Saudi-based Islamic Development Bank, or IDB, said late Monday it issued a $750 million five-year, benchmark sukuk with a price guidance of 35 basis points over mid-swaps.
The lender didn’t specify the joint lead managers for the dollar-denominated sukuk, but one of the banks leading the sale told Dow Jones that BNP Paribas SA, Deutsche Bank AG, HSBC Holdings PLC and Standard Chartered Bank were joint bookrunners on the transaction. The issuance matures May 25, 2016, and has a profit rate of 2.35%……………………………………….Full Article: Source

As part of its resource mobilization plan, the Islamic Development Bank (IDB), rated Aaa/AAA/AAA (with stable outlook) by Moody’s, S&P and Fitch, recently conducted a roadshow in Asia, the Middle East and Europe.
At the end of the roadshow, its Vice President Finance Abdul Aziz Al-Hinai said: “We are delighted with the outcome of the deal, which achieved our main objectives for the transaction to build on the success of last year’s deal to establish another liquid benchmark and further position IDB in line with its supranational peer group……………………………………….Full Article: Source

Nakheel properties is planning to issue Dh4.8 billion sukuk (Islamic bonds) at the end of June to pay nearly 60 per cent of its debt as part of overall restructuring involving its separation from the state-owned conglomerate Dubai World (DW), its chairman has said.
Ali Rashid Lootah said the sukuk would be issued on time and there would be no delay as the company had taken measures to remove all obstacles for the settlement process……………………………………….Full Article: Source

Citi announced that it started offering special custody services to clients who are scheduled to receive Sukuks as part of Nakheel’s Creditor Settlement Programme.
“We are keen to hear from all Nakheel creditors who require a custody services for the Sukuks and we currently offer special assistance with custody account opening, documentation as well as competitive pricing,” said Richard Street, Head of Securities and Fund Services, Middle East. (Press Release)

Minister of Finance Mohammad Abu Hammour called recently for intensifying efforts among Islamic states to achieve high-level cooperation and set up joint plans to address current economic challenges.
Deputising for His Majesty King Abdullah, Abu Hammour inaugurated the International Conference on Investment in Islamic States which opened recently in Amman. He stressed that Islamic states should set up joint economic strategies and work on implementing all the agreements of the Organisation of the Islamic Conference (OIC) related to boosting economic and trade ties among member states……………………………………….Full Article: Source

Kazakhstan took a step closer to launching a $500mn-plus debut sovereign sukuk issue after the lower house of parliament passed amendments to the country’s Islamic finance laws, the finance minister has said.
Bolat Zhamishev told Reuters the government would consider the size and timing of the issue after the Senate clears the regulation on Islamic financing, a process that he expects to be complete within a month……………………………………….Full Article: Source

Doha Bank will not lay off any employees impacted by the Qatar central bank’s ban on conventional banks engaging in Islamic finance, its chief executive said on Monday.
Raghavan Seetharaman said the bank will honour existing commitments from Islamic business undertaken before Qatar’s decision……………………………………….Full Article: Source

HSBC Amanah, the Islamic unit of the global banking giant, is to cease operations in Qatar at the end of the year.
The move to close the bank’s Sharia-compliant operations in the country follows a circular from Qatar Central Bankordering conventional banks to sell their Islamic units, which HSBC had hoped to negotiate……………………………………….Full Article: Source

Islamic banks needed to manage the risks in the financial system ahead of any possible crisis or downturn, business advisory firm PricewaterhouseCoopers (PwC) warned at the weekend.
Mohammad Faiz Azmi, global leader of PwC’s Islamic finance team, said: “Risk management is an issue which cannot be ignored by any financial institution, but Islamic banks in particular need to establish risk management credibility as they aspire to move into the mainstream of the financial system.”………………………………………Full Article: Source

The National Bank for Development (NBD) in cooperation with Abu Dhabi Islamic Bank (ADIB) announced its financial results for Q1 of the current fiscal year. The financial indicators showed that the bank was not immune from the turmoil events that Egypt witnessed at the beginning of this year, which reflected negatively on the Egyptian banking sector as a whole.
The net Islamic finance portfolio amounted to EGP2,618m by the end of March 2011, compared to EGP2,302m by the end of December 2010, indicating a growth rate of 13.72%. (Press Release)

The Jeddah-based Islamic Development Bank (IDB) Group) is boosting its ties with Indonesia, the world’s most populous Muslim country, under its Member Country Partnership Strategy (MCPS), a new initiative launched by the IDB in 2010 to identify, target, allocate, implement and evaluate its financing more efficiently in member countries.
Thus far, already $3.5 billion have been allocated under this program to Indonesia for 2011-2014……………………………………….Full Article: Source

After the World Bank and Japan, the government will enter another loan agreement of $140 million with the Islamic Development Bank (IDB) today to finance the Padma Multipurpose Bridge Project.
The agreement will be signed at the finance ministry around 9:30am in presence of Finance Minister AMA Muhith and visiting IDB President Dr Ahmad Mohamed Ali, who arrived here yesterday. The two sides will sign another $14.84m deal to implement a water supply and sanitation project in cyclone-prone coastal areas……………………………………….Full Article: Source

Barwa Bank, Qatar’s newest Shariah compliant banking service provider, has entered into a financing agreement worth QR529m with National Petroleum Services Group (NPS) to refinance an existing syndication and support its expansion and working capital.
NPS group provides drilling and well services to customers in the oil, gas and petrochemical industries in the Middle East, North Africa, Far East, and Europe. It is the largest regionally-owned oil, gas and petrochemical services provider in the Middle East competing with western international operators in the same markets……………………………………….Full Article: Source

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has appointed Stuart Crocker as the Head of Private Banking and Wealth Management. Stuart brings with him over 25 years of experience in the financial services and banking industry.
For the four years prior to joining ADIB, Stuart was Chief Executive Officer of HSBC Private Bank in the UAE and Oman. From 2005 to 2007, he was with HSBC Private Bank in Geneva, Switzerland as a Member of General Management heading client segmentation……………………………………….Full Article: Source

Kuwaiti Islamic firm Aayan Leasing and Investment Co on Monday signed a KD205m ($743.6m) debt restructuring deal with creditors. This amount is 62 percent of the Aayar’s total debts, it said in a statement.
The firm, which was hit during the global financial crisis, has signed an agreement with nine creditors, seven of which are local, including Kuwait Finance House , Burgan Bank and Gulf Bank ……………………………………….Full Article: Source

Amana Takaful has announced the launch of Sri Lanka’s first Sharia’h compliant unit linked Insurance Plan. The product, branded “Amana Takaful Prosper”, is the first of its kind, where the customer will be able to obtain a Takaful (insurance) cover as well as enjoy a choice of Sharia’h compliant investment options.
“We felt the time was right for us to make available this option for all Sri Lankans as part of our expansion plans of product offerings in the backdrop of a peaceful environment and apt economic conditions. The appetite for investment by the public and private entities has increased. ………………………………………Full Article: Source

As a major global professional services firm, Deloitte has been actively engaged in Islamic finance for a decade.
Over the years, Deloitte has assisted clients in setting up Islamic finance operations, obtaining Sharia-compliant funding, advising on Sharia-compliant product structures and their tax implications, as well as market entry and operational strategies……………………………………….Full Article: Source

Islamic finance has gained significant global exposure over the past decade and has evolved from an industry with a limited geographic reach to one that is now prevalent across key Islamic markets in the Middle East and Asia Pacific.
Total global Islamic assets have witnessed phenomenal growth from $137 billion (Dh503.2 billion) in 1996 to $895 billion in 2010. Assuming the current trajectory, total industry assets are likely to surpass $1 trillion by 2012……………………………………….Full Article: Source

An estimated 450 industry leaders will converge in Singapore to discuss the outlook and opportunities for Islamic finance in Asia at the 2nd Annual World Islamic Banking Conference on June 8 and 9.
There are over 430 Islamic banks and financial institutions operating in more than 75 countries, and around 191 conventional banks that have Islamic banking windows. The strong growth showcased by established centers of Islamic finance in the Middle East and Asia further reinforced its growing globalization……………………………………….Full Article: Source