From Reuters: Investors in troubled Saudi conglomerate Saad’s $650 million Islamic bond plan to set up a committee to represent them at creditor meetings, a draft resolution obtained by Reuters showed.
The resolution stipulates the committee will hold talks with sukuk trustees Citicorp Trustee Company Ltd, and “any other relevant party”…….Full Article: Source

From Bloomberg: Ras al-Khaimah, one of the seven sheikhdoms in the United Arab Emirates, may offer a coupon of 8 percent to 8.5 percent on its five-year Islamic bond, a banker familiar with the transaction said.

The emirate plans to sell a “benchmark size” issue, the banker who didn’t want to be identified before the deal is completed said. Benchmark issues are usually $500 million or more. Standard Chartered Plc and BNP Paribas are managing the sale…….Full Article: Source

From Thepeninsulaqatar.com: Islamic scholars in Saudi Arabia have long looked askance at the insurance industry. They fear it combines riba, or the collection of interest payments, with gharar, or gambling - both forbidden to the pious. Saudi talk shows and websites abound with questions about insurance, particularly life assurance, which is still viewed with suspicion.

But two recent changes have openednew possibilities in this conservative kingdom. First, newly launched Islamic insurance products are beginning to catch on…….Full Article: Source

From Tradearabia.com: Siraj Capital, a merchant investment company regulated by the Dubai Financial Services Authority with offices in Dubai and Jeddah, has announced plans to launch its first major sukuk to be based on Canadian assets.

‘The Bear Mountain Resort’ sukuk is the first major corporate sukuk of 2009 from a first time issuer, and in a country (Canada) that has not yet seen a major sukuk, a rated sukuk or a sukuk that has attracted international investment interest, said a company official at the recently concluded London Sukuk Summit…….Full Article: Source

From Cpifinancial.net: Emirates Investment Services (EIS), a division of Emirates NBD said that the latest estimated value of the Emirates Sukuk Fund No. 1 Ltd has risen 8.5 per cent* in the first three months of trading.

The Shari’ah-compliant Sukuk fund launched its first offer period in January 2009 and began trading at the start of March 2009. The fund operates by buying Sukuk, issued by companies and governments based primarily in the Middle East and North Africa…….Full Article: Source

From Khaleejtimes.com: The first Islamic Financial Services Mission of the UAE to Australia ended successfully and the Dubai Export Development Corporation, or EDC is expecting new business opportunities for the Islamic Finance sector as a result of the trade mission.

UAE’s Islamic Financial Firms, part of the delegation to Australia, have met with the Treasury officials in Canberra to discuss the current rules governing its financial services and incorporate Islamic financial products. ……Full Article: Source

From Investorsoffshore.com: The Labuan International Business and Financial Centre (IBFC) is developing guidelines on shariah-compliant captive insurance for completion in the next 6-9 months.
Further Labuan initiatives include provision for protected cell companies and amendments to the 1996 Insurance Act to allow for marine and aviation captive insurance companies…….Full Article: Source

From Khaleejtimes.com: UAE banks are likely to report weaker second quarter profits on larger provisions for losses due to their exposure to the faltering real estate sector and the troubled Saudi groups Ghosaibi and Al Saad, as well as tepid loan growth.

Analysts said that banks underperformed in the second quarter, with many still reeling from the global financial crisis and the subsequent liquidity squeeze, while defaults by Saudi groups have raised concerns about the asset quality of banks…….Full Article: Source

From Thenational.ae: Abu Dhabi National Energy (Taqa), the global oil and gas investment firm, is seeking to raise up to US$1 billion (Dh3.67bn) to refinance a credit facility and help fund further expansion.

A senior company official said Tuesday Taqa might issue bonds or take out loans to raise the funds…….Full Article: Source

From Gulfnews.com: Abu Dhabi National Energy Company (Taqa) on Tuesday confirmed the company is not currently marketing any bond offering.

Taqa’s statement came in the wake of a Reuters report earlier on Tuesday that said Taqa has started investor meetings to raise at least $1 billion in bonds to finance investments and repay debt due next year…….Full Article: Source

From Saudigazette.com.sa: Saudi Arabia’s Information Technology (IT) sector grows 9.3 percent at present, an economic report released by the Arab Advisors Group, a specialized research, analysis and consulting company focusing on communications, media, technology and financial markets throughout the MENA region.
The report ranked the Kingdom first among Arab countries in terms of e-Commerce growth, as the value of e-Commerce transactions in Saudi has peaked at SR12 billion…….Full Article: Source

From Ameinfo.com: Abu Dhabi Investment House (ADIH) announced yesterday in partnership with Al Hilal Bank, the successful closing of its Sharia’a-compliant $100m Al Wataniya Fund with the objective to finance a development within Abu Dhabi’s commercial sector.
The ADIH managed fund in partnership with Al Hilal was launched during the second quarter of this year based on extensive research and studies on the Abu Dhabi market to address a 30% gap between supply and demand within the commercial real estate sector and taking advantage of the competitive land prices due to the current international financial crisis…….Full Article: Source

From Business24-7.ae: Dubai Islamic Insurance and Reinsurance Company (Aman) said it has made Dh19.9 million profit in the second quarter of the year, a rise of 158 per cent compared with the same period of 2008.

CEO and Managing Director Hussein Al Meeza said Aman’s performance over the past year resulted in considerable growth and an increase in the volume of insurance work…….Full Article: Source

From Gulf-times.com: US Treasury Secretary Timothy Geithner urged Gulf countries yesterday to invest in his country and praised their domestic investments for helping push the world economy back to growth.
Addressing a group of Saudi businessmen in the Red Sea port city of Jeddah, he stressed that the security issues which blocked the investment by Dubai Ports World into US ports three years ago had been addressed…….Full Article: Source

From Tradearabia.com: Kuwait Finance House (KFH), one of the largest and pioneering Islamic banks, has been named as the ‘Most Innovative Islamic Bank’ at this year’s London Sukuk Summit.

“The 2009 London Sukuk Summit Islamic Finance Awards” were given recently at a gala dinner in Radisson Hotel, London…….Full Article: Source

From Kippreport.com: HBG Holdings, a private equity investor and fund management business operating in the Middle East region, has today announced it will acquire strategic positions in companies listed on the Alternative Investment Market of the London Stock Exchange.

HBG, whose shareholders include some of the leading private and institutional investors from the Gulf, will invest from its Cayman based HBG Special Opportunities Fund I…….Full Article: Source

From Ameinfo.com: The first Islamic financial Services Mission of the UAE to Australia ended successfully and the Dubai Export Development Corporation is expecting new business opportunities for the Islamic Finance sector as a result of the trade mission.
UAE’s Islamic financial firms, part of the delegation to Australia, have met with the Treasury officials in Canberra to discuss the current rules governing its financial services and incorporate Islamic financial products…….Full Article: Source

From Bernama: CIMB Group has extended a RM1.5 billion Islamic loan to the National Higher Education Fund Corporation (PTPTN), of which repayment will be over a period of ten years.

This is the first commercial financing obtained by PTPTN and will help reduce its reliance on government funding. The loan is guaranteed by the government…….Full Article: Source