From Middle-east-online.com: Islamic finance has emerged relatively unscathed from the global economic crisis but there is a need for tighter regulations and higher standards.
The Shariah finance industry, which abides by religious laws that prohibit the payment and collection of interest, is worth an estimated $800-950 billion (Dh2.9 trillion-Dh3.4trn) and expanding rapidly in the Muslim world and in the West…………………………………….Full Article: Source

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From Middle-east-online.com: France, proclaimed in November 2008 as a “haven” for Islamic finance, is considered “too slow” to implement this type of funding, despite the enthusiasm it generates in the political, financial, professional and academic milieus, in a global context where conventional finance is decried since the subprime crisis.
Seminars, forums, roundtables, and conferences, led by jurists, tax specialists, bankers, and academics, succeed in calling for the integration of a finance, which operates entirely in accordance with Sharia (Islamic law), in French regulations…………………………………….Full Article: Source

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From Mondaq.com: The same features that continue to attract investors to structured products have recently garnered the interest of Islamic investors. Structured products provide retail investors with access to sophisticated payout structures and allow exposure to particular underlying securities in which a direct investment may be impossible or prohibitively expensive.
As the international securities markets begin to show signs of renewed life, issuers will likely position themselves to take advantage of the largely untapped market of Sharia-compliant structured products…………………………………….Full Article: Source

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From Independent.com.mt: Studio Associate Dagradi & Soleto of Milan, has recently concluded an agreement with Erremme Business Advisors, consulting firm specialised in Islamic Finance based in Malta and working in various Gulf countries.
The common goal is to provide a legal and fiscal framework of Islamic Finance assistance in the Italian jurisdiction…………………………………….Full Article: Source

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From Gulf-times.com: Saudi Arabia’s insurance industry is poised for growth in the coming years if customers overcome misgivings about compliance with Islamic law and companies consolidate to gain critical mass.
The world’s top oil exporter is one of the least-insured countries and has a fast-growing population of over 25mn, of which 70% are under the age of 30. ……………………………………Full Article: Source

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From Bernama: Takaful Ikhlas Sdn Bhd, which postponed the marketing plan for its “Ikhlas Hajj Savings Takaful” package since June last year, started marketing the product nationwide on Tuesday.
The product packaged its Ikhlas Savings Takaful with Ikhlas Immediate Death Expense Takaful Rider and Ikhlas Critical Illness Takaful Rider…………………………………….Full Article: Source

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From Tradearabia.com: Dubai Islamic Bank (DIB) has won the “Best Takaful Distributor in the UAE” award for the first quarter of 2010, thanks to the continuing popularity of its Al Islami Takaful Savings Programme.
The award was recently presented to the bank by Germany’s FWU AG, a global leader in Takaful product development, said a DIB statement…………………………………….Full Article: Source

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From Tradearabia.com: Ithmaar Bank will become a retail-focused Islamic bank following approval from the Central Bank of Bahrain (CBB).
“The CBB’s formal approval allowed Ithmaar to immediately implement its highly anticipated plans for a comprehensive reorganization with its wholly-owned subsidiary, Shamil Bank,” said Ithmaar Bank chairman Prince Amr Mohammed Al Faisal…………………………………….Full Article: Source

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From Thenational.ae: Abu Dhabi Islamic Bank (ADIB) has provided a rousing overture for first-quarter reports from UAE banks, but also a hard act to follow.
After a woeful time last year, ADIB posted a 9 per cent rise in first-quarter net profits to Dh293 million (US$79.76m). The result was backed by a sharp increase in deposits and Sharia-compliant loans, which were up 28 per cent to Dh50 billion and 17 per cent to Dh42bn, respectively, from the same quarter last year…………………………………….Full Article: Source

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From Thepeninsulaqatar.com: Doha Bank has posted net profits of QR315m in the first quarter (Q1) of this year which translates into 25 percent Return on Equity.
Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of Board of Directors, announcing the bank s financial results for Q1 of 2010, said yesterday:” This is an outstanding result and shows that Doha Bank is yet again generating returns on shareholder equity that are truly world class. “……………………………………Full Article: Source

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From Tradearabia.com: Kingdom Holding Company (KHC), the investment firm of Saudi Prince Alwaleed bin Talal bin Abdulaziz Alsaud, said its net income for the first quarter rose to SR75.2 million, up 50 per cent when compared to the same period last year.
Announcing the financial results for the quarter ended March 31, KHC said the shareholders’ equity too rose significantly in the light of global economic recovery and the favourable operating results…………………………………….Full Article: Source

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The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 310 %.
Subscriptions worth BD31m were received for the BD10m issue, which carries a maturity of 182 days…………………………………….Full Press Release: Source

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From Arabnews.com: Abu Dhabi’s The National Investor (TNI) hopes to raise up to $1 billion for its new Middle East and North Africa equity fund, targeting an economic and corporate recovery in the region.
The fund, which will close the first stage of fundraising on June 17, is targeting institutional investors across the Middle East, Europe and Latin America, and will be funded with $30 million of seed capital from TNI…………………………………….Full Article: Source

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From Gulf-times.com: Investor confidence in the GCC economies improved in March, following the Dubai World’s announcement of a restructuring proposal on March 25, Dubai-based investment bank Shuaa Capital said.
The monthly GCC Investor Confidence Index rose 15.2 points to 120.8 points, its second biggest gain after Dubai developer Nakheel’s sukuk announcement in December, Shuaa said in its GCC investor sentiment report…………………………………….Full Article: Source

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Islamic Finance has entered a new stage of development, emerging after the global financial crisis as a more equitable and efficient alternative to the Western approach. Interest in Islamic Finance began in the 1970s, mainly due to the accumulated petro-dollars in Arab countries.
In a rather pragmatic approach, it was thought in the West that respecting Islamic principles regarding finance would attract wealthy Arab investors. ……………………………………Full Press Release: Source

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