From Scotsman.com: The need to return to traditional banking values is a debate that has been well and truly reignited by the economic crisis.
Ethics and responsible lending are high on the agenda as we come to terms with the fallout from the crises that have hit some of the world’s leading banks. It is therefore not surprising that attention is turning increasingly to Islamic finance as a stable alternative…….Full Article: Source

From Thejakartapost.com: The current global financial crisis stems from the absence of adequate market discipline, and Islamic finance can help fix it by injecting a greater discipline into the system, an expert at the Islamic Development Bank said.

Speaking at an international gathering here Saturday, Umer Chapra from the Bank’s Islamic Research and Training Institute said the global financial system lacks discipline because the reward and punishment mechanism in the banking system was not working. ……Full Article: Source

From Bdafrica.com: Islamic banks are stepping up their foray into Sub -Saharan Africa, riding on the confidence crisis facing conventional banking models.

This comes as cash laden Islamic states increase trade ties with the continent while African countries turn towards the Middle East for financing deals…….Full Article: Source

A recent research conducted by Shariah-Fortune screened around 810 companies in 50 countries worldwide offering Shariah compliant financial services.

The Middle East covers more than half (around 56 %) of the Islamic Finance market. Around 450 companies are located in this region. Leading countries are the UAE, Bahrain, Kuwait, Iran and Saudi Arabia. Most of the companies operate in the banking & financing sector…….Full Press Release: Source

From Saudigazette.com.sa: Transparency and corporate governance are emerging as critical issues for capital markets in the Middle East, according to a new report from Grant Thornton International Ltd, which has analyzed the region’s 14 stock exchanges.
The global accounting organization believes the financial crisis is accelerating the transparency agenda as international investors demand greater openness, and that the opportunity exists for the region to benefit from the eventual recovery…….Full Article: Source

From Tradearabia.com: A sovereign bond issue planned by Dubai this year to raise funds to help state-linked firms has drawn a lot of international investor interest, a senior official said.

Dubai, which has been hit hard by the global crisis, launched a $20 billion sovereign bond programme in February to help state-linked firms. The first $10 billion tranche was sold to the United Arab Emirates central bank…….Full Article: Source

From Khaleejtimes.com: The outlook for the UAE real estate market remains negative amid prospects of a delay in the construction of $80 billion worth of projects that were scheduled for completion in coming months, a respected Kuwait-based investment bank said.

Kuwait Financial Centre, also known as Markaz, said in a report that oversupply in the property market would likely constrain demand and impede economic growth. Markaz said it expected the UAE’s real gross domestic product, or GDP, to grow this year by 0.7 per cent, down from 5.8 per cent in 2008…….Full Article: Source

From Business24-7.ae: Despite the drop in wealth seen in the region, private bankers are optimistic about the GCC.

According to Douglas K Schaenen, Vice-President, BNY Mellon International Wealth Management, the bank has seen more enquiries regarding their wealth management services than ever before…….Full Article: Source

From Thestar.com.my: If you’re tired of the pitiful returns you are getting from your savings account at the bank, you may want to look into saving bonds for an equally safe harbour as an alternative.

The bond is part of the Government’s RM60bil stimulus package providing a return of 5% per year, double the current fixed deposit rates. It is open to Malaysians aged 21 and above…….Full Article: Source

From Talkzimbabwe.com: The recent issue of $650 million of Indonesian government dollar-denominated retail Islamic bonds with a five year maturity and an 8.8 percent yield, backed by a 100 percent government guarantee and underlying assets, received orders totaling $4.7 billion and was massively over-subscribed.

This was despite the global economic and financial crisis and question-marks over poor Western banking and finance practices, with possible repercussions for Islamic banking and finance. Bond proceeds will be used to finance government debt…….Full Article: Source

From Business24-7.ae: New issuance of Islamic bonds (sukuk) in Southeast Asia this year is likely to fall to around levels last seen in 2003, depressed by weak corporate spending, difficult pricing and poor demand, a Reuters poll shows.

Sales of new sukuk are expected to total at least $4 billion (Dh14.6bn) this year, compared with an estimate of at least $5bn in a similar poll in January. The region sold about $6.6bn in new Islamic bonds last year…….Full Article: Source

From Thejakartapost.com: Bank Indonesia deputy governor Muliaman Hadad has said the central bank is currently processing applications from investors to convert four small conventional banks into full-fledged sharia banks.

Muliaman, however, refused to name the investors and the banks, saying that the conversion is still being processed…….Full Article: Source

From Gulfnews.com: National Bonds Corporation, the UAE’s innovative Sharia compliant National Saving scheme, has announced a major revamp to the draw format of its popular saving scheme by changing the draw from a monthly to a weekly format.

This new structure is aimed to encourage more people to save and reward them by becoming Millionaires every week…….Full Article: Source

From Nation.co.ke: Local Shariah-compliant banks have proposed the formation of an independent national board to regulate Islamic banks as well as other conventional banks offering Islamic products.
This, they said, will ensure that they operate according to the Islamic principles, says Chief Kadhi Sheikh Hammad Kassim…….Full Article: Source

From Gulf-times.com: A Memorandum of Understanding was signed yesterday between the Office of HH Sheikha Mozah Nasser al-Misnad, Unesco’s Special Envoy for Basic and Higher Education, and the Islamic Development Bank, at the InterContinental Hotel.
Dr Abdulla bin Husain al-Kubaisi, Executive Director of the Office of HH Sheikha Mozah and Dr Ahmed Mohamed Ali, Director General of the Islamic Development Bank signed the memorandum, respectively, on behalf of HH Sheikha Mozah’s office and the bank…….Full Article: Source

From Thestar.com.my: HSBC Amanah Malaysia Bhd is targeting overall financing to grow 10% to 15% this year, boosted by its consumer banking division, said chief executive officer Musa Abdul Malek.

“We are optimistic of achieving the growth rate due to the introduction of some new products this year…….Full Article: Source

From Zawya.com: Dubai Islamic Bank has unveiled its enhanced mobile banking offerings in a move to provide greater banking convenience to customers. The all-new Al Islami mobile banking service enables customers to use the SMS facility for all banking transactions, bill payments, request information or receive alerts.

The new service provides customers with secure access to account information as well as added ease of utility bill payments for Etisalat, RTA and e-Vision. In addition, a 24-hour SMS alert service will enable customers to keep track of credit and debit transactions on their accounts and credit card…….Full Article: Source

From Cpifinancial.net: Noor Islamic Bank has posted a net profit of AED 511 million ($139.1 million) for the period ended 31 December 2008. The bank achieved this net profit in its first full period of operations and is on solid footing for continued growth.

The bank also reported total assets of AED 21.8 billion ($5.9 billion) and total deposits of AED 12.4 billion ($3.3 billion). The bank said it expects “prudent growth” in assets during the current year with greater emphasis on enhancing margins while ensuring strong focus on risk management fundamentals……Full Article: Source

From Arabianbusiness.com: Dubai Islamic Bank (DIB), the UAE’s biggest bank complying with Islamic financial law, announced on Tuesday its first quarter profit plunged 33 percent to AED370m ($101m) following provisions for bad loans.

DIB said it made provisions of AED104m to reflect the bank’s prudent and conservative approach during a period of global financial instability, it said in an emailed statement…….Full Article: Source

From Tradearabia.com: National Bank of Kuwait (NBK), the country’s biggest bank by assets, still hopes to match last year’s net profit of KD255.3 million ($877.3 million), its chief executive said on Sunday, despite a 23 per cent decline in the first quarter.

“I expect that the annual profit, if things continued as they are, to be at the same level of last year. I don’t think it will be worse,” Ibrahim Dabdoub told Al Arabiya television…….Full Article: Source

From Gulfnews.com: Saudi Arabian bank deposits rose 4.2 per cent to 960.3 billion Saudi riyals (Dh940.3 billion) during the first quarter of 2009 against 921.6 billion riyals in the same period last year.

The performance compares poorly with the average monthly growth enjoyed by the kingdom’s 12 commercial banks last year, when they notched a 22 per cent increase towards the middle of 2008…….Full Article: Source

From Cpifinancial.net: The Capital Trust Group said that Euromena II, its third generation MENA private equity fund, will close in two weeks as the fundraising operation nears its objective.

In a statement, Capital Trust said that the funds raised by EuroMena II amount to approximately $100 million, despite the current global financial and economic crisis…….Full Article: Source

From Gulfnews.com: When the Prime Reserve Fund in the United States fell below its par value due to Lehman Brothers’ collapse last September, the world’s fund industry broke into a cold sweat.

It was after all a money market fund, which by definition is expected to be stable and almost never falls below its par value…….Full Article: Source

Leading IT solutions provider International Turnkey Systems Group (ITS) walked away victorious at the recently concluded International Islamic Finance Forum Awards when it won the Best IT Solutions Provider to the Islamic Finance Industry at a ceremony honoring the region’s best Islamic finance products and services.
Running alongside the International Islamic Finance Forum (IIFF), a prestigious global gathering of the world’s top Islamic finance experts, decision-makers, and thinkers held under the patronage of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, Ruler of Dubai, the IIFF Awards was designed to promote excellence in Islamic finance…….Full Press Release: Source

From 4Hoteliers.com: The Sharia-compliant hotel concept, through its unique value proposition, has quickly become highly attractive throughout the Middle East.

The increasing availability of Sharia-compliant funds and the rise in intra-regional travel have been identified as the major drivers behind the success of this concept…….Full Article: Source