From Bloomberg: Demand for Islamic bonds from the Middle East will return to “pre-crisis” levels by the end of the third quarter as companies restructure debt and higher yields lure investors, according to Citigroup Inc.
“The yields offered here are high, and investors globally are willing to take the risk of investing here to get that spread and return,” Samad Sirohey, Dubai-based chief executive officer of Citi Islamic Investment Bank E.C., said………………………………………Full Article: Source

From Btimes.com.my: Global sukuk sales will be boosted by Malaysia’s 10-year Economic Transformation Program and issuance is set to improve after falling 16 per cent this year, the country’s Prime Minister Datuk Seri Najib Razak said at the Global Islamic Finance Forum in Kuala Lumpur.
“These funding needs will be addressed through a sukuk-raising exercise as the global market picks up,” he said……………………………………….Full Article: Source

From Bernama: The successful closing of the five-year US$500 million Emas Sukuk reflects Malaysia’s evolution into a multi-currency platform for sukuk issuances, said Bank Negara Malaysia (BNM).
It said the sukuk was a significant transaction under the Malaysia International Islamic Finance Centre (MIFC) initiative as it was the first US dollar sukuk issuance by a multilateral development institution in Malaysia……………………………………….Full Article: Source

From Bernama: Malaysia is well-positioned as a multi-currency issuance platform for sukuk given its access to a wide range of players and investors, backed by significant tax incentives, Prime Minister Datuk Seri Najib Tun Razak said on Monday.
He said there were numerous fund-raising opportunities through the Malaysian International Islamic Finance Centre (MIFC) initiatives where Malaysia offers itself as a hub for fund raising……………………………………….Full Article: Source

From Bloomberg: The state-run Islamic Bank of Thailand will delay the nation’s first sale of sukuk until early next year as it awaits new guidelines from the securities commission, President Dheerasak Suwannayos said.
The bank also plans to start a 1.5 billion baht ($50.2 million) property fund that complies with Shariah law, Dheerasak, who is also a member of the government’s steering committee working on the guidelines, said in an interview from Kuala Lumpur. The lender has hired CIMB Group Holdings Bhd. for the sukuk issuance, he said……………………………………….Full Article: Source

From Thestar.com.my: The Islamic Development Bank’s (IDB) successful issuance of five-year US$500mil Emas sukuk marks Malaysia’s march towards a multi-currency platform for sukuk issuances.
The Malaysia International Islamic Finance Centre (MIFC) secretariat said in a press release that the sukuk’s successful closing reflected Malaysia’s evolution into a multi-currency platform for sukuk issuances……………………………………….Full Article: Source

From Bloomberg: Islamic Development Bank plans to issue more Islamic bonds, known as sukuk, next year after the Saudi Arabia-based multilateral lender sold $500 million of bonds last week.
“We just issued sukuk couple of days ago, and we will definitely issue more sukuk next year,” President Ahmad Mohammed Ali said in Jeddah today, without providing more details. The bank will use proceeds from the bond sale to finance agricultural and energy projects in the Muslim world, he said……………………………………….Full Article: Source

From Bernama: RAM Rating Services Bhd has reaffirmed the respective ‘A1′ and ‘A3′ ratings of Projek Lintasan Shah Alam Sdn Bhd’s (PLSA) RM330 million Sukuk Ijarah (2008/2027) and RM415 million Sukuk Mudharabah (2008/2037), with a stable outlook.
In a statement here on Monday, RAM said PLSA was the concessionaire for the 14.7-km Lebuhraya Kemuning-Shah Alam (LKSA) in Selangor……………………………………….Full Article: Source

From Bernama: It is critical for the the Islamic financial products to be on par with their conventional counterparts in terms of competitiveness, comprehensiveness and returns.
Raja Muda of Perak, Raja Nazrin Shah, said for this to happen, the markets must be deep and liquid, adding that the Islamic finance products also have to be commercially driven and based on yield optimisation……………………………………….Full Article: Source

From Bernama: The establishment of the International Islamic Liquidity Management Corp (IILM) will further enhance the capacity of Islamic finance in facilitating efficient cross-border flows, Bank Negara Malaysia (BNM) Governor, Tan Sri Dr Zeti Akhtar Aziz, said on Monday.
She said the corporation would enable effective liquidity management not only for the Islamic financial institutions but also for the management of Islamic financial portfolios……………………………………….Full Article: Source

From Cpifinancial.net: Eleven central banks and two multilateral organisations signed the Articles of Agreement for the establishment of the International Islamic Liquidity Management Corporation (IILM) in Kuala Lumpur on 25 October 2010
The collaboration is a landmark global initiative that is aimed to assist institutions offering Islamic financial services in addressing their liquidity management in an efficient and effective manner. In addition, the initiative should facilitate greater investment flows for the Islamic financial services industry……………………………………….Full Article: Source

From Globalarabnetwork.com: New rules for Islamic banking in Qatar released by the Central Bank in late August will change the way conventional banks offer sharia-compliant services and likely boost the performance of banks that focus solely on such services, reports Global Arab Network according to OBG.
The new regulations, made public on August 29, prohibit conventional banks from allocating more than 10% of issued capital to Islamic banking operations and from opening additional branches for Islamic banking……………………………………….Full Article: Source

From Reuters: The UK unit of Qatar Islamic Bank (QIB) has unveiled a new lending strategy targeting small to medium-sized British companies with limited access to conventional sources of credit, the company said.
“We are seeing quite a big opportunity in the UK for good, solid credit, which is being ignored by traditional banking and capital sources, and our strategy is to pursue those transactions,” its Head of Corporate Finance Akbar Ahsan told Reuters on Monday……………………………………….Full Article: Source

From Bloomberg: Asian Finance Bank Bhd., the Malaysian unit of Qatar Islamic Bank SAQ, said it has identified up to three Shariah-compliant banks for purchase in Indonesia.
Asian Finance is conducting a due diligence and aims for the acquisition by Qatar Islamic to be completed by April next year, Mohamed Azahari Kamil, chief executive officer of the Malaysian unit, said in an interview in Kuala Lumpur today……………………………………….Full Article: Source

From Bloomberg: Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, is not holding any talks about merging its Emirates Islamic Bank PJSC unit with Dubai Bank PJSC, Chief Executive Officer Rick Pudner said.
“The reports in the press regarding the completion of these technical examinations, evaluations are not accurate,” Pudner said on an earnings conference call from Dubai today. “I would just like to confirm that there are currently no talks with regard to the merger or acquisition of Dubai Bank by Emirates Islamic.”………………………………………Full Article: Source

From Gulfnews.com: Emirates NBD, the largest UAE bank by assets, Monday reported a 60 per cent decline in third-quarter profit, which came in below analysts’ estimates. Net income for the three months ended September 30 stood at Dh424 million compared to Dh1.05 billion in the same quarter last year. Analysts had forecast an average of Dh800 million.
For the first nine month of the year, the bank reported a net profit of Dh1.9 billion, down 39 per cent from the same period in 2009……………………………………….Full Article: Source

From Reuters: Dubai-based Emirates NBD said a spike in bad loans and a provision for its exposure to debt-laden Dubai World more than halved its third-quarter net profit to well below analysts’ forecasts.
Chief Executive Rick Pudner also poured cold water on recent newspaper reports that Emirates Islamic Bank, ENBD’s shariah-compliant business, has plans to buy Dubai Bank and Amlak, two local lenders……………………………………….Full Article: Source

From Gulfnews.com: The Islamic Development Bank Group (IDB) and the Egyptian government recently signed three deals in Cairo under which the Jeddah-based bank will offer financial services amounting to $120 million (Dh440 million) to Egypt.
The documents were signed by Egyptian Minister of International Cooperation Faiza Abul-Naja and IDB Board Chairman Ahmad Mohammad Ali with Prime Minister Ahmad Mohammad Nazif and Minister of Electricity and Energy Hassan Ahmad Younis attending……………………………………….Full Article: Source

From Bernama: Shaikh Saleh Abdullah Kamel has been awarded the Royal Award for Islamic Finance for his visionary drive, extraordinary leadership and personal commitment at the royal gala dinner and award presentation.
The award was presented by Sultan of Kedah and Deputy Yang di-Pertuan Agong Tuanku Abdul Halim Mu’adzam Shah, on behalf of the Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin……………………………………….Full Article: Source

Dar Al Takaful PJSC, an Islamic Insurance & Reinsurance Company, has announced the launch of the world’s first Sharia-compliant bloodstock policy, which will include a new insurance product to horse owners across the GCC to protect them from certain financial losses in the result of deteriorating health or incurred accidents involving their animals.
The company has established a specialised equine underwriting unit in Dubai, where insurance will be available for all breeds of horses. Coverage can be provided for a number of equine conditions, including mortality, medical fees and permanent disability. In addition, certain products can also be supplied against limited theft and unlawful removal……………………………………….Full Press Release: Source