From Reuters: Qatar’s move to make conventional banks close their Islamic banking operations highlights a lack of transparency in the Gulf Arab state, bankers said on Monday.
Qatar’s central bank ordered conventional banks to stop offering Islamic banking services by year-end, but gave no direction on whether banks can apply for separate Islamic banking licences……………………………………….Full Article: Source

From Btimes.com.my: Qatar, in requiring banks from HSBC Holdings Plc to Doha Bank QSC to close units offering Syariah- compliant services, is emulating Malaysia, the world’s biggest market for Islamic debt.
The Persian Gulf nation, whose economy is growing at the fastest pace in the world, sent an order to banks this week requiring non-Islamic commercial lenders to shut operations that comply with Syariah law by year-end, according to the central bank circular. Malaysia allows standalone Islamic banks and subsidiaries to provide the services……………………………………….Full Article: Source

From Kippreport.com: An interesting development in the Qatar banking industry has caught many off guard. The country’s central bank has ordered conventional lenders operating in the state to shut down Islamic finance activities by the end of 2011. The news was reported by Dow Jones Newswires and attributed to two bankers familiar with the matter.
According to the bankers, “The central bank earlier this month sent a memorandum to non-Islamic lenders operating in Qatar asking them to close their Islamic units without providing a reason for the decision.” The move is obviously good news for the pure Islamic operators, who have subsequently enjoyed a rise in share value in the last couple of days……………………………………….Full Article: Source

From Thenational.ae: HSBC is in talks with Qatar’s central bank as fears emerge that a recent order to close some Islamic banking operations in the country will hit lenders’ revenues.
Shares in some conventional Qatari banks that offer Islamic products were hit hard yesterday after a central bank decision to restrict such activity to Sharia-compliant banks……………………………………….Full Article: Source

From Thepeninsulaqatar.com: Conventional banks, in keeping with Qatar Central Bank’s directive, have stopped opening new accounts and dispensing loans at their Islamic banking units ahead of closing down these operations by the year-end.
But customers of these units, whose numbers run into thousands, are worried, wondering what would happen to their accounts and debt-servicing……………………………………….Full Article: Source

From Gulfnews.com: Qatar’s Doha Bank does not expect a major financial impact from the central bank’s decision to separate the Islamic operations of conventional lenders in the Gulf Arab state, its chief executive said yesterday.
“It’s not much of a surprise, as we had signals earlier from the central bank,” Raghavan Seetharaman said in an interview. “About 89 per cent of our books are conventional, so we don’t see it taking a big hit.”………………………………………Full Article: Source

From Tellng.com: Nigerians are predominantly divided along ethnic and religious lines in virtually everything they do. But economic interest is breaking new grounds, creating a meeting point between Christians and Muslims, the two major religious groups in the country, through Islamic banking; an emerging financial service that does not take interest on deposits and lending.
Under this model of banking, interest is not paid by either the bank or its customers on any transaction; instead, there is a profit sharing arrangement between the two parties. However, in accordance with some fundamental tenets of Islam, there are, according to experts certain categories of trade that the Islamic bank cannot venture into with depositors funds……………………………………….Full Article: Source

From Gulf-times.com: The Institute of Chartered Accountants of India (ICAI), Doha chapter, recently hosted a seminar on “Islamic vs conventional banking and IFRS vs AAOIFI standards”. The event was sponsored by Sasco Group and attended by more than 100 participants.
Musadag El Melik, QNB Al Islami general manager, was the keynote speaker. El-Melik provided an insight into the principles of Shariah-compliant Islamic banking and the various products currently available such as Ijara, Estisna’a, Mudarabah, Musharaka, Sukuk and Murabaha……………………………………….Full Article: Source

From Cpifinancial.net: Islamic International Rating Agency (IIRA) has maintained its Shari’ah Quality Rating of AA (SQR) to Jordan Islamic Bank (JIB). Jordan Islamic Bank (JIB) was established in 1978, as a public shareholding limited company to carry out banking, financing and investment business operations in compliance with the Shari’ah.
The rating maintained by IIRA is supported by the fact that JIB’s Shari’ah Supervisory Board (SSB) consists of four highly qualified and experienced Shari’ah scholars who hold regular meetings and considers wide-ranging issues……………………………………….Full Article: Source

From Zawya.com: Qatar International Islamic Bank,the Arab Gulf state’s third-largest shariah compliant lender by market value, plans to issue a benchmark-sized Islamic bond, or sukuk, by mid year to bolster its loan book ahead of an expected uptick in lending, two sources familiar with the matter said.
No banks have been mandated yet on the deal, which is in the early stages, said one person familiar with the bank’s plans, who didn’t wish to be identified. Another person told Zawya Dow Jones the sukuk issue would likely be a “small benchmark” offering……………………………………….Full Article: Source

From Gulf-times.com: Commercialbank of Qatar will seek approval from shareholders to establish a $5bn bond programme, according to a regulatory filing, allowing the firm to tap international debt markets.
If approved, the Euro medium term notes programme would allow the bank, or its subsidiary CBQ Finance, to issue bonds or other debt instruments, the agenda for the company’s annual general meeting, scheduled for February 21, showed……………………………………….Full Article: Source

From Arabnews.com: The Saudi British Bank (SABB) recently signed Islamic finance agreements totally valued at SR2 two billion with Abdul Latif Jameel Group of companies (ALJ).
The deal includes three securitization agreements for the benefit of the United Installment Sales Co. Ltd. (UIS), through which SABB will buy a group of vehicles leased to UIS clients, appoint UIS as a management and collection agent, and a stock finance Murabaha agreement……………………………………….Full Article: Source

Zawya, the Middle East’s leading online business and investment platform, in conjunction with Ethica Institute of Islamic Finance, launched the Zawya Advanced Certification in Islamic Finance (ACIF), a revolutionary e-learning solution, designed to deliver advanced, cost-effective Islamic finance training and development to individuals and institutions worldwide.
At a press briefing that took place today at the Dubai International Financial Center, Shaykh Yusuf Talal DeLorenzo, a leading Islamic finance scholar who serves Ethica in an advisory capacity, signed the fatwa for the ACIF……………………………………….Full Press Release: Source

From Gulftoday.ae: E-learning has been described as the best way to address the growing demand for certified Islamic finance graduates, says the head of Ethica, an Institute of Islamic Finance.
The Institute’s Managing Director, Atif Khan said that lack of skills is among the biggest challenges for the expansion of global Islamic banking……………………………………….Full Article: Source

From Gulfnews.com: Luxembourg has so far attracted around euro 500 million (Dh2.485 billion) from UAE investors in its various investment funds and is eyeing more, Luxembourg’s Minister of Finance Luc Frieden said. Luxembourg is emerging as a prime location for Islamic finance. There are currently around 16 sukuk listed on the Luxembourg Stock Exchange.
“We don’t have a specific target [for investments from the UAE], but, there is a lot going on in our financial services sector. There are about 7,000 investment funds and 150 banks in Luxembourg,” Frieden told reporters here……………………………………….Full Article: Source

From Zawya.com: A popular Saudi author and religious scholar says the current ferment in the Arab world can be traced to the denial of power to Islamists in the past. Only Saudi Arabia and some other Gulf states have been the exception where Shariah or Islamic law became the constitution.
Writing in Asharq Al-Awsat newspaper, Ayed bin Abdullah Al-Qarni said that in Egypt, a revolution for change took place in 1952, championing reform and an adherence to post-monarchical values, whereas the Egyptian people actually wanted Islam as their means of reform, as advocated by Muhammad Abduh and Jamaluddin Afghani……………………………………….Full Article: Source