Secretary for Financial Services & the Treasury Professor KC Chan says the Government is preparing law changes to the tax regime to level the playing field for Islamic bonds with conventional bonds.
Speaking at the Islamic Finance Symposium 2009 in Tokyo today, Prof Chan said Hong Kong, being an international financial centre, will implement a conducive platform for the development of Islamic finance……………………………Full Press Release: Source

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From 7thspace.com: The huge market potential of the Islamic finance sector as shown by double-digit growth for Shariah compliant assets over the past decade had driven Islamic financers to look beyond historical boundaries to explore new territories, both within and outside the Muslim world

The Secretary for Financial Services and the Treasury, Professor K C Chan, said: “We believe Hong Kong is well placed to become a centre for Islamic finance in Asia.”…………………………..Full Article: Source

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From Reuters: Indonesia’s sukuk, or Islamic debt, will not be priced to yield more than conventional bonds, despite weak demand for such paper, because that would distort the market, a finance ministry official said on Wednesday.

Indonesia, which is the world’s most populous Muslim country, wants to develop its capital market by offering a range of conventional and Islamic debt instruments……………………………Full Article: Source

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From Tehrantimes.com: Iran is the largest market for Shariah-compliant assets, accounting for 35.6 percent of the global aggregate, The Banker magazine’s “”Top 500 Islamic Financial Institutions”" ranking shows, reported ISNA news agency.

Islamic banking assets continued with double-digit growth this year, even as conventional bank growth stagnated, The Banker’s survey said……………………………Full Article: Source

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From Thenational.ae: Gulf bond sales are accelerating at a faster rate than anywhere in the world as international investors buy sovereign and corporate debt from the Emirates, a senior Bank of America Merrill Lynch economist says.

Returning appetite for Dubai debt is also expected to be given a boost by the anticipated repayment by Nakheel of US$4.1 billion (Dh15.06bn) in bond principal and profit by Nakheel next month. The bond reached a record this week on expectations that it would be repaid in full……………………………Full Article: Source

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From Bloomberg: Nakheel PJSC, the Dubai-based property developer, is holding talks with its parent Dubai World about a $3.52 billion Islamic bond that matures on Dec. 14.

“Nakheel can confirm it is in discussions with its parent regarding the forthcoming December 2009 sukuk maturity,” the company that’s building palm tree-shaped islands off Dubai’s coast said in a statement to Nasdaq Dubai today……………………………Full Article: Source

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From Timesonline.co.uk: Nakheel, Dubai’s leading property company and owner of the Palm development, offshore of the Gulf city, is in talks with Dubai World, its heavily indebted parent, over the repayment of a $3.5 billion (£2.1 billion) Islamic bond.

Dubai World, which also owns DP World, the world’s No 3 port operator, is guarantor of the Nakheel bond, which is being watched closely by Islamic investors as a bellwether for the shaky finances of the city-state and the health of Islamic finance, generally……………………………Full Article: Source

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From Maktoob.com: Commercial Bank of Qatar, the country’s second-largest lender by assets, may sell up to $1 billion worth of bonds this week to repay existing debt and fund growth, according to people familiar with the matter.

Following a report from Zawya Dow Jones, the bank said last week that it was planning a U.S. dollar-denominated bond sale on global debt markets, in a statement on the Doha Exchange Web site……………………………Full Article: Source

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From Tradearabia.com: Qatar plans to raise as much as $5 billion from a sovereign bond sale, depending on demand, the Financial Times quoted bankers as saying.

Bankers said the initial interest was “very positive” ahead of a roadshow over the next week or so……………………………Full Article: Source

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From Tradearabia.com: The impact of the credit crunch on Islamic finance will be discussed at a unique UK Trade & Investment (UKTI) roundtable debate at the 16th Annual World Islamic Banking Conference (WIBC), being held from December 6 to 8 in Bahrain.

The discussion, to be broadcast live via the internet, will feature Humphrey Percy, CEO of Bank of London and the Middle East; Darshan Bijur, director of Islamic Finance & Investments, KPMG; Gillian Walmsley, product manager Debt & Specialist Securities, London Stock Exchange; Richard Thomas, CEO, Gatehouse Bank; and Muneer Khan, partner and head of Islamic Finance, Simmons & Simmons……………………………Full Article: Source

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From Ameinfo.com: Islamic finance is playing an important role in the economic recovery due to its adherence to ethical principles of finance, according to Hussain Al Qemzi, Group CEO of Noor Islamic Bank and Noor Investment Group.
The comments reflect a shift in the way Islamic finance is being positioned in a post-recession global financial system. According to Al Qemzi, when systems fail people start looking for alternatives and Islamic finance with its ethical approach can fill that gap……………………………Full Article: Source

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From Monstersandcritics.com: The Qatari investment bank QInvest and Fortis Bank Nederland announced Wednesday they had each committed 50 million dollars to the first ship financing fund to operate under Islamic principles.

QInvest CEO Shahzad Shahbaz said he believed the Sharia-compliant fund, which would soon open to third parties, would appeal to both conventional and Islamic investors……………………………Full Article: Source

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From Thestar.com.my: AmInvestment Bank Group plans to launch another three or four new funds during its current financial year ending March 31.

Funds management division chief executive officer Datin Maznah Mahbob said the products would include Islamic and equity funds……………………………Full Article: Source

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From Msn.com: Kuwaiti Islamic lender International Bank said on Wednesday it plans to raise its capital by 45 percent.

In a statement on the Kuwait Stock Exchange website, the bank said the share price in the rights issue will be at a nominal value of 100 fils (0.35 dollars) in addition to a premium of 70 fils (0.24 dollars)……………………………Full Article: Source

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From Tradearabia.com: Ithmaar Bank has reported a $29.5 million loss attributable to equity holders of the bank for the three-month period ended September 30.

The figure compares with a $20.5 million loss for the same period last year, said a statement……………………………Full Article: Source

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From Observer.ug: Bank of Uganda is urging the government to pass the regulatory requirement for the establishment of the country’s first Islamic Bank which is expected to attract an infusion of millions of dollars into the banking system

“We have seen that Islamic financing is doing well in the United States, United Kingdom and other non-Islamic countries. There is no reason why it shouldn’t come here,” said Juma Walusimbi, the Communications Director at BoU……………………………Full Article: Source

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From Russia-ic.com: First Takaful insurance company, based on the Islamic Laws, is established in Russia, reports the Kommersant newspaper.
The company is going to offer its clients to participate in profits in order to enter into the segment of Islamic insurance in Russia. The potential market size is estimated at $2.6 billion……………………………Full Article: Source

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From Gulf-times.com: Al Jasr Takaful Insurance, a Bahraini, Qatari joint venture based in Doha, said it plans to start operations in early 2010 and sell 60% of the company in an initial public offering within two years, Manama-based Al Wasat daily reports yesterday.
The company plans to sell, through the IPO, 30% of its capital in Qatar and the other 30% in Bahrain, the paper reported……………………………Full Article: Source

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From Tehrantimes.com: The Islamic Development Bank agreed to grant €130 million facilities to the Iranian Energy Ministry for Qom and Kashan’s wastewater treatment.

The Islamic Republic of Iran’s Broadcasting reported that €60 and €70 million have been allocated to Kashan and Qom, respectively……………………………Full Article: Source

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