From Bloomberg: Islamic bonds gained at half the pace of emerging-market debt in July. Fund managers say they may make up the lost ground as funds flow into developing nations and Dubai World restructures debt.
“As sentiment toward emerging markets improves globally and default risks wane, Islamic debt will stand to benefit,” said Usman Ahmed, a senior fund manager in Dubai at Emirates NBD Asset Management, which manages $300 million of bonds at the unit of the United Arab Emirates’ biggest lender……………………………………….Full Article: Source

From Bloomberg: Saudi Arabian real estate and energy companies are leading Islamic bond sales from the Persian Gulf as the kingdom’s $400 billion stimulus plan, the biggest among the Group of 20 nations, boosts spending.
Sukuk from borrowers in the largest Arab economy may more than double to $4.5 billion this year from $2.1 billion in 2009, as a “scarcity” of local notes that comply with the religion’s ban on interest bolsters demand from local banks, according to Riyadh-based HSBC Saudi Arabia Ltd……………………………………….Full Article: Source

From Pakobserver.net: Islamic bonds gained at half the pace of emerging-market debt in July, and fund managers say they may make up the lost ground as funds flow into developing nations and Dubai World restructures debt.
“As sentiment towards emerging markets improves globally and default risks wane, Islamic debt will stand to benefit,” said Usman Ahmed, a senior fund manager in Dubai at Emirates NBD Asset Management……………………………………….Full Article: Source

From Khaleejtimes.com: The value of GCC bonds and sukuks issued during the first half of 2010 dropped by 32 per cent to $24.2 billion compared to the same 2009 period, Kuwait Financial Centre said.
In the first half, sovereign/government issuances accounted for 71 per cent of the amount raised at $17.2 billion, Kuwait Financial Centre, or Markaz, said in its market review……………………………………….Full Article: Source

From Thebanker.com: The capital markets were deemed too fragile to issue a riyal-denominated Islamic bond to help fund Satorp’s greenfield refining project in Saudi Arabia, but that doesn’t mean this type of asset funding has gone away. Project sukuk are becoming well known in the Middle East as Islamic finance-friendly products.
Towards the end of June, lenders agreed to the Gulf’s largest project financing deal of the year, a $8.5bn funding package for Saudi Aramco Total Refinery and Petrochemical Company’s (Satorp) greenfield refining and petrochemical project at Jubail in Saudi Arabia’s Eastern Province……………………………………….Full Article: Source

From Investorsoffshore.com: Although the Islamic finance sector suffered along with other investment sectors during the credit crunch of 2008 and 2009, its long-term future seems assured. Rushdi Siddiqui, Global Head of Islamic Finance at Thomson Reuters, said that Islamic Finance is on a firm footing to become a USD2 trillion industry in the next half decade.
“It took the Islamic Finance industry 40 years to become a USD1 trillion industry. It will take another two to five years to become a USD2 trillion industry,” he said……………………………………….Full Article: Source

From Tribune.com.pk: More than any other country, the United Kingdom has been by far the largest Shariah-compliant banking hub for Muslims. The United Kingdom Islamic banking division was larger than that of Pakistan, according to a report published a while back.
It is the first Shariah-compliant retail banking division in the West which was authorised by the Financial Services Authority in 2004……………………………………….Full Article: Source

From CNBC: Sameer Abdi, partner and head of the Islamic Financial Services group at Ernst & Young, says retail investment into Islamic funds remains negligible. He explains why and shares his assessment of the industry with CNBC’s Yousef Gamal El-Din.………………………………………Full Article: Source

From Maktoob.com: The Islamic finance standard-setting body AAOIFI said it would overhaul rules governing Islamic finance scholars whose role and potential conflicts of interest have come under increased scrutiny.
The emerging Islamic finance industry is governed by national regulators and Islamic scholars interpreting Islamic law, or sharia. Interpretations can vary and critics of the industry say there is little transparency in scholars’ rulings……………………………………….Full Article: Source

The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, today announced that it has appointed Ratings Intelligence Partners (RI) as its Shari’ah Advisor.
RI, one of the world’s leading organizations of its kind, will provide a number of important support services to the BFX leading up to its launch in October of this year; most notably, advisory services to the BFX to ensure the adherence of the BFX’s Murabaha platform to Islamic principles. RI will also develop a formal structured documentation process for the BFX’s Islamic products……………………………………….Full Press Release: Source

Al Jazeera Finance, Qatar’s leading, Sharia’a compliant finance company issued a media campaign, which focused on the expanding services and growth of the company. Al Jazeera Finance has been in operation in Qatar since November 1990 and has earned its place as a company trusted by its clients.
Al Jazeera Finance has a strong reputation and successful track record of offering customer centric services and an innovative portfolio of financing products to the Qatar market……………………………………….Full Press Release: Source

From Bi-me.com: The Islamic Bank of Britain (IBB) was bailed out this week by a group of Qatari investors, which are injecting £20 million worth of capital.
With the bank struggling to grow its income, the outlook for retail Islamic finance in the UK, and indeed Europe, looks bleak……………………………………….Full Article: Source

From Introducertoday.co.uk: Islamic lending has received a major boost in the UK, with a £20m capital injunction into the Islamic Bank of Britain.
It comes from founding shareholder Quatar International Islamic Bank, and will have to get shareholder and regulatory approval……………………………………….Full Article: Source

From Arabianbusiness.com: The chief executive pushing Bahrain’s Unicorn investment bank as a global Islamic finance player is set to leave after the board demanded more focus on Saudi Arabia, two sources familiar with the matter said.
A source familiar with Unicorn said: “There’s been a conflict with the board,” adding that this was the reason chief executive Majid Al Refai was set to depart……………………………………….Full Article: Source

From Gulf-daily-news.com: Unicorn Investment Bank yesterday announced the appointment of Ikbal Daredia as interim chief executive officer (CEO) of the bank.
Mr Daredia is the global head of the bank’s capital markets, institutional banking and treasury areas and brings more than 20 years of experience of Islamic finance, having held key positions with major market leaders over the formative years of the Islamic financial services industry……………………………………….Full Article: Source

From Turkishweekly.net: The Syrian cabinet approved on Tuesday a license for setting up a Syrian-Iranian bank to be named “al-Aman” in Damascus, the Islamic Republic of Iran News Network reported on Sunday.
The bank’s initial capital is 1.5 billion Syrian pounds (some $32 million)……………………………………….Full Article: Source

From Theedgemalaysia.com: The granting of new banking licences to foreign commercial banks will not have negative effects on the operations of local banks, including those offering Islamic banking.
Deputy Finance Minister Datuk Dr Awang Adek Hussein said this was because local commercial banks were strong to face the challenges of a liberal environment as a result of the banking reforms and efforts undertaken under the Financial Sector Masterplan……………………………………….Full Article: Source

From Tradearabia.com: Local Gulf investment banks and brokers are being forced to seek new business areas to replace traditional sources of income hit by the downturn and as global heavyweights muscle in, raising the possibility of mergers.
The Gulf’s sharp fall in real estate values and drying up of initial public offerings (IPOs) - staples for local investment banks - and competition from global players such HSBC is pushing them into niches, such as infrastructure funding and foreign exchange, to survive……………………………………….Full Article: Source

From Insurancedaily.co.uk: This year’s International Takaful Awards have seen the Chartered Insurance Institute (CII) and the Bahrain Institute of Banking and Finance (BIBF) awarded the best education and training qualification, in recognition of the effort the two organisations have put into developing the ‘Principles of Takaful’ exam unit.
The CII’s Advanced Diploma in Insurance now includes the option to take the exam unit, which is worth 30 credits……………………………………….Full Article: Source

From Gaapsblog.com: Takaful is an Islamic insurance concept grounded in Islamic muamalat (banking transactions) and observes the rules and regulations of Islamic law which prohibits usury, the collection and payment of interest, trading in financial risk (gambling).. The concept has been practised in various forms for over 1400 years.
As an insurance trend, Takaful is relatively new but it is gaining acceptance and popularity, particularly in Islamic countries……………………………………….Full Article: Source

From Muscatinejournal.com: Word of the day: Dhimmitude. This is the Muslim system of taxing non-Muslims and a means of converting non-Muslims to Islam. The Obama bill is the establishment of dhimmitude and sharia Muslim drktat (a harsh settlement or decree unilaterally imposed) in the U.S.A.
Muslims are specifically exempted from the government mandate to purchase insurance and also from the penalty tax for being uninsured. Islam considers insurance to be gambling, risk taking and usury, and is thus banned. Muslims are specifically granted exemption based on this. How convenient……………………………………….Full Article: Source