From Reuters: A global authority may be set up to oversee Islamic finance sharia advisers, a religious scholar said, amid calls to address the fragmented regulation which threatens to slow the industry’s growth.
The role of sharia scholars has been a growing point of debate as the $1 trillion industry’s rapid rise raises issues such as the shortage of advisers, conflicts of interest and a lack of transparency in their rulings……………………………………….Full Article: Source

From Bloomberg: South Korean lawmakers may revive legislation scuttled earlier this year amid opposition from church leaders that would pave the way for the first Islamic bond sales in the country.
A group of legislators will review the proposal as early as November regulating taxes on sukuk, or bonds that comply with Shariah law, said Choi Sung Soo, assistant director of the office of the committee’s Chairman Kang Ghil Boo……………………………………….Full Article: Source

From Thejakartaglobe.com: Islamic bond offerings from the Persian Gulf are struggling to keep up with Malaysia, the global hub for Shariah-compliant financial services, after new sales in the region fell to the lowest level in five years.
Issuance of Islamic debt from the Gulf has declined 24 percent to $2.5 billion so far this year, involving sales by three companies. Asia’s 29 borrowers, including Malaysia, issued $5.7 billion. The Gulf last outstripped Asian sukuk offerings in 2007……………………………………….Full Article: Source

From Reuters: Turkey’s first Islamic bond offering, from lender Kuveyt Turk, fetched a yield of 5.25 percent on Tuesday and was oversubscribed by investors, sources familiar with the matter said.
Kuveyt Turk, which is majority-owned by Kuwait Finance House, launched the three-year $100 million sukuk on August 17, paving the way for more Turkish companies to tap the growing Islamic finance market……………………………………….Full Article: Source

From Ameinfo.com: International legal practice Norton Rose (Middle East) LLP has advised Kuveyt Türk Katılım Bankası (Kuveyt Türk) a Turkish subsidiary of Kuwait Finance House (KFH) in connection with the issuance of Kuveyt Türk’s $100m Sukuk, the first ever Sukuk from Turkey and the first bank Sukuk originating from Europe.
The joint lead managers on the transaction were Citigroup Global Markets Ltd. and Liquidity Management House……………………………………….Full Article: Source

From Thestar.com.my: The Islamic Development Bank (IDB) will dual list US$3.5bil of its sukuk bonds in Kuala Lumpur and London by the year-end.
Of this amount, US$1.1bil has already been issued to investors. About US$1bil will be issued by year end, in tranches of five, seven and 10 years……………………………………….Full Article: Source

From Globalarabnetwork.com: Fitch Ratings has today affirmed the rating of IDB Trust Service Limited’s USD3.5bn Trust Certificate Issuance Programme (TCIP) at ‘AAA’. The programme benefits from a liquidity facility provided by the Islamic Development Bank (IDB).
The rating affirmation follows the IDB’s announcement that it has increased the ceiling of the programme to USD3.5bn from USD1.5bn in August 2010……………………………………….Full Article: Source

From Ffog.net: The Islamic Development Bank, a Saudi Arabia-based multilateral lender bank, which has 56 member countries including Egypt, Saudi Arabia and Turkey, is financing up to $8 billion of projects in 2010, said Vice President Al Hinai.
The proceeds from the sukuk will be used to mostly finance infrastructure development of $3 billion to $3.5 billion, projects that “are highly needed for the growth of our member countries,” he said. The sukuk are rated AAA by Standard & Poor’s, according to a statement issued by the bank today. Of course that is a very good thing to hear about them……………………………………….Full Article: Source

From Bloomberg: Emirates Steel Industries PJSC, the state-owned company that operates the largest steel plant in the United Arab Emirates, received a $1.1 billion loan from a group of regional banks as it seeks to expand its output.
The seven-year loan includes $367 million of Islamic financing and a $733 million conventional facility, the company said in an e-mailed statement today. It didn’t provide pricing for the loan, which is part of $2.2 billion in financing the company said it obtained Aug. 1……………………………………….Full Article: Source

From IMF: This paper investigates the determinants of the pattern of Islamic bank diffusion around the world using country-level data for 1992 - 2006. The analysis illustrates that income per capita, share of Muslims in the population and status as an oil producer are linked to the development of Islamic banking, as are economic integration with Middle Eastern countries and proximity to Islamic financial centers.
Interest rates have a negative impact on Islamic banking, reflecting the implicit benchmark for Islamic banks. The quality of institutions does not matter, probably because the often higher hurdle set by Shariah law trumps the quality of local institutions in most countries……………………………………….Full Article: Source

From Emirates247.com: National Bank of Abu Dhabi, the second largest bank in the UAE, said on Wednesday it plans to open around 22 branches in Egypt in the short-term as part of aims to become the largest Arab bank.
The bank said in a statement it already had 28 branches in the most populous Arab country, and aims to bring that number to 50 in the near-term……………………………………….Full Article: Source

From AP: The good will tour of the Middle East by the imam behind the proposed mosque near ground zero is just part of the U.S. government’s efforts to reach out to the Muslim world.
This year, the Obama administration will spend nearly $6 million to restore 63 historic and cultural sites, including mosques and minarets, in 55 nations, according to State Department documents……………………………………….Full Article: Source