From FT: The Islamic finance industry has been relatively, although not completely, immune to the effects of US subprime problems, the ensuing credit crisis and global economic downturn.

“I have not found any Islamic bank that has lost money by exposure to toxic assets – because they were forbidden,” says Humayon Dar, chief executive of BMB Islamic, one of the biggest managers of alternative investments for Muslims…….Full Article (Subscription Required): Source

From Business24-7.ae: Islamic finance is experiencing a resurgence in the Arab World as a result of the recession, according to Alex MacGillivray, Senior Partner at AccountAbility, one of the co-authors of a new report titled Responsible Competitiveness in the Arab World 2009.

There is a new buzz in the Arab World about Islamic finance, which tended to have a reputation of being “nice” yet offering “lower returns”, he says. Today, argues MacGillivray, Islamic finance is being viewed as a safer and better bet for investors than the “Western casino style” of financial investment…….Full Article: Source

From Hurriyet.com.tr: Turkey is ready to jump onto the Islamic finance bandwagon that has flourished in the past few years, according to a participant of the Turkey Infrastructure and Green Investment and Finance Summit 2009.

First there are necessary regulatory changes that have to be made and meanwhile the Treasury has a lot of work to do, said Selim Kervancı, head of investment banking at HSBC Turkey and the official representative of the International Capital Market Association of Britain…….Full Article: Source

From Cpifinancial.net: The latest Shari’ah investment report shows Shari’ah indices are still outperforming their conventional counterparts, despite a broad market pick up and a financial rally at the end of the Q1 2009.
The report, ‘Shari’ah Investing: Creating a Track Record’ is published quarterly by SEI Investments (Middle East) and compares the Dow Jones Islamic World Index (DJIW) and the MSCI World…….Full Article: Source

From Arabnews.com: The first onshore Shariah-compliant real estate fund in the Australian market, The LM Australian Alif Fund, was officially launched at end of May in Bahrain.

The fund is managed by LM Investment Management Ltd., a specialist Australian income funds manager operating internationally and which is aimed at Islamic investors who are looking for opportunities in alternative investments and in new markets…….Full Article: Source

From Gulfnews.com: The Saudi stock market regulator has approved the setting up of a market for debt securities, it said yesterday, responding to long-standing demand from some firms for diversified sources of financing amid tight credit conditions.

The Capital Market Authority’s (CMA) decision is part of its “continunous and gradual effort to develop the Saudi capital market”, it said in a statement posted on the bourse’s website…….Full Article: Source

From Reuters: Saudi Arabia’s stock market regulator said on Sunday it had approved six initial public offerings (IPOs) for the period until October, the first of which will be for Saudi Steel Pipes Co (SSP) this month.

The IPOs will be the first since April when four insurance companies raised 260 million riyals…….Full Article: Source

From Arabnews.com: Judging by the oversubscription of Bahrain’s latest local currency Sukuk offerings, market demand is steadily returning to pre-early 2008 levels as pricing and yields become more competitive and attractive.
Bahrain, together with Malaysia, continues to be the most prolific issuer of sovereign Islamic securities whether they are local currency or international issuances…….Full Article: Source

From Reuters: Indonesian drilling firm PT Apexindo Pratama Duta Tbk APEX.JK cancelled plans to raise 250 billion rupiah ($25 million) from an Islamic-compliant bond issue, an official at the firm said on Friday.

The firm had planned to raise 500 billion rupiah from the sale of conventional bonds and a further 250 billion rupiah from an ijarah sale-and-leaseback sukuk, with the proceeds intended for working capital…….Full Article: Source

From Ameinfo.com: The Islamic International Rating Agency has published a research report on the liquidity characteristics of Islamic Banks.
The research was conducted by selecting key Islamic Commercial Banks based in a few countries……..Full Article: Source

From Thejakartapost.com: To speed up the development of infrastructure projects, highly needed in Asian countries, the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) have agreed to set up Asia’s first major multi-country Islamic infrastructure fund.

The Islamic infrastructure fund is expected to reach US$500 million, and will contribute sharia-compliant equity investments in 12 Asian countries - all of which are borrowing members of both development banks, ADB and IDB said in a joint statement Wednesday…….Full Article: Source

From Arabnews.com: The Capital Market Authority (CMA) of Saudi Arabia announced yesterday that it would set up a market for debt securities including sukuks as part of its efforts to boost the Kingdom’s financial markets.

The stock market regulator said it would permit the formal issuance, trading, clearance and registration on the Tadawul exchange, which currently lists two debt issues traded over the counter…….Full Article: Source

From Albawaba.com: Moody’s Analytics is pleased to announce its agreement with Dubai Islamic Bank to provide the bank with its credit risk assessment tool: RiskAnalyst.

This partnership emphasizes Moody’s Analytics’ leadership in the Middle East as the pre-eminent provider of credit risk management systems to financial institutions. Dubai Islamic Bank’s decision supports its strategy to strengthen its credit risk assessment processes and equip its credit risk teams with “best-of-breed” solutions…….Full Article: Source

From Maktoob.com: Saudi Electricity, the Gulf’s largest utility firm by market value, will issue Islamic bonds that could be worth about 5 billion riyals ($1.33 billion) to help fund expansion, its top executive said on Sunday.

Bourse regulator, the Capital Market Authority (CMA), said earlier on Sunday that it has approved the issuance of the sukuk over the June 13-28 period. It did not elaborate…….Full Article: Source

From Gulf-daily-news.com: Gulf Investment Corporation (GIC) saw two of its funds post a strong start to the year. Gulf Premier Fund has achieved a year-to-date return of 11.49 per cent.

The fund has recorded a growth of 80.14pc since its launch in April 2003. And GIC’s Gulf Islamic fund, launched at the beginning of the year, achieved growth of 34.3pc…….Full Article: Source

From Tradearabia.com: Four Gulf states signed a pact on Sunday creating a pared-down monetary union with Saudi Arabia at its centre, after the United Arab Emirates became the second country to abandon the project last month.

The ceremony was attended by foreign and finance ministers and central bank governors of the Gulf Cooperation Council (GCC) states in the Saudi capital Riyadh…….Full Article: Source

From Menareport.com: The current global economic meltdown is taking a heavy toll on Saudi billionaire Maan Al-Senea. The Saudi Arabian Central Bank froze the accounts of Al-Senea, owner of the Saad Group, and his family members recently without warning.
According to the bank, the reason for freezing their accounts is confidential. Al-Senea announced that the Saad group was searching for ways to restructure the outstanding debts of its real estate, banking, and health care companies…….Full Article: Source

From Albawaba.com: Over $2.5 billion of trade operations financed by ITFC with $878 million being raised through resources mobilization 43.7% of trade finance in the MENA region amounting to $384 million raised from externally mobilized resources.
The International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IDB) Group, held its 4th General Assembly in Ashgabat, Turkmenistan, on Wednesday, June 3rd 2009 as part of the 34th Annual Governors Meeting of the Islamic Development Bank……Full Article: Source