Rumours of the first Australian and Kazakh sukuk are bubbling up again. We’ve heard it before, but perhaps this time the reports will be followed by action. For the sake of the market, let’s hope so. The Islamic finance market now needs to move to the next level, with broader international involvement.
The past few days have brought fresh signals that Islamic bond issuance might be about to begin in several new countries. But that news has been trumpeted before, only for the deals to prove no-shows………………………………………..Full Article: Source

The total global sukuk issuance for both government and corporate is estimated at US$44 billion this year, with Malaysia accounting for 60 per cent or close to US$26 billion.
Last year, the global sukuk issuance totalled US$26.5 billion. HSBC Amanah Malaysia Bhd’s Chief Executive Officer Rafe Haneef said sukuk issuance in Asia was expected to be the highest this year, led by Malaysia………………………………………..Full Article: Source

Issuance of Islamic bonds will be stimulated by a tightening of yields versus conventional bonds as banks chase a finite amount of quality sukuk instruments, HSBC’s Islamic arm Amanah said on Tuesday.
HSBC has previously forecast global sukuk volume of $44 billion in 2012, up from $26.5 billion last year. Malaysia is expected to continue to dominate issuance with about 60 percent of the total; Malaysian toll expressway company PLUS Berhad conducted a $10 billion sukuk issue in January………………………………………..Full Article: Source

European Islamic Investment Bank (EIIB) plans to significantly expand the asset management business of Rasmala Investment Bank, said a press statement.
Earlier this year, EIIB completed a strategic controlling investment in Rasmala. Rasmala manages approximately $650 million and has a regulated presence in Saudi Arabia, UAE, Oman and Egypt………………………………………..Full Article: Source

In March 2012, QIB (UK)’s EFH Global Sukuk Plus Fund broke through the $200 million level of assets under management for the first time. The Global Sukuk Plus Fund’s total return since inception has been 21.43 per cent, whilst the annualised return since inception has been 6.21 per cent.
Over the three years since the fund’s inception Global Sukuk Plus Fund has continued to increase in AUM, raising over $100million in the past year. QIB said that this has highlighted the appetite of investors for Sukuk………………………………………..Full Article: Source

The launch of Saudi Arabia’s first domestic programme shows that the country’s investors and regulator are growing more comfortable with the instrument, according to counsel on the deal.
Almarai’s landmark SAR2.3 billion ($613 million) programme was established on March 29, and included an inaugural issuance of SAR1 billion. The issue was privately placed with Saudi investors………………………………………..Full Article: Source

The Board of Directors of Kazakhstan Development Bank JSC decided to issue and place medium-term Islamic bonds in accordance with the laws of Malaysia. The estimated amount of the bond program is up to 500 million US dollars.
Moreover, it is expected that the first issue will total 200 to 300 million US dollars with a term of no less than 5 years………………………………………..Full Article: Source

The $232 million Sukuk was issued on 1 April 2012 and will mature on 2 April 2013. This is the first Sukuk that the Central Bank has sold under its Salam programme.
Yemen’s Central Bank has sold has sold its debut Sukuk under the Salam programme. The Shariah structure has been approved by the Shariah Supervisory Board of the Central Bank……………………………………….Full Article: Source

The Islamic Development Bank, Dallah Albaraka Group and the Qatari government signed a memorandum of understanding to set up an Islamic Bank with a paid up capital of $1 billion.
The so-called Mega Islamic Bank shall provide “liquidity- management solutions in an effort to create an Islamic interbank market,” Ahmad Mohamed Ali Al-Madani, chairman of IDB, a Jeddah-based multilateral lender, said. The bank will have a subscribed capital of $500 million, he said during the signing ceremony at IDB’s annual meeting in the Sudanese capital, Khartoum………………………………………..Full Article: Source

A tripartite agreement has been signed here yesterday to establish a large Islamic bank in Doha with a capital of $1 billion. Sudan President Omar Al-Bashir attended the signing by Qatar Islamic Bank, Islamic Development Bank and Dallah Albaraka Group.
“The three founders have subscribed to half of the new bank’s capital ($500 million),” an official statement issued by IDB said. Ahmed Muhammad Ali, president of IDB, said the new bank would facilitate the establishment of a financial market by Islamic banks and provide innovative solutions for liquidity management………………………………………..Full Article: Source

Islamic finance industry is making mark in the world and it is a good sign as it presents an opportunity for people to apply the true tenets of Islam to their present-day economic needs, Dr Ali Mohiyuddin Al Quradaghi, chairman, Shariah Supervisory Board of Al Hilal Islamic Banking Services, ahlibank Oman said.
“There are scores of Islamic banks working to achieve the goals it has set in and Al Hilal Islamic Banking services of ahlibank is one of them. There are number of Islamic financial tools like mudaraba, musharaka on the liabilities front while on the assets side, there are around 60 such instruments. So you have plenty of options to work upon the principles based on Shariah,” he said………………………………………..Full Article: Source

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has proposed more detailed accounting standards for real estate while increasing disclosure for Islamic banks’ investment accounts.
The move by the Bahrain-based AAOIFI, one of the main standard-setting bodies in Islamic finance, suggests it is responding to the same kind of pressure to tighten standards that has been seen in the conventional finance industry since the global financial crisis erupted in 2008………………………………………..Full Article: Source

Azerbaijani Amrahbank signed a Line of Financing agreement with The Islamic Corporation for the Development of the Private Sector (ICD) worth $2 million, the bank’s statement said on Tuesday.
“The financing facility will be extended to the SMEs sector to projects in communication, technology, health, manufacturing, service, retail, industrial, agricultural and other sectors,” the statement said………………………………………..Full Article: Source

The Board of Executive Directors of the Islamic Development Bank (IDB) has approved an additional $389.3 billion to support development initiatives in member countries and Muslim communities across the world.
The approval was given at the 282nd meeting of the board, which took place in the course of the 37th Annual Meeting of IDB, on Tuesday in Khartoum, Sudan………………………………………..Full Article: Source

Amrahbank has signed the agreement with the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group (IDB).
The bank reports that on 19 March Amrahbank signed a Line of Financing agreement with The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB) for a total of USD 2 million financing facility………………………………………..Full Article: Source

Noor Dubai Foundation (NDF), a non-governmental organization (NGO) active in prevention of avoidable causes of blindness, has extended its partnership with Dubai Islamic Bank Foundation (DIB) for another year.
An MoU was formally signed on Tuesday by both the organizations on the sidelines of the Dubai International Humanitarian Aid and Development conference 2012………………………………………..Full Article: Source

A new Islamic insurance (takaful) plan for lower income workers has been launched in the UAE with premium as low as Dh510.
Minimum entry age is 18 years old and maximum entry age is 65 years old. The plan is available only to manual workers and is not available to office workers even at low income. Income eligibility is Dh5,000 or less and/or Dh4,000 or less for workers with company accommodation, said Takaful Emarat, the UAE-headquartered Shariah-compliant life and health insurance company………………………………………..Full Article: Source

Shariah-compliant companies, either fully owned by Muslims, or jointly owned by Muslims and non-Muslims, or fully owned by non-Muslims, all are liable to pay ‘zakat’. The grounds justifying this include the compatibility concept of the legal entity between the civil and syariah laws and the consideration of public interests.
The importance of zakat as a social policy is underlined by the fact that it has been mentioned 80 times in the Quran paired together with the obligation of prayer………………………………………..Full Article: Source

One of the world’s most influential scholars on Islam’s impact on Middle East economics spoke before a large Baylor audience Monday, arguing certain provisions of Islamic law stifled innovation in the region for centuries.
Dr. Timur Kuran, professor of economics and political science at Duke University, said Islamic law discouraged the development of large corporations that accompanied Europe and America’s economic progress in the industrial revolution………………………………………..Full Article: Source