From KUNA: he demand for Shariah-compliant financial products is growing very rapidly which is expected to take the total assets of this sector up to USD 3 trillion by 2016, said a study conducted by the Swiss Bank group (Credit Suisse) and the University of Zurich.
Scientists working with the University of Zurich professor of economics, Ernst Fehr recently made a striking discovery; based on psychological experiments, they found religiosity to have a significant influence on economic action……………………………………….Full Article: Source

Combining wealth management with the principles of Islamic law is a relatively young sector in Islamic Banking. Worried about the civil unrest in the region and the effect on your money? Switzerland has always benefited from its reputation as a “safe haven”, especially during times of political crisis such as the Middle East and North Africa is going through.
Despite pressures from the US and Germany on the Swiss banking secrecy law (which dates back to 1934), banks in Zurich and Geneva have reported inflows from wealthy Arab clients who prefer to secure and diversify parts of their wealth……………………………………….Full Press Release: Source

From PNA: The government is keen on improving the lives of Filipino Muslims and efforts on this are expected to have more meaningful results as the government starts talks with the Islamic Development Bank (IsDB).
Finance Secretary Cesar Purisima said a representative from the IsDB was present during the government and World Bank-initiated Philippine Development Forum (PDF) in Pasay City Saturday……………………………………….Full Article: Source

From Arabnews.com: Kenya may pass legislation to eliminate tax barriers to Islamic bond issuance by the end of the year with the government looking to launch Islamic treasury bills and bonds, known as sukuk, bankers said.
Kenya, the largest economy in east Africa, has yet to tap international markets but is eyeing Islamic bonds as an option to raise funds from sharia-compliant investors, central bank Governor Njuguna Ndung’u said in an e-mail……………………………………….Full Article: Source

From Gulfnews.com: Yields on Malaysia’s dollar-denominated Islamic bonds are trading near the lowest level in a month as investors favour the nation’s assets over those in the Middle East amid escalating political violence.
The yield on the government’s 3.928 per cent sukuk due June 2015 dropped 11 basis points last week to 2.89 per cent, according to prices from Royal Bank of Scotland Group. They were at 2.88 per cent on Tuesday and at 2.86 per cent at the beginning of the month……………………………………….Full Article: Source

From Arabnews.com: There is growing optimism about the immediate prospects for the Islamic finance industry starting in 2011.
Last week in Oxford, Muhammad Al-Jasser, governor of the Saudi Arabian Monetary Agency (SAMA), emphasized that sukuk have a great potential in the Saudi and Gulf market and SAMA encourages banks and corporates to go down the sukuk route and would like to see the local credit market diversified from bank finance to corporate bonds and sukuk……………………………………….Full Article: Source

From Reuters: Gatehouse Bank, a London-based sharia compliant investment bank, plans to bring a 60 million pound ($96.77 million) Islamic bond to market by the end of the first quarter, its chief executive said on Sunday.
Richard Thomas, speaking on the sidelines of an Islamic forum in the United Arab Emirates’ capital, said the bank would also arrange a 25 million pound syndicated lease financing this year……………………………………….Full Article: Source

From Joongang Daily: Pastor David Yonggi Cho, one of the most influential Protestant evangelists in the country, has declared war against President Lee Myung-bak over the administration’s backing of a bill that will provide a tax exemption for the local issuers of Islamic sukuk bonds.
Cho, senior pastor and founder of the Yoido Full Gospel Church, said that he will led a fight to topple Lee from the presidency if the government backs the sukuk legislation……………………………………….Full Article: Source

From Arabnews.com: The issuance by the Qatar Central Bank (QCB) recently of a directive requiring the country’s conventional banks which have opened Islamic banking windows (IBWs) to close them down by the end of 2011 may result in a spate of operational complexities in the implementation of the directive.
Both Professor Rifaat Abdel Karim, the secretary general of the Islamic Financial Services Board (IFSB), the prudential and supervisory standard setting body for the global Islamic finance industry, and Islamic bankers such as Richard Thomas, the CEO of Gatehouse Bank in the UK, agree that the complexities lie with trying to match short-term deposits placed with the IBWs with their longer term liabilities……………………………………….Full Article: Source

From Thepeninsulaqatar.com: Doha Bank says the closure of its Islamic arm wouldn’t affect its profitability as it would still be free to invest in Shariah-compliant avenues. “There are opportunities to invest. Still we can invest and grow long-term value generation out of Islamic finance,” the bank’s CEO, R Seetharaman, said.
Talking to reporters on the sidelines of Doha Bank’s AGM yesterday, he said contract financing was its forte and it would focus more on it for added growth……………………………………….Full Article: Source

From Gulf-times.com: Doha Bank said it would continue to invest in Islamic finance even as it focuses on cross-border funding. The bank will also explore various other options including Islamic asset sales after the recent Qatar Central Bank (QCB) directive to commercial banks on their Islamic operations.
“Nothing prevents us from investing in Shariah-based finance. There are opportunities to invest; we can still invest and grow long-term value generation out of Islamic finance,” Doha Bank group CEO R Seetharaman said……………………………………….Full Article: Source

From Arabnews.com: The dominant market position of Jordan Islamic Bank (one of the unassuming success stories of Islamic finance) is likely to remain uncontested for the foreseeable future, enabling the bank to sustain its business expansion.
This was the conclusion made recently by Cyprus-based Capital Intelligence, the credit-rating agency that specializes in emerging markets……………………………………….Full Article: Source

From Reuters: National Bank of Abu Dhabi (NBAD) will launch a sharia-compliant repo product in March to encourage secondary market trading and is in talks with two unnamed counterparties for the same, an official said on Sunday.
The Abu Dhabi lender expects the Islamic repo market in the Middle East and North Africa (MENA) region to be worth about $2 billion, said Sameh Al Qubaisi, general manager for NBAD’s institutional and corporate coverage group……………………………………….Full Article: Source

From Brecorder.com: National Bank of Abu Dhabi plans to set up an Islamic banking unit in Malaysia after its conventional bank unit starts operations there in the third-quarter, its chief executive said on Sunday.
“We have a conventional licence. If the authorities allow us, we would like to have an element for an Islamic licence,” Michael Tomalin told reporters at an Islamic forum. The executive did not provide more details on the plan……………………………………….Full Article: Source

From Thenational.ae: The National Bank of Abu Dhabi (NBAD) is to launch the first Sharia-compliant repurchase agreement, in a move expected to give a shot in the arm to the UAE’s banking industry.
Repurchase agreements, also known as repos, allow a bank to lend money by buying an asset and reselling it at an agreed time, granting extra funds to lend or to purchase assets……………………………………….Full Article: Source

From Thepeninsulaqatar.com: Conventional banks were allowed to have Islamic operations to help them have diversified sources of revenue and make the local banking industry more competitive, says a former governor of Qatar Central Bank (QCB).
Islamic banks in the country had small capital base then and that was another reason why their conventional counterparts were permitted to offer Islamic banking services, said Abdullah bin Khalid Al Attiyah……………………………………….Full Article: Source

From Gulf-times.com: IBQ and the Qatar Development Bank have signed an agreement for QDB’s Al Dhameen SME Programme, which aims at growing the local Small and Medium Enterprises (SME) sector and further contributing to Qatar’s economic expansion.
QDB established the Al Dhameen indirect lending programme to offer a range of financing solutions to viable SMEs. The programme has been designed to improve access to financing for SME’s by guaranteeing part of the funding extended by commercial banks……………………………………….Full Article: Source

From Yemenpost.net: Saba Islamic Bank topped the local Islamic banks for the 12th straight year in terms of the profit rates on the investment deposits in 2010.
It announced the profit rate of Yemeni riyal deposits was 14.50 per cent and the profit rate of foreign currency deposits 7.52 per cent……………………………………….Full Article: Source

From Cpifinancial.net: ABC Islamic Bank has announced a net profit of $2.1 million for 2010 compared to $10.1 million for 2009. Total operating income was $15.9 million compared to $20.4 million for 2009, due to lower rates and de-risking of balance sheet asset size.
Staff and operating costs of $4.9 million were also lower than the previous year of $5 million. Impairment provisions of $8.6 million were taken for regional exposures during the year, $3.6 million higher than the previous year……………………………………….Full Article: Source

From Arabnews.com: HSBC Amanah, the global Islamic financial services business of the HSBC Group and affiliate of the Saudi British Bank (SABB), has been named for the second consecutive year Best International Islamic Bank by Euromoney magazine, in its Islamic Finance Awards 2011.
The awards are widely considered to be the most high profile accolades in the Islamic finance industry and annually recognize outstanding performance, quality, service, and innovation in the sector……………………………………….Full Article: Source

Emirates Islamic Bank, one of the region’s leading Islamic finance institutions participated in the National Career Exhibition in Sharjah 2011. The National Career Exhibition is the country’s leading platform for launching a successful career in the banking and finance sectors.
The 2011 edition of the exhibition was under the patronage of H.H Sheikh Dr. Sultan Bin Mohamed Al Qassimi, member of the Supreme council and Ruler of Sharjah and which is held at the Sharjah Expo Centre from 23rd to 25th February 2011……………………………………….Full Press Release: Source

From Reuters: A new Islamic insurer, backed by top Abu Dhabi entities, will be listed on the UAE capital’s bourse by March or April, a senior official at one of its backers said on Sunday.
Wataniya Takaful plans to raise 82.5 million UAE dirhams ($22.47 million), or 55 percent of its capital, through an initial public offering. It will have capital of 150 million dirhams to provide Islamic insurance……………………………………….Full Article: Source

UAE-headquartered Takaful Emarat, a Shariah compliant life and health insurance company, has announced the appointment of Ghassan Marrouche as General Manager. Mr. Marrouche joins Takaful Emarat with over 25 years of experience in the insurance industry.
A veteran in the region’s insurance field, Marrouche has an impressive track record of start-up operations, turn around and growth of existing operations……………………………………….Full Press Release: Source