From Presstv.ir: At least 33 banks, 46 insurance companies and 17 mutual funds based on Islamic finance principles exist in Indonesia, now Southeast Asia’s economic giant and home to the largest Moslem population in the world.
It is only in Indonesia that Sharia banking assets are growing at the rates never seen before, reaching 47 percent to US11.14 billion dollars in 2010……………………………………….Full Article: Source

From Koreaherald.com: When the Ministry of Strategy and Finance submitted a bill on Islamic bonds to the National Assembly in September 2009, its main motivation was to secure new sources of foreign capital that Korea could tap into when liquidity dries up due to turmoil in the global financial system ― such as the collapse of Lehman Brothers in 2008.
But the bill gained added importance following a Korean consortium’s winning of the $18.6 billion nuclear power plant project from the United Arab Emirates in December that year. The bill, if enacted, would help the Korean consortium raise funds needed to finance the project by issuing Islamic bonds……………………………………….Full Article: Source

The Chief Executive Officer of First Finance Company, a Qatari based Islamic Finance Services (IFS) institution has applauded moves by the Central Bank of Qatar to impose greater regulation on conventional banks offering Islamic services over concerns that “unhealthy competition could lead to over-aggressive practices”.
Khalid Bin Ibrahim Al-Sulaiti, who is also Vice Chairman of IFS consultancy Bait Al Mushara, told Oxford Business Group (OBG), the global publishing, research and consultancy firm, that the constraints of Qatar’s market also highlighted the likelihood of consolidation within the sector……………………………………….Full Press Release: Source

From Hindu.com: The Rajasthan Muslim Forum has called upon Union Minister of State for Finance Namonarain Meena to facilitate introduction of “interest-free Islamic banking windows” within the existing regulations in the conventional banks through a proposal in the 2011-12 Union Budget to be presented in the Parliament’s session beginning on Monday.
In a letter addressed to Meena – who represents the Tonk-Sawai Madhopur Lok Sabha constituency in Rajasthan – the Muslim Forum said here on Sunday that the interest-free banking, the demand for which was consistency being made for quite some time, would enable the economically disadvantaged sections of society to access banking products effectively……………………………………….Full Article: Source

Sovereign and domestic sukuk continued to dominate the market with USD51.5 billion sukuk being issued globally, a rise of 54% compared to 2009. Adnan Halawi, Senior Sukuk Analyst, at Zawya revealed at the 10th Anniversary Islamic Finance Summit in London.
The summit will witness a gathering of senior Islamic finance specialists as they reflect on the last decade, celebrate 10 years of Islamic finance in London and look forward to the developments and opportunities available to industry participants going forward……………………………………….Full Press Release: Source

From Gulfnews.com: Relative yields on Bahrain’s Islamic bonds widened to an 11-month high as anti-government protests that led to five deaths spurred concerns unrest that started in Tunisia and Egypt is spreading across the Middle East.
Bahrain’s 6.247 per cent five-year sukuk due in June 2014 dropped, pushing the yield up 62 basis points, or 0.62 percentage point, this week to 3.87 per cent yesterday. The spread over US Treasuries widened to 222, the biggest gap since March, according to data compiled by Bloomberg……………………………………….Full Article: Source

From Reuters: Yemen, racked by worsening anti-government protests, issued the country’s first Islamic bond, or sukuk, last week, as part of a broader bond plan to finance development projects.
Local Islamic banks subscribed to the four billion Yemeni rial ($18.5 million) bonds issued by the central bank with proceeds expected to finance three local road projects, IFR Markets, a unit of Thomson Reuters reported……………………………………….Full Article: Source

From 234next.com: I want to say that this principle of business not based on reality has been the cause of financial crisis. When you look at what was the reality of the transactions that created these bubble, it is because they were allowed to trade on things that didn’t exist, margin lending, and all that.
If we had stuck with reality, the bubble cannot grow much. You have to have something real to back it up. The question of being curtailed in investment outlet is not entirely true. We don’t invest in banking sector, we don’t invest in breweries, we don’t invest in gambling and people say to us, what else is there to invest in……………………………………….Full Article: Source

From Vanguardngr.com: The bid by the Central Bank of Nigeria (CBN), to introduce Islamic banking in the country has sparked controversy. In this interview, the Director- General, West African Institute for Financial and Economic Management (WAIFEM), owned by Central Banks of Anglo-speaking West African countries, Professor Akpan Ekpo, speaks on the banking innovation and ATM fraud.
First of all, we need to fully understand the meaning of Islamic banking, how it works in other countries and the economic benefits, before we begin to condemn CBN on the policy……………………………………….Full Article: Source

From Gulfnews.com: Noor Islamic Bank, the new-generation Sharia-compliant bank, sees big growth opportunities for the Noor brand within the UAE and the region in the long term.
In the aftermath of the financial crisis the group has put on hold some of its ambitions regional expansion plans, but the group sees it only as a temporary setback and is determined to work on its vision of creating a universal Islamic banking group that will have businesses ranging from Islamic financing, takaful, investment banking and financial services outsourcing business……………………………………….Full Article: Source

From Arabianbusiness.com: Barwa Bank, the Qatar-based Islamic finance house, is mulling a plan make its trading debut this year, the company’s CEO has said.
“[An IPO] remains our broad intention,” Barwa CEO Steve Troop told the Peninsula newspaper. “But these are lengthy processes and there are a number of different authorities that are required to be consulted and we are initiating that process at this time.”………………………………………Full Article: Source

From Qatar-tribune.com: Barwa Bank, the newest Islamic bank in the country, is hopeful of gaining from the recent Qatar Central Bank directive to conventional lenders to withdraw from Islamic finance activities by the year end, its Chief Executive Officer Steve Troop has said.
“Definitely there would be opportunities for us, and we are keeping a close eye on the developments,” he told reporters at a press conference on Thursday……………………………………….Full Article: Source

From Reuters: Qatar’s decision to ban conventional banks from offering Islamic banking services with immediate effect and to wind down their Islamic windows by the end of the year is an absurd development.
It is disgracefully anti-competitive, counter-productive and there is every likelihood that the government will come to regret it……………………………………….Full Article: Source

From Thepeninsulaqatar.com: The Chief Executive Officer of First Finance Company, a Qatari based Islamic Finance Services (IFS) institution, has applauded moves by the Central Bank of Qatar to impose greater regulation on conventional banks offering Islamic services over concerns that “unhealthy competition could lead to over-aggressive practices”.
Khalid bin Ibrahim Al-Sulaiti, who is also Vice Chairman of IFS consultancy Bait Al Mushara, told Oxford Business Group (OBG), the global publishing, research and consultancy firm, that the constraints of Qatar’s market also highlighted the likelihood of consolidation within the sector……………………………………….Full Article: Source

From Tradearabia.com: Bank of London and The Middle East (BLME), a Shariah-compliant bank based in London, has received a licence from the Central Bank of Bahrain (CBB) to open its regional office in the Kingdom.
BLME provides a wide range of services and advice to businesses and individuals, with a strong focus on Europe, the Mena region, as well as the US. Its five core areas are private banking, corporate advisory, corporate banking, asset management and markets division……………………………………….Full Article: Source

From Tradearabia.com: HSBC Saudi Arabia Limited, 40 per cent owned by the Saudi British Bank (SABB), has won two MENA Fund Manager Awards. The bank won the Fund of Funds of the Year for its HSBC Amanah Multi Assets Growth Fund and the Sector Fund of the Year for its HSBC Amanah Saudi Industrial Companies Fund.
Both awards were received based on the funds’ performance in 2010……………………………………….Full Article: Source

From Tradearabia.com: Bahrain’s banking system is operating normally and economic fundamentals remain strong despite unrest, the central bank said, adding it would provide all necessary support to banks if needed.
“All financial transactions are at the normal level and the dinar continues to trade at the same level,” the central bank said in a statement on Sunday after a meeting with retail banks heads……………………………………….Full Article: Source

From Emirates247.com: Charging of profit for the delayed period in Islamic finance property projects has been described as non-Islamic or ‘haram’ by the Dubai Grand Mufti, Dr Ali Mashael.
Some Islamic banks and mortgage companies have asked investors to pay advance installments (the rental profit or Ijara) even though an already delayed project is not yet completed or handed over……………………………………….Full Article: Source

From Brunei-online.com: In a bid to empower Islamic Insurance agents as well as enhancing their knowledge on Islamic insurance products, Takaful Brunei Am yesterday concluded a four-day workshop on Islamic Insurance products for the sales unit of Takaful Brunei Am.
The workshop was conducted and facilitated by Takaful Brunei Am’s senior staff members - Mohd Basri bin Basir, Head of Sales unit, Pg Hj Baharuddin Alim Shah bin Pg Hj Kamaruddin, Executive Officer and Sufian bin Mohd Yusof, Assistant Underwriter……………………………………….Full Article: Source

From Bloomberg: Malaysia’s economy expanded 4.8 percent last quarter, pushing full-year growth to the fastest pace since 2000 and putting pressure on the central bank to raise interest rates.
Gross domestic product expanded for a fifth consecutive quarter even as exports eased, the central bank said in a statement on Feb. 18. The gain was more than the 4.6 percent median estimate of 14 economists surveyed by Bloomberg News. The economy grew 7.2 percent last year, the most in a decade……………………………………….Full Article: Source

From Tradearabia.com: significantly surpassed its niche industry status to become an established component of the financial system, said an expert ahead of a key summit in Dubai. The fact that over recent years Islamic financial institutions have grown at a faster pace than their conventional peers confirms the increasing demand for Sharia-compliant financial products and services.
With the unprecedented growth of major economies in the Middle East, the region is increasingly becoming a more competitive and sophisticated market and the key players are targeting a greater share of the exciting growth potential for Islamic finance, according to David McLean, chief executive of Mega Events, organiser of first Annual Middle East Islamic Finance & Investment Conference (MEIFIC 2011)……………………………………….Full Article: Source

From Ahlul Bayt News Agency: The 24th International Islamic Unity provides an opportunity for Islamic Scholars to talk about their needs and discuss their problems with each other,” the deputy vice councilor for administration and Finance University of the Gumbia, said.
“International Islamic Unity conference gives this opportunity to Islamic scholars from different countries to get more familiar with their brothers and sisters ideas,” the deputy vice councilor for administration and Finance University of the Gumbia, said Dr. Omar Jah……………………………………….Full Article: Source