Barwa Bank, Qatar’s fastest growing Shari’ah compliant bank, has been appointed Co-Lead Manager for the Republic of Turkey’s debut Sukuk and, in the same week, has been ranked amongst the top ten for International, Global and MENA region Sukuk arrangers in the Bloomberg Islamic Finance league tables ‘2012 - ytd*’ Ranking as of 17 September 2012.
Barwa Bank has been chosen as a Co-Manager for Turkey’s first Sukuk transaction worth $1.5bn, following a succession of high profile arranger positions for the bank………………………………………..Full Article: Source

Rohit Walia, executive vice chairman & CEO at Bank Sarasin-Alpen Group, Middle East and India, says that the group will focus on tapping the Islamic finance industry in Saudi Arabia.
Dubai remains the central hub in MENA private banking, but this hasn’t stopped Bank Sarasin-Alpen expanding into Oman and plotting a major assault on Islamic finance in Saudi Arabia. The bank, which is one of various units in the region owned by Bank Sarasin based in Basel, started Gulf operations in 2005 with the launch of its Dubai office. It has since spread to Doha, Muscat, Manama and Abu Dhabi………………………………………..Full Article: Source

The Middle East contains an estimated $4.5 trillion of private wealth, according to the Boston Consulting Group. In recent years rapid growth has positioned it as a highly lucrative market that private banks are hoping can turn around their fortunes.
Amid a global squeeze on tax evasion and a spiralling Eurozone debt crisis, wealthy Middle Easterners have taken centre stage. The Gulf Business Private Banking Report looks at how wealth managers intend to tap this pool of money and what makes private clients tick. Others are using Dubai as a private banking launch pad to reach new GCC markets and branch out into Islamic finance………………………………………..Full Article: Source

Despite the policy by Bank of Ghana (BoG) not to license Islamic Banks to operate in the country, there are good reasons for the central bank to permit these no-interest-on-loans financial institutions, for which some players in the Small and Medium Enterprises (SMEs) sector and experts are urging BoG to rescind its decision.
Since the early 2000s, BoG has refused to give licences to Islamic Banks that approached it to do business in the country. Some attributed the central bank’s stance to persistent lobbying by the commercial banks which stand to lose when Islamic Banks operate in Ghana………………………………………..Full Article: Source

The emergence of Saudi mortgage law is expected to see a big improvement in the sukuk market because banks and deposits cannot finance the mortgage market, according to Hani O. Baothman, managing director and CEO of Sidra Capital.
“There has to be a sukuk market. I have never seen a mortgage market in the world that doesn’t operate with secondary bonds or sukuk market,” Baothman said. He said the current crisis in Europe is stopping Saudi investors from sending money to Europe, and Saudi Arabia is becoming one of their options for investing money inside the Kingdom………………………………………..Full Article: Source

Islamic loans are versatile. Some people think incorrectly that these Islamic mortgages don’t have some of the options their more traditional western counterparts do, but nothing could be further from the truth. Once you’ve been paying into one of these loans for a length of time, you will have built up a certain amount of equity that you can draw on for a variety of different projects.
One of the benefits to having equity is the possibility of a reverse mortgage. This is an option whereby the homeowner can take a portion of the money they’ve built up in their home and covert it into cash that usually doesn’t need to be repaid until the home is sold………………………………………..Full Article: Source

Malaysia’s claims to being in the forefront of the internationalization of Islamic finance have been further strengthened by the attention given to the Global International Financial Forum (GIFF) held in Kuala Lumpur last week.
The third such gathering organized by the Bank Negara, it attracted not merely practitioners, academics and Islamic scholars discussing often highly technical subjects but Ali Babacan, the deputy prime minister of Turkey and a man who played a crucial role in the revival and modernization of Turkey’s economy after its 2001 crisis………………………………………..Full Article: Source

Islamic finance sure has got the attention of the world, however it has not usurped conventional banking yet.
Getting Islamic finance to become the globally preferred financial model is a challenge and it will not happen overnight, said Dubai-based investment firm Fajr Capital CEO Iqbal Khan. “But the world’s economy is in dire need of a panacea, which is “a fundamental reform of financial architecture,” Iqbal said………………………………………..Full Article: Source

CIMB-Principal Asset Management Bhd (CIMB-Principal) signed a Letter of Arrangement and Operating Memorandum with RUSD Investment Bank Inc (RUSD) recently. Based in Labuan, RUSD will be creating two new funds, domiciled in Labuan, for distribution to their clients in the Middle East.
A breakthrough that has been in development for almost two years, the two newly set-up funds will feed into CIMB Islamic Asia Pacific Equity Fund and CIMB Islamic DALI Equity Growth Fund which are both Malaysian-based funds managed by CIMB-Principal………………………………………..Full Article: Source

Stock-market participants welcomed the Philippine Stock Exchange’s (PSE) efforts to establish a list of Shariah-compliant equities to tap Muslim investors in the country and abroad but execution challenges, like zeroing in on which firms to include, can remain a key consideration, they said.
Still, the plan is regarded with much optimism as this would provide additional breadth and depth to PSE, which remains one of the region’s smallest exchanges despite impressive gains so far this year. The Shariah-compliant list could be ready by the first half of 2013, Bloomberg News reported recently, citing Leo Quinitio, PSE head of capital-markets development division………………………………………..Full Article: Source

The Initial Public Offering (IPO) for Alizz Islamic Bank is now open for subscription. The offer will close on 21 October 2012. The IPO is lead managed by bank muscat and has been fully underwritten by leading Omani financial institutions.
Announcing the launch of the IPO on behalf of Huriah Management LLC, Mr. Ahmed Alkhonji said, “We are very proud to be supporting the establishment of Islamic banking in Oman. The large unmet demand for Islamic banking means that alizz islamic bank is uniquely placed to become a market leader for banking products. We are delighted to have aabar, First Energy Bank and Tasameem as our partners and the bank will benefit immensely from their considerable international experience.”……………………………………….Full Article: Source

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The Philippine Stock Exchange (PSE) is hoping to tap into a potential market of more than 1.5 billion Muslims worldwide with an estimated $1.4 trillion in investible funds by offering shariah-compliant stocks, the bourse’s top executive said.
Shariah-compliant equities follow the Islamic law which does not allow investors to put money into firms that benefit from interest or the sale of goods such as alcohol, tobacco or firearms. They also steer clear of companies with large amounts of debt on their balance sheets and those whose business is related to gambling, meat and conventional financial services such as banking and insurance………………………………………..Full Article: Source

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Qatar’s Barwa Bank has been chosen as a co-manager for Turkey’s first sukuk transaction worth $1.5bn. Moreover, the Shariah-compliant financial institution has been ranked number six in international sukuk, ten in global sukuk (including global local currencies) and eighth in Mena region bonds and sukuks, by Bloomberg.
“Turkey is one of the most prestigious issuers in emerging markets and to be appointed by them is a further testament that Barwa Bank is an active and consistent player in debt capital market,” said its CEO Steve Troop………………………………………..Full Article: Source

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The potential issue would make the Electricity Supply Board (ESB) the first non financial institution in Europe to tap the lucrative Sukuk market. Kieran Donoghue, Head of the Irish Development Authority (IDA), told Reuters that the IDA is assisting the ESB with a potential Sukuk issue that might help the company raise $1.3 billion.
The ESB is understood to have hired Kuala Lumpur-based Amanie Advisors to advise on how best to access the market for Sukuk. The ECB had reportedly applied to local regulators for permission to issue a Sukuk within the next 12 to 18 months………………………………………..Full Article: Source

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QIB UK will launch the first structured note using a Sukuk as an underlying asset this month. The capital-protected note will be based on a five-year Sukuk which Qatar Islamic Bank is expected to issue soon, Anouar Adham, Head of Asset Management at QIB UK, told Reuters. “We are planning to launch the product before month-end. We expect this new ground-breaking structure to take off substantially,” Adham is quoted as saying.
The new product relies on Sukuk issuance for capital protection instead of the traditional Murabaha trades, which have raised concerns over Shari’ah compliance………………………………………..Full Article: Source

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Commercial Bank of Kuwait (CBK) said on Sunday it plans to liquidate its investment unit, according to a bourse filing. The bank said in a statement the move to close CBK Capital, a fully-owned subsidiary which manages the bank’s proprietary investment portfolio, would not have a negative impact on the bank’s financial position but gave no details.
CBK Capital managed two money market funds, a Kuwaiti stocks fund and an Islamic finance fund, the source said. According to its 2011 cash flow statement, the bank spent 117.3 million dinars on acquiring investment securities last year and its proceeds from disposing of investment securities totalled 57.3 million………………………………………..Full Article: Source

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Islamic banking is banking or banking activity that is consistent with the principles of Islamic law (Shariah) and its practical application through the development of Islamic economics. Shariah prohibits the fixed or floating payment or acceptance of specific interest or fees (known as Riba or usury) for loans of money.
Investing in businesses that provide goods or services considered contrary to Islamic principles is also Haraam (forbidden). While these principles were used as the basis for a flourishing economy in earlier times, in the late 20th century that a number of formal Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim and Non-Muslim Communities………………………………………..Full Article: Source

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The Turkish government is pulling out the stops to persuade asset managers to set up business in the country. Ali Özgü Caneri, investor relations assistant manager at regional airport-management group TAV, said: “The government wants to turn Istanbul into a regional financial centre, like Dubai.
Turkey last week announced its first Islamic government bond, or sukuk, a move that could spur local companies to issue debt in this format too, according to a report in The Wall Street Journal. This will help to build local debt structuring and syndication expertise………………………………………..Full Article: Source

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Bank muscat’s Meethaq, pioneer of Islamic banking in Oman, has joined hands with Amanie Advisors, a globally recognised Shariah advisory firm in the field of Islamic finance, to host Muscat International Islamic Financial Forum (MIIFF) on November 4 and 5.
The two-day gathering will be attended by senior industry figures, global investors, Takaful operators and bankers, as well as top Shariah scholars, spotlighting new opportunities in Islamic banking and finance in the Omani market as well as the wider region (Press Release)

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Although the size of Islamic financial assets are roughly US$1.2 trillion (RM3.72 trillion) to US$1.3 trillion (RM4.03 trillion) globally, it is only about 1% of the entire global financial system and hence, there are huge opportunities for growth.
Over the last five years, it has been growing at a rate of 10% to 15% per annum, said World Bank managing director Dr Mahmoud Mohieldin. He added that for now, Islamic finance was being driven by supply side factors. However, opportunities to grow were emerging especially with the commodity boom, quality inprovements in the Islamic products, more Islamic finance windows and the availability of syariah compliant indices………………………………………..Full Article: Source

Global Islamic Finance is set to double in size between 2011 and 2015 with the sector increasingly viewed as a real alternative to conventional finance, according to Standard & Poor’s (S&P). The global prospects for the Islamic Finance industry will be the subject of a conference to be hosted by S&P in Dubai on 25 September, 2012.
Stuart Anderson, Managing Director & Regional Head, Middle East at Standard & Poor’s said: “The global crisis faced by conventional finance has led to Islamic Finance increasingly being viewed as a credible alternative. Issuers and investors have realised that the risk-reward balance in both conventional and Islamic Finance are not fundamentally different.” S&P expects the $1 trillion global Islamic Finance industry to grow 20% over 2011-2015, doubling in size over the period. (Press Release)

The Islamic finance market is poised to expand despite the lingering global economic uncertainty as companies, banks and even countries tap a pool of Muslim investors who are flush with cash to secure long-term funding, policy makers said.
Islamic financing differs from conventional financing in its adherence to Shariah, or Islamic law, which among other things bans the charging of interest. Speculation or benefiting to the detriment of the public good is also taboo………………………………………..Full Article: Source

Islamic finance does not need any rebranding with its rapid recognition across the world, says Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz. Zeti said she had been asked at several global forums on separate occasions in the past that Islamic finance be rebranded to rid it of an image of a conduit for terrorism.
“Islamic finance is based on profit sha-ring which involves risk sharing and requires high level of disclosure of information in financial transactions, hence the transparency is greater. Because of its very nature and principles, it is less vulnerable to terrorist financing than conventional banking.”……………………………………….Full Article: Source

Ireland’s Electricity Supply Board (ESB) is considering whether to become the first large non-financial company from Europe to sell Islamic bonds by issuing a sukuk in Malaysia.
The issue could help to develop a new source of funding for European firms as the euro zone debt crisis constrains sources of finance at home. Sukuk are bought by cash-rich Islamic funds in the Gulf and southeast Asia……………………………………….Full Article: Source

London-based QIB UK, a subsidiary of Qatar Islamic Bank, plans to launch two structured products this month including a note linked to a sukuk, its head of asset management told Reuters.
It will be the first time in the industry that a structured note uses a sukuk as an underlying asset, Anouar Adham, head of asset management at QIB UK, told Reuters late on Wednesday. The capital-protected note will be based on a five-year sukuk which Qatar Islamic Bank is expected to issue soon, he said………………………………………..Full Article: Source

The Islamic religion forbids lending money at interest, a practice traditionally also frowned on by many Christian sects. Islamic — or Sharia — law does not prohibit investments as such and many Islamic investors have been keen in recent years to shift money out of oil and other local markets.
Western companies, meanwhile, have been keen to tap into the vast wealth of not only oil-rich Arabian states but emerging economies in Indonesia and Malaysia………………………………………..Full Article: Source

Abu Dhabi Islamic Bank seeks shareholder ok to renew sukuk programme * ADIB bank says any total bond issue will not exceed $5 billion.……………………………………….Full Article: Source

Middle Eastern investors snapped up most of Turkey’s $1.5 billion debut sukuk, the Treasury said, while Deputy Prime Minister Ali Babacan said the government hopes the deal will encourage other Turkish borrowers to sell Islamic bonds.
The 5-1/2 year bond attracted an order book of nearly five times the issue size, the Treasury said late on Tuesday, with Middle Eastern accounts taking 58 percent of the issue. European investors bought 13 percent and Asian accounts 12 per cent, while 9 percent was sold in Turkey and 8 percent to USinvestors………………………………………..Full Article: Source

Malaysia’s corporate Islamic bonds are returning twice as much as government sukuk this quarter as economic stimulus spending boosts investors’ risk appetite.
The Bloomberg-AIBIM Bursa Malaysia Corporate Index, a benchmark started this week that tracks 57 local-currency issues, gained 1.6% since June 30 to 101.062, while a similar gauge for sovereign notes rose 0.7% to 109.165. Global dollar-denominated syariah-compliant debt advanced 2.3%………………………………………..Full Article: Source

CIMB Group Holdings Bhd said that its wholly-owned unit CIMB Islamic Bank Bhd successfully completed its issuance of RM300 million tier-2 junior sukuk under its RM2 billion tier-2 junior sukuk programme last Tuesday.
The proceeds from the issue will be made available for the Islamic banking operations of CIMB Islamic or any other syariah-compliant use as approved by the syariah adviser. The tier-2 junior sukuk, which is rated “AA+” by Malaysian Rating Corp Bhd, has a maturity of 10 years and is callable on any periodic payment date falling on or after the 5th anniversary of the issue date………………………………………..Full Article: Source

Malaysia’s Islamic banks need to expand further into Southeast Asia to play a greater role in the management of international Islamic bonds, or sukuk, Malaysia’s Central Bank Governor Zeti Akhtar Aziz said on Thursday.
“We encourage Islamic banks to venture out and participate, they need to enter into strategic partnerships with other (regional banks),” Zeti told a media roundtable at the Global Islamic Finance Forum (GIFF) in Kuala Lumpur………………………………………..Full Article: Source

The Islamic Banking and Finance Institute Malaysia (IBFIM) aims to strengthen its presence in China and Hong Kong with the establishment of a strategic partnership with NOVA Training and Education Institue (NOVA).
NOVA is a finance training agency based in Hong Kong. IBFIM Chief Executive Officer Datuk Dr Adnan Alias said the collaboration with NOVA will provide a springboard for IBFIM to export its expertise and provide training courses on Islamic finance overseas, mainly in China………………………………………..Full Article: Source

The Minister of state for Finance, Dr Yerima Ngama, is asking for increased awareness on Islamic banking to prevent economic crisis and boost the nation’s economic development.
Dr Ngama listed various challenges obstructing the growth of Islamic banking in Nigeria, noting that the banking system will help position Nigeria as the financial hub of Africa………………………………………..Full Article: Source

Ridge Islamic Capital, the first company in Egypt specialized in offering full-fledged modern Sharia-compliant investment banking; asset management; and wealth management services announced at a press conference its official inauguration and launch of its activities in the Egyptian market.
Ridge Islamic Capital is the Islamic financial arm of the Dubai-based regional investment company Ridge Solutions International Holdings, which is part of Angola-based Ridge Solutions Group. The company was established following the successful acquisition of the Egyptian investment banking and asset management firm El Rashad by Ridge Solutions International Holdings to expand its Islamic investment business across the region. (Press Release)

The Jeddah-based Islamic Development Bank (IDB) Group set up its office of business forum (Thiqah) at the Investment Coordinating Board (BKPM) in Jakarta. With its first office outside of Saudi Arabia, IDB is hoping to further mobilize its resources and promote Indonesia as a major investment destination for its members.
Khaled Al-Aboodi, CEO of the Islamic Corporation for Development of Private Sector (ICD), IDB’s arm which focuses on private sector cooperation, said that the move would be important to connect more investors from fellow Muslim countries with Indonesia, a vibrant economy that offers lots of investment potential………………………………………..Full Article: Source

The global takaful industry continued to demonstrate a strong growth rate in 2010 at a rate of 22.9pct (USD13.7 billion) as compared to the previous year’s 17.7pct (USD11.1 billion), said KFH Research Limited on Thursday.
The Gulf Cooperation Council (GCC) market contributed USD5.7 billion, Middle East (Non-Arab) at USD5.3 billion and South East Asia contributions stood at USD1.9 billion, said KFH, quoting the 2012 Global Islamic Financial Forum (GIFF) report………………………………………..Full Article: Source

The global takaful industry continued to demonstrate a strong growth rate in 2010 at rate of 22.9% ($13.7bn) as compared to previous year ‘in year 2009 growth rate stands at 17.7% with total contribution value of $11.1bn’ according to the World Islamic Insurance Directory 2012. The Gulf Cooperation Council countries ‘GCC’ market contributed $5.7bn, Middle East ‘Non-Arab’ at $5.3bn and South East Asia ‘SEA’ contributions stood at $1.9bn.
Amongst the key markets, Malaysia, Indonesia and UAE achieved growth rates of over 24.0%, whilst Saudi Arabia saw its gross contributions increase by 9.7%. In 2010, growth in the GCC slowed to 16.3%, from a CAGR of 44.7% in 2004-2009, as the implementation of compulsory medical Takaful in Abu Dhabi and Saudi Arabia was completed earlier. (Press Release)

An investment fund which meets all of the requirements of Shariah law and the principles articulated for “Islamic finance.” Shariah-Compliant Funds must follow a variety of rules, including investing only in Shariah-compliant companies, appointing a Shariah board, carrying out an annual Shariah audit and purifying certain prohibited types of income, such as interest, by donating them to a charity.
Shariah-Compliant Funds have expanded in popularity only recently, even though the concept was first developed in the late 1960s………………………………………..Full Article: Source

Australian Minister for Foreign Affairs Bob Carr says Arab governments should fund explanations of Islam in western languages to avoid a “nightmarish clash” of civilisations. He was responding to increased tensions between Islam and the West following the release of a US anti-Muslim film and satirical cartoons of the Prophet Mohammed in a French magazine.
The tensions have led to violent protests around the world. Senator Carr said there were other ways that Muslims could react to Western expressions they found disrespectful or blasphemous………………………………………..Full Article: Source

The Islamic finance industry is growing strongly in three segments globally, the consumer sector, the small and medium enterprises, and among the institutions. Islamic banker Iqbal Khan said the future for Islamic finance would be in the card and asset management segment.
Iqbal, the founding chief executive officer of Fajr Capital Ltd and chairman of the executive committee and board member of Saudi Arabia-based Jadwa Investment, said Islamic finance could give capitalism “a moral compass”………………………………………..Full Article: Source

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An integration between the halal sector and Islamic finance will create a combined industry worth US$3.5 trillion as compared to US$2.35bil if they were to be developed independently of each other, said Edbiz Consulting Ltd United Kingdom chairman Dr Humayon Dar.
Dr Humayon said the actual combined amount of both halal industry and Islamic finance worked out to be US$2.35bil but the integration actually worth more at US$3.5bil due to the greater potential following the synergy………………………………………..Full Article: Source

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Islamic finance may have grown rapidly over recent years but there is still ample room for it to expand further as more small-to mid-sized firms take to it and Muslim population grows, Turkey’s Deputy Prime Minister (DPM) Ali Babacan said.
Babacan said despite Islamic finance assets having passed the US$1 trillion (RM3.1 trillion) mark globally, they still make up only about one per cent of total financial assets………………………………………..Full Article: Source

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The future of Islamic finance in Europe will depend on a few factors such as high-profile promoters and tax enabling framework, industry experts said. KPMG Dubai head of Islamic finance Neil Miller said there is yet sufficient drive across Europe to push Islamic finance forward.
He said the success of Islamic finance in the UK was mostly due to the efforts made by the Labour government at that time, the Bank of England Governor Baron George and England’s then chancellor Gordon Brown………………………………………..Full Article: Source

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There is still significant growth potential for Islamic finance in Malaysia and Indonesia as well as the rest of the Asean region, said HSBC Amanah Malaysia Bhd chief executive officer Rafe Haneef.
“Malaysia and Indonesia are countries with large Muslim populations. In Malaysia, Islamic finance is 25% to 27% of the total banking market. If you look at the capital market, it is more than 60% or 70%………………………………………..Full Article: Source

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Indonesians often complain that neighbouring Malaysia is stealing their traditional dances and costumes for its tourism marketing. If they were to take something in return, however, they could do worse than replicate Malaysia’s approach to Islamic finance, says IFR’s Asia bureau chief Nachum Kaplan.
Islamic finance in Asia is a distinctly Malaysian affair. Indonesia, an emerging regional powerhouse with the world’s biggest Muslim population, does not even figure. Indonesia needs to address this shortcoming. Islamic finance could help it solve two of its biggest financing challenges: funding infrastructure and reducing its dependency on foreign borrowing………………………………………..Full Article: Source

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The new horizon emerging in Islamic finance has prompted Islamic financial players to revisit strategies to ensure resilience of Islamic finance in the global marketplace. Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz said to ensure its resilience, Islamic finance need to be underpinned by sustainability strategies.
“Islamic finance beckons us with a new frontier. It prompts us to revisit strategies to ensure resilience of Islamic finance,” she said……………………………………….Full Article: Source

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The rapid internationalisation of Islamic finance will hinge on three key factors including the wide range of global supply of high-quality Islamic financial products and services, said Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz.
She said Islamic finance needed to be dynamic and innovative, and hence the second factor was a diverse and dynamic intermediaries and market participants with a global focus. The third factor was the required talent to steer the Islamic financial sector towards increased internationalisation, she said………………………………………..Full Article: Source

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BNP Paribas Malaysia and INCEIF, The Global University Of Islamic Finance, today (19 September) launched the BNP Paribas-INCEIF Centre for Islamic Wealth Management, an event witnessed by Bank Negara Malaysia (BNM) Governor Tan Sri Dato’ Sri Dr. Zeti Akhtar Aziz.
BNP Paribas Malaysia CEO Krishna Chetti and INCEIF President and CEO Daud Vicary Abdullah exchanged the Memorandum of Agreement (MoA) to commemorate the launch witnessed by BNP Paribas Malaysia Berhad Chairman Dato Abdullah Mat Noh, BNP Paribas Malaysia Board Member En………………………………………..Full Article: Source

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Cairo-based Ridge Islamic Capital said on Wednesday it has $100 million to raise its capital and invest in funds over the next two years to tap a growing market for Islamic finance.
The firm was launched on Wednesday after Dubai-based regional investment company Ridge Solutions International Holdings, which is providing the $100 million, acquired Egyptian investment banking and asset management firm El Rashad………………………………………..Full Article: Source

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Malaysia wants to be the top supplier of human capital in Islamic finance and business, said Higher Education Minister Mohamed Khaled Nordin.
To reach the goal, he said the Curriculum and Training Task Force on Islamic Finance Education of Higher Learning led by the International Islamic University Malaysia had been formed………………………………………..Full Article: Source

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