From Bloomberg: The growing demand for securities that meet Islamic religious principles may lead Canadian governments and companies to start issuing Shariah bonds.
HSBC Bank Canada may offer $500 million and three government-related borrowers from one Canadian province may issue $1.5 billion of sukuk, Omar Kalair, chief executive officer of Toronto-based UM Financial, said………………………………………Full Article: Source

From Arabianbusiness.com: The British government may issue its first sovereign sukuk, or Islamic bond, by the end of the year, the head of a London-based Islamic lender has said. “They are seriously considering it,” said Fahed Boodai, co-founder and chairman of Gatehouse Bank, a subsidiary of Kuwait’s Global Securities House.
When asked if an issuance is likely this year, he said; “I hope so.”………………………………………Full Article: Source

From Arabnews.com: Saudi firms are likely to launch 10 Islamic bonds, or sukuks, in 2011, more than double their number this year, but they will be dominated by private placements, a specialist at Saudi Hollandi Bank (SHB) said on Monday.
“The market confidence is coming back … We should probably see two or three (sukuk issues) every quarter over the next year … 10 more issues coming in 2011,” Haroon Nisar, senior manager for Islamic banking at SHB, told Reuters Middle East Summit in Riyadh……………………………………….Full Article: Source

From Arabianbusiness.com: Nakheel, the debt-laden real estate arm of state-owned conglomerate Dubai World, is aiming to issue a sukuk by January 2011 at the latest, its CEO has said.
The developer also has about 90 percent of acceptances by value among trade creditors for its debt restructuring, CEO Chris O’Donnell told Arabian Business……………………………………….Full Article: Source

From Reuters: Developer Nakheel’s proposed bond sale to trade creditors may see its price fall initially as smaller contractors could sell to shore up their cash position, a top executive at Dubai builder Arabtec said.
Troubled Nakheel, builder of palm shaped islands off the coast of Dubai, plans to issue a 6 billion dirham ($1.63 billion) Islamic bond as part of its debt repayment plan……………………………………….Full Article: Source

From Cpifinancial.net: Spike in issuance possible in 4Q given strong interest, favourable credit conditions and avid demand. AmInvestment Bank topped the RAM Lead Managers’ League Table as of end-September 2010, with MYR 10.4 billion ($3.3 billion) through four deals, followed by RHB Investment Bank and CIMB Investment Bank. AmInvestment Bank also emerged tops in the RAM Sukuk League Table.
The corporate bond market expanded a further six per cent in 3Q 2010 after soaring 77 per cent in the second quarter - a commendable achievement considering the latest quarter coincides with the traditionally quiet month of Ramadhan and the ensuing Eid holidays, according to the latest numbers from RAM Ratings……………………………………….Full Article: Source

From Zawya.com: Gatehouse Bank, London-based Shariah-compliant wholesale bank, is planning to launch a £70 million (Dh410 million) Islamic bond (sukuk) next month, its chairman said. Fahed Boodai said the sukuk is targeted at the UK corporates and is expected to be completed in November.
“We are in the midst of launching one of the first UK corporate sukuks targeted to be completed in November,” Boodai added……………………………………….Full Article: Source

From Bernama: RAM Rating has reaffirmed the respective AA3 and A2 ratings of Mukah Power Generation Sdn Bhd’s Senior Sukuk Mudharabah Programme of up to RM665 million and Junior Sukuk Mudharabah programme of up to RM285 million.
In a statement here Monday, the rating firm said both long-term ratings have a stable outlook……………………………………….Full Article: Source

From Bloomberg: Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest lender complying with Shariah principles, will start meeting overseas investors this week before a possible sale of Islamic bonds.
The bank will hold “non-equity” meetings in Asia, Europe and the Middle East from Oct. 20, the lender said in a statement to the Abu Dhabi bourse today……………………………………….Full Article: Source

From Reuters: Abu Dhabi Islamic Bank will kick off a non-equity investor roadshow in Asia, Europe and the Middle East on Oct. 20, it said on Monday, amid talks that the lender is planning to issue an Islamic bond, or sukuk.
Last week, sources said ADIB, the second largest Islamic lender in the United Arab Emirates, had mandated three banks to arrange a sale……………………………………….Full Article: Source

From Tradearabia.com: Abu Dhabi Islamic Bank (ADIB), the second largest Islamic lender in the UAE, said its net profit in the third quarter rose 31.3 per cent to Dh314.5 million ($85.62 million) from Dh239.3 million last year.
The bank said it would continue to take provisions and impairments as it sees continued economic weakness……………………………………….Full Article: Source

Sharjah Islamic Bank has announced that its profits in the third quarter of the current year reached Dhs191.6m. The lender’s balance sheet grew since December 2009 with total assets reaching Dhs16.3bn compared with Dhs16.0bn, the bank said.
Total liquid assets increased by Dhs410.2m 12.9% to reach Dhs3.6bn……………………………………….Full Press Release: Source

From Thepeninsulaqatar.com: International Islamic (QIIB) posted a net profit of QR420m at the end of the third quarter compared with QR 397m in the same period last year, registering a growth in earning of six percent.
QIIB Chairman and Managing Director Sheikh Dr Khalid bin Thani bin Abdullah bin Thani Al Thani said the results indicated the continued growth and profitability of the bank and the successful realisation of the various projects planned……………………………………….Full Article: Source

From AFP: Arab finance ministers on Monday officially launched a two-billion-dollar development fund that will provide loans to small and medium-size projects across Arab countries.
The Arab Development Fund, which was approved by the first Arab economic summit in January last year, was first proposed by Kuwait’s Emir Sheikh Sabah al-Ahmad al-Sabah……………………………………….Full Article: Source

From Tradearabia.com: Abu Dhabi government-owned investment vehicle Invest AD aims to raise $400 million in a new private equity fund by mid-2011, a senior executive said on Monday.
Invest AD aims to complete a first closing of the fund by the end of this year for $175 million, including $75 million of its own seed capital, said Samir Assaad, head of private equity……………………………………….Full Article: Source

From Zawya Dow Jones: Doha-based private investment bank QInvest, which was established in 2007 with paid up capital of $750 million, could list on the Qatari bourse late next year or early 2012, the company’s chief executive said Sunday.
“This is part of our strategy. It’s very early days and nothing is definite but we are looking around the fourth quarter of next year or maybe even early 2012,” Shahzad Shahbaz told Zawya Dow Jones by telephone. Shahbaz said the company hasn’t yet appointed banks to advise on a potential initial public offering, or IPO……………………………………….Full Article: Source

From Bi-me.com: The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, is delighted to announce the launch of its Islamic Finance division with the establishment of ‘Bait Al Bursa’ marking the creation of the region’s first exchange operated platform dedicated to Islamic finance products.
As the BFX is focused on bringing new and innovative financial products and services to the market, it has established its Bait Al Bursa division to offer Shariah compliant solutions to a wide range of regional and international participants……………………………………….Full Article: Source

From Tradearabia.com: A potential merger between the United Arab Emirates’ two main bourses is unlikely before 2011 but would be good for traded UAE companies, the chief financial officer of the region’s largest listed builder said on Monday.
“I don’t think you will see any progress before next year because the process takes time,” Ziad Makhzoumi, CFO at Arabtec said at the Reuters Middle East Investment Summit in Dubai……………………………………….Full Article: Source

From Reuters: Uncertainty in the wake of the economic downturn, tight credit markets and Dubai’s devastating debt crisis has begun to ease in the Middle East.
Speakers at the Reuters Middle East investment summit were upbeat on prospects for the region, buoyed by rising consumer sentiment and cash-rich investors keen to make emerging market plays……………………………………….Full Article: Source

From Arabianbusiness.com: Malaysia’s Islamic insurance industry will surpass its conventional counterpart in 10 years with the entry of new players but it needs more assets to expand further, an Islamic insurer said on Monday.
The Islamic insurance market has expanded due to more interest in sharia compliant investments, and the issuance of four new family takaful licences in September would further drive growth, HSBC Amanah Takaful Malaysia said……………………………………….Full Article: Source

From Bloomberg: Frustrated young Saudis could spark a lending market that Capitas Group International estimates at $32 billion a year for the next decade if the kingdom passes a mortgage law that’s been a decade in the making.
Saudi Arabia is literally millions of homes short of meeting its needs, after housing finance failed to keep up with a population that has quadrupled over 40 years 28.7 million……………………………………….Full Article: Source

From Reuters: The Saudi insurance market is ripe for mergers and acquisitions but these await a nod from the central bank, the chief executive of the kingdom’s biggest insurance firm Tawuniya 8010.SE said.
Ali Al-Subaihin also told the Reuters Middle East Investment Summit that Tawuniya does not plan to tap the debt market after Standard & Poor’s Ratings Services revised its outlook on the firm to stable from negative earlier this week……………………………………….Full Article: Source

From Petra: Central Bank of Jordan (CBJ) Governor Umayya Toukan on Sunday stressed the importance of Islamic financing and its growing role in the global financial system. Toukan highlighted the steps to be taken to develop the Islamic financing system.
He also shed light on monitoring criteria in Islamic banks and the extent of their conformity with international practices. ………………………………………Full Article: Source

Agha & Co, a Shariah compliant legal consultancy established by Oliver Ali Agha, commenced operation in Dubai in May 2010 and is scheduled to have a formal office inauguration on October 25, 2010.
Previously, Agha and Dr. Saeed Mohammed Al-Shamsi established Agha & Shamsi, an affiliated firm, in Abu Dhabi. The Firm and its affiliate are said to be the first Shariah compliant legal consultancies established globally……………………………………….Full Press Release: Source