From Aawsat.com: In the past - with the intensification of the global financial crisis - there was much talk about the stability of the Islamic banking system, and its ability to surmount this crisis.

However questions have been raised about the Islamic banking industry’s actual ability to withstand the global financial crisis, particularly if this crisis extends into the real or physical economy that Islamic banking is based upon…….Full Article: Source

From Financialstandard.com.au: The Islamic finance market has grown by as much as 20 per cent each year for the past six years and is now a $700 billion plus industry, according to State Street.

The firm’s latest Vision Report on the subject estimated that total assets under management by Islamic financial institutions is over $700 billion…….Full Article: Source

From Zawya.com: The debt market in the Middle East and North Africa (Mena) has the potential to grow to $1.6 trillion (Dh5.8trn) per annum but currently remains in its nascent stage, according to economic experts speaking at an event organised by the Dubai International Financial Centre (DIFC) yesterday.
The event - Issuing and Structuring Bonds and Sukuk - saw discussions on the IMF Global Financial Stability Report (April 2009), which said debt securities form just three per cent of the Mena capital markets…….Full Article: Source

From Thenational.ae: The property developer Aldar has sold US$1.25 billion (Dh4.58bn) in corporate bonds, with strong appetite from international investors, its chief financial officer said yesterday.

“We had demand for orders of around $5bn,” said Shafqat Malik. “This is a good testament to Abu Dhabi. There is investor trust in the vision of Abu Dhabi as a whole and in our company.”……Full Article: Source

From FT Adviser: Islamic finance is broadening its appeal to non-Muslim investors and has a “key role” to play in restoring investor confidence in financial markets, according to State Street.
Last week the investment house estimated the market for Islamic finance had grown by as much as 20 per cent a year since 2003, bringing total assets under management by Islamic financial institutions to £395.5bn ($600bn) globally…….Full Article: Source

From Thestar.com.my: The Government hopes more Islamic venture capital companies will be set up to support Malaysia’s aims of becoming the regional hub for Islamic finance.

Deputy Finance Minister Datuk Dr Awang Adek Hussin said Islamic venture capital was a new area in which the Government sought more investment…….Full Article: Source

From Bernama: FTSE Group, the global index provider, and the Stock Exchange of Thailand (SET) will be launching the FTSE SET Shariah Index to allow both domestic and international investors to invest according to Islamic principles.

The new index is suitable for benchmarking and can be used for a wide range of Islamic products, including exchange-traded funds (ETFs) and other index-linked products, SET said in a statement…….Full Article: Source

From Ameinfo.com: Dubai Islamic Bank (DIB) has told Nasdaq Dubai it will buy back $50.6m (Dhs185.7m) of its sukuk that matures in 2012, paying 88% of the bond’s face value.
The settlement date for the purchase is May 21. The bank, which has $750m of sukuk due in 2012, had previously offered to buy back as much as $200m of sukuk……..Full Article: Source

From Ameinfo.com: The world’s first sukuk ‘buy back’ closed today, 21 May, by Dubai Islamic Bank (DIB) purchasing $50,620,000 of the 5 year $750,000,000 Sukuk issued by DIB Sukuk Company Limited in 2007.
This first sukuk ‘buy back’ provides encouragement to issuers who are considering whether to take advantage of purchasing their sukuk if it’s trading materially below par…….Full Article: Source

From Aawsat.com: Saudi Arabia’s transport minister said all transport projects in the kingdom were on track and it was using state funds to push them forward given the high cost private sector borrowing.

Jebarah bin Eid al-Suraisry said on Wednesday the kingdom allocated 12 billion riyals ($3.2 billion) in its budget for some road and ports, underpinning the state’s plan to keep public funds flowing into key infrastructure projects…….Full Article: Source

From Zawya.com: ‘Capinnova Investment Bank ‘ - the Shari’a compliant investment banking arm of Bank of Bahrain and Kuwait (BBK) has extended support to ‘5th Annual World Islamic Funds and Capital Markets Conference’ in Bahrain. The bank is one of the Gold Strategic Partners for the event.

Capinnovais licensed by the Central Bank of Bahrain; the bank is well capitalized and is wholly owned by BBK. Capinnova has an authorized capital of US$500 million and paid-up capital of US$125 million…….Full Article: Source

From Btimes.com.my: Takaful Ikhlas Sdn Bhd has launched a new investment-linked plan called Ikhlas Hajj Savings Takaful and it aims to make a contribution of RM3 million from the policy for the year to March 31 2010.

The plan will help those who plan to go for haj in Mecca and it also offers protection in the event of illness and death, Takaful said in a statement…….Full Article: Source

From Menareport.com: Moody’s Investors Service announced today that the recent decision of the UAE not to participate in the Gulf Cooperation Council’s (GCC’s) proposed monetary union will not directly affect the country’s sovereign ratings.
Furthermore, any potential postponement or cancellation of the GCC currency union project that may or may not follow the UAE’s decision would not directly affect the sovereign ratings of other GCC member states…….Full Article: Source

From Gulfnews.com: Qatar will forge ahead with a GCC Monetary Union plan and expressed regret that the UAE had decided to withdraw, a key advisor to the Qatari Emir said in remarks published on Thursday.

The UAE became the second Gulf state after Oman to withdraw from the Gulf Cooperation Council (GCC) monetary union plan on Wednesday…….Full Article: Source

From Gulfnews.com: The UAE Central Bank will conduct a survey of banks operating in the UAE to gauge their opinions on a suggestion to amend interest rates and fees on personal loans and other fees and commissions against services offered to clients.

Following a board meeting on Wednesday, the Central Bank’s board also instructed that another suggestion related to pending loans and interest and investment allocations, submitted by the CEO of the Banks Control and Inspection Department be amended…….Full Article: Source

From Saudigazette.com.sa: 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 percent ) of the Islamic Finance market. Around 450 companies are located in this region. Leading countries are the UAE, Bahrain, Kuwait, Iran and Saudi Arabia…….Full Article: Source

From Gulfnews.com: The UAE’s investments in Algeria have reached $40 billion, Minister of Economy Sultan Bin Saeed Al Mansouri said here on Thursday.

“These investments have been distributed to various economic sectors in Algeria. We hope the confidence of the UAE investors will stay stable towards Algeria,” Al Mansouri said……Full Article: Source