Wasim Saifi, Singapore-based global head of Islamic and consumer banking at Standard Chartered Plc (STAN), comments on the city-state’s development of Islamic finance : “With its role as a major financial centre, Singapore is very well positioned to leverage its considerable talent to help innovate Islamic wealth management.
“I believe that once Islamic products are launched in Singapore demand will be created, not only from the domestic population but also from the substantial offshore business which originates from Southeast Asia and South Asia……………………………………….Full Article: Source

PT Bank Muamalat, one of Indonesia’s major sharia banks, plans to offer Islamic bonds worth between US$50 million and $100 million to global investors this year.
The bank’s president director, Arviyan Arifin, said in Jakarta on Monday that the sukuk bonds would be offered to investors in the Middle East. He said that the bank would open a branch in Jeddah, Saudi Arabia, to support the plan. “We will issue the sukuk this year as soon as we open a branch office in Jeddah,” he said……………………………………….Full Article: Source

Islamic banking in Qatar is the topic du jour of the industry at present. While the Central Bank of Qatar has created a golden opportunity for Islamic banks by ordering conventional banks to close their Islamic windows, political problems brewing in the region are throwing cold water on many banks’ expansion plans.
Will closing Islamic windows in Qatar lead to consolidation? The move will polarise the market and there are still issues that need to be resolved, vis-a-vis how you do it and how you regulate it and how to manage the transition, so there are a few issues that are still not resolved yet……………………………………….Full Article: Source

The Islamic Development Bank (IDB) is holding a two-day meeting from today (Monday) to discuss issues related to its annual symposium held in tandem with the bank’s 36th annual Council of Governor meeting scheduled for June 29-30, 2011.
Ahmet Tiktik, Vice President of Corporate Services and Acting Chief Economist of the IDB, will open the meeting Monday at the IDB’s head offices in Jeddah and hear the views of a group of specialists……………………………………….Full Article: Source

A new investment bank has been launched in the UAE by Hong Kong headquartered parent group, United Financial Partners (UFP).
The new investment bank named United Investment Bank (UIB), has been established to offer a range of customised services to chosen high net worth individuals (HNWI) and institutional clients, particularly those with an interest in investment opportunities presented by emerging markets……………………………………….Full Article: Source

Dubai Islamic Bank (DIB) announced the launch of its second Qiyadee programme to develop a core group of employees to assume managerial positions within the organisation.
The selected Emiratis, from both inside and outside the bank, will now embark on a 36 month-long training programme to develop the necessary knowledge and skills to become the future leaders of DIB……………………………………….Full Article: Source

Qatar First Investment Bank (QFIB), along with the Faculty of Islamic Studies in Qatar (QFIS), a member of Qatar Foundation, and the International Union for Muslim Scholars (IUMS), has launched an Islamic contemporary financial transactions training course.
“We are pleased to collaborate with the QFIS in delivering such an important course. Demand for Islamic financial products and services are growing at an unprecedented rate,” said QFIB chairman Abdullah bin Fahd bin Ghorab al-Marri……………………………………….Full Article: Source

The Diocese of Ughelli (Anglican Communion), Delta State has called for the revocation of the approval for the issuance of licence for Islamic banking in Nigeria, saying it was provocative.
The diocese in a statement issued at the end of the second session of its fifth synod at Ughelli said, “Synod notes with suspicion the haste with which approval was granted for the issuance of a licence for Islamic banking in Nigeria, without any known or overt legislative support from the National Assembly”……………………………………….Full Article: Source

Investment bank Rasmala says ‘ADIB has the fastest improving franchise of the UAE banks in terms of growth through the crisis’ and that ADCB is likely to see’ a substantial gain’ on the disposal of its 25 per cent stake in Malaysian RHB Capital
Rasmala says after customer service and product improvements, Abu Dhabi Islamic Bank’s (ADIB) results in 2010 were characterised by customer acquisition, market share improvements and increased revenue diversity particularly through fee and commission growth……………………………………….Full Article: Source

Dubai Islamic Bank Pakistan Limited (DIBPL) has launched the first ever ‘Cash Manager Account’ facility for corporate customers with a free of cost countrywide pick and drop cash service in a safe manner from their doorstep.
According to DIBPL press release here on Monday, this product will enable the business segment comprising of retailers, schools and small and medium size enterprises to manage their payments and collections in an efficient manner, allowing them to give more time to their other business priorities……………………………………….Full Article: Source

Human capital development and education and training for the Islamic banking and finance industry received a major boost with the establishment in April 2011 of the Association for Islamic Finance Advancement (AIFA) and a number of other initiatives some aimed at incentivizing the retention of existing qualified staff.
AIFA, which was established by a RM3.17 million grant from the Malaysian government, aims to be the main accreditation body for Islamic finance programs worldwide and will develop initiatives to ensure the quality, industry relevance and global recognition of Islamic finance education and its related areas……………………………………….Full Article: Source

Qatar First Investment Bank (QFIB) and Gulfmena Investments have established Tebyan Asset Management, a fully integrated Shariah-compliant asset management company, which will soon launch a fund focusing primarily on the Arab-Indo-China region.
Tebyan, which aims to tap into the growing Shariah asset management space and to cater to international and regional investors seeking traditional and alternative strategies, is expected to be licensed by the Qatar Financial Regulatory Authority……………………………………….Full Article: Source

Fitch Ratings has assigned SIB Sukuk Company II Limited’s (SIB Sukuk Company) senior unsecured trust certificates an expected Long-term rating of ‘BBB+(exp)’.
SIB Sukuk Company is a special purpose vehicle, incorporated in the Cayman Islands solely to act as the issuer of the certificates and trustee for the certificate holders. The final rating is contingent on receipt of final documentation conforming to information already received……………………………………….Full Article: Source

The State Bank of Pakistan (SBP) sold Rs 45.803 billion worth of Ijara Sukuk (Islamic bonds) for the period of three years in its auction held in Karachi Monday.
The SBP received bids worth of Rs 51.253 billion for three-year Ijara Sukuk from the primary dealers in the auction including commercial banks and Islamic banks……………………………………….Full Article: Source

Takaful Emarat , the UAE’s first dedicated life and health Takaful provider, has strengthened its offering with the launch of a suite of individual life saving plans.
The personalised protection and saving plans offer customers flexible terms of protection as well as access to a wide range of Shariah-compliant investment funds managed by renowned global fund managers……………………………………….Full Article: Source