From Financialexpress.com: Even as the Reserve Bank of India (RBI) is yet to give a formal nod, the country’s first heavy-duty Islamic banking financial institution may hum a tune on global business before the next Easter. The Non-Banking Financial Companies (NBFC) is proposed to be set up in Kochi before Christmas.

The Kerala government and the NBFC’s NRI promoters are waiting for Union finance minister Pranab Mukherjee nod as he is expected to make the crucial decision on the NBFC’s operational dimensions this week………………………..Full Article: Source

From Thehindu.com: Given the current banking sector regulations in the country, Islamic banking is not practicable in India, said Mufti Abdul Kadir Barkatullah, a British expert on Islamic banking and finance.

Since giving or taking interest is against the Sharia laws, Islamic banks need to look to other areas, such as trading, to generate profits to meet their costs. In India, banks are not allowed to get involved in trading and hence Islamic banks cannot survive, the India-born Mr. Barkatullah pointed out………………………..Full Article: Source

From Financeasia.com: In a conference room in Seoul, more than 200 members of Korea’s financial community came together to hear about the possibilities of sukuk, or Islamic bonds, from Bursa Malaysia and the Korea Exchange (KRX).

The information session was aimed at promoting awareness of Islamic financial markets in Korea where there is reportedly a high level of interest among corporates and in the government for sukuk issuance………………………..Full Article: Source

From KUNA: The Islamic Financial Services Board (IFSB) on Monday approved three documents aimed at further facilitating efforts towards enhancing the soundness and stability of the Islamic financial services industry.
The decision was made at its council meeting in Kuala Lumpur, chaired by Dr. Muhammad Sulaiman Al-Jasser, Governor of the Saudi Arabian Monetary Agency, the IFSB said in a press release………………………..Full Article: Source

From Reuters: Private equity firm Middle East & Asia Capital Partners Pte (MEACP) plans to introduce a sharia-compliant investment vehicle to its clean energy fund to attract Islamic capital, a company executive said.

“We plan to create a special vehicle that will attract Islamic finance by adding a sharia component,” said company director Vince Choi………………………..Full Article: Source

From Bloomberg: Dubai bonds gained after ruler Sheikh Mohammed Bin Rashid Al Maktoum reduced the power of some top executives as he tries to improve investor confidence in the emirate burdened by $80 billion of debt.

Dubai’s five-year Islamic bond, or sukuk, maturing in 2014 rose 0.11 cent to a three-day high of 100.63 cents on the dollar at 7:11 p.m. in Dubai, pushing the yield down to 6.243 percent, Bloomberg data show………………………..Full Article: Source

From Themalaysianinsider.com: Kuwait Finance House Bahrain BSC (KFH-Bahrain) has acted as joint lead manager and bookrunner in a US$100 million (RM337 million) sukuk issue for the International Finance Corporation (IFC), the private sector arm of the World Bank group.

The five-year sukuk was oversubscribed and rated Aaa by Moody’s, in line with IFC’s issuer ratings, KFH-Bahrain said a statement released here today………………………..Full Article: Source

From Menafn.com: Kuwait Finance House – Turkey (KFH-Turkey) started its operations in the Dubai International Financial Center (DIFC) in the Gulf region, after obtaining a banking license under a new franchise, the “Kuwait Turkish Participation Bank (Dubai) Ltd.”
Kuwait Turkish received the licence from the Dubai Financial Services Authority (DFSA), after its landmark steps included the first Islamic banking branch licence in Germany and the establishment of Kazakhstan Representative Office, where Kuwait Turkish added a new achievement in its strategy to become a global bank………………………..Full Article: Source

From Menafn.com: Khaled Mohammed Al-Aboodi is a development banker in a hurry. He is also part of a new generation of Islamic development bankers for whom substance perhaps takes priority over form and where performance and social and real economy impact is the yardstick.

As CEO and general manager of the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the Islamic Development Bank (IDB) Group, he acknowledges that a core part of the mission of the IDB Group, and hence ICD, is to support Islamic financial institutions, especially to extend financing to small-and-medium-sized enterprises (SMEs)………………………..Full Article: Source

From Eyeofdubai.com: The CIO of Ajman Bank, the emirate’s first Islamic commercial bank, has been presented with a CIO Strategies Award, one of only ten to be awarded in the region at the CIO Strategies Middle East Event.

The Awards ceremony – which took place on Monday, November 16th, 2009 at the JW Marriott in Dubai, UAE – recognised the achievements of the MENA region’s IT leaders………………………..Full Article: Source

From Tradearabia.com: Abu Dhabi Islamic Bank (ADIB), one of the leading Islamic banks in the region, has announced the appointment of Amir Riad as global head of its Corporate Finance and Investment Banking.

Amir has taken on the role of developing key strategic initiatives to synergize cross-selling of various products and services of ADIB, said a bank statement………………………..Full Article: Source

From Globalarabnetwork.com: The Arab Bankers Association (ABA) announced that it had appointed a new CEO, to lead its UK operation.

Georges Kanaan, an experienced banker, takes on the role during an unprecedented period of change for the association; with the financial services industry facing both political and regulatory challenges, the ABA has never been more relevant to its membership………………………..Full Article: Source

From Thepeninsulaqatar.com: The Al Yusr Islamic banking service of IBQ yesterday launched the Al Yusr Super Savings Account, a fully Shariah-compliant product managed under the Mudaraba principle, which provides customers enhanced flexibility, superior returns on investment and high level of personalised service.

The Al Yusr Super Savings Account enables customers to benefit from higher quarterly revenues, while allowing full access and control of deposits through the bank’s comprehensive range of banking channels………………………..Full Article: Source

From Btimes.com.my: Unicorn Investment Bank BSC, a closely-held Islamic investment bank, may make three purchases, including buying a stake in Bank Islam Malaysia Bhd from Dubai Group LLC, as the financial crisis lowers corporate valuations.

“We understand Dubai Group is assessing its own options with regard to that investment,” managing director Fred Stonehouse, who heads the strategic mergers and acquisitions area at Bahrain-based Unicorn, said in a telephone interview………………………..Full Article: Source

From Menafn.com: Awang Adek Hussin, deputy finance minister of Malaysia, speaking on the sidelines of the Islamic Financial Planning and Wealth Management Conference in Kuala Lumpur in November 2009, confirmed that two foreign banks have been short listed by Bank Negara Malaysia, the central bank, in their applications for new Islamic banking licenses.

In April the Malaysian government as part of its on-going financial sector liberalization policy announced that Bank Negara Malaysia would give up to two new Islamic banking licenses to qualified foreign market players to establish new Islamic banks in the country with a paid-up capital of a minimum of $1 billion………………………..Full Article: Source

From Thestar.com.my: The role of Islamic deposit insurance is to create a level playing field between Islamic and conventional banks apart from maintaining a foundation for public confidence to the banks, says Malaysia Deposit Insurance Corp (MDIC) chief executive officer Jean Pierre Sabourin.

“Apart from that, the role of Islamic deposit insurance is to reinforce the consumer protection aspects that are inherent in Islam,” he said at the 3rd Islamic Financial Services Board (IFSB) Public Lecture on Financial Policy and Stability yesterday………………………..Full Article: Source

From Menareport.com: In a major step towards its strategy to further reinforce its market leadership, Oman Insurance Company PSC – The Market Leader in the insurance industry of the region – has announced robust geographical strategic plans.
The company, which has carved a niche for itself with its diversified products and services, has reiterated its expansion strategy with its robust economic performance and launch of tailored products for discerning customers in the region………………………..Full Article: Source

From Business24-7.ae: Dubai International Capital (DIC), an investment company, may preserve existing assets in 2010, its Executive Chairman said.

“We have spent the last 12 months protecting our capital and preserving what we own,” Sameer Al Ansari said at a conference in Dubai yesterday. “Most private equity companies will also spend 2010 preserving what they have.”……………………….Full Article: Source

From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that this week’s BD25m issues of Government Treasury Bills has been oversubscribed by 161.6%
The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Kingdom of Bahrain………………………..Full Article: Source

From Tradearabia.com: Al Masah Capital Limited (AMCL), a major player in the alternative asset management industry, has announced plans to launch its first social-infrastructure focused fund in April next year.

AMCL’s core competence is centred on maximizing investment opportunities in both, the long and short term scenarios, said a top official………………………..Full Article: Source

From Saba: Yemen’s foreign debt has reached $6.4 billion by end of last September 2009 by an increase of $85 million from last August.

A report issued by the Central bank of Yemen (CBY) disclosed that the IFC’s institutions topped Yemen creditors with more than $3 billion including the International Finance Corporation, the Arab Fund for Economic and Social Development, the International Fund for Agriculture Development IFAD and others………………………..Full Article: Source

From Upstreamonline.com: Iran has gained $5 billion through its policy of shifting away from the US currency in favour of the euro, state television reported today, citing Central Bank Governor Mahmoud Bahmani.

Since late 2007, the Islamic Republic has received 85% of its oil income in currencies other than the US dollar, Reuters cited English-language Press TV as reporting on its website………………………..Full Article: Source

From Bernama: Malaysia will play a pivotal role in promoting Islamic economics and Finance in Russia, with the appointment of Professor Datuk Dr Sudin Haron as chairman of the Russian Centre For Islamic Economic and Finance (RCIEF) international advisory panel, for a two-year period effective January this year.

It was a historic occassion on Oct 1 last year, for the Russian Islamic University (RIU) when it successfully established the RCIEF in Kazan as a centre of excellence………………………..Full Article: Source

From Khaleejtimes.com: Gift is considered equivalent to Hiba but technically, Gift has a much wider scope than Hiba. The word Hiba literally means, the donation of a thing from which the donee may derive a benefit. It must be immediate and complete.
The most essential element of Hiba is the declaration, “I have given”………………………..Full Article: Source

From Moneyscience.com: AAOIFI is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari’a standards for Islamic financial institutions and the industry.
Professional qualification programs (notably CIPA, the Shari’a Adviser and Auditor “CSAA”, and the corporate compliance program) are presented now by AAOIFI in its efforts to enhance the industry’s human resources base and governance structures………………………..Full Article: Source