From Tradearabia.com: Sukuk issuance in 2011 will likely be less than $25 billion as Gulf debt restructurings and state deficit constraints dampen borrowing, a Reuters quarterly poll showed on Thursday.
Issuance is expected to reach $30 billion this year, according to Kuwait Finance House. Based on this forecast, the poll’s estimated sales in 2011 would mark the first decline since 2008 when sales dropped 56 percent……………………………………….Full Article: Source

From Bloomberg: Australia plans to change laws to ensure Islamic finance products are taxed fairly as the government seeks to attract investors from the Middle East and Asia, paving the way for sukuk sales.
The national taxation board will hold talks next month in Sydney, Canberra and Melbourne on how to best ensure that Islamic finance transactions are treated the same as equivalent non-Islamic deals……………………………………….Full Article: Source

From Alrroya.com: Emirates Aluminium Co, which aims to build the world’s biggest smelter, said it plans to sell about $1 billion of bonds next year to fund phase two of its plant in the United Arab Emirates.
“We’ll probably get the green light on the technology to use for our second phase in February,” Chief Executive Officer Saeed Al Mazrooei said on Wednesday. “We’ll go to the market in the third or fourth quarter next year.”………………………………………Full Article: Source

From Bloomberg: Islamic bond sales by banks in the Persian Gulf may reach $1.5 billion this month, taking total offerings this year to the highest on record, as the region’s recovery lures investors.
Islamic Development Bank, a Jeddah-based multilateral lender, sold $500 million of five-year sukuk yesterday to yield 40 basis points more than the benchmark midswap rate……………………………………….Full Article: Source

From Bloomberg: Banks in the Persian Gulf are settling for lower fees as competition for bond sales intensifies. Bond transactions in the six-member Gulf Cooperation Council are recovering after concerns Dubai World, the state- owned holding company, would default on $24.9 billion in debt raised loan costs for businesses, deterring borrowing.
Banks led by HSBC Holdings Plc and Standard Chartered Plc advised on $9.4 billion of Gulf bond sales in the third quarter, the most since the last three months of 2009, according to data compiled by Bloomberg……………………………………….Full Article: Source

From Thejakartapost.com: The total assets of sharia banks rose by nearly 45 percent during the first nine months of this year after several banks split their shariah banking divisions into separate banks.
Bank Indonesia (BI) director for sharia banking Mulya Siregar said Wednesday that up to September of this year, sharia banking assets reached Rp 85.9 trillion (US$9.6 billion), up 43 percent compared to that recorded in September of last year……………………………………….Full Article: Source

From Gulf-daily-news.com: Qatari banks’ loan provisioning growth slowed in September, central bank data showed yesterday, as the Gulf economy continued to rebound.
Total provisions increased 0.7 per cent on the month to 6.59 billion Qatari riyals ($1.81bn) at the end of September, after rising 2.7pc in August……………………………………….Full Article: Source

From Theborneopost.com: The nation’s first Islamic bank, Bank Islam Malaysia Bhd (Bank Islam) has exceeded its internal financial performance target, according to its managing director Datuk Seri Zukri Samat.
“Looking at the current trend throughout the months of July, August and September this year; we have been on track. I think we can expect another good financial record for our new 18-month financial period ending this December 31, as we are shifting our fiscal year-end to be in line with the calendar’s year-end, as per our parent holding Lembaga Tabung Haji (Pilgrims Management and Fund Board),” he said……………………………………….Full Article: Source

From Thestar.com.my: Bank Islam Malaysia Bhd has interest in the development of the proposed RM26bil KL International Financial District (KLIFD) real estate project, but is not in talks with any parties, Bank Islam managing director Datuk Seri Zukri Samat said.
“We are not in talks with any parties at the moment,” he said after the launch of the bank’s latest product Transact at Palm (TAP) mobile banking-i service yesterday……………………………………….Full Article: Source

From Bernama.com.my: The Islamic Banking and Finance Institute Malaysia (IBFIM) and the Maldives Islamic Bank will sign a Memorandum of Agreement (MoA) to set up the first Islamic bank in Maldives and to develop Maldives Islamic Bank Shariah-compliant banking products.
The MoA, among others, will bind both parties to co-develop Islamic finance in Maldives through extensive study of Maldives legal and banking framework to create a harmonise environment for the growth of Islamic finance……………………………………….Full Article: Source

From Tradearabia.com: Emirates NBD, the leading bank in the UAE, has signed an agreement with Etisalat, a leader in Managed ICT services, to manage the Wide Area Network for its 400+ offsite ATM machines.
Emirates NBD has the largest network in the country with 725+ ATMs, out of which 400+ are installed in offsite locations……………………………………….Full Article: Source

From Emirates247.com: Islamic mortgage firm Tamweel is liquidating four of its dormant subsidiaries which were set up in 2007 to target Saudi Arabian market, according to the company’s financial statement.
Listed with Jebel Ali Free Zone Authority, the four companies under liquidation are Tahfeez Saudi Arabia Ltd, Tamleek Saudi Arabia Ltd, Eshan Saudi Arabia Ltd and Enjaz Saudi Arabia Ltd and were involved in general trading sector……………………………………….Full Article: Source

From AP: The hardline Shebab Islamists who control a large swathe of Somalia said they were banning mobile money transfers in the regions under their control. The government condemned the move, alleging that the Shebab slapped the ban in retaliation for a refusal by some mobile transfer companies to let the insurgent group use their services to fund their military activities.
“After confirming the risk of using the mobile money transfer service, Shebab Al-Mujahideen decided to ban the service from Somalia,” the Al-Qaeda-inspired group said in a statement……………………………………….Full Article: Source