From Bloomberg: CIMB Group Holdings Bhd., Malaysia’s second-biggest lender, overtook HSBC Holdings Plc to become the top sukuk underwriter after arranging two of this year’s three-biggest sales of Islamic bonds.
CIMB arranged $2.74 billion of the notes in 2010, or 26 percent of the total, compared with $1.65 billion from HSBC so far this quarter, according to data compiled by Bloomberg……………………………………….Full Article: Source

From Cpifinancial.net: Bank Muamalat Malaysia and Standard Chartered Saadiq Bhdacted as joint principal advisers, lead arrangers and lead managers for Padiberas Nasional’s (Bernas) MYR 750 million ($240 million) Sukuk
The Sukuk issuance marks the first time that Bernas, the Malaysia rice industry regulator, has tapped Islamic finance for funding. The Islamic commercial papers/medium-term notes (ICP/MTN) programme was assigned respective long- and short-term ratings of ‘AA3′ and ‘P1′ with stable outlook by RAM Ratings Services……………………………………….Full Article: Source

From Vivanews.com: The Indonesian government plans to issue sukuk and global bonds in the first semester of 2011. Director General of Debt Management at the Ministry of Finance, Rahmat Waluyanto, said the sukuk and bond issuance is aimed at meeting most of the financing for the 2011 State Budget.
According to him, the issuance will take place at a period considered as being appropriate. “The first semester usually is a good timing,” said Rahmat in the Coordinating Ministry for the Economy’s office today, September 15. Early-year issuance is chosen because the government always applies front loading strategy……………………………………….Full Article: Source

From Bloomberg: Companies without ratings in Gulf Arab states owe more than $67 billion and are likely to sell bonds, Islamic notes and structured-finance instruments to extend their debt maturities, Moody’s Investors Service said.
“The proportion of bank debt for unrated corporates is high,” the rating company said in an e-mailed report today. This “makes such corporates more likely to pursue debt funding as an alternative,” it said……………………………………….Full Article: Source

From Ameinfo.com: The government of Abu Dhabi has no plans for immediate sovereign bond issues, following its “non-deal” roadshows in Switzerland, Germany and Britain this week.
“It is a non-deal roadshow, a regular update we have been doing in the last two years, meeting investors,” the official at Abu Dhabi’s debt management office told the news service……………………………………….Full Article: Source

From Aawsat.com: The reason why Islamic banks first came into existence, was because Muslim societies needed financial institutions that operated in accordance with the ordinances of the Islamic Shariaa, and that sought to fulfil the Shariaa’s prime targets in finance.
Shariaa Law regarded finance as a tool to ‘construct the Earth’, achieve the renaissance of the Muslim nation, and ensure a decent standard of living for generations to come. This is something that cannot be achieved without banks and finance, as they are the energy behind any renaissance……………………………………….Full Article: Source

From Albawaba.com: Al hilal bank, the UAE’s Islamic bank, announced that it has been appointed as an Islamic Term Arranger for the Emirates Steel Industries PJSC’s Islamic Tranche of its $1.1 billion Project Financing deal.
The financing deal comprised of a $733 million limited-recourse facility from seven conventional banks and a $367 million Ijara (lease) facility from two Islamic banks, al hilal bank’s participation in the deal is of USD 117 Million. Funds will be utilised to finance ESI’s capital expenditures for its expansion plans for additional manufacturing facilities………………………………………Full Article: Source

From Istockanalyst.com: The Indian Centre for Islamic Finance, a non-profit organization spearheading Islamic banking in the country, has approached the Reserve Bank of India (RBI) to allow a few banks in Mumbai to open interest-free windows on a pilot basis, without amending any of the existing regulations.
Any payment or acceptance of interest is prohibited under Islamic banking, which operates on the theory that the return on investment is a compensation for the risk taken by the investor by providing a fund for commercial activity. Money can be lent on a profit-sharing or a fee-based model……………………………………….Full Article: Source

From Emirates247.com: Islamic banks which enforce Tawarruq in their financial and investment operations are involved in usury, which is prohibited in Islam, a senior scholar from the Islamic Development Bank (IDB) has said.
Sheikh Mohammed Mukhtar Al Salami, Head of the Sharia (Islamic) Panel in the Jeddah-based IDB, said many Islamic banks have been involved in such an investment tool in the Islamic banking industry……………………………………….Full Article: Source

From Arabnews.com: Albaraka Türk Katılım Bankası (Al-Baraka Turk), a subsidiary-banking unit of Bahrain-based Al-Baraka Banking Group BSC (ABG), signed a $240 million syndicated Islamic financing in Istanbul.
Through the Shariah-compliant dual-currency syndication, Al-Baraka Turk raised $98 million and euro 108.5 million. The funding sought was oversubscribed by about two and a half time……………………………………….Full Article: Source

From Tradearabia.com: National Bank of Abu Dhabi (NBAD), the second largest lender in the UAE by assets, plans to set up a new bank in Malaysia as it seeks to expand its Asian operations, its chief executive said on Wednesday.
NBAD has secured a licence to set up a new bank in Malaysia with a capital of 300 million ringgit ($96 million) that will open in 2011, Michael Tomalin told Reuters in an interview……………………………………….Full Article: Source

From Tradearabia.com: Abu Dhabi Islamic Financial Services (ADIFS), a subsidiary of Abu Dhabi Islamic Bank, has launched a new online trading platform that allows investors to trade in shares of Shari’a-compliant companies listed on UAE stock exchanges.
Investors can access the new platform on and clicking on ADIFS E-trading. The new portal is part of ADIFS’ commitment to provide additional convenience and services to clients, said a company statement……………………………………….Full Article: Source

From Cpifinancial.net: PruBSN Protect it a term plan offering protection to age 70, PruBSN ProtectPlus offers similar but increasing cover, while PruBSN CrisisCover provides protection against 36 types of critical illness
Prudential BSN Chief Executive Officer Azim Mithani said, “Protection is a key part in financial planning. Therefore, setting aside the background and occupation differences, everyone must ensure they have a protection level that they are satisfied with.”………………………………………Full Article: Source

From Nation.co.ke: African Reinsurance Corporation (Africa Re) has launched a new sharia compliant subsidiary. The African Takaful Reinsurance Company, has been necessitated by the increasing demand for Islamic law-based insurance services.
The new firm will handle all regions in Africa, Middle East and the rest of Asia……………………………………….Full Article: Source

From Gulf-daily-news.com: Bahrain-based t’azur Company has signed an Islamic re-insurance agreement with Hannover Retakaful, the Bahrain-based Islamic subsidiary of Hannover Re.
“We are pleased to enter into this agreement with Hannover Retakaful, a highly regarded A rated re-insurance company,” said t’azur chairman Dr Shaikh Abdulaziz bin Naif Al Orayer,………………………………………Full Article: Source

From Lankabusinessonline.com: Amana Takaful, an Islamic insurer in Sri Lanka says the market does not have enough investment vehicles that are compliant with Shariah laws and also local regulations, where it can invest funds.
“With our foundations constructed on Shari’ah principles, sourcing investment tools that conform to the diktats of being Islamic and Shari’ah compliant is challenging,” the company told shareholders in its annual report……………………………………….Full Article: Source

The Daman Islamic Fund, a Shari’ah principle-based, UAE-registered open-ended mutual fund, continues to beat its benchmark, the NBAD Islamic Index, by a wide margin as of year to date August 2010. The fund’s year-to-date performance stood at -4.51% against the benchmark’s -10.21%.
Wrapping up August 2010 with a NAV of AED 100.44, fund shares held their value with a nominal decrease of 0.43%, outperforming the index which dropped by 1.29%. The fund declared a second quarter dividend of AED 0.50 per unit, and remains ahead of the Index in terms of annualized dividend yield……………………………………….Full Press Release: Source

Tricor, a global provider of integrated Business, Corporate and Investor Services, today announced the establishment of a Joint Venture with Praesidium LLP under the name of Tricor Praesidium Limited (in formation).
Tricor has joined forces with a Dubai based boutique compliance and client advisory practice specializing in both conventional and Islamic Finance, well known globally for its Islamic Finance support services……………………………………….Full Press Release: Source

From Legalbusinessonline.com: Malaysian firm Azmi & Associates has inked a formal agreement to collaborate with Indonesian firm Remy & partners, in a joint venture aimed to boost Islamic banking and cross-border corporate work.
The formal agreement commenced on 27 August 2010, and Azmi & Associates is already preparing to send lawyers on secondment to the Indonesian firm, to assist in cross-border work between Indonesia and Malaysia……………………………………….Full Article: Source

From Asiainsurancereview.com: Leading Islamic finance scholars are preparing the first global certification for Shariah experts, seeking to bolster the industry’s reputation and make it easier for Islamic banks and insurers to find qualified advisers.
The International Shariah Research Academy for Islamic Finance (ISRA) in Kuala Lumpur will pick a board of regulators by year-end to issue permits for scholars qualified to sit on Shariah boards, said Dr Aznan Hasan, President of the Oversight Committee……………………………………….Full Article: Source