From Gulf-times.com: Islamic finance is a trillion dollar industry and has become part of the global financial system. The industry represents around 1.6bn Muslims worldwide as well as non-Muslim investors seeking to diversify their portfolio.

Institutional and private investors look to tap into a market that may reach a staggering $5tn, according to forecasts by rating agency Moody’s. France has skilfully anchored into this dynamic terrain but the question really is — What does France need to do to tap completely into this market and become the capital markets’ centre for Islamic financing in the western world?……………………………………Full Article: Source

From Arabnews.com: The recent launching of the first corporate Sukuk out of the UK by Gateshead-based International Innovative Technologies (IIT) may have taken the Islamic capital markets by surprise, but the signs are that a spate of other UK originations may follow over the next few months.

A major GCC-based sukuk arranger confirmed that it has been working on a corporate sukuk issuance for a UK healthcare company for the last year. The company hopes to launch the issuance next month. A London-based Islamic bank is also working on a sukuk issuance for a UK client which is near to being finalized…………………………………….Full Article: Source

From Arabnews.com: The Jeddah-based Islamic Development Bank (IDB) is gearing up for its latest sukuk offering under its Medium Term Note (MTN) or Trust Certificate Issuance Program, which was officially increased this month from $1.5 billion to $3.5 billion.

The IDB, according to Mohamed Tariq, senior adviser to the President Ahmad Mohamed Ali, was poised to go to the international financial markets in September this year to raise in excess of $850 million in a sukuk issuance under its $3.5 billion MTN Program. September will be a difficult month because it coincides with the end of the holy month of fasting, Ramadan, and the subsequent Eid holidays…………………………………….Full Article: Source

From Cpifinancial.net: The Islamic Development Bank (IDB) is to dual list some $1 billion of Sukuk in tranches of five, seven and 10 years as part of its $3.5 billion Medium-Term Note program.

The issue, due in Q4 2010, follows the IDB’s listing this month of MYR 1 billion ($318 million) on Bursa Malaysia via the IDB’s special purpose vehicle, Tadamun Sevices Bhd – the bank’s first MYR-denominated Sukuk. The MYR Sukuk, of which some MYR400 million has already been sold, is listed under the exempt regime basis and is not quoted or traded on the exchange…………………………………….Full Article: Source

From Gulf-times.com: Yields on Asia’s dollar Islamic bonds have slumped to the lowest levels in three months relative to local-currency debt on evidence that the US economic recovery is flagging as growth accelerates across the region.
The difference between the yield on the Malaysian government’s 3.928% five-year dollar sukuk and the similar-maturity 3.86% ringgit Islamic note widened five basis points this month to 67, prices from Bursa Malaysia and Royal Bank of Scotland Group show…………………………………….Full Article: Source

From Gulf-times.com: 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 Abna.ir: Minister of Economic Affairs and Finance Shamseddin Hosseini said on Saturday the Islamic banks and the Islamic financial institutions have been safe from the recent world recession.
Ahlul Bayt News Agency, Talking to reporters on the sidelines of the 21st Conference on the Islamic Banking System in Tehran, Hosseini said the Islamic Development Bank (IDB) has not also been hurt by the world economic crisis…………………………………….Full Article: Source

From Zawya.com: Qatar First Investment Bank (QFIB) plans to spend $500 million (Dh1.8 billion) on acquisitions in Turkey’s energy and finance industries, chairman Abdullah Bin Fahad Bin Ghorab Al Merri said.

He was speaking at a news conference in Istanbul where the Doha lender said it partnered with London private equity house Argus Capital to acquire a 40 per cent stake in Turkey’s Memorial Health Group (MHG). Each will hold a 20 per cent stake, he said…………………………………….Full Article: Source

From Albawaba.com: Qatar First Investment Bank (QFIB) announced that along with ARGUS Capital, a London based private equity house, acquired a 40% minority stake in Memorial Health Group (MHG), one of the leading healthcare providers in Turkey.

MHG began operations in February 2000 and is among the top two ‘class A’ healthcare groups in Turkey, offering high quality service with well respected physicians and state-of-the-art equipment…………………………………….Full Article: Source

From Thepeninsulaqatar.com: Pursuing new avenues of growth such as wealth management is critical for Qatari banks if they want to flourish in an overcrowded market and achieve a regional role that matches the country’s economic super status.

With a soaring economy and a gross domestic product expected to grow 16 percent this year, Qatar’s economic outlook is among the world’s brightest. But the financial windfall that has showered it in wealth will not be sufficient alone to propel its domestic banks to a more dominant role in the Gulf region…………………………………….Full Article: Source

From Albawaba.com: Emirates NBD, a leading bank in the region, has today joined the ranks of major Saudi banks, by becoming the first overseas bank to offer customers the electronic bill payment system or SADAD.
The payment facility, managed by the Saudi Arabian Monetary Agency (SAMA), offers customers the convenience of making direct payments for a host of services such as utility bills and, now, government services. In addition, customers are able to have any payments returned to them via the same system, where refunds may be applicable…………………………………….Full Article: Source

From Arabtimesonline.com: The Human Resources and Services Department Manager at Kuwait Finance House (KFH) Mohammed Al-Jallal announced that KFH’s recruitment strategy focuses on paradigm recruitment, not quantitative, which allows KFH to recruit competent and specialized employees and thus making them an added value to all of the bank’s sectors.
He added that the employees are continuously exposed to paradigm training programs, which meets KFH’s local and overseas expansion strategy as a global banking institution that offers its products and services in many markets around the world, in addition to increasing the competition among the Islamic banking sector…………………………………….Full Article: Source

From Arabnews.com: Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, has announced a SR700-million refinancing of Kingdom Center (Trade Center Company Ltd.), chaired by Talal Ibrahim Al-Maiman, executive director for development and domestic investments and KHC board member.
The refinancing is Shariah-compliant through Samba Financial Group (SFG) for expansion and investment purposes. KHC holds a 36 percent interest in Kingdom Center…………………………………….Full Article: Source

From Albawaba.com: Emirates NBD, a leading bank in the region, announced today that Standard & Poor’s Fund Services has assigned an ‘A’ fund rating to Emirates NBD Asset Management’s three global, multi-asset class funds, making them the first managed funds with such a diverse asset allocation to receive an S&P fund rating in the GCC.
Emirates NBD Asset Management currently has approximately US$1.6billion of assets under management across a range of mandates…………………………………….Full Article: Source

From Emirates247.com: Dubai Multi Commodities Centre Authority is embroiled in a war of words with Standard & Poor’s after the ratings agency said that DMCC will face cash flow problem this year.

S&P also on Saturday withdrew DMCC rating on the company’s request. Prior to withdrawal, the ratings agency reviewed the long-term rating and maintained it on CreditWatch…………………………………….Full Article: Source

From Albawaba.com: According to Zephyr Monthly Review, the value of M&A deals targeting the Middle East trebled month-on-month to US$ 941 million in August 2010, though the result was flattered by a poor result from July 2010 and stood just 4 per cent higher than the USD 908 million recorded in August 2009.
There was a strong monthly gain in value despite deal volume being down 28 per cent from 76 transactions to 55. Meanwhile, the number of deals targeting companies based in the Middle East has doubled since August 2009…………………………………….Full Article: Source

From Gulfnews.com: One of the silver linings from the dark cloud of the credit crisis is, thankfully, fewer Islamic finance conferences, as the global downturn weeded out those entities that were in it just for the money.

There are a handful of conference organisers, and their contribution needs to be acknowledged for their commitment. The major Islamic conference organisers have macro programmes spread over two days and include Euromoney (UK), Mega (Bahrain), IIR ME (Dubai), and CERT (Malaysia)…………………………………….Full Article: Source

From AP: The gates are rusted and the American flags are gone from the house on the outskirts of this small tourist town that once served as U.S. headquarters for an Islamic charity that was declared a terrorist organization by the U.S. government.

But despite six years of trying, federal investigators have not brought terrorism charges against the Iranian-born tree trimmer and naturalized American citizen who co-founded the American branch of Al-Haramain Islamic Foundation, Inc., or his fellow foundation officer living in Saudi Arabia…………………………………….Full Article: Source