From Zawya.com: Gulf policymakers are still making cheery statements about the region’s limited exposure to subprime loans but are quieter about heavy investments in inflated local property markets by regional banks, particularly Islamic ones.

But worried banks are sharply reining in their mortgage lending. A series of arrests of senior businessmen as part of a fraud investigation is also making people twitchy. There is even talk of a coming “Gulf Enron”….. Full Article: Source

From Business24-7.ae: Asia will be the next big growth area for the booming Islamic banking industry, a senior executive from Kuwait Finance House (KFH) has said.

The sector will find many opportunities in Asia because of the growing popularity of its structures and the region’s nascent markets, said KFH Managing Director Baljeet Kaur Grewal….. Full Article: Source

From Tradearabia.com: Dubai-based Al Salam Investment and HSH Nordbank plan to launch an Islamic finance house in 2009, as the German bank looks to tap the Islamic finance sector in the Gulf Arab region.

“We see opportunity and change in this region and this partnership will ensure we have the financial muscle and expertise to be at the forefront of the turnaround,” said Pegman Haghshenas, chief executive of Al Salam Investment, in a statement on Sunday….. Full Article: Source

From Ameinfo.com: Rasameel Structured Finance Company, a Kuwaiti capital markets institution, has been granted a licence to operate as an Islamic Investment Bank in the Dubai International Financial Centre (DIFC) by the Dubai Financial Services Authority (DFSA).

Rasameel will operate in the DIFC under the name of Rasameel Investment Bank Limited (Rasameel Investment Bank)….. Full Article: Source

From Zawya.com: Financial institutions in Dubai are gearing up for an Islamic finance-led upswing in the regional economy with Al Salam Investment (ASI), the Dubai-based investment company, the latest to launch a major initiative in the sector.

ASI has identified Islamic finance as the next big driver for the regional financial sector and today signed an agreement to partner with HSH Nordbank, a German financial institution and global leader in shipping and renewable energy finance, as it scales up to become a major player in the market….. Full Article: Source

From Ameinfo.com: With the search underway for a new monetary system for the post-financial crisis era, Islamic banking gains a new reputation for stability.

Islamic banking has grown at an annual rate of 15% and reached a volume of $1 trillion, five times higher than in 2003….. Full Article: Source

From Ameinfo.com: Seera Investment Bank (Seera), a Shari’a compliant investment bank headquartered in Bahrain, launched a White Paper on Islamic banking and investment in partnership with Dow Jones Private Equity, the leading provider of finance and investment data to the private equity industry.

The first in a series of thought-leadership reports was presented at the 15th Annual World Islamic Banking Conference (WIBC)….. Full Article: Source

From Zawya.com: The consolidated assets of the Arab banks are set to reach $2 trillion with a projected net profit of $40 billion by the year-end, a senior official at the Union of Arab Banks,Union of Arab Banks, announced.

Adnan Ahmad Yousef, chairman of Union of Arab Banks,Union of Arab Banks, who attended the 2nd Arab-Greek Economic Forum last week in Athens, said that despite the economic upheaval, Arab banks would witness 15 percent annual growth in 2009….. Full Article: Source

From Tradingmarkets.com: The London-based Europe Arab Bank, a branch of the Jordan-based Arab Bank Group, one of the oldest and largest banking groups in the Middle East, has adopted a strategy of “positive survival” to cope with the effects of the credit crunch, the global financial crisis and the recession that is dogging the UK.

And it has identified Islamic finance as a core part of this strategy because “it is better suited to absorbing the shocks of such a crisis.” Antoine Sreih, chief executive officer of Europe Arab Bank agrees that Islamic finance has the fundamental structure of sound and ethical banking, which is very important these days….. Full Article: Source

From Gulf-daily-news.com: Regional takaful company t’azur yesterday announced the launch of its Bahrain operations.

The company has an authorised capital of $500 million and has been licensed by the Central Bank of Bahrain, said company head of multi-channel distribution Bashar Khatib….. Full Article: Source

From Gulf-daily-news.com: Seera Investment Bank has successfully concluded the acquisition of UK-based BWA Water Additives.

Following the successful completion of its leveraged buying, a team of senior management of Seera, a Sharia-compliant Bahrain-based investment bank, concluded a visit to the company’s headquarters in Manchester….. Full Article: Source

From Gulfnews.com: Rasameel Structured Finance Company, a Kuwaiti capital markets institution, has been granted a licence to operate as an Islamic investment bank in the Dubai International Financial Centre (DIFC).

The Dubai Financial Services Authority (DFSA) issued the document. Rasa-meel will trade under the name of “Rasameel Investment Bank Limited.”…. Full Article: Source

From Gulfnews.com: Businessmen in Dubai on Sunday lauded the Dubai Government for setting up a credit insurance facility that seeks to protect UAE-based exporters against the risk of payment defaults by buyers in overseas markets.

The new initiative, introduced yesterday by the Dubai Export Development Corporation (EDC) to members of the Indian Business and Professional Council, is considered a timely move given that several companies are facing liquidity issues amid the financial turmoil…. Full Article: Source

From Zawya.com: President Mahmoud Ahmadinejad said on Saturday that the Islamic Republic of Iran is prepared to cooperate with all governments to devise a justice-based economic system.

“The Islamic Republic of Iran is prepared to cooperate with all governments and institutions that care for justice and welfare of nations, in draw up a fair economic system,” President Ahmadinejad said in an address to the four-day UN Conference on Financing for Development….. Full Article: Source

From Business24-7.ae: Islamic financial institutions (IFI), though now part of mainstream finance from being niche players, are still not recognised as a global phenomenon, according to a report by Moody’s.

More complexity and sophistication is needed in both the sukuk and Islamic banking markets, Moody’s said, in order to prepare for the future. Taking advantage of the current situation of conventional banks, the IFIs are increasing in size in terms of capitalisation….. Full Article: Source