Abu Dhabi Islamic Bank, had partnered with Etisalat, to bring the first Islamic telecom reward payment card to the UAE. The new ADIB-Etisalat cards, available in Classic, Gold and Platinum, will be packed with attractive features and Etisalat related benefits. They will offer cardholders best-in-market sign up and Etisalat ‘MORE’ Reward points.
Commenting on ADIB’s long standing partnership with Etisalat, Sarvesh Sarup, Head of Retail Banking at ADIB, said: “We are delighted to extend our partnership with Etisalat and launch the UAE’s first Islamic telecom co-branded card………………………………………..Full Article: Source

Shaikh Saleh Kamil , Head of the United Chambers of Commerce, Gulf Region, delivered a speech at the Oman Chamber of Commerce and Industry (OCCI) yesterday on Islamic Economy and its significance in the present crises-ridden world.
The audience appreciated his thought-provoking comments on the various aspects of Islamic economy that prevent many ills that plague many economies today. On the issue of Zakat he says it is one of “my concerns for many years. Zakat can be the key tool for the economic and social growth………………………………………..Full Article: Source

Islamic Development Bank (IDB), an international financial institution based in Jeddah, Saudi Arabia, is ready to provide equity capital to Oman’s upcoming Islamic banking industry, development projects in the sultanate and private-sector businesses.
IDB provides equity capital and loans for projects and enterprises in accordance with Sharia law, besides providing financial assistance to member countries for economic and social development………………………………………..Full Article: Source

A documentary film that presents an alarming picture of the spread of radical Islam in the US, and of a jihadi agenda to dominate the world, is at the centre of a controversy after revelations that police authorities in New York used it as part of their police training regimen.
The film, titled The Third Jihad, claims that “home-grown” jihad in the US has acquired a critical mass and now poses a threat to national security, western liberties and “the American way of life”………………………………………..Full Article: Source

Indonesia plans to issue 2 trillion rupiah ($223.59 million) of project-based sukuk in the first half of this year, the finance minister said on Tuesday, after the country failed to sell the sukuk last year as investors asked for higher yields.
The Islamic instrument was first offered in October last year, only to see weak investor appetite due to the country’s shallow sukuk market………………………………………..Full Article: Source

Fitch Ratings says plans by sovereigns outside the Middle East and other largely Islamic regions to tap the sukuk market could meet pent-up demand from Islamic institutional investors and banks to diversify their bond holdings, making the sukuk market a useful source of additional funding over time.
The opportunity to buy shariah-compliant debt from investment grade sovereigns that have not yet tapped the market would be likely to generate strong investor appetite………………………………………..Full Article: Source

There is a pent-up demand for sukuk issuances from Islamic institutional investors and banks as they seek to diversify their investments from bond holdings and this opens up an opportunity for the sukuk market to be a useful source of additional funding, Fitch Ratings said.
The demand is likely to also come from sukuk supply from sovereigns outside Islamic nations in the Middle East and South-East Asia, the agency said, adding that South Africa and Ireland were seriously considering a sukuk issuance………………………………………..Full Article: Source

Bahraini lender Al Baraka Bank’s Turkish subsidiary will go ahead with a $200 million Islamic bond issue in the first quarter, after delaying a sale last month due to pricing concerns, the bank’s chief executive said.
‘We will launch the sukuk in the first quarter of this year,’ Adnan Ahmed Yousif said in an interview on the sidelines of an Islamic finance and banking conference in Oman………………………………………..Full Article: Source

Dubai’s Majid al Futtaim will begin meeting investors on Sunday ahead of a potential Islamic bond, or sukuk issue, a statement from the lead managers said on Tuesday.
The mall developer, which is the sole franchise for Carrefour in the Gulf, will meet investors in Abu Dhabi and Dubai on January 29, before a second day of roadshows in London and Kuala Lumpur on January 30, it said………………………………………..Full Article: Source

Abu Dhabi government-owned Al Hilal Bank has confirmed the appointment of three banks to manage its debut $500 million Islamic bond issue, which will be issued later this year, its chief executive Mohamed Berro said.
“We have started the preparatory work for issuing our first sukuk for which we are still at an early stage. We hope that this year we can tap the market,” Berro said in an interview on the sidelines of an Islamic finance and banking conference in Muscat………………………………………..Full Article: Source

Sharia banking assets have been rapidly growing in 2011. The total asset of sharia banking has increased by 49 percent from Rp79.6 trillion in 2010 to Rp149 trillion. Therefore, sharia banking has managed to gain 4 percent of the national banking market—a 0.72-percent increase from 2010.
“The figures included assets owned by 154 sharia people’s credit banks,” said Bank Indonesia Sharia Banking Director Mulya E. Siregar last week………………………………………..Full Article: Source

The Islamic Bank of Britain (IBB) could open more branches in Yorkshire as growing numbers of Muslims seek financial products that don’t offend their faith. The Birmingham-based IBB, which has opened its first Yorkshire branch, is also reporting strong demand for its services from non-Muslims who want an alternative to the mainstream banks.
Islamic banking’s source of funding, profits and business investments cannot be from businesses considered unlawful by Muslims………………………………………..Full Article: Source

Oman’s first Islamic Finance and Banking Conference which was organised by Al Iktissad Wal-Amal Group in collaboration with the Central Bank of Oman (CBO) concluded on Tuesday. The two-day conference explored the core of Islamic finance industry and its economic and financing role to support the economy.
The conference brought together a wide range of participants from various Arab and Islamic countries to exchange experiences and knowledge in Islamic banking industry………………………………………..Full Article: Source

Oman’s banking regulator Central Bank of Oman (CBO) is set to issue the much-awaited new rules and regulations on Islamic banking by the end of this month or early February.
“We are about to finish the first part of the rule book. And we are going to discuss it with the banks on January 25. The bank will be issuing the rules and regulations either by the end of this month or in the beginning of February,” Hamoud bin Sangour Al Zadjali, Executive President of CBO, said………………………………………..Full Article: Source

Oman’s First Islamic Finance and Banking Conference opened with a call to stake holders to take effective steps in promoting Islamic finance in their countries.
Speaking as the chief guest, Darwish bin Ismail bin Ali Al Balushi, minister responsible for financial affairs, said, “with an annual growth of 20 per cent and total assets worth a trillion US dollars the Islamic finance industry is poised for a leap in the coming years and time is opportune to lend it a push………………………………………..Full Article: Source

Deutsche Bank has won Islamic Finance news “Best Islamic Trustee/Custodian 2011″ Award. In addition, Deutsche Bank received the awards for “Project Finance Deal of the Year 2011″ and “Saudi Arabia Deal of the Year 2011″ recognizing Deutsche Securities Saudi Arabia’s successful execution of Saudi Aramco Total Refining and Petrochemical Company (SATORP) Sukuk Certificates.
The awarded SATORP Sukuk was the first public project Sukuk in the Kingdom of Saudi Arabia and in the region with an innovative Shariah structure of a combination of Istisna and Ijara with Musharaka contractual overlay interposed between the two. (Press Release)

The culture of Islamic finance contributed mainly to maintain Saudi resilience in the face of global economic downturn, Prince Turki Al-Faisal, chairman of King Faisal Center for Research and Islamic Studies, said.
“Saudi Arabia’s success and resilience in the current global economic downturn was due in large part to the Kingdom’s culture of Islamic finance — most notably Islam’s insistence on debt being tied to real equity and real assets,” said Prince Turki,recalling that there was a genuine connection between risk and reward that forced participants to maintain reasonable levels of leverage………………………………………..Full Article: Source

Around $900 billion in assets across the globe are managed by Islamic banks that operate according to sharia, an interpretation of Islamic law. In recent years, so-called Islamic finance has been growing at a rate of 15-20 per cent a year, and proved remarkably resilient to the financial crisis.
Proponents of the relatively new sector point to its back-to-basics financial structures, which have made it popular with a number of non-Mulsim clients who have little appetite for risk. Critics, though, say the restrictions it comes with–prohibitions, for example, on paying interest and investing in anything that involves porn, pork or booze–are archaic and unworkable………………………………………..Full Article: Source

Will 2012 be the year of “come together” consolidation for Islamic banks? Size is often the justification for achieving economies of scale, used to access deals for league table prominence, used as a buffer in a challenging environment, used as defensive measure to ward off unwanted suitors, and so on.
Islamic banks are very much like Islamic (equity) funds. There are hundreds of Islamic banks and funds, but the paid-up capital and assets under management, respectively, is too small to be meaningful. Yet, both, more so Islamic banks, present a unique situation (of an industry risk) of “too small to fail”………………………………………..Full Article: Source

Citigroup Europe is interested in entering into the sukuk, or Islamic bond, market in Turkey, the group’s Middle East and Africa (EMEA) board director Alberto Verme told Hürriyet.
Citigroup is one of the pioneers of the sukuk market in the Middle East Verme said, adding that it had worked with three banks in the region, while also pursuing activities in Indonesia and Malaysia. ……………………………………….Full Article: Source

HSBC Saudi Arabia said it had led a very successful SR15 billion ($4 billion) 10-year Sukuk issuance for the General Authority of Civil Aviation (GACA). The funds from the Sukuk issuance will be used for the construction of the new King AbdulAziz International Airport in Jeddah.
Walid Khoury, CEO of HSBC Saudi Arabia, ‘We are extremely proud and honoured to be part of this historic transaction, that is globally the largest single-tranche Sukuk ever issued.’……………………………………….Full Article: Source

Plans by sovereigns outside the Middle East and other largely Islamic regions to tap the sukuk market could meet pent-up demand from Islamic institutional investors and banks to diversify their bond holdings, making the sukuk market a useful source of additional funding over time, Fitch Ratings said.
The opportunity to buy Shariah-compliant debt from investment grade sovereigns that have not yet tapped the market would be likely to generate strong investor appetite………………………………………..Full Article: Source

Abu Dhabi government-owned Al Hilal Bank has confirmed the appointment of three banks to manage its debut $500 million Islamic bond issue, which will be issued later this year, its chief executive said on Monday.
“We have started the preparatory work for issuing our first sukuk for which we are still at an early stage. We hope that this year we can tap the market,” CEO Mohamed Berro said in an interview on the sidelines of an Islamic finance and banking conference in the capital of Oman………………………………………..Full Article: Source

The United Kingdom is no where nearer to going to the wholesale sterling market to raise financing through a debut benchmark sovereign sukuk in 2012 than it was in January 2011 when Treasury last confirmed that it would not be “value for money” for the UK taxpayer to do so.
The latest minister to reiterate the “not-value-for-money” explanation is Lord Sassoon, Commercial Secretary to the Treasury, and the minister in overall charge of the coalition government’s Islamic finance policy………………………………………..Full Article: Source

NASDAQ Dubai and the Dubai Financial Services Authority (DFSA) explained the advantages of listing conventional bonds and Sukuk on the region’s international exchange, at a forum attended by leading investment banks and law firms.
The event held at the Dubai International Financial Centre (DIFC) provided details of the new listing and admission framework, following the transfer of NASDAQ Dubai’s Official List of Securities to the DFSA in October 2011. This framework gives issuers the ability to list debt in a streamlined manner under an aggressive timetable, comparable to listing regimes on other international exchanges. (Press Release)

Plans by South Africa’s National Treasury to introduce Islamic bonds are gaining a strong support in the African country, amid expectations the move would help boost the state’s economy.
“I am sure this was at the request of those Middle Eastern countries because SA has a small Muslim population,” Kokkie Kooyman, head of Sanlam Investment Management: Global,said………………………………………..Full Article: Source

The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD18 million issue, which carries a maturity of 91 days, has been subscribed by 208%.
The expected return on the issue, which begins on 25 January 2012 and matures on 25 April 2012, is 1.25%. The securities are issued by the CBB on behalf of the Government of the Kingdom of Bahrain………………………………………..Full Article: Source

Tebyan Asset Management (Tebyan), the joint venture asset management arm of Qatar First Investment Bank (QFIB), yesterday announced its debut Tebyan CHIME Opportunities Fund (Fund). This is the first of its kind Shari’ah-compliant product to offer investors a gateway to the emerging economic axis of the Arab-Indo-China regions.
QFIB is Qatar’s independent Islamic investment bank, authorised by the QFC Regulatory Authority………………………………………..Full Article: Source

Oman’s two Islamic banks will float 40 percent of their shares by June, the sultanate’s central bank Executive President Hamood Sangour al-Zadjali said on Monday.
“Bank Nizwa will issue an initial public offering of 40 percent of its capital of 150 million rials ($389.61 million), while Al Izz International Bank will issue 40 percent of its 100 million rials capital by June this year,” Zadjali told reporters on the sidelines of an Islamic finance conference………………………………………..Full Article: Source

Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs, has ruled out any government plans to invest in the Islamic banking sector. Speaking at the opening of the First Islamic Banking here yesterday, Al Balushi said that conditions are ripe for Islamic banking in the Sultanate where the society considers the monetary system as part of its values.
The sector looks lucrative due to limited financing by traditional monetary institutions, thus paving the way for other investors to operate. Al Balushi expected that the Islamic banking sector will provide new employment opportunities for youth………………………………………..Full Article: Source

His Highness Sayyid Fahd bin Mahmood al Said, Deputy Prime Minister for the Council of Ministers, received here yesterday Dr Ahmed Mohammed Ali al Madani, Chairman of the Islamic Development Bank Group, who is currently taking part in a conference hosted by the Sultanate.
HH Sayyid Fahd hailed the role of the international Islamic banking institution in supporting communication among the 56 member states of the Organisation of Islamic Co-operation. He expressed appreciation for the Islamic Development Bank Group’s efforts in supporting social and economic development and trade financing in member states………………………………………..Full Article: Source

ahlibank, one of the leading financial institutions of the Sultanate, unveiled the logo of its Islamic banking services in Oman. The logo of the Islamic banking services under the brand name of Al Hilal Islamic Banking Services, were inaugurated by His Highness Sayyed Faisal bin Turki Al Said, COO, Brand Oman Management Unit.
The members of ahlibank’s board of directors, the Sharia Board, CEO and senior officials of the bank were also present at the ceremony………………………………………..Full Article: Source

Mohamed Hamed Rashid is confident on his investment structure. Already, he has thrown over $100,000 into funding a new alternative energy project, but instead of looking for interest on his savings and start-up capital, he prefers the Islamic banking structure, which he argues delivers more freedom and more security than traditional Western banking.
“When I looked at the possibilities and where to put our money, the Islamic bank was the best option for us,” Rashid told Bikyamasr.com……………………………………….Full Article: Source

The profit of Islamic banking industry (IBI) reached Rs 8 billion by end of the first quarter of 2011-12, showing growth of over 58 percent, as earning’s growth rate of conventional banks having Islamic banking branches is significantly higher than the growth rate of full-fledged Islamic banks.
The study ‘Islamic Banking Bulletin July-September 2011’ released by the State Bank of Pakistan (SBP) revealed that the share of full-fledged banks in overall profit of IBI though declined marginally over this quarter still constitutes major share (55 percent share) of overall profit of the industry………………………………………..Full Article: Source

Qatar International Islamic Bank’s (QIIB) net profit jumped to QR653m, a growth of 17 percent, for the year ending 2011. Announcing the results, QIIB Chairman and Managing Director Sheikh (Dr) Khalid bin Thani bin Abdullah Al Thani said the results indicate the bank has improved its overall performance and equipped it to play a major role in the Qatari economy. QIIB is working towards achieving the top position in Islamic banking, he added.
The full year results were announced after a meeting at the QIIB Board of Directors here yesterday. The Board recommended to the General Assembly of shareholders the distribution of dividend 35 percent of it’s paid up capital equivalent to QR3.5 per each share………………………………………..Full Article: Source

Barclays Wealth, the UK lender’s private bank, said on Sunday it has named Faisal Shaker head of its business in Saudi Arabia, the Arab world’s largest economy. Shaker will report to Rory Gilbert who is managing director, head of Middle East and North Africa.
Gilbert said the appointment reflects the “mounting focus” on Saudi Arabia, which is one of the region’s most appealing private banking hotspots. Prior to joining Barclays, Shaker was head of wealth management for Audi Capital Saudi Arabia………………………………………..Full Article: Source

The Islamic Development Bank (IDB) will provide around $3 billion to Pakistan during 2012-15 to help it achieve sustainable socio-economic development. The IDB plans to provide the funding under a new partnership strategy, a copy of which has been obtained by Dawn.
The assistance will be used for infrastructure development in energy and transport sector; supporting sustainable agriculture and rural development; and enhancing human development in education and health sectors………………………………………..Full Article: Source

Majid Al Futtaim Holding on Monday announced 10 per cent year-on-year increase in revenues and indicated expansion in both existing and new markets during 2012. The leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA), said the company has strong liquidity and waiting for right time to go for Islamic or conventional bond.
Revenues reached Dh18.7 billion in 2011, at the same time its Earnings before Interest, Taxes Depreciation and Amortization (EBITDA) from recurring operations grew by 18 per cent year-on-year to reach over Dh2.7 billion, according to the company………………………………………..Full Article: Source

Islamic Holding Group has announced its full year results for the period that ended on December 2011. The announcement came after meeting of the board of directors held here yesterday under the chairmanship of Sheikh (Dr) Khalid bin Thani bin Abdullah Al Thani, Chairman of the Board of Directors.
The results showed that the net profit of the Group by the end of December, 2011 was QR4.6m, compared with QR4m by the end of 2010, a growth of 16 percent………………………………………..Full Article: Source

Abu Dhabi Islamic Bank (ADIB), in its Abu Dhabi 2011 Report unveiled by Oxford Business Group, highlighted the important role played by the Islamic banking sector in promoting economic and financial growth in the UAE. The report revealed that the UAE Islamic financial services sector represented 30% of the global Islamic banking industry in 2011 and due to the growing demand for Islamic financial services among different customer segments within the UAE.
The report showed that Islamic banks have played a major role in financing UAE infrastructure projects, residential properties for UAE nationals and development of the human capital market through training of national talent. Islamic banking assets in MENA rose to US$ 416 billion in 2010. This represented a cumulative annual growth rate of 20% over five years, compared with less than 9% for conventional banks. (Press Release)

The deadline of Dec. 31, 2011, as per the directive issued by the Central Bank of Qatar (CBQ) in January 2011 requiring the country’s conventional banks which have opened Islamic banking windows to close them down, has passed almost unnoticed.
Despite the initial outcry at the time of the announcement of the directive stressing that it was too arbitrary and the grace period was too tight, there has been no upheaval of the Islamic finance industry in the emirate. ……………………………………….Full Article: Source

The United Kingdom is no where nearer to going to the wholesale sterling market to raise financing through a debut benchmark sovereign sukuk in 2012 than it was in January 2011 when Treasury last confirmed that it would not be “value for money” for the UK taxpayer to do so.
The latest minister to reiterate the “not-value-for-money” explanation is Lord Sassoon, Commercial Secretary to the Treasury, and the minister in overall charge of the coalition government’s Islamic finance policy………………………………………..Full Article: Source

Saudi Arabia’s General Authority for Civil Aviation (Gaca) plans to issue its second sukuk at the end of the year to help fund its 27 billion riyal ($7.2 billion) airport in Jeddah, its top executive told Al Arabiya.
‘The second issuance will be, God willing, at the end of this financial year (December 31),’ Prince Fahd bin Abdullah said………………………………………..Full Article: Source

Saudi Arabia’s General Authority of Civil Aviation (GACA) has said its first Islamic bond offering has been three times oversubscribed, Arab News has reported. On January 10, GACA offered sukuk worth SR15bn to investors.
“We have offered sukuk worth SR15bn for sale and that was oversubscribed more than three times thanks to the tremendous response from the investment firms, banks, government organizations and leading companies in the Kingdom,” said GACA president, Prince Fahd bin Abdullah. The funds would help GACA build the new SR27.1bn ($7.23bn) King Abdul Aziz International Airport in Jeddah. (Press Release)

It is not that the SR15 billion sukuk offering a few days ago by the General Authority of Civil Aviation (GACA) was three times oversubscribed, but the fact that this was the first major Saudi quasi-sovereign to raise funds from the Saudi riyal market though a sukuk issuance.
Hitherto it was utilities such as Saudi Electricity Company (SEC) and government owned entities such as Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture between Saudi Aramco and Total S.A. of France; and entities such as Saudi Basic Industries Corporation (SABIC), in which the government retains a 40 percent or so stake; that have lead the way in sukuk origination in the Kingdom usually through publicly listed local currency issuances. ……………………………………….Full Article: Source

RAM Ratings has assigned an enhanced rating of AAA(bg) to Musteq Hydro Sdn Bhd’s Bank-Guaranteed Sukuk Musharakah of up to RM80 million in nominal value (2012/2022); the long-term rating has a stable outlook.
The enhanced rating reflects the credit strength of the unconditional and irrevocable bank guarantee - in accordance with the Shariah principle of Kafalah - provided by Maybank Islamic Berhad, which carries AAA/P1 ratings from RAM Ratings. (Press Release)

Bahraini retail and commercial banking institution BMI Bank, together with leading regional insurer Medgulf Allianz Takaful, has announced the roll-out of two new series of long-term Sharia-compliant bancassurance products.
The products offer customers the opportunity to plan and invest in securing a better future for themselves and their families. “In line with our commitment towards enhancing our customers’ banking experience and providing them with a one-stop shop catering to their financial needs, we are rolling out our first series of bancassurance products that will be available to Bahrainis and expatriates across our network,” said BMI Bank chief executive Jamal Al Hazeem………………………………………..Full Article: Source

When you hear the words Islamic art, you may think it’s strictly religious art devoted to the Muslim faith. While some of the work was indeed created in service to Islam, to think so narrowly about this vast, valuable and diverse category of art could hurt you as an investor.
“Islamic art is anything that was produced under Islamic rule from the dawn of Islam in 622,” says Sara Plumbly, director of sales for Christie’s in London. Annually, Christie’s, Bonhams and Sotheby’s hold four auctions of the works………………………………………..Full Article: Source

Brunei is on the right track with its recent take in sukuk structuring and issuance over the recent years to aid the Sultanate’s infrastructural development, said an Islamic Finance scholar. “Though the market is relatively small in Brunei for now, I believe there’s a lot that sukuk can contribute in terms of infrastructure project financing for Brunei’s megaprojects,” said Sheikh Faizal Manjoo.
“The sky’s the limit when it comes to infrastructure financing through this Islamic concept. In the African continent, for example, infrastructure financing amounted to US$700 billion, with €400 billion for a project to bring African solar energy to Europe,” he said………………………………………..Full Article: Source

The idea that “markets hate uncertainty” is a cliche, but it has proved all too correct this month for Dana Gas. An information vacuum after a board meeting on Jan. 4 to discuss the company’s financial position, coupled with uncertainty over how the company intends to repay $920 million of a $1 billion convertible sukuk (Islamic bond) when it matures in October, caused the market to turn on the UAE energy firm.
Its share price dropped 17 percent in three days and the sukuk price slid on Monday to 64 cents on the bid side in the secondary market, according to Thomson Reuters data………………………………………..Full Article: Source