From Brusselsjournal.com: All over Europe Islamic banks are establishing branches, Western banks are offering Sharia-compliant financial services, and European governments are trying to outcompete each other in welcoming them.

Proponents of banking along the lines of Sharia (Islamic law) claim that the Islamic banking system is “more ethical” than the West’s capitalist system. This is not true. Unfortunately, however, in our age of crashing financial markets, many Westerners – not just the traditional anti-capitalist European left – seem very eager to buy that argument…..Full Article: Source

From Business24-7.ae: The definition of a Sharia-compliant stock is ambiguous. At best, it suggests that a stock is Sharia-compliant if it fulfils both sectoral and financial screening filters. Sharia-compliant investment management is concerned with investments in assets that are in compliance with Islamic law.

An Islamic investor is not allowed to invest in companies that derive most of their revenue from non Sharia-compliant business activities, or that use interest in operating or financing their business…..Full Article: Source

From Aawsat.com: Perhaps many people were shocked at the recent media reports of financial corruption taking place within an Islamic Bank.

The reason behind this shock is not due to the existence of financial corruption at a prestigious financial institution – although this is more than a sufficient reason for shock – but rather because this financial corruption took place inside an Islamic financial institution that claims that all of its activities are directed and governed by Islamic Shariaa Law. [If this is the case] then how did this happen?….Full Article: Source

From Dailymirror.lk: The need for an accounting system that will work is what sukuk offers the Malaysian Islamic finance ratings company stated, adding that it has better control and governance in accordance with the Islamic concepts of carrying out financial transactions in a banking system.

“The current conventional accounting standard is no good, control and governance is a culture that should be established,” RAM Ratings Lanka Country Manager and Acting CEO Sri Lanka Kingston Ng told the Daily Financial Times during an interview recently…..Full Article: Source

From Europenews.dk: We are now seeing the third round of bailouts for Citigroup, after the US government already has taken a 36 percent stake in the bank. This makes the US government the largest shareholder of a bank, whose second largest shareholder is Saudi Prince Alaweed Bin Talal.

Currently American taxpayers are in hock for 45 billion dollars to bailout Citigroup, while the Treasury, the FDIC and the Federal Reserve cover 90 percent of Citi’s 335 billion dollar losses. The numbers are scary and since most financial experts predict that the bailout isn’t done yet, is likely to only be the beginning…..Full Article: Source

From Gulfnews.com: Gulf Arab economies could shrink this year due to oil price declines, but liquidity is adequate and credit still growing, central bankers in the world’s top oil-exporting region said Wednesday.

Sultan Nasser Al Suwaidi, the UAE Central Bank governor, told a banking conference that he did not expect oil prices to average more than $40-$44 (Dh146-Dh161) per barrel in 2009, a far cry from the highs near $150 in July that marked the peak of an economic boom across the six-member Gulf Cooperation Council…..Full Article: Source

From Thesundaily.com: Public Bank Group recently launched the Public Islamic Bank with the aim of contributing towards the nation’s long-term goal of having a viable, sound and competitive Islamic financial system in the country.

The launch of Public Islamic Bank, a wholly owned subsidiary of Public Bank, marks another milestone in the development of Islamic banking and finance in Malaysia…..Full Article: Source

From Thestar.com.my: Malaysia’s financial sector is on a much better footing than before, characterised by stronger capital levels and profitability positions. Reforms and capacity-building measures will continue to be instituted to enable our financial institutions to withstand shocks.

Ongoing efforts to explore new markets and businesses for expansion and income diversification amidst a more challenging global financial outlook would position Malaysia’s financial sector strategically over the long run…..Full Article: Source

From Bernama: AmMutual has declared income distributions for three of its funds. In a statement here today, it said unitholders of AmBon Islam, AmBond and AmIttikal would get 1.5 sen, 2.0 sen and 1.0 sen per unit respectively.

It said the income distribution for AmBon Islam, a medium- to long-term Islamic bond fund that aimed to provide a stream of ‘halal’ income, represented a yield of 1.44 percent returns…..Full Article: Source

From Forbes.com: Indonesia plans to sell up to 7.5 trillion rupiah ($650 million) of Islamic bonds before June, its first global sukuk issue, but analysts said market conditions are expected to remain tough due to the global crisis.

Rahmat Waluyanto, treasury director general at the finance ministry, said the global sukuk would be issued before a Samurai bond issue which is planned for June, and the size would depend on the underlying assets available. ….Full Article: Source

From Alibaba.com: Indonesia’s finance ministry plans to sell its first global sharia-compliant bond issue, or sukuk, before June, backed by 7.5 trillion rupiah ($650 million) worth of assets, a senior official said on Wednesday.

The government of the world’s most populous Muslim nation has already raised more than two-thirds of its gross debt issuance target for 2009, but it wants to tap a wider investor base using a broad array of instruments including sharia-compliant debt…..Full Article: Source

From Tradearabia.com: Bahrain is finalising a $500 million Islamic bond, said Central Bank of Bahrain Governer Rasheed Al Maraj. The sukuk, would consist of a $250 million refinancing for an existing sukuk that matures in June, and a new $250 million issue, a source said.

The $500 million sukuk would be issued by the end of May…..Full Article: Source

From Tradearabia.com: Emirates NBD will need to raise about Dh3 billion ($816.8 million) in 2010 to meet central bank requirements to increase its capital adequacy ratios, its chief financial officer said on Wednesday.

‘To reach the 12 per cent (adequacy ration) in June 2010, it will be under Dh3 billion,’ Sanjay Uppal told reporters…..Full Article: Source

From Gulfnews.com: Saudi Arabian central bank Governor Mohammad Al Jasser said the world’s largest oil supplier will provide more money to the International Monetary Fund if its share of the lender’s capital is increased.

“If the quotas of the IMF increase, of course, we will contribute our share,” Al Jasser said in Manama, Bahrain, yesterday. “If they will increase the quota of Saudi Arabia, we will be happy to contribute.”….Full Article: Source

From Tradearabia.com: The Ithmaar Bank drive to diversify its business is reaping rewards, shareholders were told at the bank’s annual general meeting.

Despite the global financial crisis, last year proved a positive year for the Ithmaar Bank, and for its subsidiaries and associates…..Full Article: Source

From Thepeninsulaqatar.com: The Qatar Chamber of Commerce and Industry (QCCI), representative body of the private sector, has called for accelerating the efforts to have a unified regional currency in place and consolidate the Gulf common market to ward off the adverse impact of the global crisis.

“We need economic blocks to help protect our interests and keep the negative impact of the world financial turmoil at bay,” the Chairman of the Chamber, Sheikh Khalifa bin Jassem Al Thani, said in a statement yesterday…..Full Article: Source

From Thepeninsulaqatar.com: If confirmation were needed of woes in the United Arab Emirates banking industry, Moody’s last week said it was considering downgrading the rating of HSBC Middle East, mainly due to the prospect of rising loan delinquencies in the UAE, its largest market.

HSBC Middle East said its charges for bad loans rose by five times to $280m last year because of a “significant” increase in consumer loan defaults, equivalent to about 1 percent of the bank’s regional loan book…..Full Article: Source

From Ptinews.com: The Kuwait government has said that it could push through a $5.15 billion stimulus bill as an emergency decree, bypassing parliament, in a bid to rescue the countrys ailing economy.
The country’s Finance Minister Mustafa Al Shamali told Kuwait Times newspaper that the “economic situation as well as public opinion” were pushing for quick action over the stimulus package…..Full Article: Source

From Thepeninsulaqatar.com: Qatar’s economy has enough ammunition required to tackle the extraordinary regional and global conditions emerging out of the economic slowdown, Deputy Premier and Minister of Energy and Industry, H E Abdullah bin Hamad Al Attiyah said here yesterday.

“The Qatari economy which has never been immune to the global economic slowdown, promises to grow at reasonable rates this year amid the global economic and financial turbulence,” said Al Attiyah at the Qatar Fuel (Woqod)…..Full Article: Source

From Thedailynewsegypt.com: By the end of last year, the meltdown was complete. Lehman Brothers had failed, Merrill Lynch was gone, and analysts from CNBC to the beleaguered banks were predicting that Wall Street would never again look the same.

But while the Dow sank and many despaired, one sector in the financial world saw its growth potential go through the roof: Islamic finance…..Full Article: Source

From Tradearabia.com: Dubai Islamic Bank (DIB), Sharia-compliant financial institution, said its board has approved the distribution of a cash dividend of 25 per cent and bonus shares of five per cent for the year 2008.

The decision was taken on Wednesday at the bank’s annual general meeting (AGM) where DIB’s 2008 financial results were also approved…..Full Article: Source

From Ameinfo.com: At the Hedge Funds World Middle East Conference in Dubai earlier this month, Eric Meyer, Chairman and CEO of Shariah Capital, received the ‘Special Merit Award for Outstanding Industry Contribution’ for his work developing Shariah compliant hedge funds, funds-of-hedge funds and customized Shariah compliant financial product platforms.
In 1998, Forbes magazine identified Eric Meyer as ‘an emerging force’ in hedge fund investing and in 2005 Banker Middle East magazine characterized him as ‘a pioneer in Islamic finance.’….Full Article: Source

From Albawaba.com: The International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the IDB Group, has been announced as the winner of the prestigious Euromoney Trade Finance Deal of the Year Award 2008 for its €23 million financing transaction for the cotton sector in the Cote d’lvoire.

The ITFC deal was selected for the award as it demonstrates a number of significant innovations compared to standard pre-export finance, as well as being Shariah-compliant and of great social and economic importance…..Full Article: Source

From Ameinfo.com: Fawaz Al Jowder, Deputy Chief Executive Officer of Abu Dhabi Investment House, told CNBC Arabiya, that the company has extended its operations to North Africa including Morocco and Tunisia, and South East Asia.

Al Jowder added that the company has also made significant investments in funds such as the India Entertainment City, part of the Qatar Entertainment City…..Full Article: Source

From Bdnews24.com: The government should form a special fund to provide recession-hit exporters loans at low rates, rather than a proposed recovery package, the former finance adviser to the caretaker government has suggested.

“I personally believe no extra facility is required for any sector in the face of the global economic downturn,” AB Mirza Azizul Islam said Wednesday, speaking exclusively to bdnews24.com…..Full Article: Source

From 2711.co.za: The Shariah exchange traded fund, which is being run by Absa, closed their initial public offering (IPO) last Friday, and according to Dr Vladimir Nedeljkovic, the associate principal of ETFs and Index Products at Absa, the results of the IPO will be available on April 3, when the actual figures will be released.

Nedeljkovic says that they have subscriptions in cash and in specie, so the total amount can still vary……Full Article: Source

From Europenews.dk: t’s not a game. These are not people just talking tough around the kitchen table. These are groups of people that are organised and backed up with both skill and finance. When will the Americas wake up to the fact that this danger can no longer be ignored?

As the man ringing the alarm bell goes deaf, Canada and the U.S. continue to sleep……Full Article: Source