From Arabnews.com: The growing Islamic finance and Islamic banking industry has produced a wide variety of new Shariah-compliant products and structures.

The global Islamic finance industry, which has made tremendous developments over the last few years, is now worth more than $1 trillion and is growing rapidly. This has increased the number of Islamic banking and financial institutions, and also a variety of Islamic financial services products…………Full Article: Source

From Ameinfo.com: The Islamic finance industry is plagued by a lack of solid and reliable data. While the causes of this are the subject of much debate, the consequences are that the industry is largely ignorant of how big it is or how fast it is growing.
Estimates of the size of the industry seem to peak around $1,000bn although more conservative estimates indicate that the overall size of the industry is nearer $750bn…………Full Article: Source

From Thenational.ae: The pioneers of Islamic finance in Australia have predicted that strong demand for their services can help prevent further global economic meltdowns.

Sharia-compliant banking is a multibillion-dollar worldwide industry, and while commonplace in Indonesia and Malaysia, it remains on the fringes of Australia’s financial sector. Its proponents believe that an ethical system that eschews the payment of interest in adherence to Islamic principles can help conventional banks steer a more stable and less greedy course…………Full Article: Source

From Tradearabia.com: Gulf Finance House (GFH) has appointed Deutsche Bank to arrange the refinancing of a $300 million Islamic loan that matures in early 2010, according to a report.

The loan was arranged in 2007 by WestLB and Austria’s Raiffeisen Zentralbank Osterreich, the Middle East Economic Digest (MEED) said in a report…………Full Article: Source

From Gulf-times.com: The use of the organised tawarruq financing structure does not contradict Islamic law, prominent scholar Sheikh Nizam Yaquby said, disagreeing with a Saudi-based ruling to the contrary.

Tawarruq is a key financing structure of the $1tn Islamic finance industry…………Full Article: Source

From Reuters: Salaam Halal, the UK’s only stand-alone Islamic insurer, will expand next year to offer insurance — or takaful — to companies run by Muslim businesses, the company’s CEO said on Friday.

Bradley Brandon-Cross told Reuters the company, which launched in 2008, wants to launch the first takaful product range for Muslim-owned small and medium-sized business in Britain, which he estimated number around 140,000…………Full Article: Source

From Business24-7.ae: Referring to the global challenging environment for financial institutions, Majid Al Sayed Bader Al Refai, Founder, Managing Director and CEO, Unicorn Investment Bank, said: “Islamic banks have been somewhat insulated by their lack of direct exposure to the toxic assets that precipitated the financial crisis.”

He said financial expansion cannot be decoupled from real economic growth in Islamic finance and urged Shariah-compliant banks to work with their conventional counterparts to build a more robust financial system…………Full Article: Source

From Menafn.com: The acquiring of shares of Bobyan Bank by an investor or more would stress comptetion in the Islamic banking in particular and the financial and banking sectors in general, said Central Bank of Kuwait (CBK) Governor Sheikh Salem Al-Sabah.

In an interview with Kuwait’s Al-Rai newspaper on Sunday, Al-Sabah said that would also contribute in efficiency increase and performance development and would enable the local banking sector to overcome challenges…………Full Article: Source

From Menafn.com: A report issued by the Central Bank of Bahrain (CBB) said that the Kingdom’s banking system posted solid growth in 2008, TradeArabia News Service.

The report said that the consolidated balance sheet for banks, retail and wholesale, reached $252.4 billion in 2008, compared to $245.8 billion in 2007, with wholesale banks reporting a 74.8 percent rise, and the retail banks posting a 25.2 percent growth…………Full Article: Source

From Tradearabia.com: Saudi Arabia’s first corporate bond market is unlikely to become a success without a sovereign bond and the removal of legal obstacles, even if Gulf issuances are slowly picking up.

The launch of the Gulf’s third bond trading platform after Bahrain and Nasdaq Dubai comes when troubles at several Saudi family-controlled firms are making headlines, underlining the problems of opacity of financial markets in the biggest Arab economy…………Full Article: Source

From Gazhoo.com: Sukuks Manual is an operational and strategic guide for Sukuks.

It has been designed in collaboration with Shari’a scholars, Islamic finance specialists and Islamic banks…………Full Article: Source

From Gazhoo.com: Islamic Equity Funds Manual is an operational and strategic guide for Islamic equity funds.

It has been designed in collaboration with Shari’a scholars, Islamic finance specialists and Islamic banks…………Full Article: Source

From Gazhoo.com: Islamic Private Banking and Wealth Management Manual is an operational and strategic guide for Islamic private banking and wealth management.
It has been designed in collaboration with Shari’a scholars, Islamic finance specialists and Islamic banks…………Full Article: Source

From Thepeninsulaqatar.com: Defying the global economic crisis and its impact on financial markets here and on the rest of the world, Qatar Islamic Insurance Company (QIIC) has reported a surplus of QR12.8m from its insurance operations in the first half (H1) of this year.

The surplus in the corresponding period last year was QR6.3m…………Full Article: Source

From Ameinfo.com: The Banker magazine rated Kuwait Finance House (KFH) as one of the strongest 10 banks in the Middle East in total capital, which makes it the only Kuwaiti bank according to the magazine that issued a list in 2009 for the strongest 1000 banks in the world.
This is considered to be recognition of the great value of KFH and a significant milestone in the path of Islamic banking in Kuwait and the world…………Full Article: Source

From Arabtimesonline.com: Despite the ongoing global economic crisis, Kuwaiti banks have been able to successfully deal with this matter and post profit during the first half of 2009.
Out of the nine local banks, five (three conventional and two Islamic banks) have so far declared their results for the first half of the year, with profit amounting to KD 229.1 million for four of them…………Full Article: Source

From Gulfnews.com: Commercial Bank of Kuwait, (CBK), the country’s third biggest lender by market value, made a $8.15 million (Dh29.94 million) loss in the second quarter on provisions, according to Reuters calculations.

Net profit for the first half came in at 800,000 dinars (Dh10,239,078) the bank said in a statement on Friday without giving quarterly figures…………Full Article: Source

From Aawsat.com: Dubai Islamic Bank (DIB) posted a net profit of 450 million dirhams ($122.5 million) in the second quarter, down 40 percent from a year earlier but better than analysts’ forecasts.

The bank, one of the largest Islamic lenders in the Gulf Arab region, said in a statement on Saturday half-year profit stood at 820 million dirhams…………Full Article: Source

From Gulfnews.com: Sharjah Islamic Bank (SIB) reported late on Saturday Dh151.7 million in first-half profits, a 20.9 per cent decline from the same period last year.

Although the bank reported strong growth in its first-half income from murabaha and leasing transactions to Dh367.7 million, it suffered a combined Dh109.3 million drop in the subsidiary company income and feeds and commissions categories…………Full Article: Source

From Tradearabia.com: Khaleeji Commercial Bank (KHCB) has launched a promotional campaign for its newly introduced product, Al Waffer Investment Account, at Bahrain City Centre.

A special promotional outlet has been installed to introduce the new product to the public and to highlight the special features of the account. The office, which operates from 12 pm to 8 pm, also provides other banking services…………Full Article: Source

From Menareport.com: Al Rajhi Bank CEO, Mr. Abdullah Sulaiman Al Rajhi announced that the Bank posted a net profit of SR 3,503 million (US$934 million), compared to SR 3,344 million during the same period last year, representing a 5% increase.
This growth is attributed to the increase in customer deposits and the diversification of the Bank’s financing and investment strategy. Al Rajhi explained that the Bank is continuing with its conservative strategy by increasing its financial provisions by 55% compared to the same period last year…………Full Article: Source

From Cpifinancial.net: A combined team across the UAE and London offices of Clifford Chance advised Standard Chartered Bank as joint lead manager on the issuance of US$ 400,000,000 fixed rate certificates due 2014 under the RAK Capital US$2 billion sukuk trust certificate programme.

Standard Chartered Bank was joined as lead manager for the issuance by BNP Paribas, Liquidity Management House for Investment, and the Islamic Bank of Asia, and by co-manager Doha Bank…………Full Article: Source

From Arabianoilandgas.com: The Gulf Investment Corporation (GIC) and French engineering contractor GDF Suez have announced that the limited recourse financing of the US$2.1 billion Al-Dur Independent Water and Power Producer project in Bahrain has been completed.

“The success of this major finance agreement is strong evidence of the confidence of the banking community in the strength of the consortium and the economic development of Bahrain,” Guy Richelle, CEO of GDF Suez Energy MEAA region said…………Full Article: Source

From Business24-7.ae: With the global financial crisis exposing the limitations of traditional banking systems, there is now a big push in the banking sector worldwide to incorporate Islamic banking, the total assets of which are expected to reach $2 trillion (Dh7.34trn) in 2015, according to experts.

However, Islamic banking is not without its challenges, the most prominent of which is to find adequately qualified Islamic scholars for the Shariah governance boards of Islamic banks and financial institutions…………Full Article: Source

From Tradearabia.com: The United Arab Emirates’ central bank said the country’s economy grew 7.4 percent in 2008, due to high oil prices and measures taken by the bank to support liquidity in the banking sector from September last year.

Inflation jumped to 12.3 percent in 2008 from 11.1 percent in 2007, as a result of property rental prices rising by 13.4 percent, the central bank said on Saturday in its annual report…………Full Article: Source

From Tradearabia.com: Qatar’s economy is expected to grow in real terms by 7-9 percent in 2009, depending on the price of oil, the country’s economy and finance minister said in an interview.

Youssef Kamal told CNN in an interview that the country still aimed to implement its 2020 plan, which looks to transform the economy to zero dependence on hydrocarbons, though there could be a delay…………Full Article: Source

From Menareport.com: Hazem Khalid Al-Braikan, CEO of Kuwait’s Al Raya Investment, which is 10 percent owned by New York-based Citigroup Inc., was found shot dead Sunday, according to a senior security official.

Earlier this month, the Securities and Exchange Commission (SEC) sued Al-Braikan in a US District Court in Manhattan over suspicious trading profits earned by fake offers to acquire US companies. According to US regulators, the case involved questionable offers from International Industries Inc. and Textron Inc…………Full Article: Source

From Dailymirror.lk: LOLC Al-falaah,’ the Islamic arm of the LOLC Group, in a bid to meet the country’s increasing demand for Islamic financing, launched Sri Lanka’s first Mudharabah Savings Account with fully integrated savings pass books and ATM cards on Friday.

“LOLC entered into the Islamic banking sector two years ago and we are witnessing fast development in this area. We are also committed to develop and expand this segment to every sector in the country by introducing more and more products for customers…………Full Article: Source

From Albawaba.com: Arabian Capital Investment & Finance Company (ACIFC) has been granted a license by the Dubai Financial Services Authority (DFSA) to operate as an Islamic Investment Bank in the Dubai International Financial Centre (DIFC).

The new DIFC-based company will provide a wide range of financial services that will include arranging credits or investment deals, advising on financial products or credit, dealing in investments as principal and as agent, arranging custody and managing assets…………Full Article: Source