Islamic finance may debut this year in the Tatarstan republic in the form of sukuk, or bonds that, in accordance with Islamic law, do not charge interest. “Russia is ready for sukuk,” director of the Gazprombank structured and syndicated finance department Alexander Kazakov said. “They can make Russia a lot of money. A trillion dollars.”
Gazprombank has been researching and developing Islamic finance tools for several years, Kazakov said. Structures for deals using sukuk are in place, but at this point more needs to be done to popularize the instrument……………………………………….Full Article: Source

With an increasing appetite for Sharia-compliant alternatives in the areas of banking and finance among the investment community, corporate end users, consumers and intermediaries, Islamic finance in the Middle East has witnessed exponential growth in the past few years.
Despite the global economic slowdown, the Islamic financial industry has crossed its $1 trillion mark and the leaders agreed that the industry is rapidly resuming its growth path and increasingly gaining attention in various jurisdictions across the globe in the post-crisis financial landscape……………………………………….Full Article: Source

Despite the global economic slowdown, the Islamic financial industry has crossed its $1 trillion mark, according to the industry leaders. With an increasing appetite for Shari’ah-compliant alternatives in the areas of banking and finance among the investment community, corporate end users, consumers and intermediaries, Islamic finance in the Middle East has witnessed dramatic and exponential growth in the past few years.
“The Shari’ah-compliant finance and investments sector is gradually building momentum and popularity around the world, and is expected to lead the re-emergence of the overall global financial industry over the next five years,” said Hussain AlQemzi, CEO, Noor Islamic Bank and Group CEO, Noor Investment Group……………………………………….Full Article: Source

Liquidity Management House, a unit of Kuwait Finance House (KFH), the Gulf’s second-largest Islamic lender, is in the process of issuing $1 billion in Islamic bonds, or Sukuk, according to a newspaper report.
“The company is issuing Sukuk with a value up to $1 billion for three projects outside the local market … with a share of 10 percent, which is equivalent to $100 million,” Chairman Emad Al-Monayea said………………………………………Full Article: Source

Noor Islamic Bank, 25-percent owned by Dubai Investment Group, has two sukuk (Islamic bond) mandates, one each in the Gulf region and Turkey, the lender’s chief executive said.
The deal size on both issues would be between $250 million to $300 million, Hussain Al Qemzi told reporters on the sidelines of a conference in Dubai……………………………………….Full Article: Source

Turkey’s Islamic banks are planning sukuk sales to take advantage of both the lowest borrowing costs in more than five years and the rising demand for the country’s securities. Türkiye Finans, Kuveyt Türk and Albaraka Türk, all at least part-owned by Persian Gulf lenders, said they plan to offer Islamic bonds this year.
Sukuks are bonds that comply with Islam’s ban on interest……………………………………….Full Article: Source

Senegal will likely launch a debut sovereign Islamic bond in 2011 of around $200 million, said the chief operating officer at the Islamic Corporation for the Development of the Private Sector (ICD).
ICD, a member of the Islamic Development Bank, has been mandated to work on the Islamic bond, or sukuk, and while the exact size has not been fixed yet, it will be around $200 million, Ahmed Khizer Khan said……………………………………….Full Article: Source

Mazaya Qatar is planning to raise funds through equities and sukuk for its QR1bn Marina Mall project. However, the QR1bn capital-based company, in which Qatar Foundation holds a 21.19% stake, is planning to finance in-house its other two projects – Housing Complex for Qatar National Convention Centre and Sidra residential project: all the three belong to Qatar Foundation.
Mazaya will focus more on domestic projects since the country presents more opportunities than any others in the region because of the high economic growth and an expenditure-oriented budget, which was presented early this month, said chairman Rashid Fahad al-Naimi………………………………………Full Article: Source

Shopping for bond investments in April of 2011 is similar to eating at a buffet. Every time they lift the cover off the food you see a variety of delicious choices. Then you peer down on your plate that’s already full of delicious choices and you start to wonder how you can pile on more variety.
This week we would like to take the opportunity to discuss and explore the differences and similarities in international sovereign debt. Apparently it’s a common misconception to believe that there is only one internationally accepted standard of either raising money or rating debt……………………………………….Full Article: Source

The Islamic Bank of Thailand (IBank) plans to expand its financial services to the upper southern provinces to support Muslim communities affected by recent flooding, according to president Dheerasak Suwannayos.
The bank will focus on Surat Thani, Nakhon Si Thammarat, Phatthalung and Trang provinces for its business expansion, which is scheduled for the second quarter this year after the flooding eases. IBank’s operations currently cover Narathiwat, Yala, Pattani, Satun and Songkhla……………………………………….Full Article: Source

The country’s largest International Bank of Azerbaijan has announced a tender procedure to draw external consultant’s services for creation of a specialized structure on Islamic banking.
The IBA reports that the selection is designed to prepare for the start of providing a broad range of services and financial instruments on the principles of Islamic banking. Tender participation fee is 500 manats. Tender documents can be acquired till 5 pm on 2 May……………………………………….Full Article: Source

Qatar Islamic Bank (QIB) posted a 7 percent jump in first quarter net profit on Wednesday, missing analysts forecasts, as net financing income gains were offset by a drop in fee income.
The Gulf state’s second-largest lender by market value earned 321 million riyals ($88.16 million) , up from 300.1 million riyals a year earlier. Analysts on average had forecast quarterly profit of 344.33 million riyals, according to a Reuters poll……………………………………….Full Article: Source

Bahrain Islamic Bank (BisB) posted a net profit of BD1.5 million ($4m) in the first quarter of 2011. “The board has approved the consolidated financial results for the first quarter of 2011 in which BD1.5m has been achieved as net profit for the period, an increase of 25 per cent compared to the same period of last year when BD1.2m net profit was achieved,” chairman Khalid Abdulla Al Bassam said.
“The bank will continue building provisions for its finance and investment portfolios whenever the need arises and as such BD1m has been set aside for the current period,” he added. ………………………………………Full Article: Source

Emirates Islamic Bank has a reputation for continually reinventing its products and services to suit their customers’ needs and conveniences. True to this commitment, Emirates Islamic Bank has enhanced its utility bill payment facility to Dubai Electricity & Water Authority (DEWA) on Alternate Channels including Internet Banking and Cash Deposit Machines whereby customers can now make “Real Time / Immediate” DEWA enquiries as well as bill payments.
“As a customer-focussed bank, we are constantly looking for ways to please our customers through enhanced offerings……………………………………….Full Press Release: Source

The 17th Shariah Supervisory Board meeting of Meezan Bank Limited was held at the Darul Uloom Korangi.The meeting was chaired by Justice (Retd.) Muhammad Taqi Usmani; other members of the Shariah Board include Sheikh Essam M. Ishaq (Bahrain) and Dr. Muhammad Imran Usmani.
The senior management of Meezan Bank including Irfan Siddiqui, President and Ariful Islam, Chief Operating Officer were also present at the meeting……………………………………….Full Article: Source

Market veterans are optimistic about the newly-launched Capital Market Masterplan Two (CMP2) but point out that the strict implementation of the plan will be the key for success.
Maybank Investment Bank chief executive officer Tengku Datuk Zafrul Aziz said the Government’s target was very clear in boosting the capital market locally but more details were needed for the said plan and the implementation efforts were essential to make it a success……………………………………….Full Article: Source

So, here’s the latest in the world of Halal food: just this week Thomson Reuters and Ideals ratings announced the launch of the world’s first halal food indices, called SAMI (Socially Acceptably Market Investments) Halal Food Index and SAMI Halal Participation Index in Malaysia.
Rushdi Siddiqui, Global Head Islamic Finance Thomson Reuters US, said “both the indices help provide a platform for investors seeking Shar’iah-compliant ethical investment opportunities.”………………………………………Full Article: Source

World takaful or Shariah compliant cooperative insurance contributions are well on course to touch US$12 billion this year, after hitting US$9.15 billion in 2010. According to Ernst & Young’s latest World Takaful Report, contributions grew globally by 31 percent in 2009 to reach $6.9 billion US dollars.
The Ernst and Young - World Takaful Report 2011 can be downloaded here……………………………………….Full Article: Source