From Reuters: Islamic finance is fast gaining momentum around the globe as countries look to cash in on a market that ratings agency Moody’s forecasts could hit $5 trillion over time. But Islamic finance has no global standardisation, which means individual countries have to tweak regulations to accommodate the market.
Here are examples of what some nations have done to accommodate Islamic finance and what they still need to do……………………………………….Full Article: Source

From Reuters: Wrangling among scholars and wiggle room in interpretation of Sharia principles threaten to derail any attempt to arrive at global standards in Islamic finance, holding back the $1-trillion industry.
Analysts say that unified rules that could have fuelled growth will be difficult to establish given the differences not just between regulators but also between practitioners……………………………………….Full Article: Source

From Arabianbusiness.com: Sweden’s Export Credit Corporation (SEK) said it may issue Islamic bonds or tap other sharia compliant financial instruments to boost trade with Saudi Arabia, its biggest trade partner in the Middle East and Africa.
A delegation from SEK met Saudi banks including Alinma , Al Rajhi and Banque Saudi Fransi to discuss the plan but no decision has been made yet, said Mans Hoglund, an executive director at SEK……………………………………….Full Article: Source

From Lse.co.uk: State-controlled power utility Saudi Electricity Co has raised 7 billion riyals ($1.87 billion) from a 7-year Islamic bond at 95 basis points above Saudi Interbank Offered Rate (Sibor), sources familiar with the matter said on Monday.
The sources, who asked not to be identified, said the bond would start trading on the Saudi bond market before May 24. ………………………………………Full Article: Source

From Albawaba.com: Dubai Multi Commodities Centre (DMCC), a Dubai Government initiative, announced today that it has redeemed its US$200 million Islamic bond, or sukuk, issued in May 2005. The final US$20 million repayment on this five-year sukuk was made on schedule.
Originated in 2005, DMCC’s US$200 million issue met with a very positive response from financial institutions across the Middle East, Asia and Europe, based on the long-term strength of DMCC’s business model. Unique features of this innovative, Shariah-compliant financial instrument included the ability of investors to receive repayments in either US dollars or gold bars……………………………………….Full Article: Source

From Reuters: Dubai World property unit Nakheel is expected to repay a $980 million Islamic bond due May 13, one bondholder said, underscoring the different treatment of the holding company’s various creditor classes.
A source told Reuters on Monday that clearing house Euroclear had not yet received any instructions from Nakheel……………………………………….Full Article: Source

From Nst.com.my: The Finance Ministry has announced the issuance of Sukuk 1Malaysia 2010 amounting to RM3 billion on June 21 2010. This is an additional investment instrument for Malaysian citizens aged 21 years and above.
Bank Negara Malaysia has been appointed to issue the sukuk on behalf of the government. The sukuk will be scripless and based on Shariah principles, the Finance Ministry said in a statement……………………………………….Full Article: Source

From Elkhabar.com: The Currency and Credit council in Algeria is amending its legislation to allow banks in the country combine Islamic and conventional Finance by 2011, says Adderrahmane Ben Khalfa, General Commissioner of the Banks and Financial Institutions Association.
Under the new legislations, banks will offer to their customers banking products and services in accordance with Shariah or Islamic law. They will also establish Shariah supervisory Boards to watch and approve financial and banking transactions……………………………………….Full Article: Source

From Business24-7.ae: The losses of Ajman Bank, the newest Islamic bank in the country, increased nearly 20 per cent in the first quarter of 2010 to Dh13.92 million against Dh11.62m losses for the corresponding period last year.
According to the bank’s financials, the bank has distributed Dh3.824m to its depositors as their share of profit. Though the bank made a net income before expenditure of Dh20.94m for the first quarter ending March 31, 2010, staff costs alone were more than that at Dh22.74m, which was about Dh7m more than the figures in the same period last year……………………………………….Full Article: Source

From Busiweek.com: Two commercial banks in Tanzania have introduced the Islamic faith banking to benefit all clients non-Muslims inclusive. The pioneer banks of this mode of banking are Stanbic Bank and the National Bank of Commerce.
The Sharia banking involves lending money to clients without charging interest on the loans. Launching the system in Dar es Salaam last week, the Minister for Finance and Economic Affairs, Mustafa Mkulo expressed appreciation for the system, but urged banks to educate their clients well to enable them to take advantage of the cash to be loaned……………………………………….Full Article: Source

From Arabnews.com: Eissa M. Al-Eissa, chairman of Samba Financial Group, received former British Prime Minister Tony Blair at Samba’s head office in Riyadh on Sunday. Top Samba executives joined Al-Eissa in welcoming Blair and his team.
Blair expressed his admiration for Saudi Arabia’s high standing on an international level and for the strength of the national economy, which has evolved into one of the leading economies in the world……………………………………….Full Article: Source

From Albawaba.com: The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has been recognised by prestigious international publications for a series of 2009 project financing deals that the bank played a leading role in facilitating and executing.
EuroMoney, a London-based publication that covers international capital markets, ranked the US$4.1 billion financing to Dolphin Energy as the Middle East Oil & Gas Deal of Year 2009. Another London-based publication, Global Trade Review, selected the same deal as one of the Best Deals of the Year 2009……………………………………….Full Article: Source

From Ynetnews.com: The largest bank in the Arab world, the Arab Bank, will shut down its three Gaza branches, the Calcalist learned Monday. Their closing will mark the last of the banks working according to international banking standards in Gaza.
More importantly, the Arab Bank was the main channel for funds transferred to Gaza from aid organizations as well as any financial interaction with the outside world……………………………………….Full Article: Source

From Ameinfo.com: Bank Muscat has said it has no immediate plans to sell any of its foreign assets, Reuters has reported. Oman’s largest lender by market value has said in a statement that it ‘regularly explores strategic alternatives, however the bank refutes a news release issued by Reuters on May 6, 2010′.
The report said the bank was considering selling off more foreign assets to reduce rising operational costs. A spokesman for the lender said the company considered all its foreign investments to be strategic……………………………………….Full Article: Source

From Arabnews.com: Qatar Holding, the investment arm of Qatar’s sovereign wealth fund, has set up a $1 billion Indonesian fund to invest in infrastructure and natural resources in Southeast Asia’s biggest economy, officials said on Monday.
The new investment fund is a sign of increasing interest in Indonesia among Middle East and other international investors thanks to the country’s abundant resources and desperate need for financing for infrastructure projects ranging from power plants to roads, railways, and bridges……………………………………….Full Article: Source

From Arabianbusiness.com: Dubai Holding, a company owned by Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum, and its units owe banks $12 billion and have begun talks to roll over some of the loans, a person with knowledge of the matter said.
Almost three fourths of the loans have been racked up by Dubai Holding’s two investment companies, Dubai Group and Dubai International Capital, said the person, declining to be identified because the information is private……………………………………….Full Article: Source

From Gulf-times.com: Dubai World’s talks with creditors to restructure over $14bn of debt may be complicated by the debt crisis in Greece as banks find it harder to agree on the terms outlined by the government-owned conglomerate, analysts said yesterday.
“The Greece dynamic is more of heightened risk aversion perhaps globally,” said Saud Masud, head of research and senior real estate analyst at UBS in Dubai. “Banks may find it increasingly challenging to settle on initial terms set forth by Dubai World, which already appear tough to digest.”………………………………………Full Article: Source