Dubai’s Emirates airline has hired three local banks to arrange a 1.9 billion dirhams ($517.3 million) Islamic loan facility to finance two of its planes, Arabic newspaper Al Bayan reported on Tuesday.
The Dubai government-owned airline has asked Dubai Islamic Bank, Ajman Bank and Al Hilal Bank to arrange the financing deal for a Boeing 777-300 and an Airbus A380 superjumbo, the paper said quoting unnamed banking sources………………………………………..Full Article: Source

The momentum of global sukuk issuances has continued during January to reach $20.2 billion an annual increase by 23.1 percent, Kuwait Finance House Research LTD. (KFHR) reported.
According to the report, this huge figure of issuances is due to the $9.7 billion issuance announced by Plus Expressways Berhad, the biggest company in construction and operation of highways in Malaysia………………………………………..Full Article: Source

Dubai’s Jebel Ali Free Zone (Jafza) is in talks with banks about how to repay its Dh7.5 billion ($2 billion) Islamic bond due November, with most of the liability set to be rolled over using a syndicated loan and a new sukuk, sources said.
The Dubai government-owned free zone is in talks with Dubai Islamic Bank, National Bank of Abu Dhabi and Standard Chartered about how to meet the obligation, two sources told Reuters on Monday, although the banks have not been formally appointed to any role………………………………………..Full Article: Source

Jebel Ali Free Zone FZE, a business park operator in Dubai, is in talks with banks for a loan to help pay a 7.5 billion-dirham ($2 billion) Islamic bond maturing in November, two people familiar with the matter said.
The state-controlled company has begun discussions with Dubai Islamic Bank PJSC, National Bank of Abu Dhabi PJSC and Standard Chartered Plc to raise about half the amount in a loan, the people said, declining to be identified because the information is private………………………………………..Full Article: Source

The Jebel Ali Free Zone (JAFZA) has been consulting a consortium of banks over how to repay its AED 7.5 billion ($2 billion) Sukuk due in November. JAFZA is reportedly in talks with Dubai Islamic Bank, National Bank of Abu Dhabi and Standard Chartered about how to meet the obligation, without appointing any of the banks to a particular role.
Sources have told Reuters that most of the liability is set to be rolled over using a syndicated loan and a new Sukuk………………………………………..Full Article: Source

Iran’s national budget for the next calendar yea (begins on March 21) has envisaged issuing €12.5 billion in bonds for financing domestic oil projects, Mehr news agency reported on Tuesday. Five billion dollars in bonds will be also issued in the current year to speed up implementation of the South Pars gas field projects.
According to Oil Minister Rostam Qasemi, Iran will also issue $15 billion in sukuk (Islamic Sharia-based) bonds in the current year to be invested in the domestic oil industry………………………………………..Full Article: Source

Abu Dhabi Islamic Bank (Adib) will provide Dh275 million ($75 million) syndicated Islamic financing facility to JBF RAK, a subsidiary of JBF Industries.
This marks the debut Islamic finance facility for JBF RAK, a specialist polymer manufacturer focused on PET polymer resin chips (chips) and BOPET film products (films). It is a leader in the Middle East region with a market share of over 20% in chips and film products………………………………………..Full Article: Source

To enhance financial literacy pertaining to Shariah law, customers of Bank Islam Brunei Darussalam (BIBD) can now sought Islamic financial advice from the bank’s recently qualified Islamic Financial Planners (IFP).
In an interview with The Brunei Times, both Nurul Jafriah Abdullah and Hjh Isnora Minudin felt it is a privilege following their success in obtaining their recent qualifications in addition to being Chartered Financial Consultants (ChFC) themselves………………………………………..Full Article: Source

Union National Bank (UNB) yesterday reported a full-year net profit of Dh1.5 billion, up 11 per cent compared to Dh1.35 billion in 2010. “The solid results for fiscal 2011 are an affirmation of the prudent strategy being pursued by the group focusing on targeted markets and key business segments,” said Mohammad Nasr Abdeen, chief executive officer.
The bank’s net interest income together with net income from Islamic financing was up 22.5 per cent to Dh2.38 billion in 2011 from Dh1.95 billion………………………………………..Full Article: Source

Al khaliji, the country’s new generation bank, has reported a 14% rise in its net profit to QR487mn in 2011. The bank has suggested 10% cash dividend, which will have to be approved by shareholders at the annual general assembly.
But net income from Islamic banking activities plunged 88% to QR11mn, owing to the need to comply with the Qatar Central Bank’s directive to suspend conventional banks’ Islamic financing activities………………………………………..Full Article: Source

Last month, German bank WestLB rolled out a new “Islam-compliant” investment product named the Islamic Strategy Index Certificate. The value of the certificate is based on the value of the WestLB Islamic Deutschland Index, consisting of shares of ten German firms “whose business activities are consistent with the ethical rules of Islam.”
The WestLB product prospectus explains that the Islamic Strategy Index Certificates “are certified by the Central Council of Muslims in Germany as Islam-compliant [Islam konformes] investment.” The Central Council of Muslims in Germany is an umbrella group of twenty-two Muslim organizations………………………………………..Full Article: Source

Emirates NBD Asset Management Limited, owned by Emirates NBD bank, said Standard ‘&’ Poor’s stressed that five of the NBD-run funds still retain its S’&'P A rating for the current year.
Emirates NBD AM provides a full range of investment products, offering exposure to the regional markets as well as global markets, covering all of the main asset classes, structured on either a Sharia compliant or conventional basis………………………………………..Full Article: Source

Dubai Shariah Asset Management’s Cayman Islands-domiciled DSAM Kauthar Gold Fund is being offered to retail investors.
Rabih Kais, Head of International Business Development and Sales, confirmed it to CPI Financial. The fund invests primarily in the shares of precious metals producers. The fund has a minimum investment of $5000 for retail investors and $100,000 for institutional investors………………………………………..Full Article: Source

Arabic newspaper Al Bayan reported that the airline has asked Dubai Islamic Bank, Ajman Bank and Al Hilal Bank to arrange the financing deal for a Boeing 777-300 and an Airbus A380 superjumbo.
The paper cited banking sources who did not wish to be named, and Emirates has so far been unavailable for comment. The facility will be a 12-year loan and the banks started the preparation of loan transfers in January, according to the paper………………………………………..Full Article: Source

The Securities and Exchange Commission of Pakistan (SECP) has issued Shariah compliance and audit mechanisms for Modarabas.
The NBFI and Modaraba Association of Pakistan on Tuesday said that around the world, Modaraba is used as an Islamic financial instrument but Pakistan has the unique privilege of having provided a statutory framework and elaborate regulatory regime for Modarabas to operate as corporate entities rather than remaining only a transactional concept………………………………………..Full Article: Source

The Governing Council of Bayero University, Kano-Nigeria has approved the establishment of an International Institute of Islamic Banking and Finance (IIIBF) in the University.
The Vice Chancellor Bayero University, Kano-Nigeria, Prof. Abubakar Rasheed has appointed Prof. Shehu Usman Rano Aliyu as the Director of the International Institute of IIIBF. ……………………………………….Full Article: Source