From Straitstimes.com: Retail investors will soon get to invest in Singapore’s first Shariah-compliant real estate investment trust (Reit). In fact, the Sabana Reit - set to hold about $850 million of Singapore industrial properties - is expected to be the world’s largest certified Syariah-compliant Reit when it goes on sale late this year.
That is exciting news, but let’s back up a moment……………………………………….Full Article: Source

From Btimes.com.my: Is the AIR (authenticity, innovation and reach) out of Islamic finance? It has been operating in a viral vacuum of “Islamic on Islamic” as an over the counter fragmented industry without global connectivity.
First, we need to scientifically establish the size and growth rate of the industry. Is it US$500 billion (RM1.5 trillion), US$750 billion (RM2.3 trillion) or US$1 trillion (RM311 trillion) as the range variance erodes the credibility……………………………………….Full Article: Source

From Gulfnews.com: If perception is reality, then we need to look at the mis-perceptions of Islamic fin-ance. There are a number of myths about this niche market, and, taking a cue from a programme called ‘Myth-busters,’ we need to review some of them for plausibility, amendment or more information necessary.
Myth 1: Islamic finance is only for Muslims. The way Islamic banks market and promote their product and services, primary emphasis on Sharia compliance, gives the impression to non-Muslims that its not for them. Plausible……………………………………….Full Article: Source

From Arabnews.com: Islamic finance is never off the agenda of Malaysian officials whenever they address international, regional or national events relating to finance and the economy.
While most IDB (Islamic Development Bank) member countries shy away from promoting Islamic finance on the global agenda including the G20 meeting in Canada in July this year, and some still live in denial about the reality and efficacy of Islamic finance, Malaysia has been championing the Islamic finance agenda, sometimes to the point of embarrassment, not due to their own role but the lack of empathy from fellow Muslim countries……………………………………….Full Article: Source

From Khaleejtimes.com: Sukuk financing has made a notable comeback, according to a latest study by the National Commercial Bank, or NCB. It said that the global sukuk market had recovered last year after being pummeled by the financial crisis in 2008, posting a 36 per cent year-on-year increase after raising $19.1 billion, higher than $15.5 billion recorded in 2008.
The Kingdom maintained its third-place ranking for the fourth year in a row, after Malaysia and the UAE, as its four issuances collected a combined $3.1 billion in 2009, a 66 per cent annual gain over 2008 figure……………………………………….Full Article: Source

From Gulf-times.com: Sukuk issuance in 2011 will likely be less than $25bn as Gulf debt restructurings and state deficit constraints dampen borrowing, a Reuters quarterly poll has showed. Issuance is expected to reach $30bn 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%.
Sales stood at $23.3bn in 2009 and $14.9bn in 2008, Standard & Poor’s has said……………………………………….Full Article: Source

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

From Smartmoney.com: Assets at Islamic banks in major Muslim markets like Saudi Arabia and the United Arab Emirates swelled 32% from 2007 to 2009, versus 13% for conventional banks in the same markets, according to a September paper by the International Monetary Fund. In the U.S., more than a dozen companies offer primarily Shariah-compliant banking products.
For most large Islamic banks, however, at least three-quarters of — and in some cases nearly all — transactions are Islamic in name only, according to a new study. In practice they closely resemble the conventional bank products that are off limits to devout members of the faith……………………………………….Full Article: Source

From Tribune.com.pk: Muhammad Raza, Head of Commercial Banking at Meezan Bank, outlines the difference succinctly by using an often-quoted reference from the Quran that allows trade but forbids ‘riba’ or usury. He explains that riba is a form of a transaction that is impermissible in Islam.
The transaction is straightforward: the lender extends a certain amount of money to the borrower and the two enter a contract that obligates the borrower to return the principal amount and additional interest payments……………………………………….Full Article: Source

From Haveeru.com.mv: Maldives Islamic Bank (MIB) and Islamic Banking and Finance Institute Malaysia (IBFIM) will sign a Memorandum of Agreement (MoA) to set up the first Islamic bank in Maldives, Malaysian national news agency Bernama reported.
According to the agency, the agreement 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

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced that it has provided the financing facilities to Hyundai Engineering and Construction Co., Ltd. (HDEC) for the newly awarded project Borouge 3 expansion project with a project value Dhs3.41bn ($935m) for the construction of utilities and off-site facilities for the project in Ruwais Industrial Complex, Abu Dhabi, UAE.
The expansion will more than double Borouge’s production capacity to over 4.5 million tones per year by 2013, making it the largest integrated polyolefin site in the world……………………………………….Full Press Release: Source

From Cpifinancial.net: Fitch Ratings has affirmed Qatar Islamic Bank’s (QIB) Long-term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook; other ratings are also affirmed and at the same time, QIB Sukuk Funding Limited’s $750 million Sukuk issue of senior unsecured trust certificates has been affirmed at ‘A’
QIB’s IDRs and Support ratings are driven by the extremely high probability of support from the Qatari authorities, if required……………………………………….Full Article: Source

Sharjah Islamic Bank (SIB) has announced the launch of 0% profit financing service for Hajj under the theme “Perform Hajj this year and pay it off over the year with no profit”.
The innovative service, the first-of-its-kind to be offered by an Islamic bank in the UAE, will enable a lot of people to perform Hajj and pay back the cost via easy and affordable monthly installments for one year without any profit, fees or extra costs……………………………………….Full Press Release: Source

Abu Dhabi Commercial Bank (ADCB) announced today that a MoU has been signed with Zakat Fund, to enable ADCB customers, for the first time, to contribute to zakat through electronic channels.
In addition to financing the cost of all technical systems and support, ADCB will develop the new IT infrastructure necessary for collecting zakat on behalf of the fund by displaying a Zakat Fund icon on the Bank’s customer service electronic channels identifying this unique service……………………………………….Full Press Release: Source

From Arabtimesonline.com: Al Ahli Bank of Kuwait (ABK) announced net profits of KD 41.5 million for the nine month period ended Sept 30, 2010, achieving a 71 percent growth over KD 24.3 million profit for the same period in the previous year. Earnings per share have increased by 50 percent from 20 Fils to 30 Fils.
Commenting on these financial results, Ahmed Yousuf Behbehani, the Chairman of the Board, stated that “This significant improvement in performance is a result of the prudent strategies and conservative approach adopted by the Bank to minimize its risks in the prevalent difficult market environment……………………………………….Full Article: Source

From Kippreport.com: Dubai Islamic Bank Capital’s Chief Executive Officer Saad Zaman resigned from the company, a spokesman for its parent firm Dubai Islamic Bank (DIB) said on Sunday.
DIB Capital is the investment banking unit of DlB, the United Arab Emirate’s largest Islamic lender by market capitalization……………………………………….Full Article: Source

From Bloomberg: Dubai Islamic Bank PJSC Chief Financial Officer Mohamed Al Sharif will hold the additional position of chief executive officer of DIB Capital Ltd., the bank’s investment banking unit, a bank spokesman said, declining to be identified because of company policy.
Al Sharif replaces Saad Zaman, who resigned. Abdullah al- Hamli, the CEO of Dubai Islamic Bank, “was aware of my intention to move on and has accepted my decision,” Zaman said in a text message received by Bloomberg today……………………………………….Full Article: Source

From Tradearabia.com: Oman’s Al Izz International Bank, a lender under formation in the sultanate, plans to launch an initial public offering (IPO) in the third-quarter of 2011, its spokesman said on Sunday.
The new financial institution, which got the central bank’s nod in September, will have a capital of 100 million rials ($259.7 million) and expects to begin operations after the IPO issue……………………………………….Full Article: Source

From Brecorder.com: Pakistan is the lead player in Islamic securitization! The local regulators have traditionally encouraged exploring and introducing complex asset-backed financing structures at large. Although the entire banking and non-banking financial sectors are now facing difficulties due to global financial turmoil, a sharp upturn can be seen on the heel of Islamic securitization through participation by private and corporate sectors.
Typically in conventional market, security is a document representing receivable amounts owed by the issuer in favour of the holder. Normally, the amounts secured by a security are interests bearing loans. There are different classes of securities such as bonds, issued by a company, bonds issued by a government, debentures, certificates, notes and treasury bills……………………………………….Full Press Article: Source

From Brecorder.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.
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. “The takaful industry always outpaced the conventional growth,” HSBC Amanah Takaful Malaysia chief executive Zainudin Ishak said in an interview……………………………………….Full Article: Source

From Bernama: The International Centre for Education in Islamic Finance (INCEIF) is on track to become a truly global university in Islamic finance going forward.
Its President and Chief Executive Officer Agil Natt said the university would be collaborating with the University of Luxembourg, the Chinese University of Hong Kong and the Reims Management School in France next year for Islamic finance education……………………………………….Full Article: Source

From Kuwaittimes.net: Mideast economies are likely to grow roughly twice as fast over the next two years as they did in 2009, but the region must do more to diversify its economies and create jobs, the International Monetary Fund said.
The Washington-based body forecasts the economy will grow by 4.2 percent this year and 4.8 percent next year in the 22-nation region stretching from North Africa through Pakistan……………………………………….Full Article: Source