From Arabnews.com: In a timely rejoinder to the world of Islamic finance, Malaysia is pushing for the development of a legal framework for Islamic finance that is “internationally facilitative.”
Given that many jurisdictions are interested in Islamic finance and have taken initiatives to develop the industry through reviewing their legal framework to facilitate the introduction of a range of Islamic financial products, including more recently France, Ireland, Australia, Jordan, Japan, Hong Kong, Korea and Lebanon, this augurs well for sustainable global growth of Islamic finance going forward……………………………………….Full Article: Source

From Maktoob.com: A South Korean parliamentary panel has reached a tentative agreement to give tax breaks to sukuk bonds, clearing the way for domestic companies to start to sell Islamic bonds as early as next year, a source said on Saturday.
The finance ministry had proposed a revision to the tax code with the aim of treating sukuk as a bond so that South Korean issuers of sukuk could enjoy the same tax advantages as those applied to conventional bond issuers……………………………………….Full Article: Source

From Bangkokpost.com: The Securities and Exchange Commission (SEC) has given the green light for foreign exchange-traded funds (ETFs) and sukuk funds to be sold directly to investors in a bid to offer a greater variety of investment products and alternatives.
Sirivipa Supantanet, director of the SEC’s Market Supervision Department, said the new debt instruments will be offered for sale from early next year……………………………………….Full Article: Source

From Bloomberg: Prospects Indonesia will get a credit-rating upgrade from Moody’s Investors Services are pulling down yields on government Islamic notes from a two-month high and improving the outlook for a second global sukuk.
The yield on the Southeast Asian nation’s five-year sukuk has dropped to 2.85 percent from 3.14 percent on Nov. 16, according to prices from the Royal Bank of Scotland Group, as Moody’s said this week it may raise Indonesia’s Ba2 rating on growth and improving debt levels. The government sold the notes in April last year at a yield of 8.8 percent……………………………………….Full Article: Source

From Tradingmarkets.com: Islamic bonds are not perceived as positively as conventional debt markets, according to research carried out by the Lebanese American University (LAU) into the sukuk markets in Malaysia.
That was the message from LAU assistant professor of finance Dr Rima Turk Ariss, who was speaking on the sidelines of the fourth Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) conference at the Crowne Plaza yesterday……………………………………….Full Article: Source

From Thebanker.com: The Islamic banking and finance sector risks losing a golden opportunity to demonstrate an alternative system that could prevent a future credit crunch and share risks. With the conventional banking sector slowly coming to terms with its high-profile collapses and bailouts, and the Islamic sector suffering only mild aftershocks, why are savers and investors not flocking to sharia-compliant banking?
Could Islamic finance lack a certain degree of credibility? And if so, why?………………………………………Full Article: Source

From Bi-me.com: Islamic business and finance is experiencing strong growth, particularly throughout the emerging market economies of Asia and the GCC, with increasing institutional and infrastructural support.
Recognizing the economic advantages and benefits reaped throughout Asia and the GCC, the industry is becoming a vital and competitive alternative to conventional finance systems throughout the world……………………………………….Full Article: Source

From Thebanker.com: The launch of an International Islamic Liquidity Management Corporation is a step to resolving a long-standing weakness of Islamic finance, but there is still much work to be done.
The International Islamic Liquidity Management Corporation (ILMC), announced jointly in October 2010 by the Islamic Financial Services Board (IFSB), Islamic Development Bank (IsDB) and 11 central banks from jurisdictions with an Islamic banking presence, aims to tackle a long-standing problem of the Islamic Finance industry……………………………………….Full Article: Source

From Cpifinancial.net: The CISI is launching a new Islamic finance professional interest forum (PIF) in conjunction with the Institute of Islamic Banking and Insurance (IIBI). From 2011, members of the Islamic finance forum will meet quarterly in London to network over lunch, listen to presentations and discuss issues affecting them in a confidential setting.
Events will be free for all members of the CISI (although students may only attend one Islamic finance forum each year) and IIBI members……………………………………….Full Article: Source

From Tradearabia.com: The United Arab Emirates hopes it and Oman will rejoin a planned Gulf single currency project one day, UAE economy minister was quoted as saying by a Saudi newspaper on Sunday, ahead of a Gulf rulers summit this week.
Rulers from Gulf countries will meet in UAE capital Abu Dhabi on December 6 and 7 to discuss political, security and financial issues affecting the world’s top oil exporting region……………………………………….Full Article: Source

From Thestar.com.my: Before Prophet Muhammad and the coming of Islam, tribes in the Arab desert lived by a social code whereby a group would bind together, in good times and bad. If an individual member of their unit suffered harm, loss of property or death, the unit would cover such loss by revenge, blood-letting, or payment of blood money.
“Bound by these principles of al-aqilah (societal responsibility) and diat (blood money), they believed that if you harm somebody, you have to recompense another person for the harm caused. But if you cannot pay, then the community will come together to pay,” says Datuk Syed Moheeb Syed Kamarulzaman, chairman of the Malaysian Takaful Association……………………………………….Full Article: Source

From Arabnews.com: The Islamic Development Bank is ready to help countries in the Gulf and Africa to formulate a joint plan to promote trade between the regions, its President Ahmed Muhammad Ali told delegates at the concluding session of the Gulf Africa Investment Conference in Riyadh on Sunday.
“I call upon all those who are in the business to make local, regional and international endeavors to develop such a joint program which would make the GCC one of the top 10 trade partners in the African continent,” the president said……………………………………….Full Article: Source

Saudi Arabia’s commercial banks are likely to be more efficient in near future in the region amid technological developments and government favorable policies, says a latest research.
It noted that despite adverse economic conditions, Saudi Arabia’s banks “continued to expand their lending activities. The banks continued to lend to the enterprises as well as households.”………………………………………Full Press Release: Source

Companies in Bahrain and Bangladesh now have the option to use either conventional or Shariah-compliant banking products and services from HSBC. The bank, through its award-winning Islamic banking division, HSBC Amanah, has launched a range of products and services to meet the banking needs of corporates in these countries.

This is an expansion of HSBC Amanah’s corporate banking presence in Saudi Arabia, the United Arab Emirates, Qatar, Malaysia and Indonesia.

Starting this December, these HSBC Amanah corporate banking products are available in Bahrain:
Business Accounts: Funds deposited are used only in a Shariah-compliant manner and customers get related facilities such as cheque books, debit cards and internet banking.

Investment Solutions: Meets investors’ short-term investment needs in a Shariah compliant manner.

Working Capital Finance Solutions: Short-to-medium term financing solutions for working capital and liquidity needs based on goods or commodity Murabaha concepts.

Trade Finance Solutions: Meet the importer’s trade and finance requirements based on Murabaha1.

Patrick Gallagher, CEO of HSBC Bahrain said, “Since 1945, HSBC has been offering conventional banking services in Bahrain. Given that the country is one of the key Islamic financial centres in the world and demand is strong for Shariah-compliant banking here, we started offering HSBC Amanah retail banking in 2008. Now, our corporate customers can also enjoy HSBC’s global connectivity and its best-in-class Shariah-compliant offering.”
(Press Release)