From Middle-east-online.com: Everybody in ASEAN can benefit from Islamic banking and finance, which should be regarded as an ambassador of Muslim modernization and a vehicle for economic and social development.

Indonesia just hosted the third ASEAN annual meeting of sharia economic experts in Jakarta, raising the question as to where sharia banking is going and how to avoid the heady heights of high finance that brought down the Western banks. Or will shariah banking fly too high and make the same mistakes? ……Full Article: Source

From Business24-7.ae: The average price of GCC corporate Islamic bonds, or sukuk, has jumped by a dramatic 29 per cent since the market reached its trough in February, a reflection that confidence in the Gulf is recovering fast, international law firm Trowers & Hamlins said yesterday.

In comparison, the average price of US corporate bonds remained virtually unchanged (falling two per cent) over the same period…….Full Article: Source

From Khaleejtimes.com: Currently, Saudi Arabia’s onshore asset management industry represents an estimated SR220-250 billion opportunity set, across the businesses of separately managed portfolios (67 per cent) and investment funds (33 per cent) respectively.

This split is consistent with the global share of fund assets, representing 34 per cent of the total pool of professionally managed assets…….Full Article: Source

From Tradearabia.com: The Islamic bond market has suffered badly during the economic downturn, but recent events could help the sukuk industry create future benchmarks, according to an economist.

Bahrain-based NCB Capital chief economist, Dr Jarmo T Kotilaine, believes that the fallout from the downturn could help sukuk create their own identity in the market…….Full Article: Source

From Zawya.com: NCB Capital, the investment banking arm of National Commercial Bank, Saudi Arabia’s largest bank, believes that the dominance of new entrants from Asia in the sukuk issuance is only temporary.
GCC issuers are likely to enter the market in significant numbers, given the considerable potential for new issuance…….Full Article: Source

From Pensionsweek.com: A Muslim investor seeking Islamic or sharia-compliant investments has the same need for retirement planning as any other investor with similar circumstances. The difference is that he wants investment choices that are not in conflict with his religion, including an Islamic pension fund.

In the UK, despite the growth of Islamic financial services and Islamic funds in general, there has been little activity on the pension side since the launch of the first Islamic pension fund in 2004, which was geared towards the UK’s estimated two million Muslim population…….Full Article: Source

From Business-standard.com: Reliance Mutual Fund will shortly launch an Islamic fund in Malaysia, a top company official said.

“We have set up a subsidiary and it is launching an Islamic fund in Malaysia shortly,” Reliance Capital Asset Management CEO, Sundeep Sikka, told reporters on the sidelines of a press meet here…….Full Article: Source

From Business24-7.ae: Salama, the world’s largest takaful and re-takaful group, has tied up with Crédit Agricolé Asset Management (Caam) Group to offer a bouquet of Shariah-compliant funds to investors.

The three Islamic funds are Bric (Brazil, Russia, India and China) quantitative fund, an active Asian equities ex-Japan and a Global Equity fund of Islamic funds…….Full Article: Source

From Theglobeandmail.com: Standard & Poor’s is launching a Canadian stock index to give investors who follow Islamic law a guide to the country’s equity market – but those who follow it had better be devoted to resource stocks.

The index can be used as a benchmark or model for funds created to invest in Canada in a manner that is compliant with Islamic law…….Full Article: Source

From Thenational.ae: Investment Dar, the Kuwait-based investment firm that owns half of Aston Martin, says it has filed a criminal complaint against the Commercial Bank of Kuwait after a dispute over the ownership of a stake in Boubyan Bank.

In December, Investment Dar sold its 19.2 per cent stake in Boubyan Bank to the Commercial Bank of Kuwait, the second-largest lender in the country, for 94.1 million Kuwaiti dinars (Dh1.19 billion)…….Full Article: Source

From Bernama: HwangDBS Investment Management Bhd today launched its first local sukuk fund, HwangDBS AIIMAN Sukuk Fund (ASF).

In a statement here today, chief executive officer/executive director, Teng Chee Wai, said the fund would capitalise on the growth of the sukuk market…….Full Article: Source

From Sukuk.net: Completion of one of Indonesia’s flagship developments will be delayed by up to four months due to a hold up in financing from Limitless Holding, the chairman of its partner on the project, PT Bakrieland Development, said in comments published on Wednesday.

Hiramsyah Thaib said the Rasuna Epicentrum development in Jakarta, which Limitless last year agreed to buy a 30 percent stake in, will be completed by August or September rather than this month, the English-language Jakarta Globe reported…….Full Article: Source

From Tradearabia.com: The Abu Dhabi Securities Exchange (ADX) is set to launch its first exchange traded fund by late September, its chief executive said on Wednesday.

CEO Tom Healy told a press conference the stock exchange was “hoping” to launch an ETF by the end of the holy month of Ramadan, which is expected to end around September 21…….Full Article: Source

From Gulf-times.com: Global credit rating agencies Moody’s, Standard & Poor’s and Fitch have assigned ratings to Qatar Telecom’s (Qtel) $5bn global medium term notes (GMTN).
Qtel is planning to issue up to $5bn in bonds partly to help refinance debts, including borrowings which will start maturing later this year…….Full Article: Source

From Menafn.com: Sukuk or Islamic Securities is gaining increasing acceptability as an international capital markets instrument.
Governments all over the world including the UK, Hong Kong, Singapore, Indonesia and Turkey have or are in the process of introducing tax neutrality laws to facilitate the introduction of such instruments in their markets…….Full Article: Source

From Newsfromrussia.com: Many analysts said that the Islamic financial system would suffer least from the financial crisis. Islam bans the interest rate, which is the basis of wealth and the source of trouble for the traditional world of money.
The interest collection ban and complicated financial tools helped Islamic banks avoid huge losses under the default on debts, which made the world financial system collapse…….Full Article: Source

From Linexlegal.com: Recent amendments to the banking and tax laws of Mauritius have created a conducive environment for the advancement of global Islamic banking and finance.……Full Article (Subscription Required): Source

From Cpifinancial.net: Dubai Bank said it has launched what it describes as “a unique financing solution” focusing on personal and property financing.
Targeted at UAE nationals employed in the Government and Semi-Government sectors, the product is designed to provide the group with greater and more flexible access to the financing they need…….Full Article: Source

From Business24-7.ae: Project financing has substantially dropped due to the financial crisis. The project finance market has also seen a number of changes including a shorter tenure and maturity terms and a tighter loan structure, senior executives told a conference in Dubai yesterday.

This happened because of a significant decline of active banks in the market fuelled primarily by a lack of liquidity in the financial system, said Thomas Waterhouse, Joint General Manager and Head of Energy and Natural Resources at Sumitomo Mitsui Banking Corporation Europe…….Full Article: Source

From Menafn.com: A report issued by Ernst & Young Islamic Funds & Investments said that Sharia assets in the GCC and Asia region reached $736 billion last year, compared to $267 billion in 2007, Gulf News reported.

The report said that the Islamic funds investment growth translates into a potential annual revenue pool of $3.86 billion for the Sharia management industry…….Full Article: Source

Banque Albaraka D’Algerie, a subsidiary banking unit of Albaraka Banking Group B.S.C. (ABG), announced that it posted a net profit DZD 803.55 million (US$ 11.01 million) in the first quarter of 2009, reflecting an increase of 69% compared to the same period last year, while total assets increased by 7%, finance by 11% and deposits by 9% as at the end of March 2009 compared to the end of December 2008.
The Bank’s financial results for the first quarter of 2009 showed an increase of 53% in total operating income compared to the same period last year to reach DZD 1.63 billion (US$ 22.39 million)…….Full Press Release: Source

Jovian Capital Corporation is pleased to announce an agreement with UM Financial Inc., Canada’s premier Islamic financial services company, to explore the launch of a co-branded, Shariah-compliant investment product.

The Shariah Product would be geared toward Canada’s approximately 1 million strong Muslim population, as well as foreign investors looking for a uniquely Canadian, Shariah-compliant investment…….Full Press Release: Source

Albaraka Bank Limited, the South African subsidiary of Bahrain- based Albaraka Banking Group B.S.C. (ABG) last year initiated an intensive project to replace its core banking system with the Equation Islamic Banking and Branch Automation System from Misys Plc., contributing to an improvement in the bank’s competitive edge.

The multi-million Rand IT solution is in line with the bank’s holding company’s strategic direction and is being rolled out to select ABG subsidiaries around the world, inclusive of the South African banking operation…….Full Press Release: Source

Ajman Bank, the emirate’s first Islamic commercial Bank, signed an agreement this week with Emirates Transport providing Dhs30m in the form of murabaha finance.
Ajman Bank will purchase a fleet of over 100 buses subsequently sell the same to Emirates Transport on deferred payment terms to expand their services which have seen a steady growth over recent years…….Full Press Release: Source