From Thestar.com.my: The rate of asset growth of funds in Islamic financial institutions this year is expected to be slower than in 2008, says Kuwait Finance House (M) Bhd managing director Datuk K. Salman Younis.

He said this was due to the prevailing global economic downturn but added that long-term recovery was certain….. Full Article: Source

From Reuters: Islamic bond sales are likely to drop this year from 2008 although local currency issuances will help support markets hit by the credit crisis, the Asian arm of Kuwait’s top sharia lender said on Wednesday.

Plummeting property prices in key Islamic financial centres such as Dubai are tightening the screws on the $1 trillion industry and putting it to its biggest test in its 30-year history….. Full Article: Source

From Gulfnews.com: The economies of the six Gulf Cooperation Council (GCC) countries will reach an aggregate $2 trillion (Dh7.3 trillion) by 2020, according to a new report by the Economist Intelligence Unit (EIU).

Another point the report raises is that monetary union between five of the GCC members will most likely not meet the scheduled deadline of 2010, and only be in place by 2020. Oman has opted out of the monetary union, insisting on pursuing an independent monetary and economic policy….. Full Article: Source

From Reuters: Russia’s second largest bank VTB may become the country’s first issuer of sukuk or Islamic bonds and is considering a deal worth several million dollars, VTB’s investment banking head said on Wednesday.

Russian companies need to be more creative about raising capital as usual sources of funding have dried up in the global credit crunch and around $100 billion of foreign corporate debt payments are due this year. …. Full Article: Source

From Tradearabia.com: Saudi-based Islamic Development Bank (IDB) said on Wednesday it planned a $500 million Islamic bonds (sukuk), issue to finance its 2009 financing programme, the first sukuk issue this year in a tightening industry.

‘We are planning to go ahead with the issue in the next few months,’ the bank’s chairman Ahmed Mohammed Ali said….. Full Article: Source

From Bernama: There will be a trend of issuing sukuk in local currency in the next two years as players will be reluctant to lend dollar due to the global economic slowdown.
Kuwait Finance House (Malaysia) Bhd’s managing director, Datuk K.Salman Younis said compared with the dollar there was higher liquidity in the local currency in the Gulf Cooperation Council (GCC) countries and Malaysia at the moment….. Full Article: Source

From Thenational.ae: Two factors have been driving the issuance of ijara sukuk, the first involving Sharia compliance and the second relating to the cost of capital in uncertain times.

The Sharia-compliance issue arose from the comments of Sheikh Taqi Usmani, a leading Bahrain-based Sharia scholar, in November 2007 that most sukuk were not Sharia-compliant….. Full Article: Source

From Gulf-daily-news.com: Bahrain’s Mumtalakat Holding Company was voted the most transparent sovereign wealth fund (SWF) in the Gulf. In a research undertaken by the Sovereign Wealth Fund Institute, Mumtalakat was found to have the joint highest transparency ’score1′ of the nine Gulf investment companies surveyed.

“The independent ranking of Mumtalakat, the investment company for Bahrain, as the most transparent SWF in the Gulf is further proof of the kingdom’s commitment to the highest standards of accountability and robust regulation that has created a stable business environment,” said Economic Development Board (EDB) chief operating officer Kamal Ahmed. …. Full Article: Source

From Gulfweeklyworldwide.com: Allianz Takaful, the regional subsidiary of Allianz Group, a global leader in insurance, asset management and banking has announced the launch of its Middle East operations in Bahrain. The company will be offering Allianz’s globally trusted financial services in full compliance with Sharia principles.

Dr Abdul Rahman Khalil Tolefat, CEO, said that Allianz has chosen Bahrain as its global hub for Takaful due to the country’s status as an international base for Islamic finance and it being the most stable financial centre in the MENA region….. Full Article: Source

From Ameinfo.com: Standard Chartered UAE has launched a Shariah Compliant Home Finance solution under Standard Chartered Saadiq, the Bank’s global Islamic banking brand.
The move strengthens its already strong line up of Islamic products currently offered across the world. The new Saadiq Home Finance Solution provides potential as well as existing homeowners with a wider variety of choice on property purchases….. Full Article: Source

From Arabianbusiness.com: Emirates Islamic Bank said on Wednesday it would convert federal government deposits into regulatory capital as part of a plan to enable banks to bolster their capital as they face a rise in provisions.

Emirates Islamic, a unit of Emirates NBD, is the latest bank in the UAE seeking to strengthen its base of Tier 2 capital as loan defaults mount, and they take provisions for potential bad loans to come….. Full Article: Source

The Abu Dhabi Investment Company (ADIC) has hired a new head of private equity to lead a charge for buy-outs in the Middle East and North Africa at a time when the global economic crisis is starving promising companies of capital.

Leading the push will be an experienced deal maker in the region, Samir Assaad Samaan, who joins ADIC from NBK Capital in Dubai, where he headed the firm’s private equity operations. “With the global economic crisis hampering corporate financing, our nimble private equity fund should continue to thrive as a valuable capital source for growing companies,” said ADIC Chief Executive Officer Nazem Fawwaz Al Kudsi…… Full Press Release: Source

From FT: Investment banking firms in the Middle East need to adapt, speedily, to the realities of the new world emerging from the economic crisis. Their business models, which are built on leverage, proprietary trading, and investing equity capital and borrowed money in illiquid assets, are not sustainable.

They will not be able to generate the same high returns on equity as before. …. Full Article: Source

From Menareport.com: ACE Arabia Cooperative Insurance Company has announced that it will make an Initial Public Offering (IPO) on the Tadawul in Saudi Arabia. The IPO will take place on 18th April 2009 and will run until the 27th April 2009.
ACE Arabia will list with capital of SAR 100 million ($26.6 million) and four million shares will be offered to the public which represents 40 per cent of the company shares….. Full Article: Source

From Busrep.co.za: Albaraka’s business is based on Islamic Sharia law, which determines the services it may offer. The number of products it offers is limited by this law.

The bank is different from conventional banks in that it does not charge interest. Sharia law does not permit making money from money….. Full Article: Source

From Interfax-religion.com: Chairman of Russia’s Mufti Council Ravil Gaynutdin considers the Islam financial system as an efficient alternative option to the world financial system and hopes to expand it within Russia.

“We believe that with the help of God, Russia with its enormous economic and scientific potential and a large share of Muslim population, and the role which this country enjoys being part of the Islamic world, will efficiently and reasonably use the potential of Islamic financing instruments which now are attracting considerable interest of both scientific and business circles,” Mufti Gaynutdin said…. Full Article: Source

Daman Investments PSC, the leading Dubai-based investment management company, has announced the performance results of three of its funds: the Daman Speculator Fund, the Daman Second Emirates Fund, and the Daman Islamic Fund, for the month of February 2009.

The Daman Second Emirates Fund recorded a growth of 0.99%, and the Daman Islamic Fund, the company’s Shari’ah-compliant offering, posted a gain in Net Asset Value of 1.40%, ending at AED 42.51 for February 2009.The Daman Speculator Fund, ended the month of February at a NAV of AED102.65, a drop of 1.47% for the month. …. Full Press Release: Source

From Ameinfo.com: A number of CEO’s and high-level decision makers, recently held a meeting to discuss the cooperation between Islamic banks in Bahrain with an aim to strengthen the overall Islamic banking industry, especially in light of the current global financial crisis.
The importance of this meeting comes in view of the serious financial crisis facing regional and global markets, which imposes an obligation on everyone to work together to maintain the current high ranking that Islamic banking has gained in recent years….. Full Article: Source

From Telegraph.co.uk: Hundreds of Pakistani judges and court officials have been put out of work in the troubled north west of the country after Islamic law was imposed at the weekend.
The government and the army struck a peace deal with militants and agreed to allow religious law courts to function as a last-ditch effort to restore peace in the mountainous Swat Valley region, once a popular tourist resort….. Full Article: Source

From Novinite.com: Foundations from Arab and other Muslim states have been funding radical Islamist activities in Bulgaria for many years.

This was declared Tuesday by the political secretary of the rightist Democrats for Strong Bulgaria party, Petar Nikolov, in an interview for Darik Radio….. Full Article: Source