From Indexuniverse.com:NASDAQ OMX Indexes is about to break into the already crowded field of index providers targeting Islamic investors. Versions of the flagship NASDAQ 100 Index and NASDAQ Biotechnology Index are to be launched in the first quarter 2009.

Dow Jones, MSCI, FTSE Group and financial services firms including HSBC and Citigroup have long lists of stock indexes, and to a more limited extent bond indexes, refashioned for the Islamic world. …. Full Article: Source

From Analyst-network.com: The first market day after President-elect Obama announced plans to appoint Federal Reserve Bank of New York president Timothy Geithner as Secretary of the U.S. Treasury, U.S. equities rose 6.5%.

Pundits praised his experience handling crises and understanding of the troubled economy. But possibly, the market hoopla was premature, or even unwarranted. Some analysts seek his retirement….. Full Article: Source

From Indexuniverse.com: Javelin Investment Management, a newly formed exchange-traded funds company, has filed with the Securities and Exchange Commission for the first U.S. ETF to be based on an Islamic index.

The JETS (Javelin Exchange Traded Shares) Dow Jones Islamic Market International Index Fund is the latest example of an ETF manager hoping to find success in the crowded ETF market with a first-of-its-kind portfolio. …. Full Article: Source

From Wnd.com: Muslims, whose Shariah law is advancing into the West to the point the U.S. Treasury is teaching “Islamic Finance,” soon will be given access to their own online gaming.

According to an industry website, the Muxlim Pal program is “specifically designed for members of the Muslim community, although its makers stress that anyone with an interest in the faith are also welcome to join.” The virtual world online game places players in charge of an avatar, according to Muxlim.com. …. Full Article: Source

From Reuters: Islamic insurer Takaful Malaysia said on Wednesday it is seeking a strategic partner in Indonesia to tap opportunities in the world’s most populous Muslim country.

Takaful wants to increase its network of 33 to 34 branches in Indonesia, managing director Hassan Kamil said. “That is not large enough to gain any presence,” Hassan told reporters after Takaful’s annual shareholders’ meeting….. Full Article: Source

From Thestar.com.my: Syarikat Takaful Malaysia Bhd (STMB) ceased talks with Islamic Arab Insurance Co P.J.S.C. (Salama) because it wanted to focus on negotiations with Abu Dhabi-Kuwait-Malaysia Strategic Investment Corp.

“We felt Abu Dhabi-Kuwait-Malaysia was a better fit than Salama. It doesn’t mean anything material but for now, we have decided to focus on discussion with Abu Dhabi-Kuwait-Malaysia,” said STMB group managing director Datuk Hassan Kamil after the company AGM yesterday….. Full Article: Source

From Bernama.com: The bleak global economic outlook will not derail the RM520 million ($145 million) sales target set by Takaful Ikhlas Sdn Bhd, a Syariah-based insurance company, for the financial year ending March 2009.

Chief Executive officer Syed Moheed Syed Kamarulzaman said the target was attainable following the aggressive campaign by the company to promote the syariah insurance scheme among the people….. Full Article: Source

From Usnews.com: Islamic banking requires transactions be structured in alternative ways since the rules ban interest and trading in debt.

Blue Ocean is one of many European companies benefiting from a surge in Islamic financing that’s pushing sharia-compliant banking into the mainstream and extending its appeal to non-Muslims…… Full Article: Source

From Istockanalyst.com: According to Doha Securities Market: Qatar Islamic Bank has decided to add an item on the agenda of the Extra-Ordinary General Assembly which will be held on December 23, 2008.

The new added item pertains to amend Article (9) of the bank’s Article of Association concerning the maximum ownership limit of the bank’s capital….. Full Article: Source

From Arabianbusiness.com: Standard & Poor’s Ratings Services has announced that it has revised its outlook on Bahrain-based Arcapita Bank to negative from stable.

At the same time, it affirmed the long- and short-term counterparty credit ratings on the bank….. Full Article: Source