Islamic finance is gradually building momentum across the world and will likely lead the re-emergence of the global financial industry from the recent crisis. However, the industry needs a level playing field to achieve its potential, said Richard Thomas, Chief Executive of London-based Gatehouse Bank.
“Over the years, the conventional banking industry has been underpricing risk through excessively cheap debt. At such low levels of pricing it was impossible to compete with conventional banks,” Thomas said……………………………………….Full Article: Source

Egypt has keen interest in developing Islamic insurance, or takaful, which makes up 5 percent of Egypt’s $1.45 billion insurance market, but it is expected to grow dramatically, according to a March report by Islamic consultancy BMB Islamic.
Salama Islamic Arab Insurance’s chief executive Saleh Malaikah said this month that demand for its products in Egypt have grown significantly since the revolution……………………………………….Full Article: Source

Egypt could see Islamic finance assets grow to $10 billion in 2013 from $6 billion in 2007, according to data provided by Bankscope and Thomson Reuters.
Although Egypt is considered the birthplace of Islamic finance, its growth has lagged due to past corruption scandals, while the previous government sought to enforce a more secular financial system……………………………………….Full Article: Source

Covered head-to-toe in a black abaya embroidered with red and yellow flowers, Amal Abbas waits for her turn to place a deposit at Cairo’s Al Baraka Egypt Bank, one of Egypt’s two fully-fledged Islamic banks.
Although Egypt is considered the birthplace of Islamic finance, which adheres to Islamic principles banning interest and speculative trading, its growth has lagged due to past corruption scandals, while the previous government sought to enforce a more secular financial system……………………………………….Full Article: Source

Ask Zeti Akhtar Aziz, governor of Bank Negara Malaysia (BNM), the central bank, what her hobby is and the chances that she will say “central banking” are very high. For sheer commitment and articulacy, she is well above her global peers and commands a respect and seniority not seen enough in a sector still dominated by middle class men.
As such one could understand why the Malaysian and global Islamic finance industry in particular are rejoicing the extension last week of Zeti’s term as governor of Bank Negara Malaysia for another five years effective from May 1 by Malaysian Prime Minister Mohd Najib Abdul Razak, who is also the finance minister……………………………………….Full Article: Source

Multinational banks and financial services firms are increasingly eyeing opportunities in Africa’s Islamic finance industry.
Africa is home to more than 412 million Muslims. PwC says that even though Islamic finance has been around for 50 years, more than half of the continent’s Muslim population remains unbanked……………………………………….Full Article: Source

Business Development Minister Patrice K. Minors said Cabinet supported a 2010 report commissioned by the Finance Ministry regarding opportunities for Bermuda in the Islamic finance securities and investment funds sector as well as the re/insurance [takaful and retakaful] sector.
Minister Minors [pictured] stated the purpose of proposed reforms is to continue to ensure Bermuda-registered entities operate within a legal and regulatory framework that promotes growth and investment ………………………………………Full Article: Source

Salient characteristics of Islamic finance are establishing Shariah compliance mechanism; Issue guidelines on prudential issues & addresses the unique characteristics of Islamic financial contracts, ensuring a level playing field, indicated Ms Yvette Fernando, Director, Bank Supervision , Central Bank, Sri Lanka.
She said that any investor whether Islamic or otherwise, when they do not get a reasonable return on the investment from licensed banks, they come to the Central Bank calling for relief, so they would introduce appropriate regulations to be applied to all the financial institutions to safeguard the interests of the investors……………………………………….Full Article: Source

Unless Islamic finance is made relevant to young people, it will struggle to gain popularity and grow in strength in the future.
I was fortunate to be part of the Bold Talks 2011, a conference about people who have had their human spirit tested and overcame their breaking points. There was an ex-Guantanamo Bay prisoner, Moazzam Begg, ex-Guantanamo Bay guard who embraced Islam, T.J. Holdbrooks, and globally recognised Stanford University professor, Philip Zimbardo, known for the ‘Stanford Prison experiment.’………………………………………Full Article: Source

The market is growing fast in Muslim countries and among Muslim communities. Its fuller development, Euromoney’s roundtable of experts suggests, depends on clearer views on objectives, further development of regulation and standardization of products and approaches.
The Shariah-compliant finance sector is growing fast but remains a niche market. Putting in place a financing system that is both Shariah compliant and produces a return for investors is a challenge………………………………………Full Article: Source

The Dubai Business Women Council chose to focus on Islamic investments for their April meeting, as more investors and entrepreneurs turn to Islamic investment channels
Dubai Business Women Council (DBWC), an operative branch of Dubai Chamber, organised the third business lunch meeting under the DBWC Network Majlis for its members on 19 April. During the event, the council hosted Yasmin Asalam Khalifa, Regional Sales Manager, Global Asset Management and Liz Martins, Senior Economist, Global Banking & Market of HSBC Middle East, who gave lectures on “Market Outlook & Opportunities: Islamic Investments for Muslims & non-Muslims.”………………………………………Full Article: Source

Kuwait Finance House, the emirate’s leading Islamic bank, said Sunday its net profit in the first quarter slumped 26.9 percent on year as the lender made more precautionary provisions.
KFH posted 22.6 million dinars ($81.6 million) in net profit in the first three months of this year compared with 30.9 million dinars ($111.6 million) in the same period of 2010, the bank said in a statement……………………………………….Full Article: Source

Qatar First Investment Bank (QFIB), which is planning to list on the Qatar Exchange (QE), has reported a 15-fold jump in its net income to $22.79mn in 2010 mainly on more than doubled revenue from non-banking.
The Qatar Financial Centre Regulatory Authority-licensed Shariah-principled investment bank has upgraded its licence from Category 2 to Category 5 enabling it to broaden the product offering, which include raising Shariah-compliant deposits and financing……………………………………….Full Article: Source

Dubai Islamic Bank (DIB) kicked off a season of promotions and prizes with the launch of the Al Islami Festival. This year’s festival will see DIB provide customers with value-packed promotional campaigns including low car and personal finance profit rates, special offers on credit cards and free gifts/vouchers with account and Takaful products.
The Al Islami Festival will run from April 24 to June 20, 2011……………………………………….Full Article: Source

Although it is only a few months since it started its operations, Al Baraka Bank Syria, a subsidiary banking unit of Al Baraka Banking Group BSC (ABG), was able to prove itself and consolidate its presence in the Syrian market.
The Banks started its operations on 1.6.2010 through its main branch at Seven Bahrat district of Damascus. From day one, the Bank began to establish strategic partnerships with all personal and corporate customers as evidenced by the growth seen in the balance sheet……………………………………….Full Article: Source

The asset base of Islamic banking industry expanded by 30 percent to Rs477 billion in 2010 from Rs366 billion in 2009, State Bank of Pakistan (SBP) said in a report.
Their non-performing finances (NPF) increased by 38.2 percent to Rs13.8 billion from Rs10 billion in 2009, the report added……………………………………….Full Article: Source

The State Bank has provided greater opportunity to Islamic banks for investing in government papers by increasing the limit to invest in Ijara Sukuk.
The State Bank issued a circular on Friday stating that the central Bank has increased maximum holding limit of Ijrara Sukuk (Islamic bonds) for Islamic banks and conventional banks, having Islamic branches to 35 per cent of issue amount……………………………………….Full Article: Source

Engineering and construction group Ranhill Bhd has received approval from the Securities Commission for the issuance of Sukuk Musharakah of up to RM800 million.
Proceeds will be used to finance the US$220 million guaranteed notes issued by Ranhill (L) Ltd and to on-lend to the company for reimbursement of advances to Ranhill Engineers and Constructors Sdn Bhd to complete the construction of Senai-Desaru Expressway………………………………………Full Article: Source

Malaysia’s dollar Islamic bonds are giving twice the returns of those in Indonesia this year as investors seek investment-grade assets amid unrest in the Middle East and Europe’s escalating debt woes.
Malaysia’s 3.928 percent sukuk maturing in June 2015 gained 1.9 percent this year through April 19, according to prices from Royal Bank of Scotland Group……………………………………….Full Article: Source

This year’s 8th annual summit of the Islamic Financial Services Board (IFSB), scheduled to be held at the New Conference Centre Kirchberg in Luxembourg on May 10-13, is already making an impact.
The summit, hosted by the Banque Centrale de Luxembourg, is attracting particular interest from the European Union in addition to the traditional markets in the Middle East and Asia……………………………………….Full Article: Source

Emaar Properties PJSC (EMAAR), the builder of the world’s tallest tower in Dubai, reported a 45 percent decline in first-quarter profit, missing analyst estimates, as it delivered fewer units in Burj Khalifa.
Net income fell to 421 million dirhams ($115 million), or 7 fils a share, from 761 million dirhams, or 12 fils share in the year-earlier period, the company said in an e-mailed statement today……………………………………….Full Article: Source

Preliminary data released by Bank Negara Malaysia, the central bank, confirm that Malaysia’s Takaful market is making similarly impressive growth progress as the Islamic banking and capital market sectors.
While the Islamic banking market share of the total banking market has reached over 22 percent in terms of deposits, assets and financing, and the size of the Islamic capital market surpassed the 1 trillion ringgit mark at the end of 2010, the Takaful market is relatively much smaller compared to the conventional insurance market and hence its base is much lower……………………………………….Full Article: Source

Alkhaleej Takaful Insurance and Reinsurance has reported a 10% decline in its first quarter (January-March) net profit to QR44.01mn with total expenses growing faster than incomes.
Total investment and other income fell 4% to 54.88mn whereas total expenses spurted by 30% to QR10.87mn, thus leading to a 10% dip in net profit to shareholders, according to its financial statement……………………………………….Full Article: Source

Syarikat Takaful Malaysia Bhd (Takaful Malaysia) is leveraging on its participation at the ongoing Minggu Saham Amanah Malaysia (MSAM) to increase its registered agents to 2,500 by the end of the year.
Its general manager of retail agency Mohd Suhaimi Ahmad said since the introduction of three-tier agency model last year, the agency team of Takaful Malaysia has grown to 800 active agents and 66 dedicated agency leaders……………………………………….Full Article: Source

For Takaful Ikhlas Sdn Bhd, the recently concluded Minggu Saham Amanah Malaysia 2011 (MSAM 2011) is a platform for the company to not only showcase its products and solutions, but also to get input from customers.
Its president and chief executive, Datuk Syed Moheeb Syed Kamarulzaman said during the investment week, that the company launched an incentive campaign for civil servants seeking its housing insurance scheme, Ikhlas Mortgage Reducing Term Takaful (MRTT)……………………………………….Full Article: Source

Takaful Emarat announced their partnership with Reliance Asset Management (Malaysia) Sdn. Bhd. (RAMMY), the Islamic asset management arm of Reliance Capital Asset Management Limited, India (RCAM). This announcement was made by Mr. Ian Lancaster, Chief Executive Officer, RAMMY with Mr. Ghassan Marrouche, General Manager, Takaful Emarat.
As part of the alliance, Takaful Emarat will offer its customers three Shariah-compliant funds managed by RAMMY - WSF Reliance Global Shariah Growth Fund, Reliance India Shariah Growth Fund, and the proposed Shariah Equity Growth fund investing into China and India. (Press Release)

The Shoura Council recommended Sunday that the Commission for Promotion of Virtue and the Prevention of Vice (Haia) should open more offices to cater to the needs of an increasing population.
Sunday’s session of the council, presided over by Chairman Abdullah Al-Asheikh, also unanimously decided to recommend the capital of the Saudi Fund For Industrial Development (SFID) be increased to SR30 billion with an allocation of SR10 billion from the Ministry of Finance………………………………………Full Article: Source