From Arabnews.com: The Islamic fund management industry, long considered to be the Cinderella asset class of the Islamic finance sector, is set to gain momentum especially in Southeast Asia and Saudi Arabia. The Kingdom and Malaysia are the two largest markets by far for Islamic investment funds, both in terms of net asset value (NAV) and number of funds.
Indeed, Zarinah Anwar, chairman of the Securities Commission Malaysia (SC), the securities and fund regulator, confirmed that Malaysia’s Islamic fund management industry is the fastest growing segment of Malaysia’s Islamic capital market (ICM) with an annual compounded growth of more than 25 percent over the last 5 years……………………………………….Full Article: Source

From Bloomberg: Islamic loans in the Middle East will rebound in 2011 from a five-year low, said HSBC Holdings Plc, this year’s biggest lender, as accelerating economic growth and Qatar’s building for the soccer World Cup boosts spending.
Syndicated loans dropped 18 percent this year to $6.5 billion, according to data compiled by Bloomberg. Loans peaked at $24 billion in 2007, before the worst financial crisis since the Great Depression……………………………………….Full Article: Source

From Gulf-daily-news.com: Standardisation of the Islamic banking policies, procedures and regulatory framework on a global level is important to propel the growth of the industry. That is the view of BBK investment banking arm Capinnova Investment Bank chief executive officer Jamal Hijres.
“An important effort towards achieving international consistency was the creation of two multilateral institutions, the Accounting and Auditing Organisation for Islamic Financial Institutions and the Islamic Financial Services Board……………………………………….Full Article: Source

Shari’a compliant philanthropy, or planned giving, is on the rise with the Waqf sector (Islamic endowment) estimated at around $105bn globally, according to various research conducted recently by Ernst & Young on the sector.
Ashar Nazim, Director and Head of Islamic Financial Services at Ernst & Young, says, “The Shari’a compliant endowment sector provides a unique impetus for the growth of Islamic finance including the nascent asset management industry. While Waqf has always been an integral part of Islamic countries’ economic system, it is only now that a more formal structure is evolving for professional investment management of this pool of money, with an emphasis on making a sustainable impact. More investment firms are eyeing this opportunity, adding a new dimension to the Islamic asset management industry.”………………………………………Full Press Release: Source

From Tradearabia.com: Shari’a compliant philanthropy, or planned giving, is on the rise with the Waqf sector (Islamic endowment) estimated at around $105 billion globally, according to research conducted recently by Ernst & Young on the sector.
Ashar Nazim, director and head of Islamic Financial Services at Ernst & Young, says: “The Shari’a compliant endowment sector provides a unique impetus for the growth of Islamic finance including the nascent asset management industry……………………………………….Full Article: Source

From Arabnews.com: The International Islamic Liquidity Management Corporation (IILM), which was launched in Kuala Lumpur in October, took a step closer to becoming a reality when its governing board last week appointed Mahmoud AbuShamma as its inaugural chief executive officer (CEO), for a three-year tenure effective Feb. 1, 2011.
AbuShamma’s tenure is also subject to the adoption by the Malaysian Parliament, the Dewan Rakyat, of a Special Enabling Act which would accord the IILM a special diplomatic status and its attendant privileges……………………………………….Full Article: Source

From Arabnews.com: The appointment last week by the council of governors of the Islamic Financial Services Board (IFSB) of Jaseem Ahmed as its new secretary-general comes at a time when the prudential and supervisory standard setting organization of the global Islamic finance industry is poised to enter its next stage of development since it was first established in 2002.
Ahmed succeeds Professor Rifaat Abdel Karim, the inaugural secretary-general who was responsible for establishing the IFSB operationally in 2003 and steering it to its present pre-eminence. Ahmed’s appointment was confirmed at the 17th meeting of the council of governors that was held in Jeddah……………………………………….Full Article: Source

CEO of Capinnova Investment Bank, Mr. Jamal Hijres, strongly believes that standardisation of the ‘Islamic banking policies, procedures and regulatory framework’ on a global level is important to propel the growth of Islamic Banking across geographies. Capinnova Investment Bank is the Shari’a compliant investment banking arm of BBK.
“An important effort towards achieving international consistency was the creation of two multilateral institutions: the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which issues internationally, recognized Shari’a standards on accounting, auditing, and governance issues; and the Islamic Financial Services Board (IFSB), which issues standards for the effective supervision and regulation of Islamic financial institutions. The growth of such institutions will definitely improve and propel the industry at a faster pace,” said Mr. Hijres……………………………………….Full Press Release: Source

From Ahram.org.eg: The Islamic development bank agreed to lend Bangladesh $ 1.6 billion for the importation of oil in 2011, said senior official.
The loan was approved after long negotiations with officials in Bangladesh like the governor of the central bank of Bangladesh, said Anwar El kareem Chairman ofBangladesh Petroleum public corporation, which is the only importer and distributer in the country……………………………………….Full Article: Source

Sharjah Islamic Bank has announced the launch of the second phase of its online retail banking services - Weyy@com - as part of its strategy to enhance its online service offering. This comes in response to an increasing demand for free, user-friendly services that are available around the clock to customers both inside the UAE and abroad.
The new services are in line with the directives of the bank’s board of directors and senior management to provide the best possible services to customers, to create a safe and secure e-banking environment, and to open new communication channels with customers……………………………………….Full Press Release: Source

Dubai Shariah Asset Management (DSAM), and financial investment consultant Mondial (Dubai) L.L.C. (part of the Financial Partners Affiliation) today announced a Memorandum of Understanding where Mondial will offer the DSAM Kauthar Funds in seven countries, including the UAE, as part of a developing strategy to provide Shariah compliant products to investors.
The first two funds available to investors will be the DSAM Kauthar Gold Fund, Ltd., winner of the 2010 MENA Fund Manager Award for Outstanding Performance & Innovation and the DSAM Kauthar Energy Fund. DSAM is a joint venture between Dubai Multi Commodity Centre Authority (DMCC)and Shariah Capital……………………………………….Full Press Release: Source

From Khaleejtimes.com: Saudi Arabia, the Middle East’s largest economy, is expected to see gross domestic product growth of 3.7 per cent in 2011, on the back of higher public spending and improving business confidence, but ongoing weakness in the domestic credit markets still poses risks, senior bankers at Morgan Stanley said.
“Our 2011 economic outlook for Saudi Arabia is fairly positive. We expect GDP growth of 3.7 per cent in 2011, based on an expected expansion of 1.5 per cent in the oil sector and 4.6 per cent in the non-oil sectors,” Mohamed Jaber, Vice-President and Chief Economist at Morgan Stanley International, said at a recent roundtable discussion in Dubai……………………………………….Full Article: Source

From Cpifinancial.net: Abu Dhabi Islamic Bank (ADIB) and the Higher Colleges of Technology (HCT) signed a memorandum of understanding (MoU) to create the region’s first Institute of Islamic Economics and Ethics in the presence of and under the auspices of HE Sheikh Nahayan Mabarak Al Nahayan, Minister of Higher Education and Scientific Research and Chancellor, Higher Colleges of Technology.
ADIB Institute of Islamic Economics and Ethics will provide information and raise public awareness of the importance of doing business ethically and help organisations strengthen their ethics culture. Its activities will encourage high standards of ethical behavior in business and provide guidance to employees on it. It will deliver training for corporations and SMEs and publish research and surveys about ethical practices and business conduct……………………………………….Full Article: Source

From Gulfnews.com: For Islamic finance, the credibility issue is neatly addressed when institutions like S&P, Thomson Reuters, Clifford Chance, and PWC enter the space, as these global brands will not risk tarnishing their brands without due diligence on a sizeable opportunity.
And their decades of experience is the need of the hour for this niche market to become ‘conventionally efficient and competitive.’………………………………………Full Article: Source