From Forbes: The International Islamic Financial Market and the International Swaps and Derivatives Association published the ISDA/IIFM Tahawwut (Hedging) Master Agreement this past spring. For the first time it provides Islamic financial institutions across the world a standardized toolkit for hedging risk.
–The Tahawwut Master Agreement is based on the 2002 (1992) International Swaps and Derivatives Association Master Agreement, a framework governing hedging transactions between conventional (i.e., non-Islamic) parties. It has been adapted to comply with sharia law following extensive consultations with sharia scholars and market participants………………………………………Full Article: Source

From Btimes.com.my: Sumitomo Corp is arranging the first Islamic funding deal in Japan, which could pave the way for other Japanese issuers to tap the US$1 trillion (RM3.20 trillion) industry, a source with knowledge of the deal said in Kuala Lumpur yesterday.
The yen-denominated issue, which would be the first by a Japanese issuer in the country, mirrors the structure of Islamic bonds but is not strictly sukuk as Japan’s banking regulations do not provide for such an offering……………………………………….Full Article: Source

From Bloomberg: Barwa Real Estate Co., a Qatar-based property developer, said it will enter into an Islamic murabaha finance agreement with Qatari Diar Finance covering two real- estate projects in the Persian Gulf emirate.
Barwa’s agreement with Qatari Diar will allow for financing of Barwa Financial District WLL and Barwa Commercial Avenue Co., according to a statement to the Doha bourse today. The company didn’t provide a value for the agreement……………………………………….Full Article: Source

From Gulf-times.com: The Islamic finance industry overcame a hurdle when a London court threw out an appeal in a case that Moody’s Investors Service said could have undermined the market.
Investment Dar Co., the Kuwait-based company that owns half of luxury carmaker Aston Martin Lagonda Ltd., won’t be able to challenge a contract with BLOM Development Bank SAL of Lebanon, because U.K. courts required it to pay more than $10 million to proceed with the appeal, court documents show……………………………………….Full Article: Source

From KUNA: Kuwait International Bank (KIB) has managed to achieve a lot of goals in the past three years following its turning into an Islamic bank, the KIB CEO Sheikh Mohammad Al-Jarah Al-Sabah asserted.
He added that foremost among these achieved goals were strengthening the KIB financial status with its assets being exceeded KD 1 billion, besides protecting the stakeholders’ equities……………………………………….Full Article: Source

From Gulf-times.com: QNB is very much focused on ‘asset quality’ and the bank’s non-performing loans are well below the regional and international average, Group CEO Ali-Shareef al-Emadi has said.
QNB’s non-performing loans as a percentage of total loans was only 0.7% now, which is lower than the 0.9% registered in the same period last year, al-Emadi said in reply to a question by Gulf Times yesterday……………………………………….Full Article: Source

From Qatar-tribune.com: Qatar National Bank (QNB) plans to open over 20 new offices in the region by the end of this year. Disclosing the expansion plan on Thursday, QNB Group Chief Executive Officer Ali Sharif al Emadi said “the decision is driven by strong net profit and customer deposit.”
He said, “To meet the substantial increase in activities, we have planned more expansion both in conventional and Islamic banking………………………………………Full Article: Source

From Cpifinancial.net: The UAE banking industry offers good value, in spite of mixed news from the property market, reports of rescheduling loans and questions about the stability of asset quality, according to new research issued by Rasmala Investment Bank (Rasmala) and Royal Bank of Scotland (RBS).
As part of a series of MENA reports, published under the Rasmala-RBS brand, the research highlights business optimism is returning to the sector. However, risks do still persist and it will take another year before there is sufficient confidence in the transparency of the UAE banking sector……………………………………….Full Article: Source

From Cpifinancial.net: “Aside from possessing a credit-risk profile that is similar to that of its parent, the bank also relies on the back-room operations and risk-management system of AmBank, on top of leveraging on its branch network and e-channels,” said Promod Dass, RAM Ratings’ Head of Financial Institution Ratings.
RAM Ratings has assigned an AA3 rating to AmIslamic Bank Berhad’s proposed MYR 3 billion ($935.8 million) Senior Sukuk Musyarakah Programme……………………………………….Full Article: Source

From Bloomberg: Nakheel PJSC, the builder of palm- shaped islands off Dubai’s coast, plans to issue bonds in mid- July to settle debt to contractors, Al-Bayan reported citing the chairman of the United Arab Emirates’ Contractors Association, Ahmed Saif Belhasa.
The company said in March that trade creditors would be offered 100 percent recovery of their claims — 40 percent through a cash payment and 60 percent through a publicly tradable Islamic bond, paying 10 percent return annually……………………………………….Full Article: Source

From Globalarabnetwork.com: NASDAQ Dubai announced that Dubai Financial Services Authority (DFSA) has given final approval for all trading of its listed equities to take place through the trading platform of Dubai Financial Market (DFM), starting on Sunday 11 July, 2010.
The move is part of an outsourcing strategy to increase trading volumes on NASDAQ Dubai and strengthen Dubai’s role as a centre of capital markets activity. At the same time, clearing, settlement and custody functions for NASDAQ Dubai equities will also migrate to DFM’s systems……………………………………….Full Article: Source

From Royalgazette.com: Bermuda is likely to see the first Islamic financial institution to be up and running by the year end, a development which will boost the chances for Bermuda to become an emerging hub for the Islamic banking and finance in the Western Hemisphere.
The Deputy Premier and the Minister of Finance Paula A. Cox, on the sidelines of the Bahrain-Bermuda seminar, said that she was positive about the outcome of efforts aimed at establishing the first Islamic bank or Takaful Company by the fourth quarter of the year……………………………………….Full Article: Source

From Timeslive.co.za: Eight developing Islamic economies, including Nigeria, Iran and Pakistan, intend to sign a preferential trade agreement by next year in an effort to double their trade with each other and strengthen economic co-operation, their governments said.
Heads of state and ministers from eight countries - Iran, Nigeria, Bangladesh, Egypt, Indonesia, Malaysia, Pakistan and Turkey - are meeting in Nigeria to discuss developing business ties and reducing trade barriers……………………………………….Full Article: Source