From Bloomberg: The U.K. government, facing the deepest recession since the 1980s, is unlikely to sell its first Islamic bonds over the next 12 months, according to BMB Group Ltd., which advises on structuring of Islamic products.

Two years after first floating the idea of developing a sterling-denominated sukuk market in London, the plan “remains on the table,” said Humayon Dar, the London-based chief executive officer of BMB Islamic U.K. Ltd., a unit of BMB Group………..Full Article: Source

From Thestar.com.my: Takaful premium income is expected to contribute 20% to HSBC Amanah Malaysia Bhd’s revenue by 2011, according to HSBC Amanah Takaful (Malaysia) Sdn Bhd chief executive officer Zainudin Ishak.

“At the moment our contribution to the group is insignificant,’’ he told reporters at briefing on a survey conducted by HSBC Insurance (Asia Pacific) Holdings Ltd yesterday. ……..Full Article: Source

From Gulf-times.com: Qatar First Investment Bank (QFIB) is picking up a 12% stake in Dubai-based Nobles Properties and will explore investment avenues in real estate in the country and abroad.
QFIB, a shariah-compliant investment bank regulated by the Qatar Financial Centre Regulatory Authority and Nobles have agreed to enter into a strategic partnership that will focus on evaluating real estate development opportunities in Qatar and within the Mena (Middle East and North Africa) region. ……..Full Article: Source

From Antara.co.id: Three national banks are in the process of opening sharia units to respond to growing demand for sharia banking services, a senior economic official said.

“Sharia banks have increasingly become attractive particularly during the current financial crisis that prompts a number of conventional banks to open sharia units. Three more banks are now in the process of opening sharia units,” assistant to the coordinating minister for economic affairs Muhammad Ikhsan said at a seminar here on Tuesday. ……..Full Article: Source

From Business24-7.ae: According to Malik S Sarwar, CEO of the recently formed New York-based Sarwar Wealth Advisors, the world has plunged into a deep crisis primarily because of the greedy and complicated products otherwise known as derivatives.

Out of the crisis has thus emerged a desire for Islamic banking, a term which proves to be more than just a latest buzzword. The Western World is now looking at it as a “panacea”………..Full Article: Source

From Ameinfo.com: The continued growing international interest in the 5th Annual World Islamic Funds and Capital Markets Conference (WIFCMC 2009), the world’s largest gathering of Islamic investment leaders, is more evident this year as more international jurisdictions become involved.
The French Pavilion will feature a delegation led by Paris Europlace, while the Malaysia Pavilion will be led by the Malaysia International Islamic Financial Centre, as both centres come in full force to showcase the latest developments and innovations in their Islamic finance markets………..Full Article: Source

From Todayszaman.com: The Fifth World Islamic Economic Forum (WIEF), which was held in Indonesia in March, turned the attention from the present credit crunch to the financial future of at least 1.5 billion Muslims worldwide.
A growing awareness for the need of mutual assistance to foster further development among nations is definitely a positive sign of these trying times………..Full Article: Source

From Ameinfo.com: The average price of GCC corporate Islamic bonds has jumped by a dramatic 29% since the market’s reached its trough in February, which is a reflection that confidence in the Gulf is recovering fast, says Trowers and Hamlins, the international law firm.
In comparison, the average price of US corporate bonds remained virtually unchanged (falling 2%) over the same period………..Full Article: Source

From Channelnewsasia.com: Economists said two sectors which Singapore should focus on as it gears up for a global economic recovery are Islamic Finance and the green sector.

They said the country should also look to regions like the Middle East and Africa for new opportunities………..Full Article: Source

From Reuters: Indonesia’s third-largest lender, PT Bank Central Asia Tbk, is planning to launch a sharia bank in September following its acquisition of a small bank last year, its vice president director said on Tuesday.

BCA, which has a market capitalisation of nearly $7.9 billion, acquired Bank UIB in October last year and planned to convert the small lender into a sharia bank as part of its effort to tap a growing Islamic banking segment………..Full Article: Source

From Reuters: First Community Bank, one of Kenya’s first two Islamic banks, aims to expand abroad after a launch in its home market exceeded expectations, its chief executive said.

“Within the next year to one-and-half years we should be seeing our first branch outside Kenya,” Nathif Adam told Reuters during an Islamic banking conference in Manama………..Full Article: Source

From Reuters: Bahrain-based Islamic lender Gulf Finance House posted another, deeper quarterly loss on Tuesday due to investment provisions as the economic downturn hit real estate and infrastructure projects.

Gulf Finance House’s dual-listed shares fell 7.7 percent on the Kuwait bourse after the bank posted a net loss of $37.7 million in the first quarter following $43 million in provisions taken on investments………..Full Article: Source

From Ameinfo.com: At the Riyadh Stock Exchange, the Tasi-Index jumped over 6,100 points in the beginning, but eventually traded sideways and closed 1.38% higher at 6,063.12 points.
Islamic insurance operator Saudi British Bank (SABB) Takaful again led the list of the top gainers, adding almost 10% to its value………..Full Article: Source

From WSJ: The Dubai government dismissed Nasser Al Shaikh as director general of the city-state’s finance department, removing a key player from the recently assembled team shaping the emirate’s response to the economic crisis.

The government gave no reason for the dismissal and representatives for the government weren’t available to comment. Mr. Al Shaikh didn’t answer calls seeking comment………..Full Article (Subscription Required): Source

From Btimes.com.my: PLUS Expressways Bhd, Malaysia’s biggest toll road operator, plans to sell about RM600 million of Islamic bonds, known as sukuk, to repay maturing debt.

CIMB Investment Bank Bhd is helping the Kuala Lumpur-based company sell Musharakah sukuk in an offer that may close as soon as tomorrow, PLUS corporate affairs general manager How Seet Ming said in a phone interview today………..Full Article: Source

From Middleeastevents.com: Aman Insurance, the region’s leading insurance company, has been awarded the ‘BEST TAKAFUL OPERATOR OF THE YEAR 2009’ for the second year running by Policy Magazine at the Middle East Insurance Awards Ceremony at Raffles, Dubai.

Commenting on the award, Mr. Hussein Al Meeza, Managing Director and CEO of AMAN, said:
‘’This year’s award highlights our on going commitment to serve the local and regional insurance market and was in recognition of our continual compliance with Sharia’a law and our commitment to develop the Takaful Market………..Full Article: Source