From Gulf-daily-news.com: The booming Islamic finance industry has yet to rub off on wealthy Asians who say there are far too few Sharia products to invest in, the private banking arm of Malaysia’s second largest lender said.

Sharia investing is a key pillar in the Middle East and has caught the interest of non-traditional centres such as London and Singapore, but rich Asians are still cool on it. Asia is a big potential market for the $1 trillion Islamic finance sector, with the Asia-Pacific home to 28 per cent of the world’s high-net-worth-individuals, who are defined as those with investible assets of more than $1 million…… Full Article: Source

From Zawya.com: Islamic financial institutions will now be required to show unrealised losses in sukuk and shares-available-for-sale in their financial statement under a newly created ‘Investments fair value reserve’ heading, the sector’s accounting rulemaker announced.

The move comes in the wake of the recent decline in sukuk and share prices regionally and globally and was decided by the Kingdom-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the global rule making body for Islamic financial institutions….. Full Article: Source

From Thenews.com.pk: Meezan Bank Ltd has established over 125 branches in over 35 major cities across Pakistan within a short span of 6 years.

This growth in branch network is the fastest in the banking history of Pakistan. The investment in the branch network is driven by the bank’s vision to “establish Islamic banking as the banking of first choice” so as to enable it to reach each and every citizen of Pakistan…… Full Article: Source

From Bworldonline.com: The swift rise of the Islamic finance industry could hit a wall in the coming years as the sector struggles to find enough experts to do the job, an industry official said.

Sharia banking’s sudden popularity has created a scramble for bankers, scholars and lawyers conversant in both conventional finance and Islamic economics, and produced a shortage that sometimes compromises the quality of products, experts say…… Full Article: Source

From Theasiannews.co.uk: Natwest bank has launched its first halal mortgage product, which is compliant with Shariah (Islamic) law. The new mortgage product available from NatWest Business Banking is for commercial properties and has been launched in response to strong customer demand and is specially tailored to the needs of the country’s two million Muslims.

In accordance with Shariah law, the product will not charge interest…… Full Article: Source

From Bi-me.com: The financial industry in the GCC has been growing due to the rise in demand from the real estate sector and therefore appears to be lacking pace and focus, according to a study.

Moreover, the GCC property and financial markets face key challenges, including lack of information and transparency as well as the perception of leniency towards consumers in default scenarios and limited protection for creditors, said an analysis by Capitas Group, a New York-based firm with a track record of establishing Shariah-compliant specialty finance business…… Full Article: Source

From Dailytimes.com.pk: Islamic Financial Services Board (IFSB) has approved two exposure drafts of Capital Adequacy Requirements for Sukuk Securitizations and Real Estate Investments and Guiding Principles on Governance of Islamic Collective Investment Schemes.

The board approved these drafts and principles in a meeting in Dubai on Wednesday. State Bank of Pakistan Governor Dr Shamshad Akhtar presided over the 13th Council meeting…… Full Article: Source

From Africasia.com: There are now over 300 Islamic financial institutions (IFIs) spread over 75 countries and 300 Shariah-complaint mutual funds, whereas, just one Egyptian-based Islamic bank existed in 1975. Currently, about $800bln is deposited in Islamic banks, mutual funds, insurance schemes and Islamic branches of conventional banks.

By contrast, the market was valued at only $140bln in 2000. McKinsey & Co, the business consultants, estimates Islamic financial assets could reach $1 trillion by 2010…… Full Article: Source