From Arabianbusiness.com: Qatar National Bank’s Islamic branch and Qatar International Islamic Bank signed on Tuesday a 1 billion riyal ($275 million) Islamic financing deal with Qatar Real Estate Investment Co.

They said in a statement the funds would go to future Qatar Real Estate developments in the Gulf Arab country, which is the world’s biggest exporter of liquefied natural gas, estimated to be worth 2.5 billion riyals….. Full Article: Source

From Bernama.com: Last October, Hong Kong Chief Executive, Donald Tsang, announced the island’s financial hub would establish itself as an Islamic finance centre.

Last week, the Hong Kong Monetary Authority (HKMA) underlined that, despite the global financial crisis, the plan was still much on track and “considerable resources” would be devoted…. Full Article: Source

From Gulf-daily-news.com: In just its second year, the fund forum has become such an important event that it has attracted the interest of the financial community in Bermuda.

The Bahrain International Business Association set up a stand at this year’s event after members of the Bermuda financial community turned up for the event including speakers who took part in the debates….. Full Article: Source

From Gulf-daily-news.com: Bahrain Financial Harbour (BFH) has signed a tenancy agreement with Bank of Tokyo-Mitsubishi UFJ (BTMU). BTMU is a group company of Mitsubishi UFJ Financial Group, one of the world’s largest and most diversified financial groups.

The tenancy agreement was finalised by Bahrain Financial Harbour Holding Company marketing director Salwan Uchi and BTMU regional head of the Middle East Norihiko Kato….. Full Article: Source

From Istockanalyst.com: QNB Al Islami, the Islamic branch of Qatar National Bank (QNB), Qatar International Islamic Bank (QIIB) and Qatar Real Estate Investment Company (ALAQARIA) announced the signing of a Sharia-compliant finance agreement by which the two banks will provide ALAQARIA with Ijara finance of one billion Qatari Riyals.

The funds will play an instrumental role in the future development of ALAQARIA projects in Qatar which estimated at QR 2.5 billion. The financing comes into effect on January 1, 2009….. Full Article: Source

From Asianinvestor.net: The Singapore regulator is looking to facilitate the industry’s expansion by tackling key issues such as a lack of sharia-compliant assets and conflicting codes on supervision and tax treatments.

Compared to the $3.7 trillion in global premiums collected by the conventional insurance industry, the global takaful (Islamic insurance) industry is still small and has not yet penetrated retail markets. …. Full Article: Source

From Zawya.com: Pak-Qatar Family Takaful Ltd and Al Meezan Investments have signed an agreement that will provide all investors of Al Meezan Investments’ Mahana Kharch Account (MMKA) with Shari’ah-Compliant Free Takaful Coverage of up to 1 million rupees.

The agreement was signed by P. Ahmed CEO Pak-Qatar Family Takaful and Muhammad Shoaib CFA Chief Executive Al Meezan Investments in Karachi today….. Full Article: Source

From Businessinsurance.com: Insurance Australia Group Ltd. is increasing to 49% its interest in the general insurance business of its Malaysian joint venture AmAssurance Berhad and is selling its interest in the insurer’s life business.

Sydney, Australia-based IAG is increasing its stake from 30% in AmAssurance’s general insurance operations. AmAssurance—based in Kuala Lumpur, Malaysia—is a joint venture between IAG and Malaysian bank AMMB Holdings Berhad. …. Full Article: Source

From Ittefaq.com: Standard Chartered Bank has celebrated the first anniversary of Saadiq, the Islamic Financial Services of the bank. Sandeep Bose, Regional Head of Consumer Banking of Standard Chartered Bank inaugurated the programme held at a hotel in the city on Monday night.

Kamran Sunjoy Rahman, Head of Islamic Banking and Sarwat Ahmad, Senior Manager of Corporate Affairs also spoke on the occasion….. Full Article: Source

From Reuters: Gulf Bank is the only bank in the oil-rich Gulf Arab region that had to be rescued by a government in the fallout from the global credit crisis. Gulf Bank had to seek help after suffering currency derivatives losses worth 375 million dinars. Its entire board has resigned.

The central bank has ordered a restructuring of the bank and temporarily taken over its foreign exchange department. The government said it would buy up any stock not subscribed for in the capital hike and has also guaranteed deposits at all banks as a means of restoring confidence….. Full Article: Source

From Gulf-daily-news.com: Al Salam Bank-Bahrain has announced the launch of a strategic partnership with Tadamon International Islamic Bank in the Islamic hospitality sector. Both banks share the acquisition of a leasehold interest of a residential and commercial tower close to the Holy Mosque in Mecca.

The $158.7 million deal is considered to be the second for Al Salam Bank-Bahrain as it has recently announced a similar investment in the same field….. Full Article: Source

From Istockanalyst.com: The Dubai Financial Services Authority has issued a license to Rasameel Structured Finance Company, a Kuwaiti capital markets institution, to operate as an Islamic investment bank in the Dubai International Financial Centre under the name Rasameel Investment Bank Limited.

The institution plans to provide financial services in capital markets; financial advisory; investment and asset management and Sharia finance guidance….. Full Article: Source

From Theedgedaily.com: OCBC Bank (Malaysia) Bhd expects loans growth to moderate next year as consumers hold back from buying big ticket items due to the softening economy, its director and chief executive Jeffrey Chew said.

He said the bank would however see robust growth in loans this year, adding it would be “in the teens percentage”….. Full Article: Source