Hong Kong’s financial sector can tap opportunities in Islamic finance by working closer with their counterparts in Ningxia, the northwest autonomous region on the mainland which has deep links with the Arab world.
“Hong Kong has been actively developing Islamic finance. Ningxia, with one-third of its population being Muslims and wider connection to the Arab world, presents room for cooperation with Hong Kong in this regard,” said Financial Secretary John Tsang Chun-wah. He was attending the Ningxia Economy, Culture and Tourism Week, which kicked off in Hong Kong on Tuesday……………………………………….Full Article: Source

Even a global recession couldn’t put the brakes on the rapid rise of Islamic finance, but limited products and talent within the sector still need to be addressed.
In one way, the rise of Islamic finance has been as predictable as it has been meteoric. There are an estimated 1.6 billion Muslims on earth and the Islamic banking industry, which requires financial products from mortgages to savings accounts to be structured to comply with Shariaáh law under the Quran, has offered this unique customer base the irresistible opportunity to conduct business according to their religious principles……………………………………….Full Article: Source

Global Sukuk leader Malaysia normally issues domestic currency issues aimed at the local market but when it wants to get serious and tackle the global market it issues in US dollars.
In spite of the battering that the greenback has been having of late, Malaysia is now said to be planning a 10-year Sukuk denominated in the beleaguered currency. The last time Malaysia issued a dollar denominated sovereign Sukuk was in June 2010 when its $1.25bn Ijarah issue carried a 5-year tenor……………………………………….Full Article: Source

Emirates, the world’s biggest airline by international traffic, is said to be increasing an issue of five-year bonds to $1bn and cutting the yield spread offered to investors.
The Dubai-based carrier initially proposed a $500m issue at a spread of 350 basis points more than the benchmark mid-swap rate. The increased deal will be priced at 330 basis points, according to three bankers familiar with the sale who wouldn’t be identified before the issue is completed……………………………………….Full Article: Source

The board of Bank Islam Malaysia Bhd have rejected a merger with tycoon Tan Sri Syed Mokhtar Al-Bukhary’s Bank Muamalat Malaysia Bhd as they do not see any value in an union with Malaysia’s second Islamic bank, sources have said.
The Malaysian Insider understands the directors of the country’s first Islamic bank were initially concerned they would have to accept the merger offer as Syed Mokhtar is seen as a businessman who is favoured by the Najib administration following a string of deals recently……………………………………….Full Article: Source

Bahrain Islamic investment firm Gulf Finance House (GFH) on Tuesday said it swung to a first-quarter net profit helped by aggressive cost cutting and the reversal of a bonus scheme granted in 2008.
GFH, which is aiming to raise $500 million in new capital, said net profit for the quarter ended March 31 was $11.9 million, compared with a net loss of $7.5 million a year earlier……………………………………….Full Article: Source

RHB Capital Bhd. (RHBC) surged to a 14-year high after CIMB Group Holdings Bhd. (CIMB) and Malayan Banking Bhd. (MAY) won central bank approval to begin separate merger talks, triggering a battle to potentially create Southeast Asia’s biggest bank.
The Kuala Lumpur-based lender jumped 7.4 percent to 9.90 ringgit at the 5 p.m. close in Kuala Lumpur trading, its highest close since March 1997. With a market value of 21.7 billion ringgit ($7.2 billion), this would be the biggest banking deal in the Asia-Pacific region in the past three years, according to data compiled by Bloomberg……………………………………….Full Article: Source

Holding a session of Foreign ministers council of the Organisation of the Islamic conference (OIC) in Astana may bring from 400 million to one billion US dollars of investment to Kazakhstan.
One of Malaysia’s largest financiers expressed his opinion at a media conference in Astana. He believes that the arrival of a large number of investors working on principles of Islamic financing will enable the inflow of investment into the country’s economy……………………………………….Full Article: Source

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is hosting its Annual Shari’a Conference, under the auspices of the Central Bank of Bahrain (CBB), on 30th and 31st May 2011 at the Gulf Convention Centre, Gulf Hotel, Manama, Kingdom of Bahrain.
“This Conference, which is a premier event for the international Islamic finance industry, brings together leading Shari’a scholars, senior representatives of regulatory authorities, and senior Islamic finance practitioners. There are important industry issues that need to be discussed and addressed so that Islamic finance industry can be in a stronger position to realise its full potential. Discussion at the conference will also help AAOIFI in our effort to review and develop international Islamic finance standards.” said Dr. Mohamad Nedal Alchaar, Secretary General, AAOIFI. (Press Release)

Around 400 delegates from more than 20 countries from as far afield as South Africa, North Africa, Asia and Europe took part in this year’s Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) annual conference.
That was roughly the same turnout as last year’s event suggesting that interest in the conference has not been affected by worries by the recent unrest in the kingdom, according to AAOIFI deputy general secretary Khairul Nizam……………………………………….Full Article: Source

Kuwait Finance House-Bahrain (KFH-Bahrain) and Khaleeji Commercial Bank (KHCB) were two of the platinum sponsors at the two-day Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) conference.
“KFH-Bahrain recognises the importance of such conferences that aim to enrich Islamic banking through discussion of topics related to the business,” said KFH-Bahrain managing director and chief executive officer Abdulhakeem Alkhayyat……………………………………….Full Article: Source

A three-day International Conference on “Interest-free Institutional Mechanism (Banking, Finance and Insurance) for Promoting Investment” is being organized from June 3 to 5 at University of Kashmir in Srinagar.
The International Conference is being held under the joint aegis of New Delhi based Institute of Objective Studies, (IOS), and the Department of Business and Financial Studies, University of Kashmir, Srinagar……………………………………….Full Article: Source

The increasing presence of Islamic financial institutions in new jurisdictions and the accelerating internationalization of Islamic finance have increased cross-border trade and investment flows that are Shari’ah-compliant.
With the growth of Asian economies relatively unshaken by the global financial crisis, there is tremendous demand for financing and investment into real economic activities including corporate, trade and infrastructure financing. Recent reports indicate that the Asia region is expected to account for one-third of global trade and would require financing of around US$8 trillion up to 2020. With Asia being recognized as a dynamic growth region in the post-crisis landscape, there is substantial potential for the growth of Islamic finance in the region. (Press Release)

Dubai International Financial Centre-based Hawkamah, Institute for Corporate Governance, has partnered with the Islamic Finance Council UK (IFC) to trial a unique training programme which provides tailored conventional markets training for Shariah scholars. The programme is exclusively tailored for Shariah scholars and those involved with the Shariah assurance process and has been run successfully in London, Bahrain and Kuala Lumpur.
The IFC Scholar Professional Development Programme, developed by the IFC, a UK based not-for-profit, and assisted by the Chartered Institute for Securities & Investment Institute (CISI), provides a Continuous Professional Development (CPD) approach comprising of relevant and structured learning activities on conventional markets. (Press Release)

Saudi Arabia’s overall real Gross Domestic Product (GDP) growth is projected to reach 6.5 per cent in 2011 with inflation likely to rise to about 6 per cent as a result of both domestic and imported factors, the International Monetary Fund (IMF) said.
Masood Ahmad, Director of the Middle East and Central Asia Department, said, “The Saudi economy has continued to strengthen in 2010 and early 2011, driven by a strong increase in non-oil GDP reflecting a rebound in the private sector supported by increased government spending and a recovery in global demand and higher oil prices as the world economy emerges from the global financial crisis.”………………………………………Full Article: Source