From Business24-7.ae: Dow Jones Indexes has launched an additional set of conventional and Shariah-compliant indices measuring the performance of stocks listed in the Gulf Co-operation Council (GCC), Middle East and North Africa (Mena).

The four benchmarks are the Dow Jones GCC Index, Dow Jones GCC Islamic Market Index, Dow Jones GCC Titans 50 with Saudi and Dow Jones Islamic Market Mena indices……….Full Article: Source

Renewable energy experts iQuansys are lobbying regional development banks the Asian Development Bank, the Islamic Development Bank and sovereign wealth funds to join in partnership with them to generate a comprehensive energy policy for emerging economies.
They claim that what is required is a complete review of the challenges and opportunities presented by the mitigation of climate change. Already, secular institutions such as the EU commission are undertaking projects to see how to take advantage of the positive economic benefits that renewable energy can bring……….Full Press Release: Source

From Ameinfo.com: The Central Bank of Bahrain announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 300%.

The expected return on the issue, which begins on 20 August 2009 and matures on 18 February 2010, is 1.05%. The Sukuk Al-Ijara are issued by the CBB on behalf of the Government of the Kingdom of Bahrain……….Full Article: Source

From Tradearabia.com: Credit Suisse has launched its Sicav One (Lux) Equity Middle East & North Africa Fund, an actively managed open ended fund.

The Mena Fund, targeting both institutional and retail investors, is one of the few UCITS III compliant funds in the region……….Full Article: Source

From Forbes.com: Poland said on Tuesday Qatar was considering to buy the country’s two troubled shipyards after an investor linked to Qatari investment bank QInvest failed to complete the politically sensitive acquisition.
Poland’s Treasury Ministry had announced earlier on Tuesday that an entity it said was backed by QInvest had not met the extended, Aug. 17 deadline to pay 380 million zlotys ($129 million) for the loss-making yards……….Full Article: Source

From Thepeninsulaqatar.com: Qatar National Bank (QNB) announced the complete rollout of its newly reduced fees, which apply to numerous products and services.

The new rates have been in effect since July 2009 and are part of the bank’s drive to provide customers with enhanced service options and a competitive fee structure in tune with market trends, especially growing customer demand for banking services that go the extra distance……….Full Article: Source

From Gulf-times.com: Qatar Islamic Bank (QIB) has “significantly” strengthened its core operations, which now accounts for 96% of its total income against 75% in the previous year, according to its top official.
The country’s fourth largest lender also reiterated that it has no direct exposure to financially-troubled Saudi Arabian groups Saad and Algosaibi……….Full Article: Source

From Gulfnews.com: QIB, an Islamic bank, announced its 2009 first half results, revealing a net profit of QR 812.6 million with a 32 per cent increase over the first quarter of 2009.

The Bank achieved these results despite the global financial downturn through an increase in its operational activities revenues and aggressive expansion of its non-operational revenues sources……….Full Article: Source

From Arabianbusiness.com: Qatar Islamic Bank SAQ, the Gulf’s biggest Islamic lender, confirmed on Tuesday it has no exposure to Saudi Arabia’s troubled Saad and Algosaibi groups.

The bank plans to focus on funding oil, gas and infrastructure projects, CEO Salah Mohammed Jaidah told a news conference in Doha……….Full Article: Source

From Forbes.com: Jordan’s Islamic Bank, (JIB) , a subsidiary of Bahrain-based Albaraka Banking Corp , said first-half net profit rose 3 percent to 20.7 million dinars ($29.2 million) on the same period a year ago, helped by healthy growth in Islamic banking services.
The bank’s total assets rose 5 percent to 2.28 billion dinars ($3.2 billion) at the end of June 2009 against 2.17 billion dinars at the end of 2008, the bank said on Tuesday in a statement sent to Reuters……….Full Article: Source

From Tradearabia.com: Bahrain-based Al Salam Bank, a leading Shari’ah compliant institution and Perbadanan Tabung Amanah Islam Brunei (TAIB), a leading Islamic financial institution, have entered into a strategic partnership on Burj Al Safwa Tower in Makkah.

Al Salam agreed to sell 50 per cent of its 18 years leasehold interest to TAIB through a 50:50 joint venture. The JV will soon appoint a leading hotel operator to manage the Tower as a five-star hotel……….Full Article: Source

From Globalarabnetwork.com: KAMCO (Kuwait Asset Management Company) confirmed today that it has received 20 opportunities across a range of sectors including real estate, health care and pharmaceutical, Islamic finance and industry, of which 20 percent have been short-listed for further consideration and evaluation following KAMCO’s thorough screening.

In a press release, KAMCO said that this step comes after it was as the sole and exclusive Acquisition Advisor by KIPCO Group Kuwait Projects (Holding) Company for KIPCO Group’s Acquisition Program……….Full Article: Source

From Sabanews.net: Yemen’s external debit reduced by $41.1 million to reach more than $5.853 billion at the end of last June comparing with over $5.894 by the beginning of the current year.

According to a semiannual report on the banking developments issued by Central Bank of Yemen (CBY), Saba got a copy of it, the international finance institutions are still the most creditors to Yemen by more than $3.90 billion………Full Article: Source

From Arabnews.com: Saudi Arabia’s economy remains solid and its banks have weathered the global crisis, the International Monetary Fund (IMF) said in a report on Tuesday. The world body also commended the leading oil exporter for helping to stabilize oil prices.

“The outlook remains broadly positive” despite a projected one percent contraction in GDP (gross domestic product) this year due to lower oil production, the IMF executive board said in the report……….Full Article: Source

From Europenews.dk: The Scottish Islamic Foundation (SIF), Scotland’s primary Islamist pressure group, was forced this week to return £128,000 of public money.

The SIF is headed by Osama Saeed, who I have written about before, and whose Islamist outlook has been extensively covered by both Harry’s Place and the Centre for Social Cohesion……….Full Article: Source

From Bernama: Bank Islam Malaysia Bhd (Bank Islam) has given out RM6 million in zakat or tithes to be distributed to various Islamic authorities throughout the country, said its general manager strategic relations, Datuk Wan Ismail Wan Yusoh.

He said the amount is based on the banks financial statement which ended last June and the distribution of zakat is according to the number of depositors in each state……….Full Article: Source

From Insurance-business-review.com: Takaful International has inked a contract with Eskan Bank to provide health insurance for the bank’s employees and their families for a year.
The contract has been awarded through the Tender Board – reported Gulf Daily News……….Full Article: Source

From Gulf-daily-news.com: Around 200 regional professionals are expected to attend a top insurance forum in Bahrain.

The sixth annual Gulf Insurance Forum will be held at the Gulf Hotel from November 4 to 5……….Full Article: Source

From Btimes.com.my: The current conventional banking system has been a failure and Islamic banking is a better alternative because it cannot be manipulated by “rogues”, says former prime minister Tun Dr Mahathir Mohamad yesterday.

“The future of Islamic banking promises great potential because the world has become aware that the Islamic way provides a viable alternative for many economic and business activities,” said Dr Mahathir after a key note speech at the International Conference on Islamic Economics, Banking and Finance in Langkawi, Kedah, yesterday……….Full Article: Source

From Familysecuritymatters.org: Apparently, the Kuwait Islamic Bank entered into a joint venture with Colorado-based real estate company UDR, which brings to mind some crucial questions.
What, if any, restrictions would be imposed on the real estate properties in which Kuwait Islamic Bank invested here in the United States? I made an inquiry via UDR’s “contact us” form on the company’s web site……….Full Article: Source

From Charityfinance.co.uk: A south-west London Islamic charity has been ordered to undertake a governance review after the Charity Commission discovered trustees had mismanaged its accounts.

Interest-free loans were made to individual trustees by Tariqa Burhaniya D’Suqiyya Shazuliyya (TBDS), a charity providing worship and education services to the Sufi community in south-west London, according to the findings of a Charity Commission inquiry……….Full Article: Source