From Koreatimes.co.kr: While major economies were rattled by the global financial crisis following the U.S. subprime mortgage trouble, some were relatively safe. Islamic finance is one of them.
It survived the crisis thanks to stable management of assets based on Islamic law, and the world is paying attention to it as an alternative to Western-style finance…………..Full Article: Source

From Arabtimesonline.com: The Islamic Development Bank (IDB) will be meeting investors during the week to Sept 8 for the first tranche of a $1.5 billion Islamic bond program which will be worth at least $500 million, its treasurer said on Saturday.
The roadshow will start on Wednesday with the Saudi capital Riyadh, and then Kuala Lumpur, Singapore, Brunei, the United Arab Emirates, Switzerland, and finally London on Sept 8, Mohammad Tariq told Reuters…………..Full Article: Source

From Tehrantimes.com: The Islamic Development Bank (IDB) approved a 20- million-euro loan to the Islamic Republic of Iran Railway.

The Mehr News Agency quoted the Islamic Republic of Iran Railways Procurement Department General Director Nourollah Beiranvand as saying that the money will be used for expanding rail transportation fleet, developing the related infrastructures, and accelerating the implementation of current projects…………..Full Article: Source

From Tehrantimes.com: The Islamic Development Bank (IDB) plans to offer a $90 million loan to Iran for the development of Khomroud coal mine in Kerman province, the Islamic Republic of Iran News Network reported on Sunday.

According to the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), IDB officials will travel to the country in December to finalize the plan…………..Full Article: Source

From Zawya.com: Bank Negara has announced rules for a standard application of the Murabahah financing structure, seeking a common reading of Islamic law to help the industry grow.

Bank Negara’s Murabahah guidelines follow other recent efforts at harmonization by Islamic banks and Bahrain-based industry body AAOIFI, which would make it cheaper to conduct Shariah financial transactions and encourage cross-border deals…………..Full Article: Source

From Thenational.ae: Amlak Finance, the home finance company in merger talks with its rival Tamweel, lost Dh67 million (US$18.2m) in the second quarter as it took provisions on mortgages made on incomplete properties.

The sharia-compliant finance firm based in Dubai had reported a net profit of Dh145m for the same period a year earlier, it said…………..Full Article: Source

From Zawya.com: Dow Jones: State Bank of Pakistan said Saturday it plans to sell PKR10 billion ($120 million) of sukuk, or Islamic bonds, at the fourth such domestic auction.

The country’s central bank will sell the bonds Sept. 5, it said in a statement…………..Full Article: Source

From Ameinfo.com: Al Yusr Islamic banking service of IBQ announced the launch of its latest Sharia compliant financing product.
The new Car Murabaha product aims at providing customers enhanced flexibility and favourable repayment tenure while upholding the highest standards of Sharia compliance…………..Full Article: Source

From Gulf-daily-news.com: Bahrain’s leading Islamic insurance company t’azur yesterday launched what it believes is the world’s first Sharia-compliant charitable insurance product.

The Sadaqah product helps people willing to give to charities through regular donations which the company invests in Sharia-compliant funds over a set number of years, after which the accumulated capital is then passed to the charity of the donor’s choice…………..Full Article: Source

From Zawya Dow Jones: Saudi’s Islamic insurer SABB TakafulSABB TakafulLoading… (8080.SA) said Sunday its 300 million Saudi riyals ($80 million) rights issue was oversubscribed.

The insurer, an affiliate of HSBC Holdings PLC, said 96.5% of its investors subscribed to the offer and would receive 12 shares for every 5 they already own, according to a statement on the Saudi bourse Web site…………..Full Article: Source

From Tradearabia.com: The global economic crisis has set back major infrastructure projects in Bahrain - but the government is determined to press ahead, according to reports.

Bahrain is looking for private money to pump into massive infrastructure projects costing up to BD400 million, delayed by a cash crunch under the global economic crisis…………..Full Article: Source

From Ameinfo.com: Abu Dhabi Finance, the Emirate’s fastest growing home finance provider, announced the launch of a new mortgage product, ‘Compass’, for clients residing outside the UAE.
‘Compass’ offers salaried non residents wishing to invest in residential property in the capital up to 75% mortgage finance. Self employed investors are eligible for a maximum of 70% finance…………..Full Article: Source

From Tradearabia.com: The Bahrain Financial Harbour Holding Company (BFHHC) has announced that Bahrain Financial Exchange (BFX), the first multi-asset exchange in Mena that will be internationally accessible, will establish its operations at Bahrain Financial Harbour (BFH).

Senior BFH officials said a tenancy agreement has been signed with the BFX, under which the company will occupy the 12th floor of the East Tower…………..Full Article: Source

As part of Arab Bank’s continued efforts to provide housing loans to its customers at reduced cost that meets their needs during the current economic climate, the Bank decided to lower the lending interest rate by 0.5% to 8.25% for customers who take out a housing loan starting September 1, 2009.

Arab Bank’s Chairman and CEO, Abdel Hamid Shoman, said “This step is part of the Bank’s constant efforts to ease lending terms and to lower the cost of obtaining housing loans in order to meet the current economic conditions in general and the Jordanian real estate market situation in specific.”………….Full Press Release: Source

From Zawya.com: His Excellency Sultan Al Mansouri, UAE Minister of Economy, said the federal government’s continuous efforts to develop the national economic infrastructure and help the emirates’ local economies adapt to global economic changes are yielding tremendous results, even over the traditionally slower summer months.
The minister praised the initiatives undertaken by UAE President His Highness Sheikh Khalifa Bin Zayed Al Nahyan to cultivate a more investment-friendly environment, including the scrapping of capital requirements and creation of a national statistics centre…………..Full Article: Source

From Globalarabnetwork.com: The insurance sector in Saudi Arabia was unregulated prior to the passing Control of Cooperative Insurance Companies Law, which came into force on 20 November 2003 along with its implementing regulations published on 23 April 2004.
Prior to the implementation of the Cooperative Insurance Regulations and the subsequent establishment of licensed insurance companies in Saudi Arabia, the only options for individuals or businesses operating in Saudi Arabia………….Full Article: Source

From Sundaytimes.lk: Sri Lanka has been urged to use Sukuk, (Islamic financial certificates), to channel millions of dollars of Muslim community funds into post-war development projects.
According to market estimates, funds worth US$ 150 million are in circulation, in the form of informal arrangements, among the Muslim community inside Sri Lanka alone…………..Full Article: Source

From Globalarabnetwork.com: Ongoing investment in Libya is driving expansion of banking assets: 36% year-on-year in April 2009. The banking sector is dominated by the Libyan Foreign Bank (LFB) and four state owned or controlled commercial banks (85% of assets).

Banking Law of 2005 established the Central Bank of Libya’s independence and role as regulator. At present, the CBL is cautiously reforming the banking sector…………..Full Article: Source

From Ameinfo.com: Abu Dhabi Islamic Bank (ADIB), the region’s leading Islamic bank, has appointed Mrs. Nawal Al Bayari who is a UAE national as Vice President, Business Head for Ladies Banking.
Her role will be to ensure development of new products and services for women customers of the bank and continuous upgrade in delivery of women banking services…………..Full Article: Source

From Wam.ae: Dubai Islamic Bank (DIB) has donated AED5 million to the Zakat Fund (ZF), it was revealed when Dr. Hadif bin Jowan Al-Dhahiri, Justice Minister and ZF Board Chairman, received at the ZF premises here today Abdul Razak Al-Abdullah, DIB Chief Executive, in the presence of Abdullah bin Aqeed Al-Muhairy, ZF Secretary General.
Dr. Al-Dhahiri commended the DIB for the generous donation which, he said, reflects the DIB’s social and charity philosophy, adding that the donation will serve a large segment of the needy in the society…………..Full Article: Source

From Kuwaittimes.net: Mergers between Kuwaiti financial institutions, suffering from the global economic crisis, remain a difficult option that is being avoided due to the ownership structures of these firms and the nature of their managerial board.

With the harsh impact of the global crisis on the local financial sector, calls are being made to offer mergers as a primary solution to bring financial firms out of this predicament, but none of the companies have taken steps in this direction…………..Full Article: Source

From Tradearabia.com: Saudi Arabia’s King Abdullah has appointed Abdulrahman Al-Humaidi as deputy governor of the kingdom’s central bank, the official news agency SPA reported on Sunday.

The appointment should not lead to any policy changes at the central bank, known as the Saudi Arabian Monetary Agency (Sama), analysts say…………..Full Article: Source

From Tradearabia.com: Dubai Holding has appointed Anand Krishnan as chief executive officer of Dubai International Capital (DIC) with immediate effect from his existing role as chief operating officer.

Anand joined DIC in January 2006 as CFO and was appointed COO one year later. Previously he was a managing director at JP Morgan Chase New York/Asia in various senior roles for a total of 19 years…………..Full Article: Source

From Tradearabia.com: Shuaa Capital has appointed Sameer Al Ansari as the new chief executive officer with effect from September 1. Al Ansari replaces Iyad Duwaji who resigned as CEO this month.

“Sameer Al Ansari has a strong professional track record and decades of expertise in the international investment arena,” said Majid Saif Al Ghurair, chairman of Shuaa Capital…………..Full Article: Source