful (Islamic reinsurance);………………………………………Full Article: Source

From Rnw.nl: Senegal is the latest African nation looking to tap the growing Islamic finance market by issuing its first sovereign Islamic bond in 2011, three sources familiar with the matter, including an official at Senegal’s Ministry of Finance said.
Two people familiar with the talks confirmed that Citibank is serving as an arranger on the planned Islamic bond, or sukuk. But they said the deal is still in its very early stages and details on size and tenor remain sketchy……………………………………….Full Article: Source

From Bt.com.bn: In the aftermath of the global financial crisis, Islamic finance experts touted that the Islamic finance sector was less affected and that Syariah-compliant investment products are safer than their conventional counterparts.
But are Islamic finance investment products really better?………………………………………Full Article: Source

From Cpifinancial.net: Islamic Finance Advisory & Assurance Services (IFAAS) has opened a Gulf office in Bahrain to serve the growing demand for Islamic finance expertise and knowledge with European service standards
IFAAS, the European Islamic finance consultancy, has announced the opening of its Gulf office in Manama, Bahrain. The new office is located in Manama’s Bahrain Financial Harbour……………………………………….Full Article: Source

From Ameinfo.com: Mashreq Al Islami, the Islamic banking division of Mashreq announced today the launch of its new specialist ‘Islamic Personal Finance’ products which are tailored to suit the financial needs of customers looking for Sharia’h compliant personal finance.
The new products are available under three Islamic concepts; Goods Murabaha, Service Ijarah (Manfa’) and Tawarruq, and are available to all customers across the UAE……………………………………….Full Article: Source

From Thepeninsulaqatar.com: International Islamic (QIIB) has launched an innovative product - Flexible Finance, which provides customers with unprecedented advantages that meet their needs and helps them schedule their financial commitments.
QIIB Assistant CEO Jamal Al Jamal (pictured) said Flexible Finance is being launched after a careful and precise real study of the types of products available in the local banking market……………………………………….Full Article: Source

From Brecorder.com: This piece presents quantitative analysis of the growth of Islamic banking institutions (IBIs) in Pakistan. The focus of quantitative analysis has been reviewed covering: branch network, financing pattern of IBIs, their investments, financing and selected performance indicators as compared to total banking industry of the country.
Information in respect of above was extracted from two issues of Islamic Banking Bulletin (December 2009 and March 2010) released by Islamic Banking Department of State Bank of Pakistan, Karachi……………………………………….Full Article: Source

From Tribune.com.pk: The momentum of growth in the Islamic banking industry, despite a slowdown in overall economic activity over the past two years, has sparked optimism that Islamic banks may achieve a 12 per cent share of the sector in the next two to three years, according to the State Bank of Pakistan (SBP).
Islamic banking in the country has shown tremendous growth since its re-launch in 2003 – the share of Islamic banks in the industry increased to more than six per cent at the end of June this year, the SBP said in its annual performance report for 2009-10……………………………………….Full Article: Source