From Xinhua: The Indonesian government will issue Islamic bond regularly on a monthly basis with initial issuevalued at 1 trillion rupiah (around 100 million U.S. dollars) starting from August this year, Indonesian senior official said here on Thursday.
“If the monthly basis issue is doing great, there is a possibility to issue the Islamic bond on two-week basis,” the Detik.com quoted Rahmat Waluyanto, Debt Management Director at the Financial Ministry, as saying……….Full Article: Source

From Huffingtonpost.com: Islamic Banking has developed rapidly over the last 30 years. Islamic Banks have proliferated in number and in geographic reach, with services now offered regularly on four continents.
A number of innovative, successful financial products have also been developed, enabling Shariah compliant bonds, mortgages and savings accounts……….Full Article: Source

From Ameinfo.com: Swift’s representative in the Middle East Edward Di Corse said that there is dire need to develop products that serve the Islamic banking industry, since it carry a rapid growth.
Swift Corporation is considered as the biggest corporation that deals with electronic transactions between banks and financial institutions……….Full Article: Source

From Islamonline.net: While funneling aid to Christian charities, the US Agency for International Development (USAID) is hamstrung by legal barriers and stenotype fears to fund Islamic charities to promote Islamic teachings.

“Our legal position is too conservative,” Clifford H. Brown, who worked with USAID in Kyrgyzstan three years ago, told the Washington Post on Thursday, July 30……….Full Article: Source

From Legalweek.com: As an international law firm headquartered in France, one might say that Gide’s expertise in Islamic finance is driven by pragmatic or opportunistic reasons, such as the fact that France has the largest Muslim population in Europe (about six million, three times that of the UK), or by a more general need for new sources of liquidity to jumpstart the economy.

These facts are undeniable, but Islamic finance has some key features of particular interest in the current climate, given the recent failings of conventional financing……….Full Article: Source

From Bloomberg: Arab Banking Corp., a Bahraini commercial and Islamic bank, advanced to the highest since January after returning to profit in the second-quarter.

The shares soared by their daily limit of 10 percent to 71.5 cents, the highest since Jan. 14, at 11:20 a.m. in the Gulf country’s capital Manama……….Full Article: Source

From Gulfnews.com: National Bank of Umm Al Quwain (NBQ) announced on Wednesday that it has earned a net profit of Dh219.3 million for the half year ended June 30, a 32 per cent increase over the half year profit of Dh166.2 million in 2008.

Net profit of Dh108.4 million for the second quarter of 2009 was an increase of 59 per cent over the second quarter of 2008 figure of Dh68 million……….Full Article: Source

From Tradearabia.com: The Central Bank of Bahrain (CBB) has taken control of banks belonging to two Saudi groups in the latest escalation in one of the largest financial scandals the Gulf region has seen.

The central bank said it has assumed control of Awal Bank, owned by Saad Group and The International Banking Corporation (TIBC), which is owned by Ahmad Hamad Algosaibi and Brothers (AHAB)……….Full Article: Source

From Gulfnews.com: Rising provisions as a result of debt trouble at two Saudi conglomerates is likely to dampen profits of the UAE’s biggest banks for the remainder of 2009.

Second-quarter results of top lenders in Abu Dhabi and Dubai have shown that provisions eroded an otherwise healthy income from traditional sources……….Full Article: Source

From Gulfnews.com: Increased provisioning and a loss-recording real estate unit have forced Abu Dhabi Islamic Bank (ADIB) profits down by 30 per cent for the second quarter to Dh193 million.

The bank recorded second-quarter provisions against bad loans of Dh171.4 million, bringing its first-half total to Dh247 million. ADIB’s real estate arm, Burooj, recorded a first-half loss of Dh14.4 million, compared with almost Dh142 million in the same period last year……….Full Article: Source

From Newsweek.com: Political infighting in Iran heated up yesterday when some of President Mahmoud Ahmadinejad’s conservative supporters warned him that he might not get a second term in office if he doesn’t start towing the line.
The warnings came off the back of a tiff over the last couple of weeks between Iran’s Supreme Leader Ali Khamenei and Ahmadinejad, in which the former warned the president to get rid of his right hand man, Esfandiar Rahim Mashaie, who was perceived as being a bit too friendly towards Israel……….Full Article: Source

From Broking.co.uk: Salaam Halal Insurance has launched a Shariah compliant car and home insurance package, making it the first company to offer this type of cover.
Salaam Halal said the cover had also been designed to appeal to non-Muslims with an interest in products of an ethical or co-operative nature……….Full Article: Source

From Khaleejtimes.com: Dubai Investments Co., which reported a 46 per cent drop in quarterly profits on Thursday, sees weaker 2009 profits and another tough year ahead as the Gulf property slump hammers the UAE firm’s main segment, its Chief Executive Officer said.

Khalid bin Kalban said the holding company would sacrifice profitability to keep a good liquidity position, both to protect itself against defaults by mortgage owners and to be ready
for acquisitions……….Full Article: Source

From Legalweek.com: Companies such as Tata, Hinduja group, Reliance, Ranbaxy and many others are taking their products and services around the globe.
Indian businesses have been very important investors in the UK alone in the last few years; they are present in many parts of the Middle East, Asia and Africa too, and English law has an important part to play as a respected neutral choice with which the parties are often familiar……….Full Article: Source