From Gulfnews.com: Islamic banking is growing at a fast pace and its size globally is expected to reach $2.7 trillion (Dh9.9 trillion) by 2015, up from an estimated $1 trillion at present, a senior executive of Abu Dhabi Islamic Bank (ADIB) said yesterday.
“Globally, the industry is growing at a double digit rate [annually]. Due to its transparency, trust and ethical practices, clients are increasingly looking at Islamic solutions for themselves,” Malek Sarwar, Co-Head of Private Banking and Wealth Management Group,said……………………………………….Full Article: Source

From Reuters: The asset management side of Islamic finance, which has been at a virtual standstill in the $1 trillion industry, is set to break out of its rut as demand rises for investment products catering to Muslim laws.
Consultants Ernst & Young estimate that between $360 billion and $480 billion of individual and institutional savings are available to the Islamic fund industry, making its growth potential hard to ignore for asset managers………………………………………Full Article: Source

From Zawya.com: Bank of London and the Middle East (BLME), the totally-Shariah based bank, is currently working on the development of a Shariah-compliant Absolute Return Fund. “We have been watching the whole scenario of active and passive fund management and have been working with a lot of interest on the development of an absolute return fund,” said Nigel Denison, director and head of asset management, BLME, who was in Jeddah for a seminar on Islamic finance recently.
He said that it was in no way a hedge fund, but a reliable way of producing a Shariah-based strategy to positively produce an absolute return regardless of the direction of the market……………………………………….Full Article: Source

From Bloomberg: The Dubai government and Qatar Islamic Bank SAQ are among issuers leading the biggest Persian Gulf borrowing push since the fourth quarter, a sign Dubai World’s debt restructuring is reviving confidence in the region.
Dubai may sell $1 billion this week in its first bond sale in a year, two bankers familiar with the plan said Sept. 23. Qatar Islamic Bank plans to offer its first dollar sukuk and will start meeting investors in the Middle East, Asia and Europe, it said last week. Chief Executive Officer Salah Mohammed Jaidah said May 19 the bank may issue as much as $750 million of notes that comply with the religion’s ban on interest……………………………………….Full Article: Source

From Thelawyer.com: In November 2007 Islamic finance, which until then had been soaring on the back of a bullish economy and a climate of more liberal interpretation, hit its first snag.
Sheikh Muhammad Taqi Usmani, head of the religious board at the Accounting and Auditing Organisation for ­Islamic Financial Institutions - the body that sets standards for Islamic finance products - declared that around 85 per cent of the sukuk in issuance broke key principles of Islam and were not sharia-­compliant……………………………………….Full Article: Source

From Arabianbusiness.com: Nakheel, the developer of palm-shaped islands off Dubai’s coast, has applied to the Nasdaq Dubai stock exchange to list a sukuk, or Islamic bond, said Ziad Makhzoumi, chief financial officer of contractor Arabtec Holding Co.
“In my understanding, Nakheel has already applied to Nasdaq Dubai to list the sukuk,” Makhzoumi told reporters at a conference in the UAE emirate of Ras al Khaimah on Monday. “We see the listing by year end but it’s not our decision.”………………………………………Full Article: Source

From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been over subscribed.
Subscriptions worth BD55.5m were received for the BD12m issue, which carries a maturity of 91 days……………………………………….Full Article: Source

From Thepeninsulaqatar.com: Abu Dhabi will not issue sovereign bonds this year, while fellow United Arab Emirate member Dubai is determined to get a credit rating in the future, top government officials said yesterday.
Both Gulf Arab emirates have been testing investor interest in potential debt issues during recent months, with sources indicating debt-crisis hit Dubai may be first to tap the market……………………………………….Full Article: Source

From Gulf-daily-news.com: Though the Islamic finance industry has enjoyed rapid growth over the past few years despite the effects of the global financial slowdown, a key challenge is to ensure that this growth is sustainable.
It is against this backdrop that the 17th Annual World Islamic Banking Conference (WIBC 2010) will be held from November 22 to 24 at the Gulf Hotel, Bahrain……………………………………….Full Article: Source

From Joongang Daily: Korea is hoping to attract funds from oil-rich Middle East countries by setting up a local Islamic bank in the country, but the effort is still facing many challenges. The Islamic Bank Korea Organizing Committee was established in January 2009 under the auspices of the League of Arab States Chamber of Commerce in Korea.
The group is being led by Rhee Dong-wook, a Muslim convert, and Lee Tong-ho, a former president of Korea Development Bank. Their plans call for opening an Islamic bank, tentatively called Al Amir Bank……………………………………….Full Article: Source

From Bloomberg: Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest lender complying with Muslim banking rules, plans to offer wealth-management clients access to funds from Allianz SE, NCB Capital and HSBC Amanah.
The bank is trying to win a greater share of the wealth- management market in the U.A.E., which is home to more than 55,000 households with investible wealth of more than a $1 million, Malik Sarwar, head of ADIB’s wealth-management business, told reporters in Abu Dhabi today……………………………………….Full Article: Source

From Zawya.com: Fresh charges against seven suspects. Dubai Prosecutors have added new charges against seven suspects allegedly involved in financial irregularities which caused a Dh1.8 billion loss to the Dubai Islamic Bank, Gulf News learnt yesterday.
Dubai Public Prosecution has charged the seven suspects — three Britons, two Pakistanis, a Turk and an American — with embezzling public funds, deliberately helping others to embezzle public funds, inflicting intentional loss to the government and its interests, and unlawful profiting and forging unofficial documents and using them, prosecution sources told Gulf News……………………………………….Full Article: Source

From Ameinfo.com: Standard Chartered Bank today announced the launch of the first Islamic US Dollar Nostro Account in the United States. Islamic banks across the world will now be able to earn Shariah-compliant profits on their account balances at Standard Chartered Bank New York by using this facility.
The facility will operate on the Islamic finance principle of Commodity Murabaha. Profits will be paid on a monthly basis……………………………………….Full Article: Source

From Zawya.com: Abu Dhabi Islamic Bank, a top-tier Islamic financial services group, today announced the launch of its Wealth Management service that will cater to the increasingly discerning needs of mass, affluent and high net worth customers.
The service will offer an innovative range of investment solutions that are tailor-made to meet the financial needs of their customers through dedicated and certified relationship managers who are supported by a team of investment professionals. ADIB Relationship Managers combine their industry expertise with technical and investment expertise to deliver innovative investment solutions and to support their brand promise of ‘Trusted Advice by Trusted Advisor.’………………………………………Full Article: Source

From Globalarabnetwork.com: The impact of the global financial crisis on the GCC banking sector, as was reported, has been limited. The profits of the top 25 banks in the GCC have reached their peak in the second half of 2008 followed by a dip in 2009 and the total banking assets of those banks reached a total of USD 860.1 Billion in 2010 up from a total of USD 534.9 Billion in 2008.
“Recently, growth has restarted and profits have recovered to those nearing pre-crisis levels,” George Nasra, Managing Director of International Bank of Qatar said. IBQ is participating in the MEED Middle East Retail Banking 2010 Conference which is currently being held in Abu Dhabi on 27 and 28 September……………………………………….Full Article: Source

From Ameinfo.com: Muhammad al-Jasser, Saudi Arabia’s central bank governor has said that private sector lending in the kingdom rose by 4.9% in August, a sign “that lending is continuing its recovery.”
Bank claims on the private sector rose at the same annual pace at the end of July, central bank data showed……………………………………….Full Article: Source

From Ahlul Bayt News Agency: Daud Vicary Abdullah, global leader of Deloitte’s Islamic finance group told reporters in Dubai at the launch of the firm’s Middle East Islamic finance leaders survey that international markets such as Japan and London are actively trying to raise sharia-compliant capital in order to tap liquidity from the Gulf region.
“Islamic finance still represents less than 1 percent of the global market,” he said. “It’s not yet punching its weight.”………………………………………Full Article: Source

From Ameinfo.com: Though the Islamic finance industry has enjoyed rapid growth over the past few years despite the effects of the global financial slowdown, a key challenge is to ensure that this growth is sustainable, even more so given the challenges inherent in the new global economic landscape.
It is against this backdrop that the 17th Annual World Islamic Banking Conference (WIBC 2010) will be held from the 22nd - 24th of November 2010 at the Gulf Hotel, Kingdom of Bahrain……………………………………….Full Article: Source

From Bernama: Malaysia can strengthen its position as a leader in global Islamic finance by exploring further important Islamic principles, according to an industry expert.
Such principles can complement not only the product creations and innovation but also support the Islamic finance foundation, said Dr Armen V. Papazian, currently a fellow at the University of Cambridge’s Judge Business School……………………………………….Full Article: Source

From Bt.com.bn: Organisations and companies can benefit from good values contained in the religion of Islam, and by implementing or applying them in their management practices, working culture and human resource development, said a management expert.
Dato’ Aidit Ghazali, executive chairman of Malaysian consultancy firm Akademi Aidit Sdn Bhd and consultant in Islamic management and leadership, shared the philosophy of Islamic management and leadership as well as its benefits to Bruneian organisations during his two-day training workshop at The Rizqun International Hotel……………………………………….Full Article: Source

From Bt.com.bn: Brunei Darussalam is putting laws in place aimed at extending the reach of Syariah practices across its economy, according to the Minister of Religious Affairs (MoRA), Pengiran Dato Seri Setia Dr Hj Mohamad Pg Hj Abdul Rahman.
Speaking exclusively to Oxford Business Group (OBG), the global publishing, research and consultancy firm, Pengiran Dato Mohammad Rahman said that new legislation would allow the Sultanate to extend Islamic principles, which already feature in Brunei’s banking and insurance sectors, into other areas of business……………………………………….Full Article: Source

From Ahlul Bayt News Agency: Makkah Islamic Economic Forum (MIEF 2010) will be held under the theme “Unifying Vision and Objectives” from December 12th to 16th. The forum is organized by Umm Al-Qura University in cooperation with Dunia Intermedia Group and will be held at the Umm Al-Qura University in Makkah.
It seeks the convergence of visions and facilitating the achievement of objectives for the 57 Islamic countries that are members of the OIC……………………………………….Full Article: Source

From WAM: The Abu Dhabi National Takaful Co. is organizing Technology and Recruiting Exhibition 2010 between in November, under the patronage of Mariam Mohammed Khalfan Al Roumi, Minister of Social Affairs.
Three days exhibition is aimed to recruit disabled people in the UAE and review best modern technologies to rehabilitate, train and educate them……………………………………….Full Article: Source

From Gulf-daily-news.com: The Middle East insurance market has the potential for better returns than the West because it is not hampered by the legacy the industry has elsewhere from consolidating business after a period of takeovers.
That is the view of Ernst & Young (E&Y) MENA Insurance leader Justin Balcombe. He said the industry in the region was split between small family run businesses, more developed companies looking for expansion regionally and international firms with a presence in the market……………………………………….Full Article: Source

From Bloomberg: Islamic bonds of Tamweel PJSC rose the most in almost a year after Dubai Islamic Bank PJSC received government approval to purchase a majority stake in the mortgage lender hit by Dubai’s property slump.
The price on the 4.31 percent sukuk due in 2013 climbed to 83.5 cents on the dollar at 3:47 p.m. in Dubai, according to Barclays Capital Group prices on Bloomberg. That is a 13 percent increase, the biggest since Oct. 13, from the 73.7 cents close on Sept. 24, according to Bloomberg prices……………………………………….Full Article: Source