From FT: A small idea is developing into a big hope in the Middle East. It is that the answer to the global financial crisis lies in Islamic finance.

Proponents of the $800bn industry argue that the prohibition on dealing in interest has saved Islamic institutions, preventing them from investing in all the dubious structures that have brought down high-flying international institutions…..Full Article: Source

From Business24-7.ae: The Islamic insurance or Takaful industry will see double-digit growth in the next three years, slowed only slightly by the financial crisis, a leading industry official said on Monday.

Takaful business was expected to grow 17 per cent a year over the next three years, after annual growth of 25 per cent from 2004 to 2007, said Saleh Malaikah, chairman of Islamic reinsurance operator BEST Re…..Full Article: Source

From Menafn.com: There is much talk about the emergence of Islamic finance as an alternative model to the classical neo-liberal market system. But are the Muslim markets where Islamic finance is available up to meeting this challenge?

One Islamic banker, Badlishah Abdul Ghani, CEO of CIMB Islamic Bank, believes that Islamic banking may be in danger of sleepwalking into a major crisis, not because of the credit crunch or the global financial crisis, but because of its internal contradictions and the anomalies between the various jurisdictions…..Full Article: Source

From Zawya.com: As the world’s eyes turn to London over the next few days to see whether the G-20 leaders at their April 2 summit can indeed come up with measures to arrest the impact of the global financial crisis and the inevitable march into a pernicious recession, there have been growing calls for a greater role and involvement of Islamic finance in the global financial system and on the G-20 agenda.

We have seen unemployment spiraling worldwide, credit being squeezed to both companies and households, and more people sliding into poverty…..Full Article: Source

From Reuters: Malaysia’s stock exchange plans to launch a platform to facilitate regulated Islamic short-selling and hedge fund activities towards the end of the year, the bourse’s head said on Monday.

Short-selling — the sale of borrowed stock with a view to buying it back more cheaply later — is controversial among Islamic scholar, as some believe that sharia does not permit selling what one does not own…..Full Article: Source

From Allafrica.com: The recently mooted idea of an Islamic finance system may be a welcome alternative to the age-old traditional Anglo-Saxon financial practices.

The credit crunch occasioned by the economic meltdown and the need to lever up with bailouts have created the need for a new approach to finance and banking. The Islamic financial system has been mentioned in this regard…..Full Article: Source

From Reuters: Saudi-based Islamic Development Bank raised its stake in the small United Bank of Albania to 55 percent after buying a 40 percent stake for 8 million dollars, the finance ministry said on Monday.

Finance Minister Ridvan Bode said Albania was happy to have received three million dollars more than when it offered it for sale in 2006. The United Bank of Albania, formerly the Islamic-Albanian Bank, received a licence in 1999…..Full Article: Source

From Sacbee.com: The recession gripping the nation has taken less of a toll on American Muslims who follow age-old Islamic laws against paying - or charging - interest.

They’ve also been shielded by socially responsible retirement plans because Shariah- Islamic law - forbids investments in banks and mortgages as well as tobacco, alcohol, gambling, pornography or weapons…..Full Article: Source

From Gowealthy.com: Two Abu Dhabi-based financial institutions, First Gulf Bank (FGB) and Abu Dhabi Islamic Bank (ADIB), have secured a total Dh6.7 billion in fresh capital from the emirate’s government.

FGB received Dh4.5 billion from the Abu Dhabi finance ministry and said it would convert it into Tier 2 capital, one of the most reliable form of capital from a regulator’s point of view. FGB secured its money in two tranches, of Dh2.2 billion and Dh2.3 billion…..Full Article: Source

From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been over subscribed by 350 %.

Subscriptions worth BD21m were received for the BD6m issue, which carries a maturity of 91 days…..Full Article: Source

From Khaleejtimes.com: Islamic bond sales may rebound and reach a record this year, with the Gulf accounting for about two-thirds of the debt issued as higher yields attract investors, NCB Capital said.

There is an estimated ‘pipeline’ of about $39.3 billion of so-called sukuk, Jarmo Kotilaine, chief economist at Saudi Arabia’s NCB Capital, said in a report received on Monday. He estimates the pipeline from the Gulf Cooperation Council to be $24.6 billion…..Full Article: Source

From Khaleejtimes.com: Dubai Electricity and Water Authority will tap 15 banks for a Dh8 billion ($2.2 billion) Islamic loan refinancing, which is scheduled to be announced on Thursday.

The due date for the repayment of this syndicated refinancing, called an ‘Ijara,’ or leasing facility, is April 13 and will be arranged by seven foreign banks and eight local banks. Dubai Islamic Bank will be the lead arranger, and some newly established Islamic banks are likely to take part in this financing…..Full Article: Source

From Tradearabia.com: Bahrain National Holding (BNH) is looking for further expansion this year, seeking to grow both vertically and horizontally, according to chief executive Mahmood Al Soufi.

While it is continuing to expand its existing general, motor and life insurance operations it is also in the process of launching new ventures and new partnerships for expansion…..Full Article: Source

From Arabianbusiness.com: The emerging Islamic finance industry needs to improve its transparency to overcome the financial crisis faster, the chief executive of Islamic bank Capinnova has said.

The nascent Islamic finance industry, which controls assets of about $1 trillion, has boomed in recent years on the back of high oil prices, but at the end of last year got caught up in the global liquidity freeze alongside its conventional peers…..Full Article: Source

From Islamicfinancenews.wordpress.com: The Amana Group was recently given a Letter of Provisional Approval by the Central Bank (CB) to establish a licensed commercial bank named Amana Bank Ltd, and is taking steps to set up the ‘first truly’ Islamic commercial bank in the country, the group said in a press statement.

It said upon achieving certain conditions listed in the Letter of Provisional Approval such as the raising of a minimum capital requirement of Rs. 2.5 billion, Amana Bank expects to receive a banking licence from the CB that will enable it to begin commercial banking operations…..Full Article: Source

From Thememriblog.org: Economic experts have asserted the importance of expanding the Islamic banking system and providing the necessary instruments to avoid future shocks that the global banking system has recently experienced.

A reference was made to a recent article in the Vatican official daily l’Osservatore Romano which recommended that the Western banks should adopt the Islamic banking financial instrument of sukuk [profit-sharing instruments rather than interest-bearing bonds] to expand the economy…..Full Article: Source

From Cpifinancial.net: Istithmar World Investment Management (Dubai) is part of the Dubai World group, Dubai’s investment flag bearer focusing on strategic growth areas through its portfolio companies.

Istithmar World is active in private equity globally and has $9 billion of non-consolidated assets under management, including real estate investments. Istithmar World Investment Management (Dubai) is the first Dubai World entity to be authorised by the DFSA to conduct regulated activities in DIFC…..Full Article: Source