From Thebanker.com: The market for Islamic bonds, or sukuk, is expected to pick up in 2010, but its appeal will remain limited until the industry can agree a set of global standards and proper legal protection for creditors in case of default.
The idea that the conservative strictures of Islamic finance somehow offered protection from the wider global financial crisis was proven false in 2008 and 2009. The nascent market for Islamic bonds, or sukuk, was hit hard by the financial crisis……………………………………..Full Article: Source

From Thebanker.com: Cross-border standardisation and rigorous product development processes will help to diversify the sharia-compliant financial markets. Cross-border sukuk issuance in 2009 was equivalent to just under 10% of total emerging market bond issuance, according to Commerzbank data, and a far smaller proportion of the total bond market.
Islamic financing packages for merger and acquisition (M&A) activity are relatively rare, while sharia-compliant investment funds total just $35bn, according to financial advisory firm Ernst & Young……………………………………..Full Article: Source

From Tradearabia.com: The Islamic finance industry is set to achieve a historic milestone this year, with total assets with such financial institutions to cross the $1 trillion mark, said an expert.
‘Never before has the role of regulators and standard-setting bodies been more important for the industry than now,’ said Ernst & Young’s Islamic Financial Services Bahrain team head Ashar Nazim in an address to the IFSB Summit……………………………………..Full Article: Source

From 7days.ae: Islamic finance must become more innovative if it is ever to be part of global mainstream finance, Nasser Saidi, chief economist of the Dubai International Financial Centre Authority (DIFCA), said. He added that the industry also faces few liquidity options, a lack of regulatory compliance and insufficient systems to deal with insolvency.
“One of the major problems in Islamic finance is it has systems for liquidation but not to help with restructuring,” added Saidi, who is also the director of the Hawkahmah Institute for Corporate Governance at DIFCA……………………………………..Full Article: Source

From Tradearabia.com: The Asian Development Bank (ADB) is considering launching a medium-term note (MTN) programme worth several billions dollar for Islamic bonds, or sukuk, to finance infrastructure in Asia, an official said on Wednesday.
“If we use such an instrument we’re able to tap a wider wealth pool,” Jaseem Ahmed, a director of ADB’s Southeast Asia Department, told Reuters on the sidelines of a conference in Manama……………………………………..Full Article: Source

From Reuters: Price guidance for state-run Saudi Electricity Co’s (SEC) five-year Islamic bond is at 95 basis points above the Saudi Interbank Offered Rates (Sibor), a lead manager said on Wednesday.
This is below the 160 bps premium above Sibor at which the Gulf’s largest power utility by market value priced its previous sukuk issue of 7 billion riyals ($1.9 billion) in 2009……………………………………..Full Article: Source

From Todayonline.com: Entrepreneurs producing “halal” cosmetics say the global market is booming as more Muslims opt for beauty products that conform to Islamic rules.
Ms Famiza Zulkifli made her first halal soap four years ago, after searching in vain for the right products to bathe her baby. Now, her business has an annual turnover of US$1.6 million ($2.2 million)……………………………………..Full Article: Source

From Reuters: Dubai Group may not be keen to sell its stake in Malaysia’s No. 2 sharia lender Bank Islam, the Business Times reported on Wednesday, citing a source. “They may not sell after all because they see value in the bank,” the source was quoted.
Dubai Group, an investment vehicle owned by the ruler of Dubai, said last month that its plan to sell Bank Islam was unlikely to be completed by June. The sale was to help the Middle Eastern investor shift its focus closer to home and settle its debt burden……………………………………..Full Article: Source

From Reuters: South Africa’s Standard Bank Group has launched its first Islamic banking product in Tanzania and is awaiting regulatory approval to offer similar services in Nigeria, a senior executive said.
The sharia law-compliant savings and current accounts are aimed at attracting customers deterred by conventional banking which conflicted with their faith, said Terry Moodley, head of personal and business banking at Standard Bank……………………………………..Full Article: Source

From Allafrica.com: Shariah banking products were officially launched in Dar es Salaam on last night, with the government challenging bankers to strive for more education to the masses on the sector.
Minister for Planning and Economic Affairs, Mr Mustafa Mkullo said when launching the services in Dar es Salaam that banks should also take their services to rural areas where the majority of Tanzanians dwell……………………………………..Full Article: Source

From Gulfnews.com: Dubai Islamic Bank (DIB) said yesterday it posted a net profit of Dh200 million in the first quarter of this year, compared to Dh370.3 million in the same period of 2009.
Performance was impacted by the bank’s “ongoing policy of prudent provisioning”, as well as lower contribution levels from group companies during the period, DIB said in a statement……………………………………..Full Article: Source

From Zawya.com: Al Salam Bank-Bahrain (ASSB), one of the pioneering Islamic banks in the Kingdom of Bahrain, and Janayen Capital Group Ltd (JCG), owner and operator of worker and staff accommodation facilities, have recently signed a memorandum of understanding (MOU) for the acquisition and development of a workers’ accommodation facility in Bahrain.
The joint venture, will introduce a new concept of staff, skilled & construction workers’ accommodation facilities to the regional emerging markets……………………………………..Full Article: Source

From Business24-7.ae: GCC markets had a positive start to the year, after ending 2009 with a red quarter amid negative corporate news.
The first quarter of 2010 was led by healthier corporate earnings, stronger economic outlooks and more positive corporate news……………………………………..Full Article: Source

From Winnipegfreepress.com: Assiniboine Credit Union is boldly going where no Canadian financial institution has gone before. The Winnipeg-based credit union has launched the country’s first Islamic mortgage, a product designed to address Islamic law, which says paying interest on money is unacceptable and considered usury by the Qur’an.
Instead of loaning money to Muslim clients, ACU enters into a “declining partnership agreement” with them. This calls for the credit union to sell its share of the property to them over an agreed upon period of time……………………………………..Full Article: Source

From Lawyersweekly.com.au: Melbourne-based Logie-Smith Lanyon Lawyers is one of the first Australian law firms to hire a Shariah law advisor, after it appointed Sheikh Mohamadu Nawas Saleem to provide his expertise as a Shariah consultant.
This unique appointment is indicative of the growing demand for Shariah law experts, as reported by Lawyers Weekly in November 2009, to advise Muslims living in common law based societies as well as the growing market for lawyers with expertise in Islamic banking and finance……………………………………..Full Article: Source