From Guardian: Our system of sovereign sukuk ratings could benefit the global economy and promote better cross-cultural relations. Think of two of the most common problems highlighted in today’s news: the state of the global economy and violence at the hands of Islamists. Here’s a possible remedy to both: a sovereign sukuk rating system.
Such a rating would show which economies are sharia-compliant and hence suitable candidates for asset-backed Islamic bonds in the form of sovereign sukuks. The metrics used in such a rating would mean that countries would be judged on their default risk, as well as on how ethical (and hence how Islamic) their economies are……………………………………….Full Article: Source

From Reuters: Indonesia’s finance ministry has set the coupon for its planned three-year retail Islamic bonds or sukuk at 8 percent, debt office chief Rahmat Waluyanto told Reuters on Wednesday.
Waluyanto said last month the sukuk, aimed at individual investors, would be issued on Feb. 23……………………………………….Full Article: Source

From Bloomberg: PT Bank Muamalat Indonesia, the country’s oldest Islamic bank, plans to quadruple its holdings of Shariah-compliant debt this year. “Currently, we have about 500 billion ($55.4 million) rupiah invested in sukuk and we hope to increase that to more than 2 trillion rupiah this year,” Chief Financial Officer Hendiarto, said.
“Parking our assets in sukuk will enable us to earn better returns and at the same time we can use it as a cushion for liquidity.”………………………………………Full Article: Source

From Tradearabia.com: Bahrain is considering a $1 billion sovereign bond issue and has invited banks to bid on arranging the issue, IFR Markets, a unit of Thomson Reuters, said on Wednesday.
The kingdom, a non-Opec oil producer, may launch the longer-term bond issue towards the end of March, aiming to raise $1 billion or higher, IFR said……………………………………….Full Article: Source

From Maktoob.com: Islamic bonds in the Gulf region hit by a sell-off sparked by Egypt’s political turmoil steadied on Wednesday but traders expect more volatility as investors fret about contagion to other Arab states.
Total returns for the HSBC/Nasdaq Dubai US Dollar Sukuk Index have fallen 0.6 percent since Jan 25. Yield spreads widened 36 basis points, indicating an increase in risk perception……………………………………….Full Article: Source

From Businessdailyafrica.com: First Community Bank (FCB) has introduced an Islamic-compliant unit trust underlining the growing list of Islamic products targeting the Muslim market. The firm has received approval from the Capital Markets Authority (CMA) to rollout the fund, which will make selective investments in equities, government bonds and real estate options that are Sharia-compliant.
The new unit trust fund adds to the Islamic banking, insurance services, food, medicine and hospitality products launched in the country in the past few years by firms like FCB, Gulf African Bank and Takaful Insurance of Africa……………………………………….Full Article: Source

From Reuters: Mitsui Sumitomo Insurance, a unit of Japan’s largest property-casualty insurance firm MS&AD , said on Wednesday it may buy a stake in Malaysia’s Hong Leong Tokio Marine Takaful to tap growing demand for Islamic insurance.
The move comes as its Japanese rival Tokio Marine & Nichido said it is considering selling its 35 percent stake in the Islamic insurer to Hong Leong to end its partnership over strategic differences. Tokio Marine & Nichido is a unit of Tokio Marine Holdings………………………………………Full Article: Source

From Tradearabia.com: Viva Bahrain, the newest player in the Kingdom’s telecom sector, has signed a $280 million Shariah compliant financing facility with two of the region’s key financial institutions, HSBC and Saudi-based Samba.
The facility is seen as a highly sought after opportunity to establish long term business partnership with Saudi Telecom Company’s wholly-owned subsidiary brand named Viva in Bahrain……………………………………….Full Article: Source

From Telegraph: Mauritius’s first Islamic bank will be operational by the end of the first quarter of 2011, the central bank governor has said. The palm-fringed island’s growing offshore financial sector pitches itself as a financial platform bridging Africa, the Indian sub-continent and Asia.
Mauritius is seeking to tap into the $1 trillion Islamic finance industry, and the central bank also plans to offer sharia-compliant short-term liquidity tools……………………………………….Full Article: Source

From Reuters: Sri Lanka’s Amana Bank on Wednesday said it had received central bank approval to start the island nation’s first Islamic commercial bank. The bank is expected to start banking operations this year, this year, Managing Director and CEO Faizal Salieh said in a statement.
“Amana Bank will be Sri Lanka’s first licensed commercial bank to conduct all its business operations in complete harmony with the principles of Islamic banking,” the bank said in a statement……………………………………….Full Article: Source

From Gulfnews.com: The Abu Dhabi-listed First Gulf Bank (FGB) said its net profit for the fiscal fourth quarter ended December rose one per cent year on year to Dh865 million. Net interest and income from Islamic financing were the major contributors to the bottom line.
FGB in a statement reported a net profit of Dh3.42 billion for full year 2010, a three per cent increase on the year “led by strong revenue growth in core banking operations”……………………………………….Full Article: Source

From BNA: The Islamic Development Bank (IDB) today accepted to fund the Supreme Council for Women (SCW)’s translation Project aiming, along with other similar ones, to empower the Bahraini women economically, as part of the National Strategy for Women Development.
IDB also agreed to sponsor another scheme aiming to train blind Bahrain women to use the computer carried out by the Friends of the Blind Society……………………………………….Full Article: Source

In line with its long-term retail banking expansion strategy, Dubai Islamic Bank(DIB)announced the opening of two new branches, bringing the bank’s UAE-wide network to a total of 68 branches. The new branches, both in Dubai, are located in the Al Mamzar area and in Etihad Mall in Al Muhaisnah.
“As the pioneer of Shariah compliant banking, Dubai Islamic Bank is leading from the front in the growing popularity of Islamic Banking,” said Dr. Adnan Chilwan, Deputy CEO - Chief of Consumer and Wholesale Banking……………………………………….Full Press Release: Source

From Gfmag.com: The growing popularity of Islamic financing and an intensified focus on risk management in the global banking industry are prompting greater awareness of the need for a unified—and appropriate—regulatory regime.
When the Basel Committee on Banking Supervision first drafted the Basel Capital Accord in 1988, it was focused on creating a framework for measuring credit risk and setting minimum capital standards to safeguard banks against a loss or default……………………………………….Full Article: Source