From Indianexpress.com: The Indian Union Government on Thursday informed the Kerala High Court that it was not legally feasible for banks in India or its branches abroad to undertake Islamic banking activities.
In a counter affidavit, M M Dawla, Under Secretary in the ministry of Finance informed the court that this had been the stand of the Union Government even while giving replies to questions in Parliament as well as in response to various VIP correspondence on the subject……………………………………….Full Article: Source

From Bloomberg: Pakistan’s government plans to sell Islamic bonds in the domestic market by the end of this month, according to the central bank’s spokesman.
“Issuance of local-currency sukuk is at the final stage, requiring some tweaking,” Karachi-based Syed Wasimuddin said in an e-mail late yesterday. “Most probably the sukuk shall be issued by end September 2010.” The statement didn’t provide any further details……………………………………….Full Article: Source

From Asiaone.com: Maybank, Malaysia’s biggest lender, has set up a dedicated Islamic banking hub here as part of a concerted push to expand the business beyond its home market, as it strives to gain an edge over rivals vying to stamp their name on South-east Asia.
‘We want to be the No 1 Islamic bank in Asean,’ Maybank president and chief executive Abdul Wahid Omar said yesterday. ‘Our intention is to grow beyond Malaysia into Singapore and Indonesia.’………………………………………Full Article: Source

From Arabianbusiness.com: Halal is no longer a minority taste. Arabian Business reports on the intensifying $2 trillion fight to win the hearts and wallets of Muslim consumers. It’s a scene replicated in Middle Eastern supermarkets every day; bustling abaya-clad women browse tables piled high with flatbreads, jarred olives, and rows of spices.
Arabic signs flag cut-price halal meat, while mango juice, non-alcoholic wine and sweetmeats jostle for shelf space……………………………………….Full Article: Source

Standard & Poor’s Ratings Services said on Thursday that its ‘BBB-’ counterparty credit and insurer financial strength ratings on Kuwait-based First Takaful Insurance Company (First Takaful) remain on CreditWatch with negative implications, where they were placed on May 12, 2010.
“The rating action mainly reflects our continued view of the deteriorating underwriting performance of First Takaful’s “takaful fund”, poor investment results for both members and shareholders, and diminished business growth under very difficult economic and competitive conditions,” said Standard & Poor’s Credit Analyst Wolfgang Rief……………………………………….Full Press Release: Source

From Saudigazette.com.sa: Gulf banks rates appear to be showing signs of improvement, after spending more than $20 billion on loan loss provisions and investment impairments since 2008, Standard & Poor’s Ratings Services said.
Thanks to high oil prices and government policies, the economies in the Gulf Cooperation Council (GCC) - comprising Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates (UAE),………………………………………Full Article: Source

From Menafn.com: The financial turmoil has put most of the markets and firms across the globe under a test of endurance and buoyancy. The unforeseen crisis hit sectors harder than ever expected and thereby resulted in a deterioration of a majority of global economies.
The snow ball effect of the bubble revealed the vulnerabilities in the financial sector, requiring countries to undertake exceptional stabilization measures to prevent its financial systems from crashing and minimize the losses brought about by the downturn……………………………………….Full Article: Source

From Tradearabia.com: Qatar tops the Middle East region in the The Global Competitiveness Report 2010-2011 rankings, released today by the World Economic Forum.
Qatar, which is placed at 17 globally, jumped five places from 22 last year. Saudi Arabia, ranked second in the region, improved its position from 27 last year to 21 this year……………………………………….Full Article: Source

From Winnipegfreepress.com: Amid the uproar over the proposed mosque near the site of the Sept. 11 terrorist attacks in New York, a new Islamic college recently opened its doors in California with plans to educate a new generation of Muslim-American leaders.
Founded by three prominent Islamic scholars, Zaytuna College in Berkeley is a small school with just five faculty members and 15 students in its inaugural freshman class. The school wants to become the first fully accredited Muslim academic institution in the United States……………………………………….Full Article: Source

Dow Jones Indexes, a leading global index provider, today announced the results of the regular annual and regular quarterly review of the Dow Jones Islamic Market Indexes. All changes will be effective after the close of trading on Friday, September 17, 2010.
In the Dow Jones Islamic Market China/Hong Kong 30 Index, the following four components will be added: GOME Electrical Appliances Holding Ltd., Geely Automobile Holdings Ltd., Anta Sports Products Ltd. and China Dongxiang Group Co. Ltd……………………………………….Full Press Release: Source

From AP: A jury will have to determine whether a man’s failure to disclose $150,000 on federal tax forms was an effort to smuggle money to Muslim fighters in Chechnya or just an oversight by an accountant.
Prosecutors told federal court jurors during closing arguments Wednesday that Pete Seda was a closeted Muslim radical with ties to groups that smuggled cash to support the mujahedeen in Chechnya. His attorneys portrayed the Ashland, Ore., man as a friendly pillar of the community who stood for moderate Islamic principles……………………………………….Full Article: Source