From Reuters: Islamic financial markets heaved a sigh of relief after dodging the securitisation crisis which hit traditional banks, but the fallout may spark a global regulatory overhaul that could stifle the $1 trillion industry.

As Western governments and regulators look to tighten supervision of banks in the wake of the worst financial crisis in decades, reforms could be launched which may also discourage the use of Islamic finance instruments and check the sector’s growth…….Full Article: Source

From Guardian: The sale of debt to third parties, especially through multiple securitisations, has been blamed for fueling the worst global financial crisis in generations.
But some banking experts say the sale of debt is key to developing a liquid secondary Islamic bond market and a deeper, more sophisticated sharia banking system…….Full Article: Source

From Gulfweeklyworldwide.com: The global financial crisis has taken the wind out of the sails of the equities market. More than that, it has hurt lending badly. But it has breathed fresh air into the bond market - be it Islamic or conventional.

Seizing the opportunity, Abu Dhabi, Dubai and Qatar all have issued billions of dollars worth of conventional bonds in recent months…….Full Article: Source

From Reuters: U.S. fund manager Russell Investments has launched its first range of Islamic compliant indexes with Saudi investment services group Jadwa, responding to growing demand in the Middle East.

The Russell-Jadwa Sharia index range includes a suite of 10 indexes involving companies all over the world which comply with Islamic finance requirements…….Full Article: Source

From Arabnews.com: The Islamic Development Bank (IDB) plans to issue $6 billion worth of Sukuk over the next five years in order to finance its programs, the bank president said.

While addressing a press conference at the IDB headquarters here yesterday, Ahmad Mohamed Ali said a $500 million Sukuk would be launched within a few weeks followed by another $500 million.” He also said the bank was planning to issue $1.25 billion worth of Sukuk every year for the next five years…….Full Article: Source

From Saudigazette.com.sa: The Islamic Development Bank (IDB) will double its annual funding to 30 percent starting year 2009, Dr. Ahmed Mohamed Ali, IDB president, said.
The increase of the annual growth funding will save about $2.5 billion during next three years in order to keep more resources for supporting the economic development needs in the member countries and responding to the challenges imposed by financial global crisis…….Full Article: Source

From Bernama: Datuk Seri Najib Tun Razak proposed the setting up of a federal “baitulmal” (Islamic treasury) to coordinate matters related to property owned by Muslims in the country.

The prime minister called on the delegates of the two-day National Baitulmal Convention 2009 which he opened at the Federal Territory Mosque here to discuss the matter in depth…….Full Article: Source

From Tradearabia.com: Ras Al Khaimah Investment Authority (Rakia), the government body responsible for the socioeconomic growth of the emirate, has issued 289 licenses from January to May 2009.

The licenses were issued to businesses operating across the different free zones of the emirate…….Full Article: Source

From Thepeninsulaqatar.com: Qatar Insurance Services (QIS), a world class platform to support trading between insurers, re-insurers, brokers and other (re)insurance professionals, formally launched its operations yesterday.

Trading as Qatarlyst, the innovative system, a wholly owned subsidiary of the Qatar Financial Centre Authority is a web-based work-flow solution that can be accessed via a standard internet browser from anywhere in the world, making it both cost-effective and ideal for local, regional and multi-national transactions…….Full Article: Source

From Gulfnews.com: The Cabinet approved establishing Emirates Development Bank with a capital of Dh10 billion.

The decision was made at a Cabinet meeting on Wednesday, presided by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, at the Presidential Palace…….Full Article: Source

From Tradearabia.com: Abu Dhabi Commercial Bank has at least $500 million in exposure to troubled Saudi business groups Saad and Algosaibi, a banking source said on Wednesday.

“ADCB has significant exposure to the Saudi businesses. It could be easily over $500 million,” one banking source told Reuters, declining to be named due to confidentiality reasons…….Full Article: Source

From Tradearabia.com: Dozens of banks have arranged $6.3 billion worth of syndicated loans to Saudi-Arabia’s Saad Group and the Algosaibi family, Reuters LPC data shows, but it is not clear how much remains on their books.

Lenders include Citigroup, BNP Paribas, HSBC, Standard Chartered and JP Morgan, along with a host of other international and domestic banks…….Full Article: Source

From Gulfnews.com: BNP Paribas and Citigroup provided about $500 million each in syndicated loans to companies owned by Saudi billionaire Maan Al Sanea and the Algosaibi family, making them the most at risk to the country’s largest debt restructuring.

BNP, France’s largest bank, loaned about $475 million to Saad Group and $47.5 million to A.H. Algosaibi, whose Bahraini bank unit is in default. Citigroup in New York loaned $500 million to Saad…….Full Article: Source

From Jamestown.org: The Russian government has pledged to revive its economic ties with Arab nations.
However, Moscow’s relations with the Arab world now hardly sound reminiscent of the Soviet-era alliance, as the Kremlin has struggled to cooperate with major Arab energy producers…….Full Article: Source

From Maktoob.com: Gulf states are some of the most economically attractive destinations in the world to live, with four states ranked among the top 10 in a survey by HSBC published on Wednesday.

The survey asked 3,100 people worldwide about their salary, how it had improved on what they were paid in their home country, as well as about their disposable income and the amount they spent on luxuries. ……Full Article: Source

From Gulf-daily-news.com: The number of seriously rich people in Bahrain is dwindling. Last year the number of US dollar millionaires in the kingdom fell by more than 1,000 as the global financial crisis saw the richest people in the world get a fair bit less rich.

There are now only 5,000 people who have liquid assets of $1 million or more in the kingdom, compared with 6,200 at the start of last year…….Full Article: Source

From Forexyard.com: Troubled Gulf mortgage lender Amlak is in talks with banks and the government over a 12 billion dirham ($3.3 billion) funding gap and expects to find a solution soon, its chief executive was quoted as saying on Wednesday.

If confirmed, a $3.3 billion funding gap would mark Amlak, one of the biggest mortgage lenders in the Gulf, as one of the largest casualties of the financial crisis that has swept the Arab peninsula despite energy-export revenue and sovereign savings…….Full Article: Source

From Saudigazette.com.sa: The Islamic Economics Research Center in collaboration with Economics and Management Faculty organized a seminar under the theme “asset management from Islamic perspective during the Global Financial Crisis.” It was under the patronage of Osama Bin Sadek Tayyeb, president of the King Abdul Aziz University.
The seminar was part of various events being organized in the university to discuss the latest developments in asset management with respect to the global financial crisis…….Full Article: Source

From Menareport.com: Bank Sarasin-Alpen (Qatar) LLC, the subsidiary of Bank Sarasin & Co. Ltd, Switzerland has strengthened its Qatar operations by hiring a private banking team for the Qatar office.
The Bank Sarasin-Alpen private banking team in Qatar will be headed by Sulaiman Yousif Salhi. He will be supported by Meenal Mahajan and Rasha Badawi in client relationship management roles…….Full Article: Source

From Ameinfo.com: Sharjah Islamic Bank (SIB) was awarded both ‘Best small Call Center’ and ‘Best Quality assurance Program’ in the Middle East to add to the continuous success of the bank in recent years.
The award, which is organized by the leading ‘Insight solutions’, was received by the head of SIB’s Call Center, Mr. Waleed Al Amoudi, in a gala dinner held at the Crown Plaza Hotel (Dubai) on Wednesday to honor the winners of various categories of the award…….Full Article: Source

From Ameinfo.com: World Finance magazine granted Kuwait Finance House (KFH) the Most Trusted Bank Award for 2009, which is one of the awards it grants to Islamic finance.
This award comes as a recognition of KFH’s great strides in Islamic finance in Kuwait and the world, in addition to its leading status that it reached after more than three decades of commitment, integrity and honesty, not to mention high standards of professionalism and remarkable qualitative accomplishments that underscored its successes, which is evident by the trust of its clients and corporations…….Full Article: Source

From Saudigazette.com.sa: The Gulf has real potential to emerge as a substantial financial powerhouse after the global downturn but only through international public and private sector cooperation,” said UK Trade & Investment’s (UKTI) CEO Sir Andrew Cahn on Wednesday.
Sir Andrew’s comments came after reflecting on the achievements of UKTI’s financial services Gulf Cooperation Council (GCC) sub-committee in less than a year…….Full Article: Source

From Sukuk.net: Bahrain’s Central Bank yesterday approved a Shariah-compliant real estate investment trust (Reit) by investment bank Inovest. Inovest will start marketing the units and intends to list the Inovest Real Estate Investment Trust (Ireit) on the Bahrain Stock Exchange.
Chief Executive Officer Dr Khalid Abdulla said: “We have worked closely with the central bank over the past few months and are proud to have obtained approval for the first Shariah-compliant Reit…….Full Article: Source

From Zawya.com: Maris Strategies a research and advisory think-tank for financial institutions announces the launch of the Islamic BankCard Research project.
A unique 90-day rapid research process to build a co-operative group of researchers, industry experts, academics, government agencies and Shariah-compliant financial institutions to provide Islamic financial institutions with new insight in how bankcards can and will play a significant role in their overall product portfolio…….Full Article: Source

From Inloughborough.com: If Western banks had been operating on a similar system to Islamic Banks, would the global recession have been avoided?
Would an Islamic Insurance system have been more robust and less prone to the issues that led to the collapse of the world major insurance companies? In short, are there lessons for western banks from Islamic Banks?……Full Article: Source