From Gulfnews.com: The National Anti-Money Laundering Committee (NAMLC) meeting chaired by the UAE Central Bank Governor Sultan Nasser Al Suwaidi on Thursday approved a cautionary notice to the public regarding some individuals and institutions that are not licensed by the Central Bank, but are promoting fund management operations in the investment field.

As well, the committee identified fraudulent techniques and approved a circular to all banks and other financial institutions regarding full compliance with anti-money laundering laws and regulations, the bank said in a statement…….Full Article: Source

From Telegraph.co.uk: Kuwait’s Investment Dar, the Islamic finance holding company which owns a majority stake in British luxury carmaker Aston Martin, has suspended payments on its KD1bn ($3.5bn) debt.

Its strategy of relying on short-term financing was crippled by the credit crunch. Sharia law provides no precedent for what happens next…….Full Article: Source

From Gulf-daily-news.com: Kuwait’s Global Investment House, the country’s biggest investment bank, yesterday said it made a first quarter net loss of 69.5 million Kuwaiti dinars ($239.9m), mainly on investment losses.

Global, which defaulted on most of its debt earlier this year, is among the most prominent firms in the GCC state’s financial sector to face serious problems amid tight credit conditions…….Full Article: Source

From Forexpros.com: The UK government could turn to Islamic investors to finance part of its debt if market conditions improve, Business Minister Ian Pearson told Reuters in an interview on Thursday.

“A sovereign sukuk may form a part of our financing for the future, I am keen in principle to look to issue sovereign sukuk but conditions have to be right to do that,” said Pearson, economics and business secretary to the UK Treasury…….Full Article: Source

From Thestar.com.my: Prudential Fund Management Bhd is getting set to tap the vast growth potential in two areas – Islamic financial segment and retirement planning, says chief executive officer-designate Thomas Cheong.

Towards this end, the company has applied for an islamic asset management licence which it hopes to secure this year…….Full Article: Source

From Bernama: Bursa Malaysia is looking at widening investment options for investors by introducing a broader range of products that cater for a variety of market conditions, said chairman Tun Mohamed Dzaiddin Abdullah Thursday.

“To spur greater liquidity, we are banking on structured products that have a multiplier effect on the underlying securities,” he said at the Malaysian Institute of Certified Public Accountants 50th Anniversary Commemorative Lecture, here…….Full Article: Source

From Menafn.com: The total value of Bahraini banks’ Islamic banking assets increased by 50 per cent in 2008 to $24.6 billion against $16.4 billion in 2007, according to figures issued by the Central Bank of Bahrain or CBB.

The CBB has approved more than 33 licences for Islamic finance institutions since 2005. There are 36 specialist Islamic banks operating in the Kingdom whilst many conventional banks, recognising the growing importance of Islamic banking, have successfully integrated Islamic windows within their operations…….Full Article: Source

From Tradearabia.com: Bahrain’s central bank urged creditors of The International Banking Corporation (TICB) to meet over debt restructuring, two days after S&P said TIBC had chosen not to pay back some of its debt and downgraded it.

The Central Bank of Bahrain (CBB) said in a statement that it had requested that the Bahrain-based wholesale bank convene a meeting of its creditors “as a matter of urgency”…….Full Article: Source

From Arabianbusiness.com: QInvest, Qatar’s largest investment bank, had seen 10 percent shaved off the value of its European real estate portfolio following the slump in international property markets, the chief executive of the firm revealed.

The firm holds an 80 percent stake in the ‘Shard of Glass’ development, one of London’s most high-profile skyscraper projects, which last year was valued at $3.88bn, in addition to a commercial property portfolio in Paris…….Full Article: Source

From Gulf-daily-news.com: Bahrain-based Inter-national Investment Bank’s (IIB) total income reached $1.8 million in the first quarter of this year.

This was mainly derived from investment banking fees generated from the structuring, underwriting and placement of new investments, together with profit earned on funds placed with financial institutions…….Full Article: Source

From Gulfnews.com: Dubai Islamic Insurance and Reinsurance Co released its first quarter results for 2009 Thursday, posting a profit of over Dh10 million, a 68% increase over the profit in the same period last year, Dh6.04 million.

Earnings per share increased from Dh0.03 in the first quarter last year to Dh0.05 this year. Total equity also increased by 17.43 per cent from Dh142.4 million last year to Dh167.24 million…….Full Article: Source

From Zawya.com: Pak-Qatar General Takaful Limited (PQGTL) and UBL Ameen have signed an MOU today that will provide comprehensive Takaful coverage to UBL Ameen’s Auto Ijara portfolio.

CEO Pak-Qatar General Takaful, Mr. M. Vaqaruddin and Mr. Abdullah Ghaffar, Head of UBL Ameen Islamic Banking signed the MOU on behalf of their respective organizations…….Full Article: Source

From Time: Time was, buying Muslim meant avoiding pork and alcohol and getting your meat from a halal butcher, who slaughtered in accordance with Islamic principles.

But the halal food market has exploded in the past decade and is now worth an estimated $632 billion annually, according to the Halal Journal, a Kuala Lumpur-based magazine…….Full Article: Source