From Reuters: U.S. real estate financing company W.P. Carey is mulling a plan to launch an Islamic compliant fund, a plan first spawned in 1997, as part of its global fundraising efforts, its president said on Tuesday.

Edward LaPuma told the Reuters Global Real Estate Summit the company had set up an Islamic-compliant fund in the late 1990s, which had attracted interest in the Middle East……..Full Article: Source

From Btimes.com.my: UMW Holdings Bhd plans to raise up to RM800 million (US$228 mln) from the sale of Islamic commercial papers and medium-term notes to fund working capital, existing or future projects and to refinance debt.

It has hired Maybank Investment Bank to help arrange the bond sale, which will be done under the Musyarakah concept, it told Bursa Malaysia……..Full Article: Source

From MENAFN: The Governor of the Central Bank of Bahrain (CBB) said that the kingdom is planning a $530.5 million Islamic bond issue to cover its budget deficit.

He pointed out that the planned sovereign Islamic bond would be the first government sukuk to be issued in Bahraini dinars, and would come at the appropriate time……..Full Article: Source

From Investmentweek.co.uk: Investment houses willing to take on the Shariah compliant funds market will reap significant rewards as the sector continues to grow, according to PriceWaterhouse Coopers.

In a new research paper, the actuary adds current forecasts estimate Shariah equity fund assets to increase from $15bn in 2008 to $53bn by 2010……..Full Article: Source

From Khaleejtimes.com: Dubai Islamic Bank has no exposure to two troubled Saudi conglomerates, a spokesman said on Monday.
“Dubai Islamic Bank has confirmed that it has no exposure to either party,” a spokesman for the bank said when asked about its business with Saad Group and Ahmad Hamad Al Gosaibi Group & Brothers…….Full Article: Source

From Tradearabia.com: Dubai investment bank Shuaa Capital said on Tuesday it rejected a claim from Dubai Banking Group (DBG) for a refund in a row over $409 million bond conversion deal.

‘Shuaa Capital rejects the claim that any amounts are due to DBG because Shuaa has already exercised its contractual option to redeem the bonds by issuing 250 million new shares,’ Shuaa said in a statement……..Full Article: Source

From Bt.com.bn: The advantages of Islamic banking and finance have of late emerged more clearly as it has relatively remained unscathed by the crisis that battered the financial sector.
What aspects of this lucrative industry remain open for newer participants wishing to establish themselves in a niche market? …….Full Article: Source

From Zawya.com: Dubai Export Development Corporation, headed by its Chief Executive Officer, Engineer Saed Al Awadi, is currently leading the first Islamic Financial Services Mission to Australia accompanied by senior industry representatives from Dubai.

The Trade Mission seeks to explore opportunities for Islamic Financial Services in Australia and to play a pivotal role in the current changes that are taking place within the Australian regulatory framework……..Full Article: Source

From Reuters: Thailand said on Tuesday it would not allow foreigners to invest in farming and livestock businesses in the country, after requests from several Arab investors.

“According to our laws and our policy, foreigners or foreign companies are not allowed to rent or buy land to grow rice or any kind of food, including raising any livestock in Thailand,” Deputy Commerce Minister Alonkorn Pollabutr told reporters……..Full Article: Source

From Khl.com: The Islamic Development Bank has approved US$ 575 million in financing for “developmental projects” in Turkmenistan, Iran, Pakistan, Bangladesh, Turkey, Lebanon and Suriname.

Infrastructure projects that will receive funding include drinking water projects and sewage networks in the Akar region of Lebanon (US$ 52.7 million)……..Full Article: Source

From Btimes.com.my: Newly-established offshore bank, First East Export Bank plc (Labuan), or FEE Bank, plans to have a strong presence in Malaysia’s Islamic banking industry, with assets expected to grow to more than euro2 billion (RM9.84 billion) in two years.

FEE Bank chief executive officer Dr Ali Afzali said the bank, which received its offshore banking licence from Labuan Offshore Financial Services Authority (Lofsa) last February, is optimistic of the bank’s business as it will leverage on the vast inflow of Middle Eastern investors into Malaysia, especially from Iran……..Full Article: Source

From Tradearabia.com: Saudi Arabia’s Al-Baha Holding Corp plans an initial public offering by mid-2010 to raise 1 billion riyals ($266.7 million), its top executive said.

‘According to economic analysis the market will start improving during 2010 so we will launch it (IPO) at the best time,’ Husain bin Dajam told Reuters in an interview this week……..Full Article: Source

From Gulfnews.com: The Arab Monetary Fund (AMF) on Monday called for exercising strict control over the financial sector to avoid a repeat of the current global downturn as a direct consequence of the credit crunch in future and mitigate its possible effects.

“In view of liberalisation of the financial markets, capital flow and systematic risks emanating from fragile financial systems, there is a great interest [being shown] by decision-makers in the importance of stability of the financial system,” said Dr Jasem Al Mannai, director-general of the AMF, yesterday while opening a training programme on safety of financial indicators……..Full Article: Source

From Aawsat.com: Direct foreign investments to the Arab world increased 20 percent in 2008 compared to the previous year, even as the region grappled with the impact of the global economic meltdown, the head of an Arab investment body said Monday.

The gains, which came even as regional and global equity markets saw an exodus of capital, were largely tied to inter-Arab investments, said Fahad Al-Ibrahim, the director-general of the Arab Investment and Export Credit Guarantee Corporation, a Kuwait-based autonomous Arab regional organization that aims to promote Arab capital mobility……..Full Article: Source

From ameinfo.com: Bahrain and Oman have decided not to copy the business models of their neighbour states. Nevertheless, both countries aim to move out of the shadow of Dubai, Abu Dhabi or Qatar.
Both economies are set to grow in 2009 by 2.6% and 3% respectively, according to the IMF……..Full Article: Source

From Tradearabia.com: Oman’s nominal gross domestic product (GDP) fell 20 percent in the first quarter, compared to the same period last year, preliminary data from the Ministry of National Economy showed.

The non-Opec oil exporter’s GDP fell to 4.09 billion rials ($10.62 billion) in the first quarter, compared to 5.1 billion rials in the first quarter of 2008, the data showed……..Full Article: Source

From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 200%.
The Sukuk Al-Ijara are issued by the CBB on behalf of the Government of the Kingdom of Bahrain……..Full Article: Source

From Gulfnews.com: Well positioned to weather the global recession, Saudi banks have continued to accumulate foreign assets in recent months.

The banks’ foreign assets reached 168.4 billion riyals in April, marking the biggest increase over the past five years……..Full Article: Source

From Thepeninsulaqatar.com: The administration of the newly-set up Qatar Exchange, which has replaced the Doha Securities Market (DSM), plans to hold a series of seminars and workshops before switching to the new trading system to create adequate awareness among investors.

But the change will take time as restructuring is expected to take more than a year. This was announced by the CEO of Qatar Exchange, Andre Went, at a news conference here yesterday……..Full Article: Source

From Gulf-times.com: Qatar could soon become a major hub of the global insurance and reinsurance businesses with the establishment of Qatarlyst, a company set up by the Qatar Financial Centre (QFC) as an insurance technology provider.
Qatarlyst chairman Abdulrahman Ahmed al-Shaibi said the new venture has ample government backing and would tread on a safe path in the coming years to deliver high quality insurance services in the region……..Full Article: Source

From Gulfnews.com: Nasser Al Shaikh has been relieved of all his posts, including his post as assistant to the director of the Ruler’s Court for Foreign Affairs.

The announcement was made by the Media Office of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai……..Full Article: Source

The Central Bank of Bahrain has announced its approval for registration of the first Real Estate Investment Trust (REIT) under Bahrain’s Financial Trusts Law.
The Inovest Real Estate Investment Trust (IREIT) has been authorised and approved by the Central Bank of Bahrain as an Expert Collective Investment Undertaking established as a unit trust and with Two Seas Trust B.S.C.(c) as trustee. It is intended to list IREIT on the Bahrain Stock Exchange……..Full Press Release: Source

From Eeo.com.cn: The EO learned that China’s Banking Regulatory Commission had given approval to Bank of Ningxia to undertake an Islamic financial services project.
A source familiar with the matter said according to suggestions from regulatory bodies, the bank would likely set up a special department or create special service windows in its branches capable of providing Islamic financial services……..Full Article: Source

From Linexlegal.com: There has been a dramatic surge in demand for Shari’ah compliant investment products which offer a broad appeal beyond its traditional Muslim base.
The purpose of this briefing note is to explore the main Shari’ah principles in terms of Islamic finance together with an analysis of the key features and categories of Shari’ah compliant investment funds……..Full Article: Source

From Insurance-business-review.com: The Eskadenia software to be deployed for Egyptian Takaful, intends to automate the general and life insurance lifecycles, minimise operational cost, speed up work, maintain historical data and ensure a high level of security.

The Life Insurance system will cover group and individual Takaful insurance, whereas the General Insurance system will take care of underwriting for all classes of business……..Full Article: Source