From Business24-7.ae: Global sukuk (Islamic bond) issuances went up by more than double to $31billion (Dh113.8bn) in 2009, with the UAE accounting for more than one-fourth of the total, said a Bank of America Merrill Lynch’s study.

The issuances in Middle East are likely to go up to $10bn-$15bn in 2010, it said. Issuances saw a steep fall in 2008 and were about $15bn in 2008. The sector saw activity picking up in the last quarter of 2009…………………………………..Full Article: Source

From Business24-7.ae: Power, oil and gas and financial services became the three largest sectors that dominated the Islamic bond (sukuk) issuances last year, according to a Bank of America Merrill Lynch study.

According to the DIFC Sukuk guide, several companies, especially from the Middle East, are in talks with investment banks for issuance of Islamic bonds…………………………………..Full Article: Source

From Agence France-Presse: Kuwaiti Islamic lender Boubyan Bank announced on Wednesday it had posted a loss of 179 million dollars in 2009 against a profit of 6.4 million dollars the previous year.

The bank in a statement posted on the Kuwait Stock Exchange website gave no reason for the huge loss but, like other Kuwaiti banks, it has been taking provisions against bad loans…………………………………..Full Article: Source

From Globalarabnetwork.com: The global financial crisis has prompted calls to return to basics and emphasise sound fundamentals. While most of the formerly fashionable financial innovations – such as credit-default swaps, mortgage-backed bonds and single-tranche collateralised debt obligations – took a beating, one segment exhibited remarkable resilience: Islamic banking.

Modern Islamic financial services have been around for more than three decades, but they gained widespread attention only recently, as rising prosperity in the GCC and South-east Asia fuelled demand for financial instruments that avoided inclusion of interest payments, which are forbidden by Islamic law…………………………………..Full Article: Source

From Capecodonline.com: Islamic banking executives have a proposal for their bonus-addled Western counterparts: Take a look at our model.

Beyond interest-free banking — a prospect that would likely win few proponents in London or New York — executives from the world of Islamic finance argued at a conference yesterday that world markets weary of excessive risk and wealth imbalances should welcome ethical standards of investment based on religious tenets of fairness and transparency…………………………………..Full Article: Source

From Saudigazette.com.sa: Banks in the energy-rich Gulf in 2010 face another difficult year as they continue to clean up their loan books, impacting on performance, the ratings agency Standard and Poor’s said on Tuesday.
The global economic slowdown and financial crisis have put the banking sector in Arab states of the Gulf to the test over the past 18 months, as dozens of negative rating actions were taken throughout 2009, the agency said…………………………………..Full Article: Source

From Gulfnews.com: Abu Dhabi government-owned Al Hilal Bank plans to expand its credit and retail business in the United Arab Emirates as high oil prices fuel growth in the Arab world’s second largest economy, the bank’s CEO said.

Speaking in an interview yesterday, Mohammad Berro said the Islamic lender is also keen to expand in former Soviet markets after it opens the region’s first Islamic bank in Kazakhstan this April…………………………………..Full Article: Source

From Arabianbusiness.com: SABB led a surge in problem debts at Saudi banks on Wednesday with a 16 fold increase in non performing loans (NPL) to $940.3 million at the end of 2009.

Financial statements showed SABB’s NPLs rising from $51.65 million at the end of 2008. This means that non performing loans accounted for 4.6 percent of SABB’s total loans in 2009, up from near zero percent in 2008…………………………………..Full Article: Source

From 234next.com: The Central Bank of Nigeria (CBN) said the new phase of reforms will positively impact on the provisions and requirement of Islamic banking, and hasten the progress of that arm of banking.

Mohammed Abdullahi, spokesperson for the CBN, said that Islamic banking is not a Sanusi Lamido Sanusi programme, but started by his predecessor, Chukwuma Charles Soludo…………………………………..Full Article: Source

From Nst.com.my: Bank Islam Malaysia Bhd expects a 10 to 15 per cent growth in deposits this year, driven by the launch of new attractive products and efficient campaigns. Treasury Division General Manager Norashikin Mohd Kassim said the bank’s current total deposits stood at RM25 billion, for both retail and corporate segments.

According to Norashikin, the bank has target to achieve deposits of RM1 billion within three months of its newly launched deposit product, “Waheed-i”…………………………………..Full Article: Source

Dubai Islamic Bank (DIB) announced today the launch of Al Islami Muthmir, a distinctive investment plan that offers a built-in family takaful cover.

The latest addition to DIB’s range of Sharia-compliant investment products, Al Islami Muthmir is a medium- to long-term plan that offers investors access to a range of top performing Sharia-compliant funds…………………………………..Full Press Release: Source

Emirates NBD Private Banking, a provider of bespoke wealth management solutions, announced today that it has been named the ‘Best Local Bank in the UAE’ in the 2010 Euromoney Private Banking Survey, which is based primarily on the views of private banking professionals from across the world.

This is the fourth time that Emirates NBD Private Banking has received this significant mark of industry recognition from one of the world’s leading financial services titles…………………………………..Full Press Release: Source

The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C (ABG) announced that it has achieved a good growth in its total operating profits of 8% and in its net profit before tax and provisions & tax of 4%, despite the fact that 2009 was one of the most difficult years for banks and financial institutions all over the world as a result of the repercussions of the global financial crisis.
This growth reflects the significant improvements seen in all sources of income on the back of continued growth in assets by 21%, deposits and investment accounts by 24%, financing and investments by 17%, liquid assets by 21% and total equity by 12%, according to a statement issued today by the Group in which it revealed its financial results for the year 2009…………………………………..Full Press Release: Source

From Tradearabia.com: Shadow banking - particularly the packaging and distributing of derivative financial instruments that were not based on any real economic activities - caused a textbook-style manifestation of regulatory sabotage, a top official said.

Accounting and Auditing Organisation for Islamic Financial Institutions secretary- general Dr Mohamad Nedal Achaar was delivering a keynote speech at the ninth Islamic Finance Summit, organised by Euromoney, which he chaired in London…………………………………..Full Article: Source

From Bernama: While growth has been rapid in the Islamic banking and finance industry, there is a lack of Shariah Registered Financial Planners (RFP), says the Malaysian Financial Planning Council (MFPC).

Its President, Kee Wah Soong, said with the nation developing its Islamic banking and finance industry, there was much need to produce highly competent and qualified professional Syariah RFPs to meet the global best practices…………………………………..Full Article: Source

From Tradearabia.com: Middle East sovereign ratings should ’stay the course’ this year given an improving global economy and growing investor confidence but Iran’s nuclear programme could pose a risk, Moody’s said.

The credit ratings agency recently upgraded Saudi Arabia and Oman’s government bond ratings, citing their sound fiscal positions…………………………………..Full Article: Source

From Dailytimes.com.pk: The State Bank of Pakistan has declared Sukuk certificates issued by Pakistan International Airlines Corporation (PIAC) as an approved security.
According to a Circular (BSD Circular No. 1) issued by the State Bank on Tuesday, PIAC Sukuk Certificates can be used for minimum paid-up capital and reserves requirement under section 13 of Banking Companies Ordinance (BCO) of 1962…………………………………..Full Article: Source

Based on the close of trading on February 23, the global Dow Jones Islamic Market Titans 100 Index, which measures the performance of 100 of the leading Shari’ah compliant stocks globally, gained 0.68% month-to-date, closing at 2048.83.
In comparison, the Dow Jones Global Titans 50 Index, which measures the 50 biggest companies worldwide, posted a gain of 0.08%, closing at 164.86.%)……………………………………Full Press Release: Source

From Gérard Al-Fil: The Dow Jones Islamic Market (DJIM) Indexes of the Arabian Gulf states seem to be identified with the oil & gas sector, even as they diversify. The indexes’ prices are still correlating with oil prices, despite their establishing of new industry sectors.

Oil prices recovered in February by 12% to around US$80 per barrel. As a result, the DJIM Kuwait Index topped the charts last month (as of the close of February 23) and ended 13.57% higher at 963.94 points. Kuwait also leads in relation to year-to-date change with a positive showing of 11.83%. The DJIM GCC Index is hard on its heels, closing at 1,304.72 points (gaining 8.49%)……………………………………Full Press Release: Source