From Tradearabia.com: Strict measures across the world to act against climate change could seriously affect the economies of Saudi Arabia and other Gulf nations, a Saudi official said on Thursday.

“Countries talking about reducing dependence on oil could impact our economy,” Mohammad Al-Saban of the Saudi ministry of petroleum told an Opec energy conference……Full Article: Source

From Reuters: Moody’s Investors Service’s decision today to place Kuwait’s sovereign ratings on review for possible downgrade does not have an immediate impact on the ratings of the country’s banks, which are already on review for downgrade.

Moody’s today placed Kuwait’s Aa2 local and foreign currency government bond ratings and Aa2 country ceiling for foreign currency bank deposits on review for possible downgrade. …..Full Article: Source

From Gulfnews.com: A possible merger of the UAE’s largest Islamic mortgage providers, Amlak Finance and Tamweel, is in the final stages of being resolved, while the liquidation option has been taken off the table, Sultan Bin Saeed Al Mansouri, Minister of Economy, told reporters on Thursday.

Merger talks began in November between the two financing entities to come under the umbrella of the Real Estate Bank (REB), when credit-dry global markets restricted local access to funds……Full Article: Source

From Tradearabia.com: The United Arab Emirates economy may contract this year but its performance depends largely on the global economy in the second half of 2009, economy minister Sultan bin Saeed Al-Mansouri said on Thursday.

His comments echo a prediction by the central bank governor this week that the once-booming economy of the world’s fifth-largest oil exporter could shrink as it cuts crude output and non-energy sectors face a slowdown……Full Article: Source

From Reuters: A local Malaysian government agency will issue up to 100 million ringgit ($27.38 million) of Islamic bonds based on a profit-sharing contract to fund infrastructure projects, the deal’s arranger said on Thursday.

The city council of central Malacca state will sell the mudaraba bonds, Malacca mayor Yusof Jantan said……Full Article: Source

From Dailymirror.lk: The Islamic Finance banking system is apt to “overtake” the conventional banking system, an expert in the field said yesterday. It was highlighted that with the current conventional banking methods having proven themselves to be unsuccessful it is only right for the industry to turn towards the other; which is the Shariah system.

These statements were made by the Training and Business Advisory Director of the Islamic Banking and Finance Institute, Malaysia, Shariah Roslan Abdul Razak……Full Article: Source

From Ecommerce-journal.com: In the beginning of March at the World Islamic Economic Forum in Jakarta political and business leaders accentuated the strength of Islamic principles of banking and investing.

Islamic banks are generally doing better in today’s uncertain economic times than their Western colleagues. So our financial institutions have a lot to adopt from Islamic economic system……Full Article: Source

From Ameinfo.com: Senior executives and strategists from the banking sector in Malaysia attending the ongoing Malaysia Services Exhibition (MSE 2009) in Dubai have said they are eager to co-operate with governments and financial institutions in and around the Middle East in tapping the rapidly increasing opportunities in Islamic finance.

Addressing a forum on ‘Malaysia - opportunities in Islamic finance’ at the three-day services showcase, which opened at the Dubai Airport Expo on March 17, Mohammed Ibrahim, Assistant Governor of Bank Negara Malaysia - the Central Bank of Malaysia - said Malaysia has been able to develop a model Islamic banking system in terms of solid fundamentals and a level playing field for domestic and global players. …..Full Article: Source

From Kuwaittimes.net: Saudi-based Islamic Development Bank (IDB) said yesterday it planned a $500 million Islamic bonds, or sukuk, issue to finance its 2009 financing program, 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 told Reuters on the sidelines of a conference in Riyadh……Full Article: Source

From Business24-7.ae: Islamic mortgage provider Tamweel has not seen any “significant” increase in number of defaults since the beginning of the year, but expects to get a clear picture by May, a senior executive said.

“The number of defaults has not been significant. However, there has been some impact on us. We have to wait and see what happens by end of the first quarter. A clear picture will be available by May,” he told Emirates Business on condition of anonymity……Full Article: Source

From Arabianbusiness.com: Islamic banks in Bahrain have agreed to strengthen links in an effort to boost the banking industry in the kingdom amid the global financial crisis.

A number of CEOs and high-level decision makers within the Islamic banking industry have pledged to meet regularly to help each other cope with the current economic challenges……Full Article: Source

From Business24-7.ae: Corporates are getting increasingly interested in insurance products and firms involved in offering such products are witnessing a rise in the share of business from this segment, said a leading life insurance player.

“In spite of current economic problems, premiums – particularly on the corporate segment – have not declined. In fact, in case of corporate customers, it’s the opposite,” Graham Morrall, Regional Head of Distribution, Middle East and Africa, Zurich International Life (ZIL) said……Full Article: Source

From Saudigazette.com.sa: Saudi Arabia’s Capital Market Authority (CMA) has approved the initial public offerings (IPO) of four new insurance companies to raise a total of SR260 million.

The companies are AXA for Cooperative Insurance, ACE Arabia Cooperative Insurance Company, Weqaya Takaful Insurance and Reinsurance and Al-Rajhi Company for Cooperative Insurance……Full Article: Source

From Bankingtimes.co.uk: The Islamic Bank of Britain (IBB) has launched its first Sharia’a-compliant Fixed Term Deposit Account.

The new account is based on Wakala’s principles of agency agreement, and is the first Fixed Term Deposit Account that accords with Sharia’a in the UK……Full Article: Source

The theme of this year’s 6th Islamic Financial Services Board (IFSB) Summit “The Future of Islamic Financial Services” could not be more pertinent given the crisis which the global financial markets are witnessing.

The Summit, due to take place on 5th – 8th May 2009 in Singapore is held under the kind patronage of Singapore’s Senior Minister, Goh Chok Tong. The Monetary Authority of Singapore is hosting the Summit……Full Press Release: Source

From Csmonitor.com: Norway’s biggest headache right now is not the financial crisis. Rather, the predominantly Christian nation is plagued by a religious dilemma over the right of a Muslim woman to wear a hijab as part of her police uniform.

As the controversy has escalated, the country has seen the physical collapse of the justice minister, the public burning of a hijab, and a substantial rise in the popularity of Norway’s anti-immigrant opposition party just six months before general elections……Full Article: Source

From Rightsidenews.com: The Thomas More Law Center, a national, public interest law firm based in Ann Arbor, Michigan, responded yesterday to a motion to dismiss its federal lawsuit challenging the AIG bailout.

The request to dismiss was filed by the Obama administration’s Department of Justice on behalf of Treasury Secretary Timothy Geithner and the Federal Reserve Board……Full Article: Source