From Ameinfo.com: International law firm Lovells has acted as Sharia transaction counsel and English law counsel to Morgan Stanley as global coordinator, and to CIMB, Citi and Morgan Stanley as lead managers, on the inaugural sukuk for Petroliam Nasional Berhad (Petronas).
The $1.5bn offering is to be triple-listed on the Euro-MTF market of the Luxembourg Stock Exchange, Labuan International Financial Exchange and Bursa Malaysia (Exempt Regime)…………Full Article: Source

From Mondovisione.com: On 12 August 2009, the Luxembourg Stock Exchange admitted to trading a sukuk issue and a bond issue from Petroliam Nasional (Petronas), the state-owned oil and gas company of Malaysia, for a total amount issued of USD 4.5 billion.

The bond issue was for an amount of USD 3 billion. It is in the form of guaranteed notes and will bear interest of 5.25% per annum, with a maturity in August 2019. The proceeds of the issue will be used to finance oil and gas development activities and for general corporate purposes…………Full Article: Source

From Aawsat.com: I was talking on the phone to a Muslim brother who was telling me about the infrastructure projects that have been launched by Saudi Arabia and that have cost the country around 300 billion Saudi Riyals [SR] or US $80 million so far.
Saudi Arabia intends to launch more projects over the coming five years and the budget for this may exceed 4 trillion SR or US $1.33 trillion…………Full Article: Source

From Business24-7.ae: The Dubai Financial Support Fund’s Chairman and Executive Director, both appointed yesterday, have underscored the fund’s importance to the overall economic growth of Dubai.

Appointed as Chairman by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, yesterday, Abdulrahman Al Saleh, who is also Director General of Dubai’s Department of Finance, said: “The Dubai Government wants to build on its achievements of the past 30 years, notably its development as a regional hub for sectors including trade, transport, tourism and finance…………Full Article: Source

From Gulfnews.com: Dubai will have to rely on a “club deal” with regional sovereign wealth funds, the UAE Central Bank and international investors to raise $10 billion (Dh36.7 billion) in a bond issue, UBS said.

Dubai plans to raise the second half of its $20 billion bond programme after the global credit crunch hurt the key property, finance and tourism industries…………Full Article: Source

From Gulfnews.com: The UAE’s 15 largest local banks made a lot of money last quarter Dh5 billion in net earnings to be exact.

In times like these, however, banks are analysed in terms of the quality of assets they have on their books, how much they hold in non-performing loans and whether they even have enough deposits to cover their lending…………Full Article: Source

From Bernama: Maybank Islamic Berhad expects a 10 percent growth in its Islamic trade finance volume this year with the launch of its new trade financing solution.

Currently, the bank offers 30 trade financing products as a leader in Islamic trade financing with a market share of 38.8 percent as at June 2009…………Full Article: Source

From Bernama: Thailand has expressed interest in learning Islamic Banking from Malaysia, especially Sukuk bond.

At a joint press conference after the second Joint Development Strategy (JDS) for Border Areas and the 11th Joint Commission for Bilateral Cooperation, Thailand Foreign Minister Kasit Piromya said cooperation in Islamic banking was also discussed at the meetings…………Full Article: Source

From Xinhua: Instead of seeking Islamic funds from international market, the Indonesian government should try to seek funds from domestic investors by issuing retail bonds, Indonesian Islamic bank association official said here on Thursday.

Responding the administration of President Susilo bambang Yudhoyono’s plan to seek issue international Islamic bond in international market as part of its plan to finance its state budget next year, Riawan said that it does not necessary…………Full Article: Source

From Xinhua: Indonesian Islamic banking required real steps of the government to make it par with those in other countries, head of the Islamic banking association Riawan Amin said here Thursday.

Riawan said that Indonesian Islamic banking needs a quick real supports from the government through its policies in settling various problems that linger the banking system in developing itself…………Full Article: Source

From Ngrguardiannews.com: It has been revealed that as at December 2008, the estimated Islamic banking market in Nigeria was N4.35 trillion.

The Managing Director, Jaiz International Plc, Mohammed Bintube in Abuja, revealed this recently during the second innovation forum of Enhancing Financing Innovation & Access (EFInA)…………Full Article: Source

From Business24-7.ae: Islamic mortgage lender Tamweel reported a Dh35 million second-quarter loss, as it boosted provisions against potential mortgage defaults.

Tamweel and rival lender Amlak Finance, whose shares have both been suspended since November, are being restructured by the government and may be merged as they suffer from a sharp downturn in real estate prices in Dubai’s property slump…………Full Article: Source

From Tradearabia.com: Bahrain-based Ithmaar Bank reported a $30 million loss for the first half of 2009, owing to a second quarter loss of $33.8 million.

This compared with a $80.6 million profit for the first six months of 2008 and a $48.5 million profit for the second quarter of that year, said a bank statement…………Full Article: Source

From Aawsat.com: HSBC Holdings has cut two percent of its workforce in the United Arab Emirates, because of the region’s “challenging” operating environment, a local executive for the bank told Reuters on Wednesday.

Local English-language daily Emirates Business reported earlier Wednesday that around 90 junior and middle management employees received termination notices…………Full Article: Source

From Ameinfo.com: ABC Islamic Bank today announced that its result for the first half year of 2009 was $6.6m.
Net profit for the second quarter was $1m compared to $5.6m in the first quarter, primarily due to impact of the economic slowdown in the region, lower fee earnings and prudent impairment provisions taken for regional exposure…………Full Article: Source

From Walesonline.co.uk: With the worldwide banking system at its lowest ebb for 80 years, it would hardly seem the best time to be looking for a career in global finance. But one area of banking has weathered the economic storms better than most – and one Welsh university has grasped it and entered the world of Islamic finance.

Last September Bangor University launched its Islamic finance MA and MSc and is already considering introducing an MBA in the subject, reflecting the fact that it has become one of the fastest-growing sectors of the global banking industry, expanding by between 15% and 20% a year…………Full Article: Source