From Reuters: Investors in a long-touted Islamic bank with as much as $3 billion in capital hope to launch the bank next year, bankers said on Tuesday, in a bid to improve the competitiveness of the scattered industry.
Saudi Arabia’s Sheikh Saleh Kamel, founder and chairman of Bahrain-based Islamic bank Al Baraka BARKA.BH, has spearheaded an initiative to establish a global Islamic mega bank but the plan has been touted for years……………………………………….Full Article: Source

From Bloomberg: Islamic bonds slumped in November, snapping a five-month rally, as concern Europe’s debt crisis will spread reduced demand for higher-yielding assets in emerging markets.
Average yields on sukuk climbed 19 basis points, or 0.19 percentage point, in November to 5.04 percent, the highest level in two months, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index……………………………………….Full Article: Source

From Bloomberg: The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.
Global sales of sukuk fell 31 percent to $13.7 billion so far this year from the same period in 2009, according to data compiled by Bloomberg. Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008……………………………………….Full Article: Source

The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been over subscribed. Subscriptions worth BD42.3 million were received for the BD12 million issue, which carries a maturity of 91 days.
The expected return on the issue, which begins on 01 December 2010 and matures on 02 March 2011, is 0.80%……………………………………….Full Press Release: Source

From Maktoob.com: The Islamic Financial Services Board, an association of regulators in Muslim countries, will revise its rules next year to enhance sharia banks’ capital in line with Basel III reforms, its secretary-general said.
Rifaat Ahmed Abdel Karim said IFSB would seek its council’s approval in December to begin work next year on amending the regulations, with the process expected to be completed around 2013……………………………………….Full Article: Source

From Channelnewsasia.com: About 60 per cent of the world’s Muslims live in emerging Asia, and this presents ripe opportunities in Islamic finance. But analysts said that a lack of trained professionals prevents Singapore from becoming a regional Islamic finance hub.
That is why industry players such as HSBC are now taking the knowledge of finance to religious teachers……………………………………….Full Article: Source

From Todayonline.com: Analysts say a lack of trained professionals could prevent Singapore from becoming a regional Islamic finance hub, even though 60 per cent of the world’s Muslim population lives in emerging Asia. That is why industry players are now taking the knowledge of finance to religious teachers.
To capture the projected 20 to 30 per cent annual growth in sales of takaful, or Islamic insurance, HSBC Insurance will start training members of the Singapore Islamic Scholars and Religious Teachers’ Association, or PERGAS……………………………………….Full Article: Source

From Bernama: There is still room for cooperation between Kuala Lumpur and London on Islamic finance, says Bank Negara Malaysia (BNM) deputy governor, Datuk Muhammad Ibrahim.
He said collaboration between financial centres in Islamic finance was an important part of the process that would contribute towards expanding global development of the industry……………………………………….Full Article: Source

From Gfsnews.com: The deputy governor of Malaysia has said that other countries can learn from the Malaysian system of operating Islamic finance, believing the country is developing “laws of choice” for international centres.
Speaking at the joint International Shari’ah Research Academy for Islamic Finance and Institute of Islamic Banking and Insurance in London yesterday, Dato’ Muhammad Ibrahim said that the Islamic industry is currently worth over $1tn (€0.77tn) with more than 300 institutions operating it worldwide……………………………………….Full Article: Source

From Zawya.com: The Council of Executive Directors of Islamic Development Bank (IDB) Group approved at the end of its meetings here today an amount of $ 4.128 billion for the Group’s expected financial operations during the new fiscal year 2011.
The Council also approved finances worth $ 415,7 million for new developmental projects in the Group’s member states including Iran, Pakistan and Senegal……………………………………….Full Article: Source

With limited exposure to the global financial market, total banking assets in Saudi Arabia are projected to grow at the CAGR of about 8%, says RNCOS. Saudi Arabian banking industry has liberalized dramatically during the past few years. Saudi Arabia has taken steps to open up investment banking by granting operating licenses to foreign banks.
Saudi Arabian banking assets are expected to grow at a CAGR of around 8% during the forecast period. Besides, banking assets of other countries in the Middle East, for instance, the UAE, turkey, Iran, Bahrain, Qatar etc. will post significant growth rates during the same period……………………………………….Full Press Release: Source