From Gulf-times.com: Private equity is falling behind other rival asset classes in the Middle East in the competition to attract Islamic money. Head of Middle East structuring at Deutsche Bank Hussein A Hassan says many Islamic banks won’t commit capital due to the long-term and illiquid nature of many of the region’s private equity funds and their levels of debt liability.
“Islamic banks cannot invest in private equity funds in a meaningful way even though private equity is as close as one can get to pure or real Islamic finance,” said Hassan……………………………………Full Article: Source

From Thenational.ae: Given a choice between a sukuk or a plain-vanilla eurobond, most countries outside the Middle East and certain parts of South East Asia would tend to take the western option.

But not Kazakhstan. Last month, the emerging central Asian oil giant dropped plans to issue a US$750 million (Dh2.75 billion) eurobond, while proceeding with plans to issue a $500m Islamic bond – its first sovereign issuance in a decade…………………………………….Full Article: Source

From Zawya Dow Jones: Bahrain-based Al Baraka Banking Group plans to sell a $200 million Islamic bond before the end of this year, the group’s chief executive told Zawya Dow Jones late Sunday.

“This will be the bank’s first sukuk ever,” said Adnan Ahmed Yousif. Al Baraka has received offers to lead arrange the bond from three banks, a German, a British and an Arabic lender, he said…………………………………….Full Article: Source

From Arabtimesonline.com: The Turkish Minister of Finance Mehmet Shemshat stressed the pivotal role played by Kuwait Finance House-Turkey (KFH-Turkey) and the value it represents to the Turkish economy, in addition to its effective contributions in meeting the demands of large segments of individuals and corporations.

He added during a ceremony that was held to announce a $100 million sukuk deal orchestrated by KFH subsidiary Liquidity Management House in conjunction with Citi Bank, that this deal opens a new window of opportunity for financing tools in a market that is rich in opportunities, and added that the Turkish government welcomes such initiatives that are considered to be an addition to the Turkish economy…………………………………….Full Article: Source

From Thestar.com.my: Celcom Axiata Bhd expects the yield of its RM4.2bil unrated sukuk placement to three institutional subscribers to be market driven. Celcom Axiata is a wholly-owned subsidiary of Axiata Group Bhd.

The three institutional subscribers are the Employees Provident Fund (EPF), CIMB Islamic Bank Bhd and Malayan Banking Bhd…………………………………….Full Article: Source

From Cpifinancial.net: The Central Bank of Bahrain (CBB) has announced that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 630 per cent.

Subscriptions worth BHD 63 million ($167 million) were received for the BHD 10 million ($26.5 million) issue, which carries a maturity of 182 days…………………………………….Full Article: Source

From Reuters: Dubai’s government will keep its options open for a potential sovereign debt issue later this year but it is not under pressure to do so, its finance chief said late on Sunday.

The United Arab Emirates’ member said on Friday it planned to launch a non-deal roadshow for fixed-income investors in Asia, a move analysts said hinted the emirate may issue bonds later this year as it restructures $23.5 billion in debt…………………………………….Full Article: Source

From Tradearabia.com: Dubai’s late August roadshow for fixed-income investors in Asia is a hint that the emirate may issue bonds later this year as it restructures $23.5 billion in debt, according to analysts.

The government says the roadshow, its second in the past three months, follows its strategy for updating investors on its economy, “providing regular updates to both existing and prospective fixed income investors around the world”…………………………………….Full Article: Source

From International-adviser.com: World Shariah Funds PCC is listed on the Channel Islands Stock Exchange and contains three investment strategies from three different fund managers; Malaysia’s Reliance Asset Management, CIMB Principal Asset Management Berhad, a Malaysian and US joint venture, and Markaz of Kuwait. The three fund groups have combined assets under management of more than US$13bn.

Companies held within the three funds are excluded from dealing in alcohol, tobacco and pornography, among other industries, and are also not allowed to have highly leveraged balance sheets…………………………………….Full Article: Source

From Aawsat.com: The Islamic banking industry’s bias towards traditional sectors, particularly real estate, together with a lack of diversification in its financing and investment instruments has negatively impacted on the speed of this industry’s recovery from the after-effects of the global financial crisis.
This is unlike the conventional banking industry, where many institutions have begun to make profits once more a manner that defied expectations. Therefore, the Islamic banking industry must put aside traditionalism and pursue innovation with regards to its financial instruments and products. It should adopt and finance creative projects, for projects such as these make good profits while also being in line with the noble purposes of Islamic Sharia…………………………………….Full Article: Source

From Thedailystar.net: The Hong Kong and Shanghai Banking Corporation (HSBC) in Bangladesh is now pursuing personal banking, with focus on Islamic products, after making a mark in commercial banking.

The bank is the country’s largest commercial bank that handled 9 percent of annual external business worth over $35 billion in fiscal 2009-10…………………………………….Full Article: Source

From Istockanalyst.com: The Islamic Corporation for the Development of the Private Sector (ICD) has signed a Memorandum of Understanding (MoU) with Bahrain-based Al-Baraka Banking Group to jointly provide Islamic financing services.

The two parties also agreed to cooperate and work with each other on a non-exclusive basis to develop and enhance their relationship to their mutual benefit in areas of their business. ICD is the private sector arm of the Islamic Development Bank Group…………………………………….Full Article: Source

From Albawaba.com: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced a four-month postponement of monthly installments for customers who subscribe to its refinancing program ‘Al-Khair’ during the Holy Month of Ramadan.
Al-Khair is ADIB’s Shari’a-compliant repayment plan through which customers can transfer all their conventional bank liabilities to ADIB and get a fresh start…………………………………….Full Article: Source

From Emirates247.com: Bank of Sharjah has raised $150 million (Dh550.5m) through a club term-loan facility which exceeded by 50 per cent from target. This one-year loan effectively replaces a $200 million term loan, which closed oversubscribed in June 2007, and was repaid during June 2010.

Mandated Lead Arrangers for the facility include Commerzbank Aktiengesellschaft, Intesa Sanpaolo, National Bank of Abu Dhabi, UniCredit Group and Wells Fargo Bank…………………………………….Full Article: Source

From Ameinfo.com: Kuwait Financial Centre ‘Markaz’, one of the Middle East’s leading investment banking and asset management companies, announced its financial results for the First Half ended 30 June 2010.

The Company reported a net profit of KD1.44m, or 3 fils per share, compared to a net profit of KD2.18, or 5 fils per share for the same period in 2009…………………………………….Full Article: Source

From Arabfinance.com: The International Islamic Organization for Trade Finance, a member in the Islamic Bank for Development, will implement financial operations by a total value of $ 386 million, to help in financing Egypt’s strategic energy needs, especially crude oil and petroleum products.

In its financial report issued in the first half of the year 2011/2010, the Organization reported its implementation for 36 trade operations for 16 countries with a total value estimated at $ 1.253 billion at the end of the first half of this year…………………………………….Full Article: Source

From Businessday.co.za: Some Malaysian Islamic products have not been accepted in the Gulf because authorities there say they are not Sharia compliant.

But narrowing differences over Sharia interpretation, the quest for new markets and Asia’s growing economic clout have begun to turn the tide, offering investors hopes of a deeper sukuk market, improved transparency and more uniform Sharia standards…………………………………….Full Article: Source

From Arabnews.com: Bahrain’s Gulf Finance House, the investment firm hit hard by a regional property crisis, said on Sunday it plans to increase its capital base by $300 million.

In a statement to the Bahrain bourse, the Islamic investment firm said it plans to raise the capital “imminently” but did not elaborate on how it plans the raise…………………………………….Full Article: Source

From Cpifinancial.net: Gulf Finance House (GFH) has announced its financial results for the six months ending 30 June 2010 in which the bank made significant progress in executing upon its recovery plan.

Total income for the period was $25.9 million compared to $67.9 million for the first half of 2009 following a reduction in income from investment banking services. Net loss for the period was reduced by 50 per cent to $47.7 million compared to a net loss of $92.1 million for the first half of 2009. Expenses were reduced by 54 per cent to $73.6 million compared to total expenses of $160.1 million in the first half of 2009…………………………………….Full Article: Source

From Sundaytimes.lk: The LOLC group entered the area of Islamic Finance as a part of the company’s product development initiatives. LOLC being the first leasing company in Sri Lanka was used to mainly dealing in the area of auto finance in the form of Hire purchase, Leasing and Loans etc. whilst also boasting of a large customer base.
Towards the mid 90s the company experienced a rapid decline in their Muslim customers, due to the fact that leasing was perceived as an interest based product…………………………………….Full Article: Source

From Hindustantimes.com: Halal travel is now gaining popularity as demand for products and services permitted by Islam extends beyond food and interest-free financial instruments, and affluent Muslim travellers make their influence felt.

Halal travel is expected to be worth 100 billion US dollars annually within two years, said Fazal, who resigned from a senior management job at a major telecom firm in 2006 and set up his own company to tap into the expected boom…………………………………….Full Article: Source