From Guardian: Sharia banks should be allowed to charge a fee for giving guarantees, a top religious scholar said on Wednesday, issuing an opinion on an issue that has so far divided the $1 trillion Islamic finance industry.
Mohd Daud Bakar — who advises the globally recognised Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) — said views on whether sharia banks can charge fees for guarantees are “changing with the times.”…. Full Article: Source

From Business24-7.ae: The Islamic finance industry needs a common risk management system to police institutions now guided by voluntary standards and ill-fitting conventional rules, a banker and an asset manager said yesterday.

The Shariah finance industry is a global reservoir of $1 trillion (Dh3.67trn) of assets but regulatory standards differ across jurisdictions in the absence of a central governing body….. Full Article: Source

From Alibaba.com: A popular but disputed Islamic banking contract will eventually fall out of favour as financial markets strive for wider acceptance, sharia scholars said on Tuesday.

The bai bithaman ajil or deferred payment sale contract is the mainstay of Malaysia’s Islamic finance industry. But it is viewed with suspicion in the Middle East where some scholars say it is nothing more than an interest-based loan….. Full Article: Source

From Ennaharonline.com: Finance and Islamic banking should be developed as an alternative to the financial model of Wall Street, discredited by the global crisis, declared the participants of the World Islamic Economic Forum (WIEF) which ended Wednesday in Jakarta.

In a statement, the Forum called for “the promotion of Islamic finance as a viable alternative to conventional financial system.” …. Full Article: Source

From Thejakartapost.com: The World Islamic Economic Forum (WIEF) is calling for intensified promotion of Islamic finance as an alternative to the conventional financial system by establishing Islamic banking training centers with harmonized standards in all member countries.

The call was part of the WIEF’s Jakarta Declaration read out during the closing ceremony, which was officially closed by Vice President Jusuf Kalla on Tuesday night….. Full Article: Source

From Gulf-daily-news.com: KPMG firms were named Best Islamic Assurance and Advisory Services Provider for the second year in a row at the 2009 Euromoney Islamic Finance Awards ceremony in London.

Now in its seventh year, the awards are regarded by many in the sector as the benchmark awards for the global Islamic finance industry….. Full Article: Source

From Gulf-daily-news.com: The UAE central bank said yesterday it would form a committee with bank officials, its latest move to deal with the challenges posed by global financial turmoil.

Most Gulf countries have sought to ease tight liquidity and prop up sagging investor confidence with an array of policy steps since the global credit crisis deepened in late September….. Full Article: Source

From WAM: Abu Dhabi Commercial Bank (ADCB) claimed two awards by the pre-eminent international Islamic finance magazine Islamic Finance News on 3rd March 2009 in a distinguished Awards Ceremony held in Dubai.

The award was in recognition of ADCB’s role in arranging two Sukuk deals last year, namely; Bahrain Deal of the Year 2008 - CBB Sukuk Ijarah and Structured Finance ‘&’ UAE Deal of the Year 2008 - Sun Finance Limited Sorouh Securitization….. Full Article: Source

From Dubaicityguide.com: Dubai Islamic Bank (DIB) bagged six awards at the Islamic Finance News Awards 2008 held recently in Dubai. DIB was named the “Best Islamic Bank in the UAE” for 2008, as well as the “Best Islamic Wealth Management Provider”.

DIB received four awards for Islamic finance transactions in the UAE and Pakistan….. Full Article: Source

From Ameinfo.com: Qatari Diar Real Estate Investment Company has been awarded two prestigious awards for their Shari’a compliant syndicated loan deal on Qatari Diar’s flagship Chelsea Barracks development in London.
The two awards, presented by Islamic Finance News, are for the Syndicated Deal of the Year and United Kingdom Deal of the Year. Both awards relate to the $2.5bn syndicated financing to fund Project Blue (Guernsey) Ltd’s purchase of London’s Chelsea Barracks….. Full Article: Source

From Dailystar.com.lb: Hizbullah has raised millions of dollars from the sale of pirated DVDs particularly in South America, according to a report published by a US public policy think tank.

The report, published by the RAND Corporation, highlights the increasing role organized crime has played in the sale of illegally copied DVDs, adding that film piracy has also begun to financially benefit what it called “terrorist groups.”…. Full Article: Source

From Thepeninsulaqatar.com: Corporate issuers are eager to return to the Islamic bond market but a lack of secondary trading could distort the pricing of an estimated $45bn worth of sukuk in the pipeline and deter future issuance.

The credit crunch and growing prospects of a global recession have virtually frozen sukuk markets worldwide, and the issue of distorted pricing could exacerbate issuers’ reluctance to return to the markets, threatening a crucial source of funding for companies and governments….. Full Article: Source
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From Thejakartapost.com: Dubai-based Islamic Corporation for the Development of the Private Sector (ICD) says it will go ahead with plans to acquire the sharia unit of Bank Negara Indonesia.

The ICD said Tuesday it is still committed to executing the plan later on this year, to establish a major sharia bank in Indonesia, despite the global financial crisis….. Full Article: Source

From Business24-7.ae: The Dubai Financial Services Authority (DFSA) implemented two enforcement actions in 2008 involving financial penalties of about a million dollars and the suspension of one firm.

In its annual report released yesterday, the regulator of the Dubai International Financial Centre said it initiated proceedings in the DIFC Court against Shuaa Capital International and Shuaa Capital to enforce compliance in an accusation involving the manipulation of DP World’s stock price on Nasdaq Dubai on March 31….. Full Article: Source

From Thejakartaglobe.com: The Islamic Corporation for the Development of the Private Sector is a multilateral affiliate of the Islamic Development Bank Group. Established in Jeddah in 1999, it has a mandate to support the economic development of its member countries by financing private sector projects in accordance with Shariah principles.

The Jakarta Globe recently talked to Khaled M. Al-Aboodi, the ICD’s chief executive, about Indonesia’s prospects for greater Islamic financing, the ease of doing business in the country and the main stumbling blocks to greater investment….. Full Article: Source

From Theedgedaily.com: Penerbangan Malaysia Bhd, the government-owned aircraft lessor for the national airline, started marketing a RM1.5 billion sale of Islamic bonds.

The company will pay between 50 and 55 basis points (bps) more than similar-maturity Malaysian government debt for the five-year Murabahah notes, according to an email sent to investors yesterday…… Full Article: Source

From Thejakartapost.com: The Fifth World Islamic Economic Forum (WIEF) opened on Monday in Jakarta. The global Islamic financing industry has over US$1 trillion in assets. But Indonesian Islamic finance accounts for less than 3 percent of banking assets and lacks the know-how, staff and infrastructure to expand faster.

Indonesia is maintaining economic growth at over 4.5 percent and bank lending growth rates at over 15 percent….. Full Article: Source

From Bloomberg: The Vatican said banks should look at the rules of Islamic finance to restore confidence amongst their clients at a time of global economic crisis.

“The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service,” the Vatican’s official newspaper Osservatore Romano said in an article in its latest issue late yesterday….. Full Article: Source