From Gulf-times.com: It could be observed that the widespread use of fixed return techniques of debt financing transactions would have been necessary during the initial implementation of interest-free banking.
This is because the entrenched conventional mindset in the interest-based system that has existed for hundreds of years would need its own gestation period to be uprooted, even among Muslims themselves. …………………………………….Full Article: Source

From Reuters: Luxembourg is considering issuing a sovereign Islamic bond, or sukuk, to raise its profile for Islamic money, a central bank official said on Monday.
“It is under consideration but no decision has been take yet,” Claude Zimmer, member of the council of the central bank of Luxembourg, told Reuters on the sidelines of a conference in Manama……………………………………..Full Article: Source

From Thenational.ae: The prospect of Nakheel repaying its US$1.7 billion (Dh6.2bn) Islamic bonds on time may not be enough to revive the global sukuk market this year, IMF economists warn.
Uncertainty over the level of protection for investors if the Dubai property unit had defaulted on its debt has shaken confidence in Islamic finance. Nakheel’s payments are due this month and this year……………………………………..Full Article: Source

From Business24-7.ae: Nakheel may pay about Dh3.6bn of Ismalic bonds next week, even if Dubai World does not reach a final deal with creditors to restructure debt, a spokeserson for Dubai’s Deparment of Finance told local media.
A formal agreement with creditors is not required to repay the bonds, added the government spokesperson……………………………………..Full Article: Source

From Bloomberg: Dubai World’s proposal to restructure $24.8 billion of its borrowings is “very fair” and an accord may be signed in a few weeks, said the chief executive officer of HSBC Bank Middle East Ltd.
“We think the proposal is fair and a good way forward for the United Arab Emirates,” Simon Cooper said in Abu Dhabi today. “I see no reason why it should not be signed in a few weeks. We would sign today.”…………………………………….Full Article: Source

From Btimes.com.my: Cagamas Bhd, the national mortgage corporation, will join hands with Al-Rajhi Banking and Investment Corp (Malaysia) to develop and issue first-of-its kind sukuk by June to woo Middle East investors.
President and chief executive officer Steven Choy said there has always been an issue of global compliance in terms of Islamic principles that rendered Malaysian sukuks never really acceptable by the Middle East investors……………………………………..Full Article: Source

From Ifrasia.com: MTD InfraPerdana has printed a M$100m (US$31.2m) dual-tranche Islamic MTN issue. The bonds were priced at 5.5% on the M$50m 7.5-year tranche, and at 5.6% on the M$50m eight-year tranche.
Pricing was finalised on April 26, with settlement made on the same day. CIMB was lead manager, and it bought up the issue as well……………………………………..Full Article: Source

From Kbc.co.ke: The Islamic finance sector has a lot of potential in spearheading the growth of the financial industry according to the Central Bank of Kenya (CBK).
CBK Governor Prof. Njuguna Ndung’u said that the sector is so far the fastest growing segment in the global financial industry despite the global financial crisis……………………………………..Full Article: Source

From Standardmedia.co.ke: Kenya has made adjustments to its banking sector to let Islamic finance institutions set up and prosper, the governor of the Central Bank of Kenya (CBK) said on Monday.
Njuguna Ndung’u — whose statement was read to a conference in Nairobi — said Islamic finance had the “overwhelming support” of Kenya’s Muslims and non-Muslims, but as a regulator CBK faced challenges in encouraging the niche market……………………………………..Full Article: Source

From Nation.co.ke: The government is studying the Islamic finance model with a view to making the country competitive. Central Bank of Kenya says this form of finance is fast catching up.
Governor Njuguna Ndung’u on Monday said that despite the financial crisis, Islamic finance had demonstrated strong growth with new business areas such as mutual funds and Takaful industry attracting a lot of attention……………………………………..Full Article: Source

From Businessdailyafrica.com: The Central Bank is working on a framework that will eventually lead to the flotation of sharia - compliant bonds and treasury bills in the local money market.
The move to entrench Sukuk bonds and bills in the law is seen as a push by CBK to tap the increasing amount of cash flowing into Africa from the Gulf region……………………………………..Full Article: Source

From Allafrica.com: Tanzanians will experience new waves in the banking sector as they start to enjoy the benefits of Islamic Banking, which forbids earning of interests in the banking transactions.
NBC Bank announced over the weekend the introduction of Islamic Banking window, which is consistent with Shariah law, just a day after another bank, Stanbic, introduced the same………………………………………Full Article: Source

From AFP: A third bank in Tanzania, National Bank of Commerce, Monday launched interest-free Islamic banking services open to Muslims and non-Muslims alike, its directors said.
“The concept of NBC’s Islamic Banking … is built around the Shariah laws which govern the way Muslims live their lives and conduct their daily business including financial affairs,” NBC managing director Christo De Vries said………………………………………Full Article: Source

From Arabnews.com: The Islamic Development Bank (IDB) has announced plans to expand cooperation with India and take the bilateral relationship forward in the fields of education, training and coaching.
The plans, under which several new projects in India have been named and approved by the IDB to be recipients of the bank’s financial grants, come within the framework of the IDB’s special assistance program in which Indian Muslim institutions have been major beneficiaries……………………………………..Full Article: Source

From Bernama: Islamic finance needs to establish an effective system-wide crisis management and harmonised regulatory framework, in order to keep up with new challenges in the industry.
In making the call, the Raja Muda Perak Raja Dr Nazrin Shah said Islamic finance, had very unique characteristics and risks that also required unique risk management solutions……………………………………..Full Article: Source

From Zawya.com: “The Islamic banking and finance model is not one based on profitability alone but one in which ethics and morals play a key and defining part, Executive Chairman of Asian Finance Bank Mohamed Azhari Kamil berkata said.
“The Islamic value system as a whole is at the heart of all our products and services,” he said, “and this goes hand in hand with and aids efforts to establish trust and belief in the Islamic banking model.”…………………………………….Full Article: Source

From Dubaicityguide.com: Dubai Islamic Bank (DIB) announced that it has been named the “Best Islamic Bank” in the UAE for 2010 by Global Finance magazine. Marking the third consecutive year that DIB has received this international award, this latest accolade underscores DIB’s leadership position in the UAE’s growing Islamic finance sector.
This award caps a string of industry accolades for DIB so far in 2010, following the 34 awards won by the bank in 2008 and 24 accolades in 2009……………………………………..Full Article: Source

From Gulfjobsmarket.com: SHUAA Capital, the giant Dubai investment bank, which has a presence in Riyadh, Abu Dhabi, Doha, Cairo, Istanbul and Beirut, has today posted profits of $5.3million for the first quarter of 2010.As one of the biggest investment banks in the Gulf and Middle East region, Shuua had suffered more than most and experienced significant losses in 2009.
However, the appointment last year of new chief executive, Samir Al Ansari, has seen the company return to profit……………………………………..Full Article: Source

From Globalarabnetwork.com: Governments of the MENA region have tightened their purse strings and are seeking outside investment. Howard Gooder looks at the opportunities available in public private partnerships.
Project Finance and public private partnerships (PPPs) are flourishing throughout the Middle East and North Africa (MENA) region, from Morocco to Oman. Indeed, contrary to the many fears expressed following the Lehman collapse and during the first six months of 2009, the project finance market has not dried up. …………………………………….Full Article: Source