From Guardian: European banks are showing interest in investing in and providing initial public offering advice to a planned $10 billion Islamic bank, the chairman of the Union of Arab Banks told Reuters on Thursday.
Adnan Ahmed Yousif said the bank, which would be the first Islamic bank of its size and which is to be launched by year-end, is attracting foreign investors……..Full Article: Source

From Khaleejtimes.com: Real estate developer Nakheel PJSC may offer to buy back its $3.52 billion Islamic bonds before they come due in December, Barclays Capital said.

“A tender could be launched in the next few weeks, offering immediate cash payment at a discount,” Alia Moubayed, London-based senior economist for the Middle East and North Africa at Barclays Capital, said in a June 19 report, e-mailed on Thursday……..Full Article: Source

From Thenational.ae: The Cabinet has approved the formation of a new Dh10 billion (US$2.72bn) development bank, as the UAE banking sector takes its first big step towards consolidation amid the continuing credit squeeze.

The Government will inject half of the capital to establish the Emirates Development Bank, which will combine Emirates Real Estate Bank with the Emirates Industrial Bank (EIB), the state news agency WAM said yesterday……..Full Article: Source

From Reuters: Syria expects to attract $30 billion of foreign private investment in the next five years, as it encourages Islamic banking development and opens up its economy, the finance minister said on Thursday.

The government is “serious” about supporting the development of Islamic finance in the country which has partially opened to private enterprise after decades of nationalisation and state control, Mohammad Al-Hussein told Reuters……..Full Article: Source

From Maktoob.com: The number of millionaires in the Middle East fell 6 percent in 2008, with the number in the UAE dropping 13 percent, as the rich around the world saw as billions of dollars was wiped off their fortunes due to the global financial crisis, Merrill Lynch said on Wednesday.

The U.S. bank said in its annual World Wealth Report that the world’s population of high net worth individuals (HNWIs) slumped 14.9 percent last year, compared to 2007, while the number of ultra-HNWIs tumbled 24.6 percent……..Full Article: Source

From Zawya.com: Governments trying to set framework for establishing Islamic Banking. Conventional banks trying to extend their line of service by Islamic Banking.
And Islamic banks are expanding their network globally. Islamic Banking is on the rise! But despite that impressive growth standards have to be set in order to not dilute the quality of Islamic Banking……..Full Article: Source

From Alibaba.com: Indonesia’s exchange-backed bond pricing agency said it will start publishing daily reference prices for corporate bonds and sukuk, improving transparency to make Indonesian debt more attractive to investors.

In Indonesia, bond deals are mostly done over the counter and based on negotiations between the buyers, sellers and intermediaries. So two identical bonds traded at the same time may be priced very differently depending on the parties involved……..Full Article: Source

From Bloomberg: Shuaa Capital PSC, the biggest investment bank in the United Arab Emirates, agreed to hand a 48.4 percent stake to the investment firm owned by Dubai’s ruler to settle a dispute over bonds convertible into stock.
Shuaa shares surged the most in six months……..Full Article: Source

From Tradearabia.com: Saudi Arabia’s Saad Group has embarked on the complex restructuring of its $6 billion debts, with Abu Dhabi Commercial Bank one of the most highly exposed to the troubled company.

Saad has put forward Credit Suisse as an adviser to its bank lenders, a source with knowledge of the situation said, and it now faces the task of negotiating with dozens of lenders in the region and across the world……..Full Article: Source

From Gulfnews.com: Abu Dhabi Commercial Bank (ADCB) said on Thursday its exposure to the troubled Saudi business groups Saad and Algosaibi should not raise “significant concerns for investors”.

“[A] large percentage of these exposures is covered by cash collateral. ADCB holds other good security, ADCB has taken high and prudent provisions against such losses and there’s a low probability of complete loss……..Full Article: Source

From WSJ: Russell Investments of the U.S. and Jadwa Investments of Saudi Arabia said they have teamed up to create an index of shares complying with Shariah, or Islamic law.

The two groups said the new indexes offer the broadest Shariah-compliant coverage of any index, with 2,700 qualifying shares from 60 countries. The securities are drawn from the 10,000 in the Russell Global Index……..Full Article (Subscription Required) : Source

From Cpifinancial.net: Indian capital market regulator Securities and Exchange Board of India (SEBI), after permitting the entry of Shari’ah-compliant mutual funds, has now also given the nod to India’s first Shari’ah-compliant venture capital fund in the real estate sector.
The fund is promoted by Kerala-based real estate development company, High-lite Builders……..Full Article: Source

From Twocircles.net: Islamic financial products has a great role to play in reducing the fiscal deficit in emerging economies by replacing the debt based investments for infrastructure with funds mobilized through equity based Government Securities for infrastructure projects.
Let’s see how Islamic finance may help us reduce our present fiscal deficit……..Full Article: Source

From Reuters: Swiss private bank BSI is considering joint ventures with Gulf partners as well as acquisitions to expand in the region, an executive said.

Saad Osseiran, a managing director at BSI based in Bahrain, told Reuters the bank would like to grow in the region over the next three years……..Full Article: Source

From Bi-me.com: Dubai International Financial Centre Chief Economist Nasser Saidi said the Group of Eight (G-8) is an “obsolete” forum and called for a greater role for Gulf countries in global decision-making.

“The GCC should have strengthened representation on the Financial Stability Board (FSB),” Saidi said at a conference in London today. Gulf Cooperation Countries should translate financial strength “into a more prominent role on the world stage,” he said……..Full Article: Source

From Zawya Dow Jones: Oil-rich Persian Gulf governments may sell more bonds to help plug a shortfall in earnings from sales of crude as they spend their way out of the global economic crisis.

“Many governments have to run deficits to stimulate the economy at a time when oil prices have declined,” said Abdul Kadir Hussain, the chief executive of Mashreq Capital, a unit of the second-largest lender in Dubai……..Full Article (Subscription Required): http://online.wsj.com/article/BT-CO-20090625-701925.html

From Bernama: AmIslamic Bank, the Islamic banking subsidiary of AmBank Group, is targeting a contribution of 30 percent to the group’s profit by 2012 from the current 25 percent.

Executive director, AmBank retail banking, Mahdi Murad, said to come up with the five percent increase, the bank would need to come up with more products for customers……..Full Article: Source

From Arabnews.com: Saudi authorities are expected to call for new tenders from specialized companies to establish the proposed $9 billion Independent Water and Power Production (IWPP) project in Ras Azzour, Saudi and foreign investors have said.

Saudi Arabia required new investments worth more than $50 billion for desalination projects during the next 10 years, Asharq Al-Awsat Arabic daily said quoting informed market sources……..Full Article: Source

From Thepeninsulaqatar.com: The International Bank of Qatar (IBQ) yesterday launched the IBQ Visa Infinite card for its premium customers, becoming the first and only bank in Qatar to issue the prestigious credit card.

Aimed at high net worth individuals (HNWIs) and existing private banking clients of IBQ, the Infinite Visa card provides cardholders with the ultimate purchasing power and a unique set of high-end benefits, including world-class service from a round-the-clock concierge team, a guaranteed and an unmatched 5 percent Cash Back on all purchases, and comprehensive travel insurance and purchase protection……..Full Article: Source