Islamic finance, based on religious principles which avoid interest and pure monetary speculation, is growing rapidly, supported by large pools of sharia-compliant funds in the Gulf and the opening of North African markets in the wake of the Arab Spring.
Here is summary of commonly used terms and concepts: Amana: Deposit in trust; a widely applied term that refers to anything in the safekeeping of another………………………………………..Full Article: Source

Nakheel is all set for the second tranche of Dh4.8 billion Islamic bond, or sukuk, to be issued to its trade creditors by the end of April, chairman Ali Rashid Lootah said on Wednesday.
The developer of palm-shaped island issued the first tranche of the five-year sukuk worth Dh3.8 billion to its trade creditors in the last week of August and the asset-backed Islamic bond carries a profit rate of 10 per cent………………………………………..Full Article: Source

The chairman of Dubai-based real-estate developer Nakheel said yesterday he expects the second tranche of the company’s 4.8bn UAE dirhams ($1.31bn) sukuk to be issued to trade creditors by the end of April, while he also flagged signs of a recovery in high-end Dubai real estate.
“The second tranche will be launched at the end of this month, it will be on the same terms and listing (as for the first tranche) will be done as soon as possible,” Ali Rashid Lootah told reporters at the ground-breaking of Nakheel’s new Palma Residences project in Dubai………………………………………..Full Article: Source

Emirates may pay less than other Arabian Gulf corporate issuers to sell Islamic bonds after global borrowing costs declined and as the world’s biggest international carrier benefits from passenger growth.
The airline, which is considering refinancing $550 million (Dh2 billion) of sukuk maturing in June, may pay 339 basis points over similar maturity midswap rates, or about 4.55 per cent, according to the average estimate of four analysts………………………………………..Full Article: Source

The Qatari government informed Sudan that it will complete its promised purchase of government issued bonds as part of the deal struck by the leaders of the two countries last month.
The state minister at the ministry of finance and national economy Abdel-Rahman Dirar was quoted by Sudan official news media (SUNA) as saying that Qatar National bank (QNB)submitted all necessary documents to complete the process………………………………………..Full Article: Source

National Bonds has revealed a growing trend of savings among the UAE’s youth demographic, with the leading Shariah compliant saving scheme experiencing 12 per cent year-on-year growth in its number of customers below the age of 18, and a 25 per cent increase in the amounts of funds being saved by these customers.
National Bonds now has over 100,000 customers under the age of 18, which represents 16 per cent of its diverse customer base, from 120 nationalities………………………………………..Full Article: Source

Potential buyers of Malaysia’s RHB Capital Bhd. (RHBC) can grab an increasing share of the biggest market for Islamic bonds at a 24 percent discount to the bank’s rivals. RHB, whose Islamic banking profits rose ten times faster than total earnings last year, will become Malaysia’s largest stock broker after its acquisition of OSK Investment Bank Bhd., according to data compiled by Malaysia’s stock exchange.
As heightened competition from foreign lenders spurs mergers among Malaysia’s banks, the OSK purchase will further boost RHB’s allure, with the Islamic banking franchise also attractive for overseas bidders, Alliance Research Sdn. said………………………………………..Full Article: Source

Qatar Islamic Bank (QIB) , the Gulf state’s second-largest lender by market value, posted a 20.9 percent jump in first-quarter net profit, beating analysts’ forecasts, on increased fee income and growth in core business activities.
The bank made a net profit of 388 million riyals ($106.6 million), it said in a statement on Wednesday, exceeding the 321 million riyals it recorded a year earlier and above analysts’ average forecast of 351.5 million riyals………………………………………..Full Article: Source

Malayan Banking Bhd (Maybank) said it is keeping its options open in bidding for Al Amanah Islamic Investment Bank of the Philippines, the country’s only Islam-oriented commercial bank, a Philippine’s based newspaper reported.
Al Amanah Islamic Bank is looking for a strategic partner through the sale of a 49% stake or the entire bank to a foreign entity with expertise in Islamic banks………………………………………..Full Article: Source

Qatar National Bank has made a higher bid for Denizbank, the Turkish unit of stricken Belgian lender Dexia, after earlier talks stalled over price, four sources familiar with the matter said.
“The bid has been re-activated, and is on the table,” said one source. “The new offer is closer to what Dexia is expecting,” he added, saying that QNB’s original offer had been dismissed as too low………………………………………..Full Article: Source

Jordan Dubai Islamic Bank (JDIB), a full-fledged Islamic bank based in Jordan, has selected SunGard’s Ambit for credit assessment and credit portfolio monitoring to help lay the foundation for risk-based decision-making and pricing, and for improved capital and credit risk management.
The bank will use Ambit to help improve the efficiency of its credit process, enhance its relationship management capabilities, gain better visibility into its financing portfolio and comply with requirements laid out by the Basel II/III regulations………………………………………..Full Article: Source

The Islamic Development Bank has rated the Nigeria as the third fastest economy in the world with the GDP of 7.68 per cent. The two countries ahead of Nigeria according to IDB rating are Mongolia (14.9 per cent) and China (8.4 per cent)
Minister of state, finance, Yerima Ngama disclosed this on Wednesday at the weekly Federal Executive Council (FEC) meeting during his presentation on the outcome of the last (37th) meeting of the Islamic Development Bank (IDB)………………………………………..Full Article: Source

Nahed Taher, CEO and co-founder of Gulf One Investment Bank (Gulf One), was listed amongst the 20 most influential people in Islamic Finance as per Global Islamic Finance (GIF) magazine.
Taher is the only Arab woman to receive such recognition along with her only female counterpart, Tan Sri Dato’ Sri Zeti Akhtar Aziz, governor of the Central bank of Malaysia………………………………………..Full Article: Source

Bahrain-based Sakana Holistic Housing Solutions , the Islamic mortgage finance provider recently signed a Memorandum of Understanding (MOU) with The Developers WLL developers of Fontana Towers, Juffair for providing Sharia’a compliant home finance to end users.
The agreement will pave the way for Bahrainis and non-Bahrainis to own a luxury home in Fontana Towers, a residential freehold tower consisting of 400 apartments and penthouses………………………………………..Full Article: Source