HSBC Holdings Plc’s (HSBA) Islamic risk management business posted double-digit growth last year on rising demand for Shariah-compliant hedging and investment products.
“The depth and variety of these Shariah-compliant risk management products are now almost on par with conventional,” Abhishek Mishra, head of multi-asset structuring at HSBC Global Banking and Markets, Middle East and North Africa, said in an e- mailed statement. He forecasts similar growth in the bank’s Islamic hedging and investment business in 2012………………………………………..Full Article: Source

Islamic lenders in Libya, where some banks offer Shariah-compliant services, may attract some of the estimated 15bn dinars ($12bn) outside the banking industry, he said. Total commercial banking assets were about 71bn dinars at the end of 2011.
The nation, where almost all the 6.7mn people are Muslim, saw its economy shrink 61% last year after an uprising that toppled its ruler of 42 years Muammar Gaddafi………………………………………..Full Article: Source

Qatar Islamic Bank (QIB), one of the largest Islamic banks in Qatar and one of the top-five Shari’a-compliant banks in the world, has announced the signing of a deal with the Middle East Dredging Company (Medco) to finance the company’s requirements to undertake access channel dredging work at the New Port Project.
Earlier this month, the steering committee for the New Port Project awarded a key dredging contract to Medco and that company approached QIB for the financing necessary to purchase the machinery, equipment, labour and other necessary works needed to execute the contract………………………………………..Full Article: Source

Oman’s first Islamic bank, Bank Nizwa, announced an Initial Public Offering (IPO) worth about USD 156 million for 600 million shares which come to 40 percent of its paid capital, on Monday.
“The bank is offering 600 million shares, with a par value of 102 baisaseach, including two baisas for meeting issue expenses,” an earlier bank statement said.The IPO guidelines state individuals can acquire 1,000-100,000 shares,while the remainder is up for acquisition by companies at a maximum of 10percent each………………………………………..Full Article: Source

The latest global regulatory standards on bank capital adequacy, stress test and market liquidity risk called ‘Basel III’ will be introduced for Omani banks by the Central Bank of Oman (CBO) next year.
“A road map has already been finalised and revised rules shall accordingly be finalised by December 2012 and implementation in 2013 onwards in accordance with the timeline set under Basel III,” said Hamoud Sangour Al Zadjali, Executive President of CBO………………………………………..Full Article: Source

Swiss lender Credit Suisse is advising Qatar First Investment Bank (QFIB), a private equity firm, on a listing of all of its shares on the Doha bourse, two bankers with knowledge of the deal told Reuters on Sunday.
QFIB, which sold its 41 percent stake in Qatar Engineering and Construction Company (Qcon) for $77 million last week, has said it is expecting to list in Doha by November. Spokespeople for Credit Suisse and QFIB were not immediately available for comment………………………………………..Full Article: Source

Standard Chartered, the UK bank that depends on Asia for most of its profit, and Barclays are expanding in Saudi Arabia as oil above $100 (Dh367) a barrel and record bond sales bolster earnings in the biggest Arab economy.
“We’d be crazy to limit ourselves to a handful of bankers when we can see oil prices are going to sustain the Saudi economy for the foreseeable future,” Rory Gilbert, the head of Middle East and North Africa at London-based Barclays’ wealth management unit, said in an interview last week in Dubai………………………………………..Full Article: Source

The largest and first bank of its kind in Egypt, Faisal Islamic Bank of Egypt, today signed a phased agreement with ITS (International Turnkey Systems) Group, a leading solutions provider for both Islamic and conventional banks, to deploy ETHIX-Financial Solutions, the leading banking technology solution from ITS.
The solution is being deployed as part of Faisal Islamic Bank’s aggressive expansion plans in Egypt, a market that is set to witness exponential growth in the Islamic banking sector. (Press Release)

Demonstrating its ability to generate revenue, keep costs under control, and engineer an early move to profitability, the Barwa Bank Group posted a full year net profit of QR244mn in 2011, up 882% on QR25mn in 2010.
Barwa Bank’s total assets increased by 143% to reach QR19bn in 2011, which was driven by a 354% growth in the financing portfolio (from QR2bn to 9bn). Customer deposits trebled from QR3bn to QR9bn in 2011………………………………………..Full Article: Source

Kuwait Finance House ( KFH ) won Best Bank in Kuwait and Middle East awardfrom EmeaFinance. The agency held annual assessments for best Islamic financial institutions around the globe, where EmeaFinance named KFH as Best Islamic Bank in Kuwait and the Middle East.

KFH ’s AGM for Banking Sector Mohammed Al-Fouzan stated that being named as Best Islamic Bank in Kuwait and the region cements KFH ’s commitment to offering an innovative bouquet of Islamic products and services in Kuwait and overseas, in order to meet the requirements of corporations and individuals………………………………………..Full Article: Source

Malayan Banking Bhd (Maybank), the fourth-largest bank in Southeast Asia by asset, is aiming to grow its presence in Thailand into a full-fledged financial and banking business in three years.

President and CEO Datuk Seri Abdul Wahid Omar did not rule out fresh acquisition in the region’s second-biggest economy, although he conceded that he is not currently “in any active discussion” to buy into any existing bank in Thailand………………………………………..Full Article: Source

GIB Capital, acting as joint lead manager and joint book runner with Riyad Capital, has successfully closed Ajil Financial Services company’s privately placed 500 million Saudi riyals ($133.3m) sukuk, issued through Ajil Cayman, a limited liability special purpose company incorporated in the Cayman Islands.
The inaugural sukuk has a three-year tenor with an amortising structure and pays a coupon of three month Sibor plus 80 basis points quarterly. The sukuk was issued at par………………………………………..Full Article: Source

The Securities and Exchange Commission of Pakistan (SECP) Commissioner, Asif Arif said it is the SECP’s vision to promote the orderly development of a financially strong and transparent Islamic financial market, thereby increasing the outreach of Shariah compliant financial products in this pre-dominantly Islamic country.

“We see our role not only as a regulator but mainly as a facilitator and we have taken many important steps in order to translate our vision into reality”, he said………………………………………..Full Article: Source

Dubai Group LLC, the investment company owned by the emirate’s ruler, proposed paying interest of 1 percent to 2.5 percent in a $6 billion debt restructuring proposal, three people familiar with the plan said.
The overall restructuring proposal is in three parts, one for a $300 million fully secured Islamic syndicated facility managed by Citigroup Inc., another $1.1 billion secured facility provided by Natixis and a third for the $4.6 billion owed to the partially secured and unsecured lenders, one person said………………………………………..Full Article: Source

Adib Private Bank, a unit of Abu Dhabi Islamic Bank (Adib), recently launched a diversified US real estate investment portfolio with Investcorp, one of largest investors in the US real estate market, as the investment manager.
The product was launched during the second edition of Adib Private Bank’s Wealth Management Seminar series. Two seminars were organized, one in Abu Dhabi and the other in Dubai, themed ‘Real Estate as a Yield Enhancement Strategy.”……………………………………….Full Article: Source

During the world economic crisis of 2008, Arab investors who were flushed with oil money dumped their money all over the world, including in Malaysia, to find the best business deals.

It was a blessing for Malaysia as well as the region because for the first time, West Asian countries began to realise that the West is not necessarily the best place to get returns for their money………………………………………..Full Article: Source

Tata Mutual Fund has announced a dividend of 20% (Rs. 2.00 per unit on Face Value of Rs.10) under the dividend option Tata Ethical Fund. The record date for dividend has been fixed as April 26, 2012.
Tata Ethical Fund is an open-ended equity scheme with an objective to provide medium to long term capital gains by investing in Shariah compliant equity and equity related instruments of well-researched value and growth - oriented companies………………………………………..Full Article: Source

Closer links between the health care and financial protection industries such as takaful insurance providers could promote public awareness on disease prevention, says Islamic insurance provider Takaful Ikhlas Sdn Bhd.
Its vice president (business operations) Wan Mohd Fadzlullah Wan Abdullah said besides taking health insurance, the public should also be aware of measures needed to prevent disease and to maintain their health………………………………………..Full Article: Source