From BBC.co.uk: Experts in Islamic finance believe their way of doing business has shielded them from the global credit crisis. But how does it differ from conventional Western finance?

A former executive director of the International Monetary Fund, Dr Abbas Mirakhor, says wider Islamic economics relies on God’s guidance, handed down almost 1,400 years ago…….Full Article: Source

From Reuters: Islamic banks face new risks as they increasingly leave their safer home markets to expand abroad, ratings agency Moody’s said in a report released on Monday.

Only a few larger Islamic banks such as Kuwait Finance House or Dubai Islamic Bank have so far sought to grow outside their home markets…….Full Article: Source

From Bernama: Islamic finance is a viable alternative to the current economic system but its global potential has yet to be fully optimised.

In stating this, HSBC Bank Malaysia Bhd’s deputy chairman and chief executive officer Irene M. Dorner said there is also still a lack of understanding about the Islamic finance concept…….Full Article: Source

From Btimes.com.my: Nobody can say for certain that Islamic finance would have averted the current financial crisis, HSBC Bank Malaysia Bhd deputy chairman and chief executive officer Irene M. Dorner said yesterday.

“When people say this crisis would never have happened if the world had been run by Islamic finance, that may well be true theoretically. But there is insufficient Islamic finance in the world for anybody to say whether that is true or not true,” Dorner said…….Full Article: Source

From Cpifinancial.net: In a new report, Moody’s Investors Service identifies various characteristics found in strategies adopted by Islamic banks which enhance their financial strength ratings. These include strategies that improve franchise value, risk positioning and financial fundamentals.

“While Islamic banks in different countries operate under different environments, are at different stages of development and therefore require different strategies, we can still find a set of common characteristics among their various strategies which benefit their long-term ratings,” says Christine Kuo, a Moody’s Vice President/Senior Analyst and author of the report…….Full Article: Source

From Guardian.co.uk: Bahrain-based bank ABC said it will start to market Islamic financing products to European clients left hamstrung by the sustained gridlock in the credit markets.
The firm has until now only actively marketed mainstream products to clients of ABC International Bank Plc, the London-headquartered European division of Arab Banking Corporation…….Full Article: Source

From Thepeninsulaqatar.com: France is creating a suitable environment for Islamic financing institutions to operate in the country, the French Minister of Economy, Industry and Employment said here yesterday.

“We have modified the tax environment and are currently in the process of modifying the legal environment to allow for Islamic finance to set up shop in France,” Christine Lagarde told reporters…….Full Article: Source

From Gulf-times.com: After watching the international financial system teeter on the brink of collapse in recent years, lawmakers in Kyrgyzstan have agreed to allow local banks to apply the principles of Islamic finances.

Supporters say the move will provide the country with a viable alternative to the Western banking model and help protect Kyrgyzstan during these uncertain economic times…….Full Article: Source

From Gulf-times.com: The Qatar Financial Centre Authority (QFCA) yesterday entered into a co-operation agreement with Paris Europlace, an association of major institutions in French financial markets.

The agreement broadly sets out areas of co-operation between both organisations to enhance the growth of financial services in the two countries…….Full Article: Source

From Forbes: Islamic bond issuance in Malaysia is expected to rise to at least 30 billion ringgit ($8.54 billion) this year from 22 billion ringgit in 2008, a local newspaper quoted a senior AmInvestment official as saying on Monday.

An expected economic recovery would support the Islamic bonds, or sukuk, market, said AmInvestment Bank head of Islamic Markets Mohd Effendi Abdullah…….Full Article: Source

From Business24-7.ae: The Dubai Financial Market has finalised comprehensive standards to be established for the issuance of sukuk, or Shariah-compliant debt, said a top Islamic scholar.

The standards are ready and will be announced within two weeks after they are approved by the authorities, Dr Hussain Hamid Hassan, Chairman of the Shariah board of the Dubai Financial Market (DFM), the first and the only Shariah-compliant stock market in the world said…….Full Article: Source

From Reuters: Dubai-based Islamic mortgage company Amlak Finance posted a loss of 204 million dirhams ($55.5 million) in the fourth quarter mainly due to a sharp fall in real estate investments income.

Amlak, earmarked for a possible merger with its rival Tamweel TAML.DU, reported a decline in 2008 earning to 241 million dirhams from 301 million in 2007. It posted a net income of 126 million dirhams in the fourth quarter of 2008…….Full Article: Source

From Gulfnews.com: Dubai-based investment bank Shuaa Capital posted a net loss of Dh197.9 million ($53.88 million) in the first quarter as it booked losses on investments.

“Despite significant efforts to enhance profitability through cost-cutting measures, and focus on growing our fee businesses, book losses from investments still overshadowed the overall results,” the company said in a statement…….Full Article: Source

From Thepeninsulaqatar.com: HSBC has taken Islamic banking to Mauritius. A press release said yesterday that HSBC Bank (Mauritius) has launched Islamic banking products for business customers.

The bank is introducing two products under the HSBC Amanah brand: a current account and a term investment account…….Full Article: Source

From Brudirect.com: Ambank Group has made its entry into Brunei Darussalam with the opening of its subsidiary called AmCapital (B) Sdn Bhd, which is in line with its regional expansion plans to bring its expertise in funds management, Islamic finance and investment advisory to the Sultanate.
The ceremony was held yesterday at the DAR Takaful IBB Utama building, Jalan Pemancha in the capital…….Full Article: Source

From Linexlegal.com: In order to further promote the City of London as a centre for global Islamic finance and level the playing field between conventional and Islamic products (referred to by the legislation as alternative financing instruments), the UK Government announced in the UK Budget 2009 statement the following three further measures on alternative finance as part of the ongoing drive to promote the UK as a centre for Islamic finance.……Full Article (Registration Required): Source