From Arabnews.com: Islamic microfinance is a nascent industry. It has spurred very few studies and fewer experiments so far. However, it has demonstrated huge potential both in terms of fighting poverty and drawing more clients mainly in developing countries.
The interest-free Islamic microfinance can be defined as provision of financial services to those people who are denied access to the financial market. It empowers people who can carry out projects with their own resources but lack adequate funds. Besides, it provides financial services to those, who are traditionally non bankable, mainly because they lack guarantees against risk……………………………………….Full Article: Source

From Gulfnews.com: The Islamic world profiled modalities of capitalism in the 8th and 9th centuries, but today’s Muslim countries’ Islamic financial hubs are missing something vital — addressing ‘have nots’ (micro-finance), and deploying the funds of ‘haves’ into Islamic venture capital (VC) funds.
Our focus is on the latter: interplay between risk capital and innovative ideas for strategic localised benefit. The Chairman of Malaysia’s Securities Commission, Zarinah Anwar, stated in a keynote speech in 2007, “…how can Malaysia distinguish itself in the emerging market venture capital pool? Our belief is that Islamic VC provides that distinguishing factor.’………………………………………Full Article: Source

From Arabnews.com: Former Malaysian Prime Minister Mahathir Mohammed is arguably the most popular politician in the Muslim street. Even in retirement he still exudes that “street cred” and “wow” factor because he speaks his mind.
Not surprisingly, when he delivered the keynote speech at the Malaysia Islamic finance showcase dinner in Manama on the eve of the 7th Islamic Financial Services Board (IFSB) annual summit, he did not disappoint, albeit privately, his aides did suggest that he toned down some of his remarks……………………………………….Full Article: Source

From Btimes.com.my: Malaysia, with its deep Islamic capital market, may see many sukuk (Islamic bonds) issuances this year, Standard Chartered Bank (StanChart) officials said. They believe that more international bonds and sukuks are expected to be issued this year as companies are looking at the capital market to raise funds.
StanChart Malaysia Bhd managing director and country head for client relationships, Nirukt Sapru said Malaysia’s market has rebounded strongly from the crisis………………………………………..Full Article: Source

From Business24-7.ae: Amid the robust growth of the takaful industry in recent years, the key challenge for players is the limited clarity in regulatory and supervisory framework for the sector, said Fitch Ratings in a statement.
The world takaful market is projected to exceed $8.9 billion (Dh32.69bn) this year from $5.3bn in 2008……………………………………….Full Article: Source

From Thestar.com.my: More shariah funds are expected to make inroads into overseas markets, especially Asia, in view of the improving economy and investors diversifying their portfolio for better returns.
Since the beginning of this year till March, nine syariah funds (seven foreign and two domestic) have been launched in various markets, notably in the Asia Pacific region……………………………………….Full Article: Source

From Theage.com.au: A Melbourne firm has hired Australia’s first sharia consultant - an imam to advise Muslim clients on how to observe Islamic legal codes alongside Australian law.
Sheikh Mohamadu Nawas, a member of the Australian National Council of Imams, will work particularly on commercial contracts and disputes between Muslims, plus separation agreements, divorces, wills and pre-nuptial agreements……………………………………….Full Article: Source

From Gulfnews.com: Emirates NBD has opened its first Business Banking Centre in Sharjah to serve its Sharjah-based SME (Small and Medium-sized Enterprises) clients better, the bank said yesterday.
The centre on the mezzanine floor of Emirates NBD’s main branch on Al Qasimiya Street in Sharjah was opened following the successful operations of the bank’s three Dubai-based Business Banking Centres in Satwa, Jebel Ali and Deira……………………………………….Full Article: Source

From Arabnews.com: Bahrain-based Gulf Finance House (GFH), which reported a net loss of $607 million in 2009, on Sunday said that the bank had incurred a net loss of $7.5 million for the first quarter of 2010 compared to a loss of $37.7 million for the March 2009.
GFH’s total income for the first quarter 2010 was $18.5 million compared to first quarter of 2009 total income of $49.5 million……………………………………….Full Article: Source

From Gulf-daily-news.com: Restructuring at Gulf Finance House (GFH) has seen the Bahrain-based Islamic investment bank dramatically cut its losses.
The bank yesterday posted a net loss of $7.5 million for the first quarter, a remarkable improvement on the $607m loss for the final quarter of last year and an improvement on the $37.7m for the first quarter of last year………………………………………..Full Article: Source

From Ameinfo.com: Qatar Islamic Bank (QIB), the world’s fourth largest Islamic Bank, has announced the signing of an Istisna’a agreement for the financing of a major residential project to be built in Al Khor.
Owned by Al Khor & Dakira Schemes & Services Co., construction of this significant real estate development in the north of Qatar is expected to be completed in just over two years. ………………………………………Full Article: Source

From Xinhua: Kenya is angling herself to reap from the growing appetite for Islamic banking products by countries in East Africa as investors from the Gulf region show a renewed interest in the region.
Central Bank of Kenya (CBK) Governor Prof. Njuguna Ndungu said the renewed interest in Shariah compliant banking in the neighbouring countries could greatly benefit the country as it seeks to transform herself into a regional Islamic finance hub in tandem with her ambitious growth plan dubbed the Vision 2030……………………………………….Full Article: Source

From Ameinfo.com: Saudi Hollandi Bank is set to further its share of the Kingdom’s ladies banking sector with a raft of new services developed for Saudi women as part of a new strategy aimed at enhancing the standards of banking for ladies.
In addition to having fifteen ladies branches at the end of the year, including three ladies branches devoted solely to Islamic banking products, Saudi Hollandi Bank has rolled out an open branch concept with TCR technology in all its ladies branches………………………………………Full Article: Source

From Ameinfo.com: Al khaliji, the region’s ‘next generation’ bank, participated recently in the $255m (QR928m) dual currency Islamic Structured Murabaha Syndicated Facility for Turkey’s largest Islamic bank - Bank Asya - through Al khaliji Group Corporate and Institutional Banking.
The biggest Islamic Murabaha syndication ever executed in Turkey in dual currency ($121.5m and EUR99.15m), represents the largest and most successful international syndicated finance involvements by regional and international banks to date……………………………………….Full Article: Source

From Arabnews.com: The 7th annual summit of the Islamic Financial Services Board (IFSB) which was hosted by the Central Bank of Bahrain (CBB) and held in Manama last week, perhaps not surprisingly stressed urgent attention to three key areas in Islamic finance, namely, liquidity management, adoption of legal and Shariah frameworks, and implementation of prudential standards.
The summit theme, “Global Financial Architecture: Challenges for Islamic Finance,” attracted participants from many countries including for the first time banking regulators from Luxembourg, Sweden and Mauritius……………………………………….Full Article: Source

From Independent: Entrepreneurs producing “halal” cosmetics say the global market is booming as more Muslims opt for beauty products that conform to Islamic rules.
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 1.6 million dollars……………………………………….Full Article: Source

From Gulfnews.com: The Dubai Financial Market (DFM) was established at a time when the country lacked an organised capital market to issue and trade equity and debt instruments.
During the past 10 years of its existence, the exchange has witnessed phenomenal growth in securities listings, trading volumes and turnover………………………………………..Full Article: Source

From Reuters: A deal between creditors and troubled state-owned conglomerate Dubai World could be finalized within two weeks, said Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai’s Supreme Fiscal committee.
Sheikh Ahmed said in an interview with CNN over the weekend that the government is in the process of refining the terms of the restructuring plan, which involves a $9.5 billion infusion of cash, but was positive that it will be well-received by creditors………………………………………..Full Article: Source