From Newsweek.com: Eight years after 9/11, many in the West still think of Islam as a threat. Islamic extremists are seen as brainwashed robots, and the rest of Muslims as only a step behind in their blind acceptance of what their leaders preach.
But this view misses a larger point: Islamic extremism is the direct result not of a problem with doctrine but of sclerotic, overregulated economies that stifle entrepreneurship; isolate people from the global economy; and deprive them of jobs, services, and hope for a brighter future. And there is a glimmer of good news: all this can change……………………..Full Article: Source

From Business24-7.ae: Standardisation, a long-standing issue in Islamic finance, should be addressed properly to avoid damage to consumer confidence in the retail sector and confusion in the corporate sector.

According to Islamic finance analysts, while Islamic business is growing by the day, its growth is hurdled by the lack of standardisation and homogeneity……………………..Full Article: Source

From Reuters: The infant Islamic management industry lacks a large enough range of products and distribution channels to increase to challenge its conventional peers in catering to Muslim wealth, experts said.

The nascent $1 trillion Islamic finance industry is walking a fine line between replicating conventional products and establishing its own genuine products that adhere to Islam’s prohibition of interest……………………..Full Article: Source

From Ummid.com: In a major development in efforts to start Islamic Banking system in India, Union Finance Minister Pranab Mukherjee assured a delegation of Indian Centre for Islamic Finance that he would soon discuss the feasibility of interest-free Islamic banking system in India with Reserve Bank of India Governor.
To discuss about the feasibility of interest-free Islamic banking in India, a delegation headed by H Abdur Raqeeb, General Secretary, Indian Centre for Islamic Finance (ICIF), New Delhi, met Pranab Mukerjee today at his home in Kolkata, and submitted a memorandum to him……………………..Full Article: Source

From Brudirect.com: Brunei should sell sukuk overseas to widen the Islamic bonds’ investor base, an Islamic finance expert said.

Limiting the sale of sukuk would make Brunei too dependent on the local market, said Dr Zeid Ayer, chief investment officer of CIMB-Principal Islamic Asset Management, at the recently-held Islamic Finance News Roadshow on Tuesday……………………..Full Article: Source

From Bernama: The Malaysian Institute of Accountants (MIA) has hailed measures to further develop Malaysia as an Islamic finance hub.

In a statement, MIA president, Abdul Rahim Abdul Hamid, said these measures would increase Malaysia’s relevance in the eyes of the world while at the same time help create more value within the Malaysian economy……………………..Full Article: Source

From Gulfnews.com: The government of Dubai is set to launch a fresh borrowing programme worth $6.5 billion (Dh23.8 billion), news agencies reported, quoting the offer document and bankers who attended the roadshows in Abu Dhabi and Dubai.

The latest programme, to be finalised in the next few days at the end of its roadshow, comes as the cost of insuring Dubai’s debt falls towards a recent one-year low……………………..Full Article: Source

From Business24-7.ae: The final semi-annual coupon and principal payment against Dubai Global Sukuk will be made on November 4, the maturity date of the sukuk, said Standard Chartered Bank, Fiscal and Paying Agent, in a notice to Dubai Financial Market (DFM) yesterday.

It said the holders of the sukuk, whose names appear in the DFM register on the close of trading on October 28, will be entitled to the principal and coupon payment that will cover the period from May 5, 2009, to November 3, 2009, (inclusive)……………………..Full Article: Source

From Marketwatch.com: General Electric Capital Corp. plans to sell up to $1 billion of Islamic bonds, or sukuk, as early as next week, a banker aware of the deal said Sunday.

GE Capital will meet investors in London following a roasdshow in Dubai today and in Asia last week, the banker told Zawya Dow Jones……………………..Full Article: Source

From Accountancyage.com: Mohammad Khan, director, Islamic finance at PricewaterhouseCoopers talks to Gavin Hinks about the opportunities available to those who want to move their careers into this fast-growing area.…………………….Full Article: Source

From Arabnews.com: The Islamic Development Bank (IDB) has approved new grants totaling $552 million for a number of new development projects, some of which are in Albania, Jordan, Indonesia, Azerbaijan, Pakistan, Burkina Faso and Benin.

Of the total sum, seven are grants from the Waqf Fund and were approved by IDB President Dr. Ahmad Mohammed Ali for projects in Uganda and six other Muslim communities of the Democratic Republic of Congo, the Netherlands, Tanzania, Bosnia-Herzegovina, the UK and Ethiopia……………………..Full Article: Source

From Muslims.net: Gulf Finance House , the leading Middle Eastern Islamic investment bank confirmed today it has already received in excess of US$150 million from investors in its rights issue.
The announcement comes with a week still to run in the capital raising initiative and just days after GFH Group CEO Ahmed Fahour confirmed approximately US$100 million in commitment offers in a press conference at the Bank’s Bahrain headquarters……………………..Full Article: Source

From Islamonline.net: In a new move to improve America’s relations with the Muslim world, the administration of President Barack Obama has launched a multi-million-dollar fund to achieve technological development in Muslim countries.

“This fund will help catalyze and facilitate private sector investments that promote access to and growth of technology,” the White House said in a statement on Friday, October 23……………………..Full Article: Source

From Muslims.net: Shariah indices performed well during the financial crisis compared to their conventional counterparts but this performance far from being limited to volatile times&is spread across the full market cycle.

Over the past 11 credit-challenged quarters, the MSCI World Islamic Index has maintained a good track-record with lower volatility than the MSCI World Index……………………..Full Article: Source

From Bloomberg: Kuwait Finance House, the country’s largest Islamic bank, posted a 46 percent decline in third- quarter profit as the oil-rich emirate’s economy slowed amid the global financial crisis.

Net income dropped to 34.3 million dinars ($120 million), or 15.1 fils a share, from 63.2 million dinars, 27.4 fils, in the year-earlier period, Kuwait Finance said in an e-mailed statement today……………………..Full Article: Source

From Tradearabia.com: Saudi banks booked more provisions for bad loans during the third quarter but a veil of secrecy over the level of their exposure to troubled private firms is keeping investors guessing over their adequacy.

Stock exchange data showed that five Saudi banks booked more provisions for loan losses in the quarter, raising by at least 183 per cent their total amount this year compared to the first nine months of 2008……………………..Full Article: Source

From Gulfnews.com: SABB bank, HSBC’s Saudi affiliate, booked 351.5 million riyals (Dh343.92 million) in provisions for loan losses during the third quarter, bourse data showed on Saturday.

SABB reported a worse-than-expected 19.8 per cent drop in third quarter net profit, hit by an increase in provisions for bad loans……………………..Full Article: Source

From Dubaicityguide.com: Dubai Islamic Bank (DIB) announced today its financial results as of September 30, 2009, demonstrating its resilient operations and robust core business despite global challenges facing the financial services sector.

The bank reported a net profit of AED 1.12 billion for the first nine months of 2009, continuing the trend of positive performance in the year to date……………………..Full Article: Source

From Ameinfo.com: Abu Dhabi Islamic Bank (ADIB), the region’s leading Islamic bank, has appointed Sameh Al Awadhallah as Head of Branches.
Sameh, a UAE national, will lead the bank in this critical role at a time when ADIB is committed to achieve the status of best in class in sales and service culture in branches. Sameh’s appointment is commensurate with the Bank’s aggressive retail expansion strategy……………………..Full Article: Source

From Gulf-daily-news.com: Ahli United Bank (AUB) reported a net profit of $183.7 million for the first nine months of this year, compared to $280.1m in the same period last year.

The net profit for the third quarter was $40.1m compared to $68.4m……………………..Full Article: Source

From Banking-business-review.com: In order to give an impetus to the Indonesian sharia market, five banks including Bank Central Asia (BCA) are expected to launch standalone sharia units next year – reported Reuters.
Industry officials are of the opinion that the removal of double taxation, which made transactions expensive, would encourage more banks to enter into Islamic banking susidiaries……………………..Full Article: Source

From Pressabout.com: With the global financial crisis raising doubts over the world’s conventional financial system, the banking industry in Indonesia stands to benefit from the global downturn and expects to continue rapid growth in the coming years.
The financial crisis is having no negative impact on the development of Islamic banking in the country……………………..Full Article: Source

From Khaleejtimes.com: Al Tomooh Finance Scheme for Small National Businesses and Emirates Islamic Bank have announced the signing of a Memorandum of Understanding to provide Al Tomooh customers the option to avail Shariah-compliant financing including Murabaha, Istisna’a, Ijara.

The move comes in light of the increase in demand on Islamic Financing. Applicants will benefit from the Al Tomooh Finance scheme under the conditions and regulations of Islamic Financing, according to a Press statement on Sunday……………………..Full Article: Source

From Tradearabia.com: Dubai Islamic Insurance and Reinsurance Company (Aman) has reported a Dh6.4 million ($1.74 million) profit for the third quarter against a loss of Dh21.1 million for the same period last year, due to the collapse of the global credit market.

The company made Dh26.34 million in profits for the nine month period of 2009, a rise of 326 per cent compared with the same period in 2008……………………..Full Article: Source

From Menafn.com: Oman Insurance Company, the number 1 Insurance Company in the UAE, announces the launch of its endowment plans.
The company’s endowment plans, SPECTRA & SPECTRA PLUS are uniquely designed to meet the changing needs of the customers. Our two unique plans SPECTRA & SPECTRA PLUS offer customers short payment periods with long-term benefits……………………..Full Article: Source

From Gulf-daily-news.com: More than 53 per cent of Arab investors see the global economy recovering from crisis, said a survey conducted by Mubasher Info.

It revealed that the majority of Arab investors are optimistic that the global economy is now recuperating from the crisis……………………..Full Article: Source

From Timesofmalta.com: A recent international meeting on Islamic finance examining the advantages of Malta acting as a centre for Shariah-compliant finance in the region concluded the country was strategically well-positioned to act as the “Bahrain in the Mediterranean”.

Malta, the international experts present agreed, could be the ideal centre from where Islamic finance institutions may reach and penetrate the European Union and North African markets……………………..Full Article: Source

From Legalweek.com: When the fast-growing sukuk market ground to a halt in 2008, the future looked grim. But as the Islamic capital markets turn, will a deluge of issues come with it?

Since the general election in India on 13 May, what does the future hold for the liberalisation of the country’s legal sector?…………………….Full Article: Source