From Thejakartapost.com: Member countries of the International Islamic Financial Market (IIFM) may soon enjoy a hedging facility to reduce risks of financial transactions, officials say.
The IIFM’s Board of Directors agreed on Monday to implement a hedging facility for the sharia banking industry in the first half of next year amid global currency concerns……………………………………….Full Article: Source

From Bloomberg: Sudan is selling Islamic bonds to local banks after attempts to issue global notes this year failed on investor concern over the country’s conflict in Darfur and a possible breakup after more than two decades of civil war.
The government is selling 800 million Sudanese pounds ($336 million) of seven-year sukuk this week to complete plans to raise 1.89 billion pounds, said Azhari Eltayeb Elfaki, general manager of the Sudan Financial Services Co., 99 percent-owned by the central bank, in an interview in Khartoum Dec. ………………………………………Full Article: Source

From Reuters: Saudi International Petrochemical Co (Sipchem) plans to raise at least 1.5 billion riyals ($400 million) by the first quarter of next year to finance expansion, the firm said on Tuesday.
“We are expecting to raise a minimum of 1.5 billion riyals; hopefully, it can go up to 2 billion riyals,” Chief Executive Ahmad al-Ohali told Reuters……………………………………….Full Article: Source

From Theborneopost.com: The sukuk market is unlikely to slow down next year against a backdrop of rising interest rates, says International Treasury Services (ITS) Consultancy Sdn Bhd. “There are still good opportunities as there is still a big pool of investors looking for value.
“My concern is that demand might be cautious because in a rising interest rate environment, if we do not have something to preserve value, people would step back,” said managing director Nic Weston……………………………………….Full Article: Source

From Bloomberg: National Bank of Abu Dhabi PJSC hired HSBC Holdings Plc, Maybank Investment Bank Bhd. and Royal Bank of Scotland Group Plc to help it sell 500 million ringgit ($160 million) of 10-year Islamic notes.
The securities will be issued under the bank’s 3 billion ringgit senior unsecured medium-term note program established in May, Mahmood Al Aradi, general manager for financial markets, said an e-mailed response to questions……………………………………….Full Article: Source

From Emirates247.com: Dubai government’s debt repayments for next year are not “significant,” said Abdulrahman Al Saleh, Director General of the Department of Finance. The government’s debt repayments due next year are not “significant” and paid back Dh800 million installment on a Dh2.3-billion Islamic ijara loan in October due next year, he told Bloomberg in an interview.
Dubai’s government debt is $30 billion, Mohammed Ibrahim Al Shaibani, Director General of the Ruler’s Court, said recently……………………………………….Full Article: Source

From Themoscowtimes.com: The first experience of Islamic finance in modern times formally started in the 1960s. This relatively young industry has emerged as one of the world’s fastest growing in the financial services sector, not surprisingly driven by the high energy prices and the expansion of the banking sector in the Middle East and Southeast Asia.
However small from a global perspective, with an estimated $1 trillion of assets and expected to reach $2.5 trillion by 2015, according to the Islamic Financial Services Board, sharia-compliant banking has become a financial force that net importers of capital, countries and companies alike, need to recognize and accommodate……………………………………….Full Article: Source

From Bernama: It is vital for financial planners and advisers to increase their knowledge and understanding of the syariah requirements to cater to the growing demand for Islamic financial products and services.
Bank Negara Malaysia deputy governor, Datuk Mohd Razif Abd Kadir, said in doing so, they could further help enhance consumer awareness and understanding of the multitude of Islamic financial products and services available in the market……………………………………….Full Article: Source

From Bt.com.bn: Transparency and clarity, as well as sufficient laws, will help improve the work of industry players such as bankers, government bodies and lawyers in the local and regional Islamic finance industry, said a senior partner at a law firm said.
Muhd Jamil Abas Abdul Ali, senior partner at Abrahams Davidson and Co, said, “Laws have to be sufficient. If they are not sufficient, you can find or you will find players, such as bankers, syariah advisory committees of banks, lawyers, accountants they will have difficulty in trying to structure, research and come up with viable products,” Jamil said………………………………………Full Article: Source

From Bt.com.bn: Brunei’s entrepreneurs should not balk at promoting their Islam-centric products to the world just because they believe that there might be “preconceived challanges” in the global marketplace, said a US representative to iCentre incubatees yesterday.
US Special Representative to Muslim communities, Farah Anuar Pandith said, “The President’s idea of bringing entrepreneurship forward was that ‘Well, there are predefined ideas out there’, whether you’re a social entrepreneur or a technology entrepreneur, or a business entrepreneur, you have an opportunity to make a change.”………………………………………Full Article: Source

From Bernama: Malaysia and other Islamic countries should focus on the formation of Waqaf corporation in their respective countries as part of the plan to promote Islamic finance and economics.
Malaysian Islamic Chamber of Commerce (MICC) Deputy President Tan Sri Muhammad Ali Hashim said a Wakaf corporation would be more community-centric as compared to the conventional approach which was more shareholder-centric……………………………………….Full Article: Source

From Thestar.com.my: Ulama, academicians and professionals should come together to share their knowledge to develop better understanding of the Islamic finance and economics.
Kedah Mentri Besar Datuk Seri Azizan Abdul Razak said the Langkawi Islamic Finance and Economics (Life) International Conference organised by the Kolej Universiti Insaniah (Kuin) was one such platform that could be used to garner ideas for the purpose……………………………………….Full Article: Source

From Bernama: The Islamic Financial Services Board (IFSB) will hold its eighth summit in Luxembourg from May 10-13, 2011. The summit, themed “Enhancing Global Financial Stability: Challenges and Opportunities for Islamic Finance”, aims to bring together an international group of chairpersons and speakers.
Over 200 delegates from all sectors of the financial services industry across the globe are expected to attend the summit, IFSB said in a statement……………………………………….Full Article: Source

From Qatarmorningpost.com: The Islamic Financial Services Board (IFSB) today announced the appointment of Mr. Jaseem Ahmed as its Secretary-General effective April 2011 to succeed Professor Datuk Rifaat Ahmed Abdel Karim.
The Council of the IFSB resolved to approve the appointment of Mr. Ahmed in its 17th meeting held today in Jeddah, Kingdom of Saudi Arabia. The meeting was chaired by H.E. Dr. Sabir Mohamad Hassan, Governor of the Central Bank of Sudan and Chairman of the Council……………………………………….Full Article: Source

From Gulf-daily-news.com: Following the success of this year’s World Islamic Banking Conference (WIBC) in Bahrain, the UK has been praised as the leading Western centre for Islamic finance and one of the world’s most attractive destinations for Islamic banks.
The conference, supported by UK Trade & Investment (UKTI), included an expert panel from the UK, which led debates on the future of the sector, both in the UK and around the world……………………………………….Full Article: Source

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, announced today that it had arranged a syndicated, Dhs1.14bn Islamic financing deal for UAE’s Majid Al Futtaim (MAF) Group.
ADIB acted as the Initial Mandated Lead Arranger, Sole Bookrunner, Investment Bank and Security Agent Bank for the deal. Other banks that participated in the financing deal include Al Khaliji Commercial Bank as Mandated Lead Arranger, Al Hilal Bank, First Gulf Bank and United Arab Bank as Lead Arrangers and Ajman Bank as Arranger. In addition Clifford Chance LLP was the syndicate’s counsel and Norton Rose was MAF counsel……………………………………….Full Press Release: Source

As part of the National Day Celebrations, Emirates Islamic Bank (EIB) announced the next stage of their move towards increasing opportunities for the national talent within the bank. EIB will launch a new round of training programs to facilitate UAE national employees help deliver on EIB’s commitment of being a centre for world class Sharia financial services.
At a welcome workshop for the Bank’s new joiners, Mr. Faisal Aqil GM Retail banking announced that Emirates Islamic Bank is seeking to recruit 120 UAE Nationals in 2011. He also launched three new courses targeting UAE nationals will be deployed over the coming months with the programmes segmented into three areas: Al Awael, Al Ruwad and Al Mudara. Al Awael will focus on tailored programmes for new joiners, Al Ruwad for middle management and Al Mudara, for existing high performing senior management employees……………………………………….Full Press Release: Source

From Bloomberg: Universities are expanding Islamic finance courses as demand for professionals qualified in Shariah law outstrips supply in the $1 trillion industry.
The International Islamic University of Malaysia plans to start postgraduate courses specializing in Shariah-compliant capital markets, banking and insurance after enrollment for its general program in finance complying with Muslim tenets tripled in the past year, said Professor Mohd Azmi Omar, the dean of the institute………………………………………Full Article: Source