Al Rajhi Cement Company on Tuesday became the first company in Jordan to tap Islamic sukuk to finance its operations in the Kingdom. Last year, the Cabinet approved the issuance of Islamic bonds (sukuk) for Al Rajhi group at its request for financing an expansion of its investment base in Jordan.
However, the Cabinet demanded that Al Rajhi coordinate with legal bodies in the Kingdom, including the iftaa department, and should buy the sukuk from Jordanian banks……………………………………….Full Article: Source

“We’re back, of course we’re back,’ Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum told Bloomberg TV in an interview on September 26. His confidence in Dubai’s economic resurgence was reinforced days later in a US$1.25 billion Dubai sovereign bond issue that was four times oversubscribed, signaling the emirate’s return to the fixed-income market.
Renewed investor confidence in Dubai came on the heels of the debt restructuring agreement hammered between troubled state-linked conglomerate Dubai World and the majority of creditors to reschedule about US$25 billion of debt……………………………………….Full Article: Source

Michael Grifferty, president of Dubai-based Gulf Bond and Sukuk Association (GBSA) says: “Bond issuance in the region is expected to increase, particularly as companies seek to refinance their debt. Another factor he notes is that some Gulf countries continue pursuing ambitious development plans, despite the region’s unrest and the fragile recovery of the global economy. But the bond market still faces challenges, he adds, including inconsistent policies in the region toward developing local currency markets.”.……………………………………..Full Article: Source

The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 400%.
Subscriptions worth BD40m were received for the BD10m issue, which carries a maturity of 182 days. The expected return on the issue, which begins on 21 April 2011 and matures on 20 October 2011, is 1.35%……………………………………….Full Article: Source

MAAKL Mutual Bhd has launched an Islamic equity small-cap fund, MAAKL-HDBS Shariah Progress Equity Fund, to give investors the opportunity to invest in shariah-compliant growth companies in Malaysia.
The fund has an approved size of 600 million units with an initial offer price of 25 sen per unit from tomorrow until May 10, 2011……………………………………….Full Article: Source

In recent years Islamic finance has emerged as one of the most rapidly expanding sectors of the global financial industry, with expectations that it will play an increasingly more important role in the years to come.
The size of the global Islamic banking industry is believed to have grown from about US$$820 billion at the end of 2008 to more than US$$1 trillion in 2010, while latest studies indicate that the steadily growing Islamic banking system could reach US$$1.5 trillion in 2012 and US$$3 trillion by 2015……………………………………….Full Article: Source

A study by Ernst & Young on Islamic insurance — takaful and retakaful — undercores impressive growth in the market and Bermuda’s new emphasis on attracting this business is a shrewd strategic move, says a leading re/insurance trade publication.
“Reactions” said that Bermuda’s decision to begin marketing itself as a centre for Islamic insurance and reinsurance is “a clever play” by the island. A Bermuda Finance Ministry feasibility study into Islamic finance concluded there are no major legislative or regulatory impediments to introducing Islamic financial product offerings in Bermuda……………………………………….Full Article: Source

The Arab banking conference which concluded here yesterday has asked the Islamic banking industry to follow international standards and rules regarding capital adequacy and transparency.
It is important that the Islamic banking industry adheres to Basel III, Arab bankers said. They recommended that the members of Shariah boards of Islamic banks be elected by the shareholders……………………………………….Full Article: Source

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial services group, has launched its capital protected Soft Commodity Note.
The note provides an opportunity for investors to invest in this Murabaha based note, the profit of which is determined by the prices performance of cotton, corn and sugar……………………………………….Full Article: Source

The Reserve Bank of Malawi (RBM) says it will not approve the opening of any Islamic Bank in Malawi. Islamic finance caters for customers who want to avoid earning interest, which is viewed as usury under Islamic Law. Islam also prohibits speculation and investment in non sharia-compliant industries.
RBM Director of Banking Supervision Noel Mkulichi said the central bank will not allow Islamic banking “because of Sharia law elements”………………………………………Full Article: Source

Albaraka Turk Katilim Bankasi AS, an Islamic bank based in Turkey, is in talks with two banks to set up strategic partnerships in Albania and Bosnia-Herzegovina, Star newspaper reported, citing Albaraka Turk Chairman Fahrettin Yahsi.………………………………………Full Article: Source

Emirates Islamic Bank announced significant changes to their home mortgage policy. The revision will help end users increase ability to enter the property market at very competitive terms including profit rates, etc.
With the new package, EIB will be offering reduced rates as low as 5.45% p.a. on reducing balance, and open new segments such as self employed, relaxed length of service for employees based on their salary, including buy out campaigns, special offerings for Sheikh Zayed housing program and those involved with the Mohamed Bin Rashed housing project……………………………………….Full Article: Source

Malaysian Bio-XCell Sdn Bhd has secured RM250 million in Islamic funding from Maybank to fund the first phase development of the Bio-XCell biotechnology ecosystem and park in Iskandar Malaysia.
Malaysian Biotechnology Bhd (BiotechCorp) chief executive officer Datuk Iskandar Mizal Mahmood said the first phase development entail an investment cost of RM950 million, funded by foreign direct investments (FDIs), Islamic debts and shareholders’ equity……………………………………….Full Article: Source

Net profit of the National Bank of Abu Dhabi, or NBAD, fell 10 per cent year-on-year to Dh927 million in the first three months of the year, on “higher” provisions. However, earnings surged 27 per cent quarter-to-quarter.
“The annualised return on shareholders’ funds for the quarter is 17.2 per cent in line with the targets for 2011,” the UAE’s second-largest lender by assets said in a regulatory filing……………………………………….Full Article: Source

Global leaders in Islamic finance gathered this week at the Amanie-Failaka Symposium and Failaka Islamic Fund Awards, held at the Intercontinental Hotel in Abu Dhabi, which drew key decision-makers from some of the world’s biggest Islamic financial institutions and Islamic divisions of some of the world’s largest banks.
“The Amanie-Failaka Symposium and Failaka Islamic Fund Awards are extremely valuable events in terms of bringing together leading fund managers and bankers who are active in this space,” said Mark Smyth, Managing Director, UAE-based Failaka Advisors……………………………………….Full Article: Source

The real thing about Islamic finance is that it is not only about Islamic finance. Islamic finance is in reality a peaceful, non-political contribution to a wider set of efforts aimed at the renaissance of Islam as a modern religion that has to co-exist in the modern world, with a multitude of interdependence of communities and mutuality of faiths.
Islamic finance is certainly not an Islamist phenomenon, and has no political agenda of any kind at all……………………………………….Full Article: Source