From Zawya Dow Jones: The global issuance of Islamic bonds, or sukuk, fell 35% to $5.3 billion in the second quarter compared with a year earlier but a rebound may be within sight, data from Zawya Sukuk Monitor shows.

Year-on-year declines in the primary sukuk market were offset by a 164% surge in volume compared with the first quarter for sukuk, indicating renewed demand for Shariah-compliant debt instruments, according to Zawya.com’s latest research………Full Article (Subscription Required) : Source

The first American ETF to adhere to centuries-old Islamic beliefs about investing and finance is to begin trading on the New York Stock Exchange today under the ticker symbol JVS.

Javelin Exchange Traded Funds Dow Jones Islamic Market International Index Fund will seek to match the performance of the Dow Jones Islamic Market Titans 100 Index………Full Press Release: Source

From Reuters: Allianz will launch its first Islamic annuity product next year, the head of its Takaful unit said, tapping into a growing number of clients in the Middle East keen to add to their state pensions.

It has long been hard for takaful — or sharia-compliant — insurers to sell such products, because of the lack of long-term Islamic bonds with which to match pension liabilities, Abdul Rahman Tolefat told Reuters on Wednesday………Full Article: Source

From Bernama: Datuk Seri Abdul Hadi Awang (PAS-Marang) Wednesday called for a review on the implementation of the Islamic financial system in Malaysia, saying the profit margin from loans provided under the system was too high.

He said the margin did not differ much with the conventional financial system, thus defeating the purpose of having a separate system………Full Article: Source

From Maktoob.com: The delay in the proposed merger of Dubai-based mortgage lenders Amlak and Tamweel is likely to further erode investor confidence at a time the UAE’s property and stock markets are in desperate need of more funds, analysts warned on Wednesday.

The two housing finance providers controlled more than half of Dubai’s once-booming housing finance market but their lines of credit dried up in the wake of the global financial crisis and government was forced to look at merging the struggling Islamic mortgage lenders………Full Article: Source

From Kuwaittimes.net: Islamic finance has continued to flourish in the Gulf, weathering the recent financial crisis better than many traditional commercial forms of finance.
In Kuwait, this sector continues to grow as competition between powerhouse Islamic bank KFH and traditional bank NBK heats up, with NBK reportedly about to secure a stake in another Islamic bank, Boubyan………Full Article: Source

From Arabianbusiness.com: Dow Jones Indexes announced on Wednesday it has licensed the Dow Jones Islamic Market International Titans 100 Index to Javelin Investment Management, an investment adviser registered with the SEC.

The blue-chip index will underlie the first Shari’ah compliant exchange-traded fund listed in the US - the JETS Dow Jones Islamic Market International Index Fund (JVS)………Full Article: Source

From Themalaysianinsider.com: The Dewan Rakyat today approved the Bank Negara Malaysia Bill 2009 in a relatively incident-free session unlike during the deliberation of several bills before it which saw intense debate among the members.

The two-day debate on the bill went on smoothly, with issues like credit reference companies such as Credit Tips Off Sdn Bhd, illegal money lending activities or “ah long”, Islamic finance, insurance and credit cards taking centre stage………Full Article: Source

From Zawya Dow Jones: Creditors for a $650 million sukuk issued by troubled Saudi conglomerate Saad Group failed to vote in a meeting last week on whether to dissolve the Islamic bonds and get a payout, a banker familiar with the matter told Zawya Dow Jones.

No decision was taken at the gathering held in London on a proposal to appoint Citicorp Trustee Company Ltd., a unit of Citigroup Inc (C) to act on the behalf of investors or vote on whether to dissolve the Golden Belt 1 sukuk as not all creditors were present, the banker said………Full Article (Subscription Required) : Source

From Globalarabnetwork.com: The Central Bank of Bahrain announces that the 9th issue of the US$250 million International Islamic Leasing Sukuk, which was issued on 30th June 2004 on behalf of the government of the Kingdom of Bahrain, has matured and been fully settled on 30th June 2009.

It is worth mentioning that the CBB has recently launched a successful US$ 750 million Islamic Sukuk denominated in US dollar; the first sovereign Islamic Sukuk issued in the region in 2009………Full Article: Source

From Thenational.ae: Emirates Islamic Bank (EIB) has partnered with Emirates Skywards have announced a promotion on Skywards EIB credit cards.

In addition to earning up to 1 Skywards Mile for every Dh1 spent on the card, the bank is attempting to attract new applicants with an introductory bonus of up to 100,000 Skywards Miles and other “unique benefits” after paying a subscription fee………Full Article: Source

From Cpifinancial.net: Syria International Islamic Bank has launched new Islamic banking products aimed at the various customer segments.

“With this launch, SIIB will become the first bank in Syria to offer an innovative range of Shari’ah-compliant banking services,” a press release said………Full Article: Source

From Forbes: The Polish government named on Wednesday QInvest, Qatar’s largest investment bank, as the buyer of two state-owned shipyards which had faced bankruptcy amid a long-running row with the European Union over illegal state aid.
The government held tenders in May in its search for an investor to save the Szczecin and Gdynia shipyards, which along with the nearby Gdansk yard were the cradle of the pro-democracy Solidarity trade union which helped topple communism in 1989………Full Article: Source

From Tradearabia.com: Regional investors are showing renewed interest in alternative investments as the severity of the recent economic downturn has once again underpinned the need for diversification across multiple asset classes, says a study.

The study by Man Investments, an independent leader in alternative investments, says that the downturn, which started as difficulties began to emerge in the over-borrowed US housing market in 2007, weighed on equity markets across the GCC states throughout 2008………Full Article: Source

From Thepeninsulaqatar.com: Qatar National Bank (QNB) - Syria, a private Syrian-Qatari bank, announced yesterday the launch of 34 percent of its total equity in an Initial Public Offering (IPO) which opens to subscribers on July 12, 2009, with the subscription closing on August 10, 2009.

The bank’s total paid up capital stands at SYP5bn (QR 365bn) which is divided into 10 million registered shares, with QNB retaining 49 percent, the Syrian government organisations holding 15 percent and private investors holding 2 percent………Full Article: Source

From Zawya.com: In a time where countless companies are preoccupied with rescheduling of their debts, Kingdom Installment Company, based in Riyadh, Kingdom of Saudi Arabia, surprised the international capital markets by redeeming its maiden Sukuk issued in 2006.
The Sukuk was structured in line with the provisions of the Islamic Shari’ah and issued with the purpose of leveraging the company’s financing capabilities to provide home-buyers within the Kingdom with funds to purchase their homes in return for affordable monthly installments………Full Article: Source

From Tradearabia.com: Standard & Poor’s Ratings Services on Wednesday lowered its long-term counterparty credit and insurer financial strength ratings on Oman United Insurance Company (OUIC) to ‘BBB-’ from ‘BBB’, but said the outlook was stable.

OUIC’s competitive position has been negatively affected by regulatory changes to motor insurance and more constrained product distribution in certain lines, said a S&P statement………Full Article: Source

From Istockanalyst.com: Expanding its portfolio of Islamic insurance plans, Dubai Bank today announced it has entered into a strategic alliance with Islamic Arab Insurance Company (Salama), a leading provider of Sharia-compliant insurance solutions (Takaful).

Under the terms of the agreement, Salama will offer Dubai Bank customers a wide range of Sharia-compliant unit-linked funds through lumpsum investments as well as systematic investment plans. ……..Full Article: Source

From Gulfnews.com: Al Hilal Bank, an Islamic bank based in Abu Dhabi, has announced the launch of Al Wataniya Development Fund in partnership with Abu Dhabi Investment House aimed at tapping the huge potential of Abu Dhabi real estate sector.

This is the first of a series of investment products to be launched by the bank to capitalise on the opportunities available locally and across the globe………Full Article: Source

From Btimes.com.my: Axiata Group Bhd, Southeast Asia’s second-largest mobile-phone provider, plans to borrow about RM1 billion (US$284 million) of Islamic loans, chief executive officer Datuk Jamaludin Ibrahim said today in an interview in Kuala Lumpur.

The company will borrow the funds to refinance debt, he said………Full Article: Source

From Tradearabia.com: Qatari bank lending to the private sector rose 2.5 percent in March from February, central bank data showed on Tuesday, a signal the Gulf state’s banks are getting bolder on new loans.

Total domestic credit of Qatari commercial banks rose 1.3 percent in March from February to 207.89 billion riyals ($57.12 billion) as money supply growth in the Gulf state slowed to 2 percent, the central bank said………Full Article: Source

From Bernama: OIC International Business Centre Sdn Bhd is exploring the possibility of acquiring space at the Port Klang Free Zone (PKFZ) to establish an International Islamic Investment and Economic Centre.

Its chief executive officer Datuk Dr Raja Mohamad Abdullah said he planned to meet Transport Minister Datuk Seri Ong Tee Keat to discuss the matter………Full Article: Source

From Islamicfinance.de: The German regulator BAFIN is organising an Islamic finance conference on 29 October 2009.

The announcement is in German, but the conference is held in English. The conference shall show different aspects of Islamic finance, and to determine the salient features………Full Article: Source