From Arabnews.com: The Islamic finance assets base is likely to reach $1.5 trillion by 2012 with bright future growth prospects. “The sustained growth steering this segment of the global economy has fueled a greater impact of Islamic finance products on global financial markets,” Khaled Mohammed Al-Aboodi, chief executive officer and general manager of the Islamic Corporation for the Development of the Private Sector (ICD), said.
“The ICD was set up more recently, in 2000, as the private sector arm of the IDB Group to focus primarily on private sector development of its member countries with a view to poverty alleviation and raising the general standard of living in its member countries.”………………………………………Full Article: Source

From Dailystar.com.lb: Bahraini Islamic lender Al-Baraka will issue up to $500 million in Islamic bonds in the first quarter of 2011, its chief executive said Thursday. “We will issue sukuk in 2011 for the group in Bahrain between $200 and $500 million,” Adnan Yousif said.
“It is a medium-term sukuk for five years and it will help financial institutions to attract new clients to take part in these sukuk,” he added……………………………………….Full Article: Source

From Cpifinancial.net: Dubai is reportedly planning what could be the first foreign sovereign ringgit (MYR) Sukuk issuance in Malaysia. Abdulrahman Al Saleh, Director General of the Dubai Department of Finance is said to have been meeting investors in Malaysia to explore the potential opportunities for a bond issue.
Details of the proposed Sukuk have not yet been finalised owing to the volatility of the financial markets as a result of the Irish debt troubles and Korean political tensions……………………………………….Full Article: Source

From Zawya.com: RAM Ratings no longer has any rating obligation on Malayan Banking Berhad’s (Maybank or the Bank) RM1 billion Islamic Subordinated Bonds (2005/2015), following the full redemption of the debt facility on 24 November 2010.
The bonds had previously carried an AA1 rating, with a stable outlook……………………………………….Full Article: Source

From Gfsnews.com: The Central Bank of Bahrain has called for the “reinvention” of Islamic finance as it suggests that smaller players may be squeezed out of the US$1tn market as regulatory standards tighten.
Governor Rasheed Al-Maraj told the 17th annual World Islamic Banking Conference in Bahrain that Sharia compliant institutions must rethink their business model as credit and growth levels enjoyed prior to the 2007-8 crisis are unlikely return……………………………………….Full Article: Source

From Gfsnews.com: The Monetary Authority of Singapore has called for stricter standards of risk management and corporate governance at Sharia-compliant financial institutions.
Ng Nam Sin, assistant managing director at the authority, told the 17th annual World Islamic Banking Conference in Bahrain on Wednesday that banks need to ensure that their businesses can be “sustainable in the long-term”……………………………………….Full Article: Source

From Reuters: A new Islamic liquidity management company backed by central banks will provide sound tools to the industry to manage cash, of which regulators will force banks to set aside more post-crisis, bankers said.
The Islamic Financial Services Board (IFSB), an association of regulators in Muslim countries, said in October it would set up the International Islamic Liquidity Management Corporation (ILM) to issue short-term instruments compliant with Islamic law……………………………………….Full Article: Source

From Bloomberg: Masraf Al Rayan, Qatar’s second- largest Shariah-compliant lender, said it agreed to provide credit facilities valued at 2 billion riyals ($550 million) to Al Meera Consumer Goods Co.
The facility is to finance expansion plans by the Qatari retailer, which is increasing the number of stores it operates and is moving into direct imports, the bank said in a statement to the Qatari bourse today……………………………………….Full Article: Source

From Thedailystar.net: Asian Development Bank (ADB) and Islamic Development Bank have approved loans of $615 million and $140 million for the construction of Padma Multipurpose Bridge. The development partners took the decisions at their board meetings yesterday, said Communications Minister Syed Abul Hossain.
Approval of $1500 million loan by the World Bank (WB) is now in process, the minister said……………………………………….Full Article: Source

From Tradearabia.com: Abu Dhabi Commercial Bank (ADCB) said on Thursday it was suing Credit Suisse for selling it an investment in an unacceptable way and failing to disclose conflicts of interest. Credit Suisse declined to comment.
ADCB said in 2007 it was ‘induced to enter into an emergency transaction’ for a structured investment called Farmington ‘based on false and misleading information’ to protect a previous investment that had soured……………………………………….Full Article: Source

From Tradearabia.com: UAE banks need to raise deposit levels to reduce interbank lending rates and put them more in line with London Interbank Offered Rates (Libor), the central bank governor was quoted as saying on Thursday.
UAE interbank rates (EBOR) have stayed high over past months, sparking criticism from the central bank, although debt restructuring and a flood of dollar liquidity on global markets have helped to ease some of the pressure……………………………………….Full Article: Source

From Tradearabia.com: Emirates NBD, a leading banking group in the UAE, launched its first Asia Pacific branch in Singapore today. The group’s international operations include branches in Saudi Arabia, Qatar, the United Kingdom and Jersey (Channel Islands), and representative offices in India and Iran.
Ahmed Humaid Al Tayer, chairman of Emirates NBD, who officiated the launch, said: ‘The bank’s objective in opening a branch in the Asia Pacific area is to position itself in a convenient hub to cover the world’s most dynamic economic region which includes the strong emerging markets of China, India, South East Asia and other East Asian countries……………………………………….Full Article: Source

From Qatarmorningpost.com: Ajman Bank and Noor Takaful, the Shari’a compliant insurance arm of Noor Investment Group, today signed a strategic partnership agreement for distribution of Noor Takaful’s products through Ajman Bank.
The Islamic insurance products will be available to customers through the bank’s BRanches in Ajman and Sharjah, serving the Northern Emirates region, and its BRanches in Abu Dhabi and Dubai. ………………………………………Full Article: Source

From Bernama: SWIFT’s ISO 15022 message standards for the processing of treasury Murabaha transactions have been certified compliant with the international Islamic finance standards issued by Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
In a statement here Thursday, SWIFT said the certification would pave the way towards the automated processing of Murabaha treasury transactions, which reportedly represented 60 per cent of all Islamic financing……………………………………….Full Article: Source

From Gulf-daily-news.com: This year’s World Islamic Banking Conference (WIBC) has been the biggest event of its kind ever, the organiser claimed yesterday. On the closing day of the conference, Mega Events managing director David McLean, who has organised all 17 editions of the WIBC, said they have attracted a total of 1,247 delegates this year.
“We also had our largest support from sponsors with 64 participating and our largest line-up of key international speakers with 68……………………………………….Full Article: Source