From Gulfnews.com: The Islamic finance sector had a mixed record of growth in assets and a steep decline in profits during the global credit crisis last year compared to 2008, according to a McKinsey and Company study issued last week in Bahrain.

The authors of the report titled Global Competitiveness Landscape of Islamic Finance, showed that while profitability of all banks declined, the fall has been steeper for Islamic banks, largely due to higher provisions and lower investment income…………………………………….Full Article: Source

From Gulfnews.com: Aside from Malaysia, Gulf Cooperation Council (GCC) economies are major players in the Islamic banking industry at large. This is particularly visible with regard to Islamic investment funds, in turn a rising phenomenon reflecting growing appreciation of prospective investors for ventures in compliance with Sharia or Islamic codes.
Certainly, Islamic investment funds offer alternatives to traditional investments. According to credible sources, there were some 689 Islamic investment funds in 2009, together running assets in total value of $70 billion (Dh257 billion)…………………………………….Full Article: Source

From Arabnews.com: Is the so-called impressive growth of Islamic finance in Asia more to do with hype than reality? Leaving aside the core markets of Malaysia and perhaps Brunei, where most of the recent developments in Islamic banking have been confined, nothing much is happening in the rest of Asia.
At best it is work in progress with governments and regulators either consulting or reviewing existing legislation to see how best tax neutrality and other measures can be introduced for the facilitation of Islamic financial products…………………………………….Full Article: Source

From Bloomberg: Singapore will attract more Islamic investments from the Middle East following the share sale of Sabana Shari’ah Compliant Industrial REIT, the world’s largest Islamic property trust, HSBC Holdings Plc said.

Sabana raised as much as S$664.4 million ($503 million) in the sale. The 458 million shares offered, which exclude reserved stock or those for key investors, were 2.5 times subscribed, the trust said in a statement……………………………………Full Article: Source

From Tradearabia.com: More sharia-compliant real estate investment trusts (REITs) will come to market in Asia in early 2011 as cross-regional Islamic investors increasingly embrace the product, HSBC Amanah Malaysia’s new head said.

Singapore’s first sharia-compliant REIT, Sabana REIT, listed on Friday, having drawn a mixture of both conventional and Islamic investors, a quarter of them from the Middle East, Chief Executive Rafe Haneef said…………………………………….Full Article: Source

From Zawya.com: Increasing popularity of Islamic funds and the revival of the Sukuk in the global financial markets will serve as a catalyst for the global Islamic finance market rediscovering the momentum it previously built up prior to the global financial crisis, organizers of the upcoming two-day International Shariah Investment Convention (ISIC) in Kuala Lumpur said.

Worldwide Shariah-compliant assets, including deposits at Islamic finance institutions, have been pegged at $950 billion by Moody’s but could grow to $1.6 trillion by 2012…………………………………….Full Article: Source

From Bloomberg: Malaysia’s Islamic bond auctions drew record bids this year as issuance fell and the strongest currency rally since 1973 drove fund inflows.

The finance ministry will offer 3 billion ringgit ($950 million) of 10-year Shariah-compliant bonds on Nov. 29 to complete its local-debt sale program…………………………………….Full Article: Source

From Arabianbusiness.com: Bahraini Islamic lender Al Baraka will issue up to $500 million in Islamic bonds in the first quarter of 2011, its chief executive said. Adnan said: “We will issue sukuk in 2011 for the group in Bahrain between $200 and $500 million.”

He added: “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.”……………………………………Full Article: Source

From Tradearabia.com: Top regional property developer Nakheel said its financial and operational restructuring is on track and plans to issue a sukuk (Islamic bond) to its trade creditors in the first quarter of 2011.

Nakheel, which was trying to reach agreement on a proposed restructuring plan, is returning to health, said Faisal Mikou, the executive vice president of the Investment Corporation of Dubai…………………………………….Full Article: Source

From Topnews.ae: The Dubai government is in talks with Malaysia so that it is able to raise $1.5 billion. The money is going to be via multi-currency Islamic bond, said that people involved with the discussion.

The bond is going to be the first foreign sovereign sukuk that will come up in Malaysia in the last 10 years time. The country has come up as a leading center for Islamic bond issuances in the world and currently is the market leader in that. It holds 60 per cent of the global outstanding stock…………………………………….Full Article: Source

From Tradearabia.com: Kuwait Finance House (KFH) - Bahrain received a high-level delegation from the Republic of Ingushetia, which was part of the old Soviet Union, and discussed co-operation on Islamic finance.

The delegation included Deputy Prime Minister and Finance Minister Musa Chiliev and Economy Minister Visit Aushev…………………………………….Full Article: Source

From Zawya.com: Sheikh Saleh Kamel, chairman of Al Baraka Banking Group, is set to launch the world’s biggest Islamic bank before the end of the year, with an initial public offering of $3 billion, a top official has said.

Adnan Yousuf, CEO of Al Baraka Banking Group, who is also the chairman of the Union of Arab Banks, said: “We have already completed the necessary research for launching the Islamic bank and there are currently discussions between Sheikh Saleh Kamel and investors to prepare for the public offering.”……………………………………Full Article: Source

From Nowpublic.com: Advertisers in the Western world are realising to the fact that the Muslim consumer segment of about 1.8bn people is undeniably the next important market that needs a bit of understanding. Also, it remains largely untapped.
According to Standard and Poor Ratings Services, the Islamic Banking products hit a target of about $400 billion the world over in the year 2009. For bankers it’s like a phenomenon and it’s catching up among Muslims…………………………………….Full Article: Source

From Thefinancialexpress-bd.com: The third meeting of Pubali Bank Shariah Council was held at its head office in the city Sunday reviewing the overall present situation of the Islamic Banking.

The bank is providing Islamic banking services at its Principal Branch in Dhaka and Stadium Branch in Sylhet on the basis of Islamic Shariah, according to a press release…………………………………….Full Article: Source

From Reuters: A resolution for troubled Islamic mortgage lender Amlak Finance could be found during the first quarter of 2011, a senior Dubai official said on Sunday.

The United Arab Emirates government said in November 2008 it aimed to merge Amlak with rival lender Tamweel but the plan was effectively scrapped after Dubai Islamic Bank raised its stake in Tamweel in September…………………………………….Full Article: Source

From Ameinfo.com: QInvest, Qatar’s investment bank, has launched a Sharia’a Compliant Enhanced Yield Note that has been met with great enthusiasm by investors, with the bank raising significantly more than expected.
“The subscription for the Note has been closed” QInvest CEO, Shahzad Shahbaz, said…………………………………….Full Article: Source

From Arabnews.com: “We are well on our way to become truly, The Global University in Islamic Finance,” declared Agil Natt, president and CEO of The International Centre for Education in Islamic Finance (INCEIF), the Islamic finance education arm of Bank Negara Malaysia (BNM), the central bank.

Natt was addressing his latest crop of “graduands” at their convocation (the second only one) in Kuala Lumpur in October in the presence of its Chancellor and Governor of BNM Zeti Akhtar Aziz, Pro Chancellor Rozali Mohd Ali, President of the Islamic Development Bank Ahmed Mohammed Ali, and members of the INCEIF governing council, the Professional Development Panel, and INCEIF and ISRA faculty members…………………………………….Full Article: Source

From Cpifinancial.net: Competition is increasing in the Islamic banking sector (especially Bahrain), which means that standing out in a crowded marketplace takes guile, skill and the ability to move quickly.
Kuwait Finance House-Bahrain is a provider of Islamic commercial and investment banking services. Established in January 2002 as a wholly-owned subsidiary of Kuwait Finance House-Kuwait, the bank declares that its mission is to take Islamic banking and finance to new heights through an unwavering focus on innovation and the desire to deliver excellence in everything it does. This includes developing and offering a broad and integrated range of products and services “that are in perfect harmony with Shari’ah principles.”……………………………………Full Article: Source