Algeria needs legal reforms to encourage the growth of sharia-compliant finance, bankers and business experts concluded at a Monday (April 11th) symposium in Algiers.
The El Moudjahid forum attendees stressed that allowing the sector to grow would reduce unemployment and create new businesses. Islamic finance currently accounts for 1% of banking activity in Algeria………………………………………Full Article: Source

The International Bank of Azerbaijan (IBA) has announced a tender for attracting an outside consultant to create a new structure, which specializes in Islamic banking, the bank said.
The cost of the tender is 500 manat. Bids must be submitted in Azerbaijani. The proposal must comply with current legislation of the country, high quality, rating of the company. It is necessary to have experience in this sphere, financial and technical capabilities………………………………………Full Article: Source

About a year ago, we were commissioned to write a substantive report on the Islamic capital markets. We were tasked with determining and projecting the future growth areas of the Islamic finance industry; both geographically, and in terms of product offerings.
Let us examine the case of Egypt. While Egypt is the birthplace of Islamic finance, and exhibits strong economic and demographic fundamentals, as well as latent demand, In our assessment from last year, we had predicted that Islamic finance will not grow (and may even decline) in Egypt for three reasons:……………………………………..Full Article: Source

Nakheel, the real-estate unit of Dubai government-owned conglomerate Dubai World, may sell assets to meet future cash needs but has no intention of launching an initial public offering or Islamic bonds any time soon, the company’s chairman said.
“If needed, we might sell some of our assets. It is in our plan,” Ali Rashed Lootah told Zawya Dow Jones in an interview this week. However, the company is “not under pressure now to make any sale,” he 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………………………………………Full Article: Source

By the end of 2010 there had been $51.2 billion in Sukuk issuances and remarkably, by February 2011 with $16 billion of Sukuk, the Sukuk market had already surpassed its peak of 2007 by 34%.
With all of this current heightened interest and activity in the sector and the almost weekly announcements of issuances, product and sector innovations, this year’s gathering which has always prided itself on being industry lead industry focused will be the largest and most interesting to date………………………………………Full Article: Source

Abu Dhabi’s Tourism Development and Investment Company (TDIC) may return to the capital markets in the second half of this year or during the first quarter of 2012 to sell new debt, James Pringle, TDIC’s Acting Chief Executive Officer, said on Wednesday.
TDIC currently has a $1 billion (Dh3.6 billion) sukuk and a $1 billion bond in the market and these are being serviced, said Pringle. Both the sukuk and the bond will mature in 2014 - the bond in July 2014 and the sukuk in October 2014, a senior TDIC executive told Gulf News………………………………………Full Article: Source

The Abu Dhabi Tourism Development and Investment Company (TDIC) is planning to raise another US$1 billion (Dh3.67bn) under an existing bond programme in the next year as it increases construction activity on Saadiyat Island.
The money is expected to be used to fund TDIC projects, which include additions to its destination hotels such as the Qasr al Sarab in the Empty Quarter………………………………………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

Sesame has launched a new partnership with Islamic Bank of Britain, enabling members of its network to have access to the full range of IBB’s Sharia compliant mortgage alternative, the Home Purchase Plan (HPP).
As part of the tie-up, intermediaries will be able to submit fully packaged applications or referrals to IBB. The partnership is effective with immediate effect. Brokers can earn competitive procuration fees and will receive full support from the Bank’s intermediary team………………………………………Full Article: Source

The net income of the bank increased by 10 per cent, shareholders equity by 11 per cent, assets by 18 per cent, investments by 23 per cent and customer deposits by 13 per cent.
The financial results of the bank showed that total operating income had increased by 17 per cent to reach $104.92 million in 2010. After deducting operating expenses, which fell by seven per cent, net operating income achieved a significant increase of 28 per cent from $60.80 million in 2009 to $77.89 million in 2010………………………………………Full Article: Source

Bahraini Saudi Bank, a subsidiary of Al Salam Bank-Bahrain, yesterday announced that its net profit for the first quarter jumped 52 per cent to reach $1.1 million compared to $0.7m for similar period in 2010.
“We are pleased to announce that since the acquisition of the bank by Al Salam Bank-Bahrain, the bank has made remarkable progress in terms of business growth, launch of new products, internet banking platform, expansion of its branch and ATM network,” chairman Dr Anwar Al Sadah said………………………………………Full Article: Source

Abu Dhabi Commercial Bank (ADCB) has recently signed an greement with Taaleem, a education provider, to offer extended payment loans to students.
Ziad Azzam, CEO of Taaleem Schools, said, “We are delighted to announce that our joint venture with ADCB will enable parents who wish to plan for the education of their children to be able to do it with a more security, confidence and ease. Education loans are a way of helping parents to spread the burden of upfront costs over a longer period of time. They provide a solution for those in need of financial help, especially large families and ultimately making an enormous difference in helping students reach their educational goals.”……………………………………..Full Press Release: Source

Papers have been invited from experts for presentation at an international conference on Islamic economics and finance to be held in Doha on Dec. 18-20, 2011. “Sustainable growth and inclusive economic development from an Islamic Perspective” is the main theme of the three-day event.
The conference is organized by the Qatar Foundation’s Faculty of Islamic Studies (QFIS) through its Islamic Economics and Finance Center, the Islamic Research and Training Institute (IRTI), the International Association for Islamic Economics, and the Statistical, Economic & Social Research & Training Center for Islamic Countries (SESRIC), with the support of other stakeholders………………………………………Full Article: Source
and outlook for next few years,” says Sameena Ahmad, Managing Director at Alpen Capital………………………………………Full Article: Source