From Aawsat.com: The German economy is considered the strongest in the Eurozone [15-country bloc that uses the Euro currency] and the level of German exports surpassed China for the fifth year running in 2007, achieving a record export of €969 billion. Its imports amounted to €770 billion, giving Germany a trade surplus of €198 billion.

According to the German Foreign Ministry, the Eurozone is Germany’s number one economic partner, and Eurozone imports and exports constitute two-thirds of German trade figures. ….. Full Article: Source

From Ameinfo.com: The US Federal Reserve and the Bank of Japan have lowered interest rates to almost zero per cent. What is quite rare in conventional banking, however, is the norm in Islamic banks. But the Islamic Finance industry currently also finds itself hostage to the financial crisis.

‘Fed cuts interest rates to near zero’ - the latest headline triggered by the financial crisis triggered raised eye-brows throughout the world. ….. Full Article: Source

From Hurriyet.com.tr: The Justice and Development Party government is working on laying the ground for the sovereign issuance of Islamic bonds, Hürriyet Daily News has learned. Declining to name the bonds ‘Islamic,’ a top official says ‘this market’ will grow to $200 billion globally by 2010, and ‘Turkey wants its share.

The government has shown Turkey the path to spare the country from the effects of the global credit crunch - the diversification of export routes from crisis-hit Western markets to other locations, such as the Middle East. However, diversification has taken on a whole new meaning, as plans to issue “sukuks,” or Islamic bonds, are underway…… Full Article: Source

From Reuters: Malaysian Islamic insurer Prudential BSN Takaful Bhd will spend about 7 million ringgit ($2.01 million) to set up seven branches next year, official Bernama news agency reported.

Two branches would be located in the area around capital Kuala Lumpur and southern Johor state, the company’s chief executive Mohamad Salihuddin Ahmad said…… Full Article: Source

From Gulf-daily-news.com: Standard & Poor’s Ratings Services has assigned its long-term ‘BBB’ counterparty credit and insurer financial strength ratings to Bahrain-based Takaful International Company (TIC).

The outlook is stable. “The ratings on Bahrain-based composite insurer TIC reflect good operating performance and good financial flexibility,” said Standard & Poor’s credit analyst Kevin Willis. ….. Full Article: Source

From Hurriyet.com.tr: Islamic banking in Turkey dates back to 1985, when the government, led by the late Turgut Özal, passed legislation for interest-free banking. The first “participation bank” was Albaraka Türk, established in February 1985, followed by Faisal Finans two months later.

Islamic banks offer customers profit-sharing proceeds instead of interest, and charge borrowers participation-sharing, instead of loan interest. ….. Full Article: Source

From Gulf-daily-news.com: World Bank and the International Monetary Fund experts are studying Islamic finance to see how its principles can help them rebuild the Western financial system. That was the claim by the General Council for Islamic Banks and Financial Institutions secretary general Ezzedine Khoja.

“When financial experts are trying to explain the financial crisis and find solutions for the future they are looking for a financial model that will provide comfort and they are continually seeing that the way to achieve this involves the human principles inherent in Sharia-compliant finance,” he said…… Full Article: Source

From Itnews.it: The Labuan Offshore Financial Services Authority (LOFSA) has granted SCOR Global Life an operating licence to provide Retakaful reinsurance products complying with the principles of Islamic finance.

LOFSA also granted SCOR Global Life a conventional (i.e. “Non-Takaful”) Reinsurance licence. The new entity will be called SCOR Global Life SE, Labuan Branch. The new Labuan branch will serve SCOR Global Life Takaful clients worldwide…… Full Article: Source

From Ameinfo.com: Bahrain-based Sakana Holistic Housing Solutions (a 50:50 joint venture between BBK and Shamil Bank), the innovative Islamic mortgage finance provider, was awarded Best Islamic Mortgage Provider of the Middle East.

Mr. R. Lakshmanan, Chief Executive Officer of Sakana, accepted the award in person, having delivered a well-received presentation on the GCC real estate sector to the summit. ….. Full Article: Source

From Cnsnews.com: Should U.S. taxpayers have control over a financial company that offers insurance and investments that must comply with the same Islamic system of laws that guided al-Qaeda terrorists in Iraq — and on 9/11?

Not if a former U.S. Marine gets his way. Attorneys for Kevin Murray, who served two tours of duty in Iraq, filed suit last week in federal district court in Michigan, saying that the government-owned AIG – the American International Group — owns a Shari’a-compliant subsidiary…… Full Article: Source

From Dailytimes.com.pk: BankIslami Pakistan Limited opened its 75th branch in Orangi Town Karachi and is all set to achieve its target to increase its branch network to 102 branches in 49 cities.

According to a press release Monday, more than 40 percent of branch network caters to the unbanked rural areas where the demand for the Islamic Banking is phenomenal and relatively untapped. ….. Full Article: Source

From Eyeofdubai.com: HH Sheikh Humaid bin Rashid Al Nuaimi, the Ruler of Ajman yesterday became the inaugural account holder with the emirate’s first Islamic commercial bank, Ajman Bank, along with HH Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank.

Deputy Chairman, HH Sheikh Ahmed bin Humaid Al Nuaimi, Ajman Bank board member HH Sheikh Rashid bin Humaid Al Nuaimi and HH Sheikh Abdulaziz Bin Humaid Al Nuaimi, Chairman of the Department of Culture and Information-Ajman Government where also among the top VIPs who opened their new accounts during a visit to the new branch this week. ….. Full Article: Source

InvestTechFX the Worldwide Leading Forex Trading Islamic Account Solutions Head of Customer Relation Department Mr. Saad spoke last week in Toronto Canada about the new MasterCard that is launching a new and prestigious Credit Card, which is set with real diamonds and clustered with gold.

In the center of the card, called “The Diamond”, there is a 0.02 Karat Real Diamond. On the issued cards for women, there is the image of a peacock while on the men’s issued cards there is the picture of a winged horse. ….. Full Press Release: Source

From Dubaicityguide.com: AMAN, Dubai Islamic Insurance & Reinsurance Company, has launched a new innovative health insurance scheme for customers in the UAE. The new plan, the first of its kind in the UAE health insurance sector, will offer comprehensive products that are consistent with the Sharia rules and are based on Islamic Takaful principle.

The new initiative covers all parts of the world, and provides emergency care services at all times, evacuation, expenses of air travel for the purpose of treatment, 24/7 helpline to offer help to customers and answer their medical inquiries, the appropriate treatment in the most prestigious world hospitals, ticket and accommodation expenses for 3rd party to accompany the patient and many other benefits. ….. Full Article: Source

From FT: The Muslim pilgrimage to Mecca, the Hajj, is a sacred duty for all Muslims, but one that has always been prohibitively expensive for millions of believers. This year, the cost skyrocketed even further, as the Saudi government razed old hotels to give way to $20bn in new developments.

Local observers estimate that Hajj operators increased their prices by 30 to 50 per cent this year, and hotel prices, which normally increase four- or fivefold during the season, increased even more. In theory the pilgrims were required to use tour operators, who provide food, housing, and transport. ….. Full Article: Source

From Keeptonyblairforpm.wordpress.com: There are 300 Islamic banks operating in the world today. But this statistic, ubiquitous in presentations about the growth of Islamic banking, is not an entirely positive number: it’s far too high. Islamic banking is enormously fragmented.

At the top end, there are: Al Rajhi Bank, with $33.3 billion of total assets in 2007; Kuwait Finance House, with $32.1 billion; and Dubai Islamic Bank with $22.8 billion. But after that, there’s daylight, and you don’t have to go too far down the list to get to the minnows…… Full Article: Source