From Arabnews.com: The worst financial crisis in a century can pave the way for Islamic finance to reach world banks. The banking industry is forced to reassess its functioning. Therefore, banks will be more receptive to alternatives now more than ever before.

“No one is saying we are glad the financial crisis has happened but now all banks are being forced to reassess what they do. That is not to say that our solution, the Islamic banking, was not right before……..Full Article: Source

From Malaysiakini.com: Shariah banking shows two contradictory trends. First it insists it is different. But second, it wants to compete with Western banking in terms of financial services offered, but without imprudent risks to provide them.

The difference must lie in the adequacy of regulations based on applied theology, enforcement, and transparency……..Full Article: Source

From Btimes.com.my: The global sukuk market is recovering from the financial crisis, with this year’s issuance expected to exceed last year’s US$14 billion (RM49 billion), a sister company of Kuwait Finance House (Malaysia) Bhd (KFH Malaysia) said.

“I believe the sukuk market is coming back on more solid ground. The momentum for new issuance is building up this year and I believe the appetite remains strong,” said Emad Al Monayea, chairman and managing director of Liquidity Management House……..Full Article: Source

From Thepeninsulaqatar.com: Indonesia could decide by September whether to amend double taxation laws that make Islamic financial transactions costlier than conventional deals, a parliamentarian said yesterday.

The Indonesian parliament is debating a bill that would change the double taxation law. The tax hit holds back the expansion in Indonesia of the $1 trillion global Islamic financial industry, bankers and lawyers say………Full Article: Source

From Bernama: Malaysia is confident of remaining the world’s largest and well known Islamic financial centre in the field of Islamic bonds or Sukuk, despite the current uncertain global economy.

Deputy Finance Minister Datuk Dr Awang Adek Hussin said at present the country is the largest issuer of Sukuk in the world which has a Muslim population of 1.5 billion……..Full Article: Source

From Bi-me.com: Amara Holdings, a Shariah-compliant investment company headquartered in Dubai, today announced that it has signed a major Sino-foreign equity joint venture agreement with a subsidiary of New China Trust Co, one of the oldest trust and investment management companies in China.

Through this equity joint venture agreement, Amara and New China Trust’s subsidiary Shanghai Ding Hai Investment Management Co, will together identify and evaluate lucrative Shariah-compliant investment opportunities in China for themselves and on behalf of co-investors and clients……..Full Article: Source

From Dailyexpress.com.my: Liquidity Management House for Investment KSCC, a sister company of Kuwait Finance House (Malaysia) Bhd, hopes to raise US$500 million sukuk in the international market, including in Malaysia, this year.

“The sukuk market is building momentum, coming back with on more solid ground,” its chairman and managing director Emad Al-Monayea told reporters at a briefing here today……..Full Article: Source

From Bloomberg: Nakheel PJSC, which has to repay a $3.5 billion Islamic bond in December, will be a “litmus test” for the six Dubai-owned companies assessed by Moody’s Investors Services Inc., the ratings company said.

“What happens at Nakheel will affect the six ratings that we have for Dubai,” Philipp Lotter, a Dubai-based analyst at Moody’s, which does not have a rating for Nakheel, said at a conference in the sheikdom……..Full Article: Source

From Tradearabia.com: Noor Takaful, the Islamic insurance arm of Noor Investment Group, has teamed up with Mondial Assistance Group, to launch travel takaful.

The scheme will offer a wide spectrum of support services for contingencies arising during foreign travel……..Full Article: Source

From Khaleejtimes.com: ADCB Meethaq Islamic Credit Card, a credit credit which is claimed to be the first of its kind in country has been launched with an objective to promote social responsibility.

The card is an outcome of a tie-up between Red Crescent and ADCB Meethaq, which is the Islamic Banking Division of Abu Dhabi Commercial Bank, the nation’s second largest bank by assets.
http://www.khaleejtimes.com/DisplayArticleNew.asp?…….Full Article: Source

From Menafn.com: Kuwait’s insurance sector, along with much of the country’s economy, looks set for a period of consolidation, with larger and more diverse operators best placed to weather the downturn in the local market.

From late April to mid-May, Kuwait’s insurance firms lodged their first-quarter results with the Kuwait Stock Exchange (KSE), with most recording sharp falls in profits compared to the same period in 2008 and some posting losses as the global economic crisis continued to affect the sector……..Full Article: Source

From Gulfnews.com: Capital raised from bonds recently issued by UAE companies would prove to be a positive sign of recovery for the country, a Moody’s analyst said.

The country’s large listed and government companies have recently issued bonds, while many others are under discussion……..Full Article: Source

From Tradearabia.com: Banks in the United Arab Emirates are stable and liquidity in the financial sector is excellent, according to a statement by a UAE ministerial committee charged with helping the state navigate the financial crisis.

‘The UAE banking sector is stable and firmly on the growth path,’ said a statement issued by the committee on Wednesday……..Full Article: Source

From Tradearabia.com: Banks in the United Arab Emirates have been directed by the central bank to stop lending to troubled Saudi businesses Saad Group and Ahmad Hamad Al Gosaibi Group & Brothers (AHAB), bankers said on Wednesday.

The central bank issued a circular to banks on Tuesday not to open any new facilities with the named Saudi groups until further notice, bankers in Abu Dhabi said……..Full Article: Source

From Gulfnews.com: The Saad Group, owned by the Saudi businessman Maan Al Sanea, has announced new debt restructuring plans at a time when family companies in Saudi Arabia are struggling to keep afloat.

In a press release, the group said that it had appointed Lawrence Graham law firm to work with, BDO Capital Finance to restructure the company’s obligations and liabilities towards the Bahrain-based Awal Bank which is owned by the Group……..Full Article: Source

From Gulfnews.com: The International Finance Corp (IFC) and three Saudi Arabian government funds will provide $400 million (Dh1.4 billion) in Islamic financing to help Saudi banks boost mortgage lending.

“Home financing in Saudi Arabia is a priority for the IFC,” Walid Al Murshed, Saudi country manager for the IFC, said in an interview yesterday. “Less than 10 per cent of total consumer financing goes to mortgages.”…….Full Article: Source

From Thoughtleader.co.za: Even the Christian world is embracing Islamic banking and finance as a response to the international economic crisis.
The Vatican has endorsed the values of Islamic finance as a solution to the problems in the world of conventional, interest-based finance. It has stated that Western banks should carefully examine Islamic financial regulations in order to restore confidence among their clients……..Full Article: Source

From Cpifinancial.net: Despite the economic crisis deepening in the early part of this year, the survey offers a telling insight into what businesses across the GCC are thinking and doing en route to the upturn.

This confidence is reflected across the survey results that covered topics including business results, talent management, incentives, headcount levels, salary planning and training and development. …….Full Article: Source

From Menafn.com: Pak-Qatar Family Takaful Limited (PQFTL) and Institute of Chartered Accountants of Pakistan (ICAP) have signed an agreement according to which all the members, students and employees of ICAP across the globe will be provided with an option of having Group Family Takaful protection through Pak-Qatar Family Takaful Limited.

P Ahmad, CEO Pak-Qatar Family Takaful Limited and Khaliq-ur-Rahman, President ICAP-Benevolent Fund signed the agreement on behalf of their respective organisations……..Full Article: Source

From Yourlocalguardian.co.uk: An Islamic finance roadshow is coming to Croydon. Visitors can learn about the range of Islamic banking, home finance and insurance products available to them, which are ethical, transparent and Shariah compliant.

Mufti Abdul Barkatullah will open the event with an overview of the difference between conventional and Shariah-compliant products……..Full Article: Source

From Arabnews.com: Prince Mohammed Al-Faisal, who has investments in Islamic banks in Geneva, Egypt and Sudan, yesterday announced an annual award worth SR100,000 for the best research in Islamic economics.

He made this announcement while opening a seminar on Islamic economics at Prince Sultan College of Tourism and Hotel Management in Jeddah……..Full Article: Source