In its second annual Islamic Wealth Management Report, Bank Sarasin urged the Islamic banking community to take a stronger focus on Islamic Financial Planning. Bank Sarasin also calls for the industry to move forward by developing the Sharia framework, diversifying products and differentiating its offerings.
Islamic Financial Planning, a religious obligation requested in the Qu’ran, involves the acquisition, preservation and philanthropic distribution of wealth. It is a religious duty that Muslims must have a will, so proper Estate Planning is required, often including a trust structure……………………………………….Full Article: Source

Bank Sarasin & Cie AG (BSAN), the Swiss wealth manager controlled by Rabobank Groep NV, plans new hires in Dubai and Singapore to build its Sharia-compliant business.
“We’ve beaten our targets for assets under management and profitability,” Fares Mourad, head of Islamic finance at the Basel, Switzerland-based bank, said today in an interview. “The business has developed very nicely.”………………………………………Full Article: Source

Dr. Mohamad Nedal Alchaar, Secretary General, Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has been appointed as the Minister of Economy and Trade of Syria.

HE Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of Board of Trustees of AAOIFI, said that the appointment is a true privilege for Dr Alchaar and an honour for AAOIFI……………………………………….Full Article: Source

The head of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), Mohamad Nedal Alchaar, will be leaving his post to take on his new role as Syria’s economy and trade minister.
The Bahrain-based Islamic standardisation organisation said in a statement that Alchaar would continue as secretary-general for another three months and that the process of recruiting a replacement was underway……………………………………….Full Article: Source

Affin Holdings Bhd expects to complete the conversion of PT Bank Ina Perdana of Indonesia into a syariah-compliance bank in two years once the acquisition of the bank is completed in the second half of this year.
Chairman Tan Sri Mohd Zahidi Zainuddin said the group was in the midst of getting an approval from Bank of Indonesia after being given the nod by Bank Negara last December for the proposed acquisition……………………………………….Full Article: Source

The Sharjah Islamic Bank announced its first quarter 2011 results Monday with net profit of Dh70 million, a 3.7 per cent increase compared to Dh67.5 million in the same period last year.
The balance sheet grew since December 2010 with total assets reaching Dh17.1 billion compared to Dh16.7 billion, up 2.8 per cent……………………………………….Full Article: Source

Islamic Holding Group announced the results for the first quarter that ended on March 31, 2011. The results were announced after the board meeting presided over by Chairman Sheikh Dr Khalid bin Thani Al Than.
He said the results showed that the group achieved net profit of QR2.03m, which shows a growth of 157 percent compared with the corresponding period last year. The earnings per share (EPS) were Dh51 in the first quarter of this year compared with Dh20 for the corresponding period last year. This shows a growth of 155 percent……………………………………….Full Article: Source

International Islamic’s (QIIB) net profit rose 12.8 percent to QR159m in the first quarter (Q1) of 2011, while the bank’s operating revenues amounted to QR275m.
The bank’s Q1 results which were disclosed by Chairman and Managing Director, Sheikh Dr Khalid bin Thani Al Thani (pictured) yesterday after a board meeting, shows the bank maintained its growth and also improved performance across various portfolios……………………………………….Full Article: Source

Philippines’ only Islamic bank has been placed on the auction block in a bid to broaden its ownership and financial expertise.
As part of its five-year rehabilitation program, a 49 percent stake Al Amanah Islamic and Investment Bank of the Philippines (Amanah Islamic Bank) will be offered to interested parties, particularly to existing Islam-oriented financial institutions……………………………………….Full Article: Source

Doha Bank posted a 15 percent jump in first quarter net profit, beating an average of analysts estimates, amid a rise in net interest income, the company said in a statement on Monday.
Net profit in the three months to March 31 rose to QR363m ($99.78m), compared to QR315m ($86.58m) in the first quarter of 2010……………………………………….Full Article: Source

Tamweel, the Islamic home finance company, is weighing a return to the securitisation market as it hunts for longer-term capital to lend to buyers.
Varun Sood, the acting chief executive of Tamweel, said the company’s mandate was “to get long-term funding” to avoid the problems the company had in the wake of the global financial crisis……………………………………….Full Article: Source

The yield on DP World Ltd’s Islamic bond dropped to a record low after Moody’s Investors Service raised the ratings on the Dubai government-controlled ports operator to investment grade, attracting investors.
The rate on the $1.5bn sukuk due July 2017 fell 47 basis points last week, or 0.47 percentage point, to 5.78 percent on April 15……………………………………….Full Article: Source

Unlike conventional banking system, the Islamic banking industry is a fast growing sector and it has proved its reliability especially during the financial turmoil, where it sustained all possible odds, a senior banker disclosed on Monday.
The Managing Director, Head Islamic Finance for Bank Sarasin, Fares Mourad said that today Islamic Finance is considered a preferred banking choice globally, as it offers an array of opportunities……………………………………….Full Article: Source

The Islamic finance industry has been on a steady and consistent growth pattern for a number of years now, which has led to a wealth of options and opportunities for the investor. That was the message from Bahrain Financial Exchange chief business officer Craig Hewett to delegates at the Middle East Islamic Finance and Investment conference in Dubai.
“In order to help encourage the industry to continue following this upwards growth trend, we have strategically positioned our business to offer a unique and powerful toolset that will not only simplify Islamic transactions, but ensure it continues to adhere to the underlying Islamic Sharia principles upon which our industry is built……………………………………….Full Article: Source