From Koreaherald.com: The government faces an uphill battle to legislate tax benefits for Islamic bond investors at a parliamentary session starting Friday amid sturdy objections from opposition politicians and churches.
The Finance Ministry is pushing for a bill on Islamic bonds, or sukuk, that would grant tax exemption on profits earned by bondholders in a bid to widen Korea’s access to increasing Middle Eastern oil money……………………………………….Full Article: Source

From Thestar.com.my: An Islamic finance research body backed by Bank Negara is drafting rules to regulate the use of derivatives to strengthen the industry’s risk management framework and repair the perception of poor syariah compliance among banks.
The guidelines could help plug a yawning gap in an industry which has struggled to develop hedging tools that do not resemble betting instruments a major handicap that can expose Islamic banks to excessive swings in currency and interest rate movements……………………………………….Full Article: Source

From Gulf-times.com: Conventional banks with Islamic branches will be briefed by the Qatar Central Bank on its recent circular demanding the closure of their Shariah arm by the year-end, it is learnt. “I understand a QCB meeting is planned in the coming days with the heads of the conventional banks concerned,” a source said.
In a recent circular the QCB said conventional banks with Islamic windows will have to end their Shariah operations by December 31, 2011……………………………………….Full Article: Source

From Allafrica.com: The Central Bank of Nigeria (CBN) has gone a long way in laying the groundwork for the commencement of Islamic Banking in Nigeria. At a recent workshop in Bauchi State, the Special Adviser to the CBN governor on non-interest banking,
Islamic Finance is a financial system that is based on adherence to the Shariah or Islamic law. It offers services, products and instruments based on compliance to this Divine Law. Central to the precepts of the Shariah is that commercial and financial transactions must adhere to these prohibitive principles:………………………………………Full Article: Source

From Arabianbusiness.com: Dubai-based lender Gulf Finance has launched a loan programme aimed at small businesses that promises not to report clients to the police if they default on their debts. The scheme breaks sharply with the current system that allows banks to press for the jailing of debtors that fail to meet loan payments.
“Our position is that if you’re courageous and want to start your own business, it shouldn’t be a criminal offense,” chief executive office Steve Williams told Arabian Business. “Things like this will help revitalize the SME market.”………………………………………Full Article: Source

From Albawaba.com: Kuwait’s Burgan Bank has announced improved financial results for the year ended December 31st, 2010. The bank posted KD 4.7 million (US$15.6 million) of net profit. The fourth quarter results amounted to KD 7.7 million, doubling third quarter results of KD 3.8 million and showing a strong trend performance.
The bank has reported operating profit of KD 99 million for the year. The Board of Directors recommended 5% free Bonus shares subject to the approval of the Annual General Assembly……………………………………….Full Article: Source

From Tradearabia.com: The Central Bank of Bahrain (CBB) has announced that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al Ijara, has been oversubscribed by 680 per cent.
Subscriptions worth BD68 million were received for the BD10 million issue, which carries a maturity of 182 days……………………………………….Full Article: Source

From Tradearabia.com: Bahrain-based Oasis Capital Bank (OCB) said its private equity division has established its first diversified investment vehicle, OCB Global Investment Opportunities, a $100 million target fund seeded and managed in partnership with Credit Suisse.
The Bahraini private investment bank aims to invest in mid market private equity transactions alongside leading managers in Europe, the US and Asia……………………………………….Full Article: Source

From Balkans.com: Globally Governments are looking to develop their Islamic finance sector by changing regulations to attract investors who can only put their money in Sharia-compliant assets. The UK government, as the facilitator of Islamic finance in the UK, has played an admirable role in this.
The figures for Islamic finance is impressive with Global Islamic Finance industry is growing 20% annually and the the sukuk issuance in the first half of 2010 reached $13.7 billion, which is double amount of the entire 2009’s sukuk issuance……………………………………….Full Article: Source