From Chinapost.com.tw: In the 1990s, Islamic finance was a fledgling fringe industry. But today, its size has grown from roughly US$150 billion to about US$1 trillion in size. This is of course still small relative to some of the largest global fund managers and universal banks, who manage more than US$1 trillion each.
But the double-digit growth and potential size of the market cannot be ignored. Some pundits think that the market size will reach US$2 trillion within the next five years……………………………………….Full Article: Source

From Gulfnews.com: It is well accepted that Islamic finance today is a prohibition oriented industry: avoiding Riba (interest), Gharar (uncertainty), Maysir (speculation) in contracts and transactions, and staying clear against financing, funding or investing in the ‘sin’ sector.
But is it too simplistic to assume that an Islamic institution’s obligatory responsibility is merely avoiding the negative as a core business model?………………………………………Full Article: Source

From Theborneopost.com: The nation’s Islamic financial sector has to have a uniquely competitive advantage over that of other countries in order to achieve the status as a globally-preferred hub for syariah-compliant financial services.
Bond Pricing Agency Malaysia Sdn Bhd’s (BPA) chief executive officer Meor Amri Meor Ayob stressed this recently, adding that the goal might likely be achievable via a good branding strategy……………………………………….Full Article: Source

From Atimes.com: Over the past decade or so, Malaysia has quietly become the leading international player in Islamic finance and its gateway. The government of Malaysia, through its two principal agencies, Bank Negara (the central bank) and the Security Commission, has actively promoted Islamic finance.
More specifically, Islamic finance has been given formal prominence in the Financial Sector Master Plan (FSMP) and the Capital Market Master Plan (CMP), which were initiated in Malaysia in 2001……………………………………….Full Article: Source

From Khaleejtimes.com: The Islamic banking industry in the GCC is expected, in general, to remain strong moving forward, growing by 15 to 20 percent year-on-year in 2010, according to a banking and finance expert.
Muhammad Said Abdul Wahab said that the existence of financial centres in Bahrain, Qatar and the UAE, as well as a number of Islamic finance organisations such as the Accounting and Auditing Organisation for Islamic Financial Institutions, Liquidity Management Centre, and the International Islamic Financial Market will continue to attract new players to the region and further propel the Islamic banking industry to greater heights……………………………………….Full Article: Source

From Cpifinancial.net: Banque du Liban’s first vice governor, Raed Charafeddine, calls on Islamic banks to play a more active role in Lebanon, Shari’ah-compliant assets represent less than one per cent of total conventional banking assets.
“Islamic banks have not been working enough to spread knowledge about this industry and a lot of efforts are needed to grow this sector in Lebanon,” Charafeddine said……………………………………….Full Article: Source

The Maldives Islamic Bank (MIB) and the Islamic Banking and Finance Institute Malaysia (IBFIM) signed an agreement in Malaysia in which IBFIM will assist MIB to develop the Shariah-compliant banking products. The signing ceremony was held during the Global Islamic Finance Forum (GIFF) hosted by Bank Negara Malaysia.
The agreement was signed by Maldives Islamic Bank’s Chairman Khaled Al-Aboodi and IBFIM’s Chief Executive Officer Adnan Alias and witnessed by Mohd Razif Abd Kadir, deputy governor of Bank Negara Malaysia and Zukri Bin Samat, chairman of IBFIM……………………………………….Full Press Release: Source

From Arabnews.com: Bank Negara Malaysia (BNM), the central bank, has given two conditional licenses to separate parties to establish mega Islamic banks in Malaysia. BNM Gov.
Zeti Akhtar Aziz confirmed that one of the conditional licenses is likely to be converted into a full license by the end of 2010, with the second one to follow by the end of the first half in 2011……………………………………….Full Article: Source

From Emirates247.com: Dubai Islamic Bank (DIB) reported on Saturday a 10 per cent drop in third-quarter net profit from a year earlier, as conditions remained tough for the financial sector. It also said it aimed to expand its retail branch network by the end of the year.
The bank, Dubai’s third-largest bank by market value, reported a net profit of Dh270 million ($73.53m) for the three months ending September 30, it said in a statement, compared to a Dh300.4m profit for the third quarter of 2009……………………………………….Full Article: Source

From Cpifinancial.net: Qatar Islamic Bank (QIB) is adding the Visa Infinite card to its range of products. The new card will be available by invitation only. QIB’s Infinite Card is accentuated with a real diamond and customers will even receive a certificate to authenticate the card.
QIB’s Acting Chief Executive Officer Ahmed Meshari said, “QIB endeavors to provide innovative financial services and products. It is this drive that situates us as a leading Islamic banking institution. Our Visa Infinite experience is geared towards the bank’s high end clientele, who will value the extensive travel, shopping, dining and lifestyle privileges……………………………………….Full Article: Source

From Gulfnews.com: Sharjah Islamic Bank (SIB) announced the creation of a Corporate Social Responsibility Unit, a new sub-section of its Public Relations and Media Division, which has been renamed the Public Relations and Corporate Social Responsibility Division.
The bank said the establishment of the new unit is in line with SIB’s commitment to the ideals of corporate social responsibility (CSR) and its belief in the importance of adopting community service approaches in an organised and practical manner……………………………………….Full Article: Source

From Eurekastreet.com.au: One way of getting the banks under control could be to study Islamic banking, which repudiates the principle of charging interest. Instead, under Sharia banking, the bank might enter into a partnership with the home buyer or small business owner, in which they share the profits.
Last year the Vatican’s semi-official newspaper L’Osservatore Romano urged Catholics to take a sympathetic look at Islamic banking: ‘The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service.’………………………………………Full Article: Source

From Arabianbusiness.com: Tamweel, the UAE Islamic mortgage lender, said on Sunday that Dubai Islamic Bank had raised its shareholding in the company through the purchase of 339.3 million shares.
Dubai Islamic bought 208.77 million shares from Istithmar World, 88.2 million shares from Dubai Capital Group, and 42.32 million shares from Dubai Financial Market, Tamweel said in a statement to the Dubai bourse……………………………………….Full Article: Source

From Arabnews.com: The Jeddah-based Islamic Development Bank (IDB) will be preoccupied with two developments in 2011 apart from its established plan of action. This is the progress toward the launch of its mega bank project and the other is the continuation of its trust certificate (sukuk) program.
The mega bank project was promoted by Saleh Kamel, head of Dallah Albaraka Group, who has been trying to get it launched for the last few years……………………………………….Full Article: Source

From Arabnews.com: Elaf Bank is a wholesale Islamic bank incorporated in Bahrain in 2007. Its shareholders include Aref Investment Group of Kuwait; Kuwait Investment Company (KIC); Sukuk Holding Company; Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the Islamic Development Bank; and Qatar Islamic Bank.
It started with the original objective of developing a secondary market in sukuk and to be a market maker. In fact its original name was the cumbersome Sukuk Exchange Central Bank………………………………………Full Article: Source

From Zawya.com: Kuwait Finance House CEO Mohammed Al-Omar stated that that the Fatwa and Shariah Supervisory Authority has embodied the moral and social responsibility towards the society as a unit that operates in harmony to protect the client by ensuring that all banking transactions are Shariah compliant.
The authority has played a pivotal role in developing numerous products that caused a paradigm shift in the in the history of Islamic banking. He appealed to governments to resort to Sukuk, since Sukuk have greatly succeeded in financing many projects, which made Sukuk highly demanded by worldwide……………………………………….Full Article: Source

From Bt.com.bn: The Ministry of Finance (MOF) yesterday announced the successful pricing of its 51st and 52nd issuance of short-term Sukuk Al-Ijarah securities totalling $73 million. In a statement, the MOF said the issuance consisted of “$25 million for Series 51 and $48 million for Series 52″.
It stated that Series 51 carries a maturity of 91 days with a rental rate of 0.28 per cent, which began on September 2, 2010, and will mature on December 2, 2010……………………………………….Full Article: Source

From Tradearabia.com: Bahrain-based Tharawat Investment House has distributed more than nine per cent of sukuk profits for its key fund.
The Islamic investment, which was regulated by the Central Bank of Bahrain, has announced the distribution of profits for Tharawat Sukuk Fund in excess of 9 per cent, which became due last month for the first six-month period from February to September……………………………………….Full Article: Source

From Gulf-daily-news.com: The Middle East life insurance industry is looking for a growth of around 17 per cent this year after a slowdown in 2009. “The industry in this part of the world still has very low levels of penetration,” said MetLife Alico Gulf general manager Mario Valdes.
“But we have seen growth of around 20pc a year recently until the dip last year in the wake of the financial crisis.”………………………………………Full Article: Source