From Spectator.co.uk: The clash of civilisations between the Muslim world and the West takes many forms. Even on the financial front, there are deep differences of philosophy in relation to money, debt and profit. But at a time when the Anglo-Saxon mode of banking is flat on its back after the credit crunch, its Islamic counterpart is gaining wider acceptance, and even laying claim to be a more stable alternative.

The requirements of Islamic finance — lower proportions of debt to equity, a condition that the lender share profits and losses with the borrower, and a focus on transactions based on tangible assets — mean that Islamic banks have not become entangled in the toxic debt instruments that sideswiped Western banking giants. ……………………………………Full Article: Source

From Arabnews.com: Reports that the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is in the process of drafting rules to regulate the shareholdings and the number of supervisory boards individual Shariah advisories can sit on will open one of the most contentious issues in contemporary Islamic finance.

Not that the issue is new. There have been calls for the registration of Shariah advisories for the last two decades — not by an industry Shariah body but by the regulators in the country in which they are based and in those countries in which they offer advisory services…………………………………….Full Article: Source

From Arabianbusiness.com: Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported a net profit of $10m following the liquidation of a real estate fund targeting the Turkish market.

KFH said in a statement on Saturday that the liquidation process had realised a return on investment of 14 percent, or $10m. The size of the fund, which was established in 2004, was not disclosed…………………………………….Full Article: Source

From Arabnews.com: Following the successful closure in October by Qatar Islamic Bank (QIB), the largest Islamic bank in Qatar, of its debut $750 million fixed-rate Wakala Sukuk issued on its behalf through a special purpose vehicle (SPV), QIB Sukuk Funding Limited, more Qatari corporates are coming to the market to raise funds through the issuance of Shariah-compliant commercial papers.

Qatari corporates have been slow in joining the global Sukuk origination market, especially in the Gulf Cooperation Council (GCC) market…………………………………….Full Article: Source

From Bloomberg: Islamic bonds issued by financial services companies in the Persian Gulf are heading for their best year on record on prospects of debt restructuring and demand for higher-yielding assets in emerging markets.

Shariah-compliant debt from financial institutions in the six-nation Gulf Cooperation Council returned 15.7 percent so far in 2010, HSBC/NASDAQ Dubai GCC Financial Services US Dollar Sukuk Index shows, the most since HSBC started tracking their performance in July 2005…………………………………….Full Article: Source

From Brecorder.com: The emergence and growth of the Islamic finance industry is a phenomenon that has generated considerable interest in the financial world in recent years. Given its ability to offer innovative financial solutions to an under-served market, it is seen as a socially responsible, faith-based banking niche with considerable growth potential.

In the Muslim world and increasingly in the West, significant segments of the institutional and retail markets are increasingly choosing Islamic finance for their financing and investment needs…………………………………….Full Article: Source

From Thefinancialdaily.com: Union of Small and Medium Enterprises (UNISAME) invited the attention of the Task Force (TF) on Islamic Banking (IB) in its first meeting at State Bank of Pakistan presided by Director IB Division Saleemullah that Musharaka and Mudaraba financing is the first choice of the SMEs and urged the TF to make it compatible for the sector for financing their needs for inland and international trading.

President UNISAME Zulfikar Thaver said the SMEs are disheartened by the conventional banks due to their unwillingness to take risk even in cases where the funds are provided by the SBP…………………………………….Full Article: Source

From Mmegi.bw: Islamic banking is neither discriminatory nor mandatory for any segment of the population and can be enjoyed even by non-Muslims, the Minister of Finance and Development Planning, Kenneth Matambo has said.
Matambo said profit-making entities like banks are always looking for ways and means of growing their businesses, especially in the face of increased competition.This is done through the introduction of new and innovative products and facilities that meet the requirements of their customers…………………………………….Full Article: Source

Path Solutions and Maldives Islamic Bank Pvt. Ltd. announced that MIB, the first Islamic bank to be set up in Maldives, has selected Path Solutions’ iMAL for its core banking solution to infuse innovation and accelerate growth. By virtue of this agreement, Path Solutions shall roll out its sophisticated iMAL suite including Islamic Invest, Trade Finance, SWIFT, and reporting modules.

MIB is a collaboration between the Islamic Corporation for the Development of the Private Sector - the private sector arm of the Islamic Development Bank - with 70% interest and the Government of Maldives which holds the remaining 30%. It received a banking licence to conduct Islamic banking business from the Maldives Monetary Authority in August 2010…………………………………….Full Press Release: Source

From Thefinancialdaily.com: Sponsors of a long awaited Islamic bank with a capital of US$3 billion will be launched in 2011.Saudi Arabia’s Sheikh Saleh Kamel, founder and chairman of Bahrain-based Islamic Bank Al Baraka, has spearheaded an initiative to establish a global Islamic mega bank but the plan has been touted for years.

He said the next steps would be discussed in December at a meeting with the Islamic Development Bank (IDB), the Saudi-based organisation that is trying to develop an international Islamic capital market through regular issues of Islamic bonds…………………………………….Full Article: Source

From Dailystar.com.lb: The Islamic banking industry, is becoming more and more popular, Chairman of the Union of Arab Banks Adnan Youssef said, and Islamic banks’ assets are expected to increase by 15 percent by the end of 2010 to $800 billion.

Islamic banking is one of the world’s fastest growing financial sectors, according to industry estimates…………………………………….Full Article: Source

From Apbankers.net: Pakistan’s AlHuda-Centre of Islamic Banking (CIBE) and Economics has signed a Memorandum of Understanding with Naymet Islamic Microfinance to develop Islamic Microfinance Products for Naymet Microfinance.

AlHuda CIBE will operate manuals of Islamic financial products. It will provide accounting and auditing measures, Shariah supervision, and help in training staff members. It will also facilitate Naymet Islamic Microfinance in advisory for Shariah complaint I.T solutions…………………………………….Full Article: Source

From Apbankers.net: Someone following the money in a season of scams can rummage through dry data on the website of the United Arab Emirates’ central bank. In the past few months, there has been an unusual surge in deposits in many high-street banks in Dubai, Abu Dhabi and financial centres in the UAE. Where the money came from is a subject of speculation in the Gulf with the regulator yet to spell out the sources.

But amid the buzz that much of it could be government money taken from reserves to help state-owned firms pay off debts next year, senior bankers and finance professionals have spotted an India angle to the fund flow…………………………………….Full Article: Source

From Arabnews.com: The GCC banking sector has continued to tread with caution in an uncertain economic environment characterized by low interest rates. Even though a recovery in credit markets is clearly underway, it remains tentative and uneven. It will likely take several more months for the pace to significantly accelerate.
The challenge of bad loans and provisions has not been fully overcome but the situation is showing signs of stabilizing, which is creating some room for additional lending. GCC bank earnings improved 2.0 percent during 3Q, helped by a robust 12.43 percent drop in aggregate provision…………………………………….Full Article: Source

From Moneymanagement.com.au: La Trobe University has joined forces with the Dubai-based Ethica Institute of Islamic Finance to launch Australia’s first e-learning program in Islamic finance.

The six-week Islamic Finance Professional Development course will help to boost Australia’s reputation as a hub for Islamic finance, with students from India, China and the Middle East being targeted…………………………………….Full Article: Source

From Europenews.dk: The Chartered Institute for Securities and Investment has launched a forum to discover the strengths and weaknesses of the Islamic finance industry within the UK.
According to a statement from the CISI, the Islamic Finance Professional Interest Forum is a collaboration with the Institute of Islamic Banking and Insurance to allow members to meet in London each quarter to network, listen to presentations and discuss issues affecting them…………………………………….Full Article: Source