The controversy over the Goldman sukuk illustrates some of the weaknesses of the Islamic finance industry. These are leading to growing pressure for reform of the scholar system, though the power of entrenched interests, and the difficulty of coordinating policy in an industry where authority is spread across the Middle East and southeast Asia, may slow any change.
Scholars command great influence but their opinions, lacking definitive legal sanction, are often challenged, creating an uncertain regulatory environment………………………………………..Full Article: Source

Ibrahim Turhan, newly appointed CEO of Istanbul Borsasi, talks exclusively to Euromoney about his plans to expand Shariah-compliant products.
Ibrahim Turhan, the CEO and chairman of Istanbuls stock exchange,revealed ambitious plans to reform the Turkish capital markets.However, his first action as chairman was more symbolic than practical: renaming the stock exchange. ……………………………………….Full Article: Source

Tunisia’s government plans to issue the country’s first Islamic bond this year as it works to finance a budget deficit swollen by last year’s revolution, a senior Arab banker said on Wednesday.
“The Tunisian government is planning to issue an Islamic sovereign bond before the end of this year,” said Adnan Ahmed Yousif, chief executive of Bahrain-based Al Baraka Banking Group, an Islamic banking conglomerate with operations across North Africa………………………………………..Full Article: Source

The Central Bank of Bahrain (CBB)’s monthly issue of the Sukuk Al-Salam Islamic securities for the BHD 18 million issue, which carries a maturity of 91 days, has been subscribed by 186 per cent.
The expected return on the issue, which begins on 29 February 2012 and matures on 30 May 2012, is 1.18 per cent. The securities are issued by the CBB on behalf of the Government of the Kingdom of Bahrain………………………………………..Full Article: Source

Dar Al Arkan Real Estate Development Co said it’s in compliance with regulatory requirements and on track to meet payments, including Islamic bonds due in July.
Saudi Arabia’s second-biggest property company by market value responded to questions from Bloomberg News after a website by the name of “Dar Al Arkan in Crisis” said it had “prepared an archive of information and evidence which details a series of fraudulent actions, regulatory breaches and corporate malpractice.”……………………………………….Full Article: Source

Malakoff Corporation Bhd, via its wholly-owned subsidiary Tanjung Bin Energy Issuer Bhd, has signed financing agreements worth RM6.5bil for the development of the new 1,000 MW supercritical coal-fired power plant.
The new power plant which is adjacent to Malakoff’s existing Tanjung Bin power plant will be financed by a combination of senior and junior debt facilities, comprising of Islamic bonds and loans denominated in Malaysian ringgit and US dollar………………………………………..Full Article: Source

Despite the impact the European debt crisis has on the region, the investor appetite for GCC fixed income will continue to dominate in 2012, a senior official at the National Bank of Abu Dhabi said.
“More investors are seeing better value in GCC/EM bonds relative to similarly rated corporate and sovereign bonds in developed countries,” said Sameh Al Qubaisi, General Manager of Corporate Coverage and e-Commerce at the National Bank of Abu Dhabi………………………………………..Full Article: Source

Celebrating a growing market of Shari`ah-compliant funds, Canadian Muslims are resorting to products that comply with Islamic principles for their retirement income and investments. “The way I actually look at Shari`ah-compliant products is mainly as a subset of ethical, or socially responsible investing [such as avoiding the adult entertainment industry or any company that may negatively impact the environment],” Mohammad Khalid, a retired economist living in Oakville, Ontario, said.
Khalid, a devout Muslim, said Muslims must be careful about their investments, such as securities and equities………………………………………..Full Article: Source

The Governor of State Bank of Pakistan Yaseen Anwar said Islamic Finance is one of the most dynamic areas of financial services today. Financial and economic devastation caused by the recent financial crisis has provided further impetus to this healthy growth momentum as the Islamic financial system is increasingly being looked at as a prudent, stable and viable alternative to the conventional system.
He said despite all these positive developments during the last decades there exist many critical issues to be addressed to sustain the growth momentum on a long term basis………………………………………..Full Article: Source

A Dubai Islamic bank with ties to the emirate’s ruling family said Wednesday it stopped doing business with Iranian banks in December, shortly before the United States approved new sanctions targeting the country’s financial system.
The decision by Noor Islamic Bank cuts off yet another of Iran’s links to the international banking system. Noor appears to have acted — at least indirectly — in response to Washington’s efforts to tighten the screws on Tehran………………………………………..Full Article: Source

State Bank Governor Yaseen Anwar has said that the Islamic banking has great opportunity to finance projects in agriculture and small and medium enterprise (SME) sectors which are the avenues missed by conventional financial institutions.
“Reaching out to such sectors will not only be beneficial for the Islamic financial industry but will also guarantee economic welfare of society,” Mr Anwar said……………………………………….Full Article: Source

The number of Islamic places of worship in the United States soared 74% in the past decade. While protests against new mosques in New York, Tennessee and California made headlines, the overall number of mosques quietly rose from 1,209 in 2000 to 2,106 in 2010.
And most of their leaders say American society is not hostile to Islam, according to a comprehensive census of U.S. mosques and survey of imams, mosque presidents and board members released Wednesday………………………………………..Full Article: Source