From Business24-7.ae: Global sukuk issuance, that saw a 55 per cent decline last year, surged by more than 40 per cent in the first 10 months of this year compared to the same period in 2008, Moody’s Investors Service said in a report.

The ratings agency forecast the rise in issuance to touch 50 per cent this year…………………………..Full Article: Source

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From Imarketnews.com: A report by Moody’s Tuesday said 2009 has marked a clear turnaround in the issuance of global sukuk — Islamic bonds — compared to this time last year, with the need for economic stimulus leading governments to issue more sukuk to finance funding programs.

The report notes that global sukuk issuance has increased over 40% in the first ten months of 2009 compared to the same period last year, with the third quarter in particular witnessing a “genuine” recovery in issuance…………………………..Full Article: Source

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From Thepeninsulaqatar.com: The swelling coffers of Middle East-based Islamic banks are spurring a wide variety of international companies like General Electric and countries that include the UK, South Korea and France to prepare sales of bonds that comply with Shariah law.
Islamic finance is one of the fastest-growing niches of the global financial system, but has largely remained a focus of Muslim countries and companies - and international investment banks keen on capitalising on the industry’s growth…………………………..Full Article: Source

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From Business24-7.ae: The $3.52 billion (Dh12.92bn) Nakheel sukuk (09) traded yesterday above its maturity value on high demand from investors, sources in the bond market said.

Expectation of an additional $6 bonus to be redeemed against each note on the maturity date of December 14 coupled with the positive sentiment generated by the reassuring speech made by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and the Ruler of Dubai, saw the Nakheel sukuk (09) trading at around $111.5, which is above the maturity value of $109.57, said market sources…………………………..Full Article: Source

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From Reuters: Indonesia raised 1.077 trillion rupiah ($114.1 million), below target, from the auction of Islamic debt maturing in 2013 and 2015, the finance ministry said in a statement on Tuesday.

The ministry also offered sukuk maturing in 2017, 2020, and 2024 for sale, but there were no winning bids…………………………..Full Article: Source

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From Reuters: Commercial Bank of Qatar on Tuesday launched a $1.6 billion two-part note sale, with pricing as early as Tuesday, said a market source familiar with the offering.

The sale includes $1.0 billion in five-year notes expected to yield 250 basis points over midswaps and $600 million in 10-year notes expected to yield 400 basis points over midswaps…………………………..Full Article: Source

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From Reuters: Commercial Bank of Qatar has set price guidance on benchmark five-year and 10-year bond issues, a banker familiar with the deal said on Tuesday.

Guidance on the five-year issue was set at mid-swaps plus 250-275 basis points (bps), while the 10-year subordinate bond issue has been set at mid-swaps plus 400 bps, the banker said, adding the transaction could be priced later today…………………………..Full Article: Source

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From Arabnews.com: Gulf International Bank (GIB) announced today the successful closure of its Saudi riyal-denominated bond issue, which was launched in Saudi Arabia last week through the bank’s Riyadh branch.

Although the issue was originally targeted for SR1.5 billion, the bank said the final issue size had been increased to SR2 billion due to the substantial demand from investors…………………………..Full Article: Source

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From Thestar.com.my: The applications for two new Islamic banking licences, which are part of the financial sector liberalisation plan, are still being processed, according to Deputy Finance Minister Datuk Dr Awang Adek Hussin.

“Bank Negara at the moment is processing the applications and making the necessary evaluations. The decision will be made by the central bank in the best interest of the financial sector…………………………..Full Article: Source

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From Zawya.com: Qatar National Bank(QNB) announced the launch of QNB Banque Privée (Suisse), the full private banking subsidiary of the QNB Group in Switzerland. QNB Banque Privée (Suisse) is incorporated in Geneva, Switzerland, and received its license from the Swiss regulator recently.

This establishment in Switzerland makes QNB Group one of only a handful of GCC financial institutions to establish operations in Switzerland…………………………..Full Article: Source

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The Bahrain based leading Islamic banking group, Al Baraka Banking Group announced that it had posted a net profit of US$ 45 million in the third quarter of 2009 and US$ 137 million for the first nine months of year 2009.
It also achieved a 12% growth in total assets, 9% in liquid assets, 12% in finance and investments, 14% in deposits and unrestricted investment accounts and 6% in total equity as of September 2009 compared to December 2008…………………………..Full Press Release: Source

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From Globalarabnetwork.com: Capital Intelligence (CI), the international credit rating agency, today announced that it has reduced the long-term foreign currency ratings of Emirates Bank International (EBI) and National Bank of Dubai (NBD) to A+, one notch below that of the sovereign, to reflect the deterioration in asset quality and tight liquidity.
However, the likelihood of support from the sovereign in case of need remains high. The financial strength rating has been reduced to A…………………………..Full Article: Source

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From Reuters: The Bahraini unit of Kuwait’s Investment Dar , which is in the midst of a debt restructuring, said on Tuesday it had extended its standstill agreement to March 31, 2010.

It was not clear from the statement, posted by Investment Dar Sukuk Co on the Bahrain stock exchange, whether this means that Dar’s standstill agreement which was supposed to run until the end of 2009, had also been extended…………………………..Full Article: Source

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From Tradearabia.com: Gulf Finance House (GFH), Bahrain’s largest Islamic investment house by market value, posted its fourth consecutive quarterly loss on Tuesday as revenue from placing investments dwindled.

The company said it made a net loss of $29 million in the three months ended September 30, compared with a net profit of $82.1 million in the year-earlier period and a second-quarter loss of $54 million…………………………..Full Article: Source

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From Bernama: Axiata Group Bhd (formerly known as TM International Bhd), has converted RM2.8 billion of its conventional term loans to Islamic term financing based on Commodity Murabahah structure.

This is in line with the Government’s efforts to promote the country as an international Islamic hub, it said in a statement…………………………..Full Article: Source

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From Risk.net: Bahrain is keen to attract and grow the alternative asset management sector, including hedge funds, according to Sheikh Salman Isa Al Khalifa, executive director of banking operations at the Central Bank of Bahrain.
Al Khalifa said the Kingdom was well placed to encourage the sector’s growth, particularly for funds and managers that want access to the $1 trillion economy offered by the countries of the Gulf Co-operation Council (GCC). He also said Bahrain was a good base from which to access other states in the Middle East and North Africa…………………………..Full Article: Source

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From Theborneopost.com: The government is committed to its plan to make Malaysia a world leading Islamic financial hub, Deputy Minister in the Prime Minister’s Department, Datuk Dr Mashitah Ibrahim said yesterday.
She said the plan was part of the country’s international agenda, and its success in developing the Islamic financial system to the level of global acknowledgement was important…………………………..Full Article: Source

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From Thedailystar.net: The Bangladesh Bank (BB) yesterday set guidelines for Islamic banking. Under the guidelines, the board of directors of Islamic banks have now been empowered more, instead of the Shariah Council.

The central bank had been trying to issue the guidelines for years to establish proper control on the Islamic banking system, but it did not take place because of political interests…………………………..Full Article: Source

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