From Financeasia.com: The world’s money markets may be down but financial activity is not totally out. In Malaysia, an emerging Islamic finance hub in Asia, the issuance of Islamic bonds, or sukuks, has continued in 2008, although at a much slower pace than last year.

In the first nine months of the year, the total issuance volumes of sukuks in Malaysia totalled M$8 billion ($2.2 billion), according to a report by Malaysian rating agency RAM in November. The agency predicts total issuance for the year will reach M$30 billion, down from M$213 billion in 2007….. Full Article: Source

From Guardian: As the world financial industry sheds jobs by the tens of thousands, the $1 trillion Islamic banking sector has a growing load of work for sharia scholars but few candidates coming forward to do it.

Experts steeped in the Muslim scriptures are critical to Islamic finance, which requires a religious stamp of approval before a bond, mortgage contract or other financial product can be marketed as moral according to the standards of the Koran….. Full Article: Source

Morgan Stanley laid off nearly 15 per cent of its staff in Dubai as signs grow that the global economic downturn will spread to the Middle East’s financial sector.

“The bank has made final reductions last week, with a total number between 10 and 15 people from more than 110 in the Dubai International Financial Centre (DIFC) office,” said Georges Makhoul, the managing director and regional president of Morgan Stanley’s operations for the Middle East and North Africa. He said that the reductions were not concentrated in any area or level…… Full Article: Source

From Reuters: Islamic banking is gaining ground with non-Muslims worldwide due to its strict lending principles, Singapore’s third-largest lender OCBC said on Monday, reflecting industry efforts to transcend religious beliefs to gain market share.

Sharia finance is a blend of Islamic economics and modern lending principles and its products can be sold to Muslims and non-Muslims….. Full Article:

From Property-report.com: Asian Finance Bank, one of three foreign Islamic lenders in Malaysia, is launching a US$500 million fund to invest in real estate projects in Southeast Asia, according to the bank’s vice president for asset management Mohd Zamri Shariff.

The bank, owned by Qatar Islamic Bank, RUSD Investment Bank Inc. of Saudi Arabia and Global Investment House of Kuwait, has indicated it will invest in budget hotels in Malaysia, Thailand, the Philippines and Indonesia….. Full Article: Source

From Rightsidenews.com: Either global bankers are seducing Islamic dictators, or vice versa. Even if they are seducing each other at the same time, the result will be the same: Islamic/Shari’a banking is coming to the United States and other western nations, thanks to global banks such as Citigroup, HSBC, Deutsche Bank, Morgan Stanley and Goldman Sachs.

With Great Britain now pledging to become the Islamic banking center of the world, the stampede by all global banks to enter the world of Islamic banking is well underway….. Full Article: Source

MTI Consulting has awarded Kuwait Finance House (KFH) as the Best Islamic Retail Brand of the year at the gala dinner and award ceremony of the 15th World Islamic Banking Conference (WIBC) held in Bahrain on 24th November, 2008.

For the first time such a prestigious and strategic award has been introduced at the WIBC. It recognizes the growing dominance and importance of Islamic Finance, in particular the need to harness and develop the Retail Islamic Finance Market, which will provide the foundation for sustainable growth of the Islamic Finance…. Full Press Release: Source

From Themalaysianinsider.com: OCBC Bank yesterday said its full-fledged Islamic banking subsidiary in Malaysia has started operations with its first branch at Jaya One in Petaling Jaya.

OCBC Al-Amin Bank, as the unit is known, is licensed to offer a full range of services that comply with syariah, or Islamic, principles, including Islamic hire-purchase and syariah-compliant corporate finance activities….. Full Article: Source

From Gulf-daily-news.com: The Central Bank of Bahrain (CBB) has granted a to Al Khabeer International with an initial paid-up capital of more than $100 million.

It has won Category 1 Investment Business Licence (Islamic principles). Al Khabeer International will address the needs of institutional and high net-worth clients who require Sharia-compliant private equity, asset management and capital market products and services….. Full Article: Source

From Bernama.com.my: Kuwait Finance House (Malaysia) Bhd (KFHMB) has reduced its Base Financing Rate (BFR) by 25 basis points to 6.50 percent from 6.75 percent effective Monday.

In a statement here, KFHMB said the decision to cut the BFR follows the easier monetary stance by Bank Negara Malaysia (BNM), which had announced a cutback in the overnight policy rate (OPR), by 25 basis points to 3.25 percent recently….. Full Article: Source

Risk Specialists Companies, Inc. (RSC), a subsidiary of AIG Commercial Insurance, today announced it is introducing a Takaful Homeowners Policy, the first installment in Lexington Takaful Solutionssm, a series of Shari’ah-compliant (Takaful) product offerings in the U.S. The newly announced Takaful products are compliant with key Islamic finance tenets and based on the concept of mutual insurance.

“The introduction of Takaful products in the U.S. represents an important and emerging growth opportunity for AIG Commercial Insurance. We are pleased to offer socially responsible solutions to this segment of the domestic market,” said Matthew F. Power, President, Risk Specialists Companies, Inc….. Full Press Release: Source

From Thestar.com.my: OCBC Bank (M) Bhd unit OCBC Al-Amin Bank Bhd expects its total outstanding financing value to grow by double digits this year from RM1.9bil at end-2007 and maintain the growth momentum next year.

Director and chief executive officer Syed Abdull Aziz Syed Kechik said the double-digit growth would be supported by new product offerings, new customers and new Islamic banking branches….. Full Article: Source

From Cpifinancial.net: The Fourth Annual Service Quality Bank Benchmarking Survey, conducted by Ethos Consultancy notes that RAKBANK has displayed “a strong and resilient show of commitment towards their customers.”

“RAKBANK’s service has been rated among the highest in the UAE for a number of years, and as a result, is hopefully raising the bar for customer service among banks,” said Graham Honeybill, General Manager of RAKBANK. …. Full Article: Source

From Gulf-daily-news.com: Ithmaar Bank yesterday appeared to have won control of BBK in a share swap deal. This will see BBK issue an undisclosed number of new shares to Ithmaar in exchange for a 100 per cent stake in Ithmaar’s Shamil Bank of Bahrain.

Ithmaar said that it was its intention to further strengthen its position as a regional financial powerhouse by offering to increase its stake in BBK….. Full Article: Source

From Ameinfo.com: Qatar National Bank (QNB) announced the addition of two new full service branches to its network. The new branches are C-Ring Road branch which is located at C-Ring Road next to Al Mana light signals. The second one is Salwa Road Branch, located near Ain Khalid Roundabout.

This grows the country’s largest banking network to 42 branches and offices, including 3 mobile branches, along with 11 Islamic branches and offices, and more than 146 Automated Teller Machines (ATMs)….. Full Article: Source

From Business24-7.ae: Noor Islamic Bank will continue its local expansion plans as scheduled and aims to have 20 branches by the end of next year despite the tough conditions in the financial market, its chief executive said yesterday.

Speaking after the opening of 10th branch at Terminal 3 of Dubai International Airport, Hussain Al Qemzi said the bank will open a new branch at Dubai Mall this week and the total branches would reach 17 during the first quarter of 2009….. Full Article: Source