From Aawsat.com: Riyadh, Asharq Al-Awsat-For the first time since the initial issuance of a Sukuk bond in Malaysia in 2001, cases of payments being defaulted on have occurred in the USA, Kuwait, and Malaysia. There are five legal cases that involve the default on payment of Sukuk [so far].

There are also some Sukuk cases that involve technical failures that are expected to develop into cases of legal default at any moment. Therefore the legal risk surrounding this type of [financial] bond – that falls under the provisions of Islamic Shariaa law – is beginning to become apparent……..Full Article: Source

From Arabianbusiness.com: A default on Islamic bonds by Kuwaiti firm Investment Dar is just the tip of the iceberg, with more failures expected as the weak global economy hits issuers, industry experts warned on Wednesday.

Unlike traditional banking, the $1 trillion Islamic finance industry has just begun to feel the chill of the global downturn, with practitioners and analysts trying to assess the extent of the fallout on the sector……..Full Article: Source

Leading independent research and advisory firm IDC Financial Insights says, tough numerous shariah scholars and economists initially believed that Islamic finance had fared significantly better in the crisis due to its rigorous risk management practices and its adherence to shariah law, IDC’s Financial Insights Asia/Pacific latest report entitled “Islamic Finance Update – Weathering the Crisis” finds otherwise.
While the Islamic financial system may have been spared the direct impact of the subprime fallout, the indirect impact clearly affected the performance of shariah financial products and services……..Full Press Release: Source

From Arabnews.com: Etsuaki Yoshida, deputy head, Africa and the Middle East, at the Japan Bank for International Cooperation (JBIC), cuts a very frustrated figure these days.
Last year before the global financial crisis set in, JBIC was still on course to issue the first international Sukuk by a Japanese entity, albeit in Malaysia……..Full Article: Source

From Defimedia.info: Its newest “social and ethical” banking product: the “Sukuk”–Islamic bonds–proposes an alternative for Government of issuing new debt on potentially cheaper and less risky terms.

“The scope for Government issuing the Sukuk, known as Sovereign Sukuk, is clearly enormous. It provides the State with the possibility of issuing new debt on potentially cheaper and less risky terms than those applying to conventional bonds,” says Dr Muniruddeen Lallmahamood, Certified Sharia Advisor and Auditor……..Full Article: Source

From Fointelligence.com: Building an Islamic derivatives market has been a slow process, and remains controversial with some scholars. But the momentum is there – and a new standardised agreement should be available soon.
Many firms and individuals are committed to the market and believe a new phase of faster growth is not far off……..Full Article (Subscription Required) : Source

From Islamonline.net: The government in Scotland is contemplating an innovative scheme on using Shari`ah-compliant investments to address the housing dilemmas Scots are facing in the ongoing severe recession.

“I would be happy to sit down and talk to them about their ideas,” Housing Minister Alex Neil told the Sunday Times on July 12……..Full Article: Source

From Saudigazette.com.sa: The recent global economic crisis was not caused just by sub-prime loans and credit derivative swaps but the more fundamental drawback of the system was behind the meltdown.
C.H. Abdul Raheem, a senior chartered accountant, prominent scholar in Islamic Economics and general manger Finance and Business Planning with Tasnee Company- Jubail, expressed these views at a lecture on “Global Economic Crisis- an Alternate View”……..Full Article: Source

From Tradearabia.com: State-owned National Bank of Egypt (NBE), Egypt’s largest commercial bank by assets, is setting up a 10 billion Egyptian pound ($1.79 billion) fund to finance home mortgages, a newspaper reported on Sunday.

The business daily Al-Alam al-Yom quoted NBE Chairman Tarek Amer as saying NBE was seeking to provide loans to home buyers at low instalments extending up to 20 years……..Full Article: Source

From Gulf-times.com: A new insurance company formed by Qatari and Bahraini investors is being registered to meet the needs of the proposed causeway linking the two countries.
The Shariah-based insurance company, named Al Jasr (meaning “the causeway” in Arabic), will have a start-up capital of QR250mn……..Full Article: Source

From Todayszaman.com: While the global financial system still has not found a departure point for itself, alternative financial structures seem here to stay, says a renowned expert on Islamic banking.
Lord Mohamed Iltaf Sheikh, the founder of the Conservative Muslim Forum who visited Sunday’s Zaman, said that the Islamic banking system, which is based on religious ethics, continues to generate business in many countries, particularly in the Middle East……..Full Article: Source

From Bernama: Malaysia, recognised internationally for its vast experience in Islamic finance, is well positioned to provide services and facilities related to Islamic banking in Europe.

“This is a potential area that we have yet to develop with Europe. We need to move away from the thinking that Islamic banking must only be in the Middle East or among Arab, muslim countries,” said Malaysia’s ambassador to Brussels, Datuk Hussein Hanif……..Full Article: Source

From Globalarabnetwork.com: In the past year, the world has witnessed cataclysmic turmoil in global finance, with severe impacts on the fortunes of countries, companies, charities and individuals.
The reckless financial speculation and excessive risk-taking that led to the unsustainable accumulation of phenomenal volumes of toxic assets are against the basic principles and practices of Islamic finance……..Full Article: Source

From Gulf-times.com: MENATSA Training & Development has announced the signing of a memorandum of understanding (MoU) with First Global Knowledge Center (FGKC) to offer a range of specialised training programmes in Islamic finance to institutions and individuals in the GCC.
The MoU was signed by managing director of MENATSA T&D, Damian Brown, and strategy adviser to First Global Group, MHM Faizer……..Full Article: Source

From Saudigazette.com.sa: “We have nothing to hide in our country, and anyone who has anything to say has only to speak up and we will be all ears.”
Marking the occasion of the royal visit to Madina and on the eve of King Abdullah’s launching of Royal Commission projects in Yanbu worth billions of riyals, the Emir of the Province of Madina, Prince Abdul Aziz Bin Majed, spoke candidly and forthrightly to Okaz newspaper on a wide range of issues of concern for Saudi nationals and foreign residents alike……..Full Article: Source

From Thepeninsulaqatar.com: Banking services are becoming a nightmare for many a customer, and those in the limited income brackets are finding the charges for ordinary services too high to bear.

Some banks have almost doubled their charges for services like cash withdrawal using automated teller machines (ATMs) and providing monthly account statements……..Full Article: Source

From Tradearabia.com: Strategic sourcing can help recover funds worth over $1.8 billion across industries such as utilities, aviation, telecoms and banking in the Middle East region at a time when funding of investments is under scrutiny, says a study.

AT Kearney, one of the world’s leading management consulting firms, in its latest study discusses ways for Middle East companies to free up much needed funds……..Full Article: Source

From Albawaba.com: Yasaar Limited, the multi-award winning Dubai- and London-based Shariah consultancy, today announces the launch of Yasaar Human Capital. The launch of Yasaar Human Capital, based in the Dubai International Financial Centre, is further evidence that the UAE economy is back on a path to growth.
Yasaar Human Capital is a specialist executive search and human resources firm working within the Islamic finance sphere and has been established to capitalise on the growth and strength of the industry……..Full Article: Source

From Ameinfo.com: Abu Dhabi Islamic Bank (ADIB), a leading regional Islamic bank, has announced attractive home finance rates for UAE nationals.
Same day pre-approval and up to Dhs8,000,000 per client are some of the features of the enhanced home finance program available at ADIB……..Full Article: Source

From Business24-7.ae: An agreement containing measures to combat threats to internet security has been signed by the Zakat Fund and the UAE Computer Emergency Response Team (aeCERT), part of the Telecommunications Regulatory Authority (TRA).

The memorandum of understanding covers the co-ordination and support of responses to cyber security incidents. The aeCERT will act as a central contact point for reporting cyber security incidents and will deliver analysis of global and specific cyber security threats……..Full Article: Source