From Birminghampost.net: The West will see fundamental changes to its banking systems as it looks to claw its way out of the recession, but how will the recent global events affect the Muslim world?

By the time President Obama arrives at the White House, the United States will be a different country in a different world. There will be no going back and no return to business as usual….. Full Article: Source

From Aawsat.com: It is expected that many Muslim countries, which had fast-growing economies, will suffer [from the global financial crisis] and experience a decrease in growth, which will have a negative effect on their development projects.

There is no doubt that the consequences of this crisis and the subsequent impacts on the Islamic countries mean that those rejoicing at the crisis should reconsider their position, and use a more rational and realistic discourse, especially that we have not witnessed the collapse of the capitalist countries or the disintegration of the capitalist system. …. Full Article: Source

From Europenews.dk: The Government has launched a consultation on the legal implications of regulating Islamic finance in the UK. The joint Treasury – Financial Services Authority (FAS) consultation will set out the proposed legislative framework for regulation of an alternative financial instrument commonly known as an Islamic bond, or sukuk, which is interest-free and asset-backed.

Ian Pearson MP, Economic Secretary to the Treasury, launched the consultation as part of the government’s work to support the growth of Islamic finance in the UK….. Full Article: Source

The Islamic finance industry, which refers to the banking activity conducted in accordance with the principles of Sharia (Islamic law), gained the limelight over the past two months during the global financial turmoil as one of the relatively safe havens for investments.

Executives of Islamic banks and financial institutions have been arguing from the very beginning of the crisis that their businesses were relatively immune to the repercussions of the world financial turmoil because Islamic financial products were different from those inherent in the conventional banking system….. Full Press Release: Source

From Thenews.com.pk: Kuwait Finance House (KFH) has been awarded the Best Islamic Retail Brand of the year by MTI Consulting at the 15th World Islamic Banking Conference (WIBC) held in Bahrain.

This is the first occasion such a prestigious and strategic award has been introduced at the WIBC since its inception. It recognises 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 Article: Source

From Wnd.com: A lawsuit has been filed against the Federal Reserve Board and U.S. Treasury Secretary Henry M. Paulson Jr. over Wall Street bailout money going to American International Group, which is funding Shariah-compliant insurance and products.

WND reported a week ago that AIG has benefited from two major bailout agreements with the U.S. government giving $152.5 billion in taxpayer dollars to the company. Then it confirmed it is stepping up its dealings with Islamic finance offering homeowners insurance that complies with Islam’s religious Shariah laws. …. Full Article: Source

From Washingtontimes.com: It turns out that AIG has a subsidiary specializing in “takaful” - insurance products that are purportedly “Shariah-compliant.” I say purportedly because - while they have been cynically deemed “pure” (halal) by Shariah advisers that AIG employed for the purpose of making such certifications - the Islamic code expressly prohibits business transactions that involve risk.

Consequently, insurance products designed to hedge against risk are inherently “impure” or haram. …. Full Article: Source

From Arabianbusiness.com: Moody’s Investors Services has revised down the outlooks on the ratings of four major UAE banks.

The agency’s Dubai International Financial Centre office of has downgraded the rating outlooks for Abu Dhabi Commercial Bank, First Gulf Bank, and Dubai Islamic Bank have been changed to ‘negative’ from ‘stable’, while the rating outlook on Dubai Bank has been changed to ‘stable’ from ‘positive’….. Full Article: Source

From Thestar.com.my: Syarikat Takaful Malaysia Bhd (STMB) does not expect to be impacted by the economic slowdown next year. Instead, group managing director Datuk Hassan Kamil believes its business is slowdown-proof given the neccessity of its services.

“We also invest conservatively in low risk assets such as bonds and fixed income instruments, so we do not expect to be hit by the general volatility in the market,” he said….. Full Article: Source

From Dawn.com: Over the years, Islamic finance has not only increased in size, but has also grown complex as finance professionals compete furiously to produce new sharia-compliant transactions and instruments. This innovation is most visible in the world of sukuk.

Generally referred to as “Islamic bond” , sukuk signifies, speaking more accurately, an investment certificate. The Accounting and Auditing Organisation for Islamic Finance Institutions (AAOIFI) defines sukuk as certificates of equal value put to use as common shares and rights in tangible assets, usufructs, and services or as equity in a project or investment activity….. Full Article: Source

From Arabnews.com: Depending on whom you talk to or which report or statement you read, the impact of the credit crunch and the global financial crisis on the Islamic finance industry worldwide is either very small or very large, with sectors such as the Sukuk market badly affected.

The danger is that officials, bankers and economists are either artificially talking up or talking down the Islamic finance sector as their counterparts seem to be doing in the conventional financial sector, largely based on which economic ideology they espouse….. Full Article: Source

From Business24-7.ae: Abu Dhabi Islamic Bank is pushing ahead with expansion plans in the UAE and wider region as buoyant demand for Islamic banking continues despite global turmoil, its chief executive said yesterday.

Adib plans to open six new branches in the country before April and is actively seeking acquisitions and branch expansion in other Gulf and Middle East countries, Tirad Mahmoud said….. Full Article: Source

From Arabianbusiness.com: The United Arab Emirates’ Dolphin Energy will issue a $1 billion bond early next year as part of a $5 billion financing deal expected in 2009. As well as the $1 billion bond, Dolphin will raise $500 million from Islamic financing resources.

The company will use the cash to refinance $3.45 billion worth of existing debt and the rest for its pipeline project to deliver Qatari gas to the UAE and Oman….. Full Article: Source