From Reuters: Citigroup expects an increase in Sukuk issuances in the Middle East this year and next as banks and companies seek to diversify their funding sources. It plans to beef up its operations in Qatar as the U.S. bank seeks to tap into the tiny Gulf Arab state’s rapid economic growth and immense wealth.
“Qatar is uniquely positioned with the amount of liquidity, to tap opportunities,” said Alberto Verme, Citi’s chief executive for Europe, the Middle East and Africa (EMEA)……………………………………….Full Article: Source

From Gulfnews.com: Albaraka Banking Group reduced the size of a March sukuk programme to $250 million (Dh918 million)-$300 million from the planned $500 million, Chief Executive Officer Adnan Ahmad Yousuf said.
“We were programming to sell $500 million, but then we agreed to sell between $250 million and $300 million,” Yousuf said in an interview in Damascus yesterday. “If there is demand, we will increase it.” The bank also plans to issue a $100 million sukuk in Egypt at the end of the year, Yousuf said……………………………………….Full Article: Source

From Financeasia.com: The Republic of Indonesia (ROI) has shortlisted seven to eight banks for its upcoming benchmark bond. The banks that have been shortlisted are said to include Barclays Capital, Citi, Deutsche Bank, HSBC, J.P. Morgan, Standard Chartered and UBS.
It is unclear if Credit Suisse – a bank that many consider a key contender for any deal involving the Republic of Indonesia – is also on the shortlist……………………………………….Full Article: Source

From Reuters: Qatar Islamic Bank (QIB) may snap up the Islamic banking assets of conventional lenders in Qatar, who are facing a central bank order to shut their Islamic operations, a top executive said on Tuesday.
Qatar’s central bank this week told conventional banks to close their Islamic operations by year-end, amid worries of overlap between the two, in a surprise move that lifted shares of Islamic lenders………………………………………Full Article: Source

From Zawya Dow Jones: Qatar’s decision to prohibit conventional banks in the gas-rich Gulf state from operating an Islamic business from next year could bring more clarity and standardization to an industry that is often criticized for lacking both, and inspire other regulators across the region to implement similar measures.
Senior bankers in Qatar said they were taken by surprise by a central bank directive issued earlier in February ordering conventional banks to shut down their Islamic operations by the end of 2011, only six years after receiving the watchdog’s approval to introduce them……………………………………….Full Article: Source

From Thepeninsulaqatar.com: Qatar Islamic Bank (QIB), the country’s largest Shariah-compliant banking entity, has offered to buy the Islamic banking assets of conventional banks, while the latter want the banking regulator, Qatar Central Bank, to allow them more time to close their Islamic operations.
Banking industry sources pointed out yesterday that discussions were being held in the industry to convince the QCB that the time given to conventional banks to close their Islamic operations (by the year-end) is not enough……………………………………….Full Article: Source

From Thepeninsulaqatar.com: Qatar’s investment and banking sector will be the main beneficiaries of the country’s future economic growth by participating in the financing of the upcoming multi-billion riyals projects, said Qatar Petroleum International (QPI) CEO.
“The recent government decision to increase the capital of national banks is in line with this approach. This will provide an opportunity for the national banks to participate actively in financing projects that will be adopted in the budgets of the coming years,” Nasser Khalil Al Jaidah said……………………………………….Full Article: Source

From Reuters: Malaysian Islamic banking institutions, operating as subsidiaries or windows, must have proper firewalls and separation of funds to ensure compliance with sharia requirements, the central bank said on Tuesday.
The authority was responding to a decision by Qatar’s central bank on Sunday directing its conventional lenders to shut their Islamic operations amid worries of overlap between the two, a move which some experts said could prompt other regulators to follow suit……………………………………….Full Article: Source

From Brecorder.com: Finance Minister Dr Abdul Hafeez Shaikh has said that Islamic Banking system has emerged as new role model after the global financial crisis. Speaking as chief guest at the inaugural session of 1st International Conference on Islamic Business and Finance organised by Riphah International University here at National Institute of Banking & Finance (NIBAF) on Tuesday.
The minister said that Islamic finance can become an engine of economic growth. He said that there is need to increase investment in Islamic banking system……………………………………….Full Article: Source

From Dailytimes.com.pk: The Islamic principles of finance have proved their viability worldwide as the Islamic banking and finance is growing at a rapid pace globally, Federal Minister for Finance and Economic Affairs, Abdul Hafeez Shaikh said Tuesday.
“In the wake of recent global financial crisis and debt problem of the third world countries and the Euro Zone, the Islamic banking and finance has established itself and is growing at rapid pace,” he said at the inaugural session of two day International Conference on Islamic Business and Finance……………………………………….Full Article: Source

From Bernama: Bank Kerjasama Rakyat Malaysia Bhd Tuesday launched its first debit card called “Orchid card” and set a target of securing 75,000 holders by year end.
Orchid stands for One Retail Cash Islamic Debit. The card uses the syariah concepts of Wakalah and Ujrah at each transaction. It is accepted at merchant counters categorised as halal only……………………………………….Full Article: Source

From Thepeninsulaqatar.com: The merger between al khaliji bank and International Bank of Qatar (IBQ) is on track and the deal is expected to be concluded this year, IBQ’s Managing Director said.
“The merger is progressing very well and we are working on several tracks, one of which is integration of both operations, the second one being the second phase of due diligence and final phase of due dilligence,” George Nasra said……………………………………….Full Article: Source

From WAM: Al Hilal Islamic Bank, the first commercial Islamic bank in Kazakhstan, recently conducted a series of seminars and business lectures for media representatives in the key cities of Almaty and Astana in a move to enhance public awareness on basic principles of Islamic finance.
Held under the theme ‘Fundamentals of Islamic Finance,’ the sessions also introduced relevant taxation guidelines under Kazakh law and encouraged reforms in domestic banking policies to expedite the growth of the country’s young Islamic finance sector……………………………………….Full Article: Source

From Thenational.ae: Provisioning rose 7.5 per cent for the month compared with November to reach Dh44.3 billion (US$12.06bn), according to data from the Central Bank. Compared with December 2009, provisions were up more than 35 per cent.
“It’s typical for the year-end that you get some sort of surprise, but this is a big increase,” said Raj Madha, a Mena region analyst at Rasmala Investment Bank……………………………………….Full Article: Source

From Dailymirror.lk: The Maldivian subsidiary of Sri Lanka’s Amana Takaful Insuracne Plc, Amana Takaful (Maldives) Private Limited has applied to be listed in the Maldives Stock Exchange (MSE).
The company has submitted its application and it will be the first foreign owned company and Shariah compliant company that has applied for a listing in MSE……………………………………….Full Article: Source

From Brudirect.com: Takaful Brunei Am Sdn Bhd (TBA) held a briefing for Shariah enforcement officers on the benefits of the Takaful Scheme established under the agreement signed between the Department of Syariah Affairs, Ministry of Religious Affairs and Takaful Brunei Darussalam.
The briefing coincided with the actual signing of the agreement on Saturday, at the Takaful Brunei Darussalam headquarters in the capital……………………………………….Full Article: Source