Malaysia will begin meeting investors to market its $2 billion global sukuk offering, sources with direct knowledge of the plan said.
In its second global sukuk sale in as many years, Malaysia aims to sell two tranches of Islamic bonds with maturities of five and 10 years, one of the sources said……………………………………….Full Article: Source

The Malaysian government aims to sell US$2 billion of dollar-denominated Islamic bonds, Tengku Sariffuddin Tengku Ahmad, the prime minister’s press secretary said in a telephone interview.
The bonds will be sold in a mix of five- and 10-year maturities through a Wakalah structure with the size of each portion will depend on demand, Tengku Sariffuddin said. HSBC Amanah Malaysia Bhd, Citigroup Inc, CIMB Investment Bank Bhd and Maybank Investment Bank Bhd were hired to manage the offering, he said……………………………………….Full Article: Source

Standard & Poor’s Ratings Service has assigned a “A-” long-term foreign currency preliminary issue rating for the proposed issue of Wakala Global Sukuk trust certificates.
In a statement today, the credit ratings provider said the preliminary rating was based on the draft offering memorandum, dated June 15, 2011, and various agreements and undertakings, and a declaration of trust dated June 13, 2011……………………………………….Full Article: Source

Malaysia’s RAM Ratings views the recent news on the receivership status of the owner of the petroleum hub project at Tanjung Bin, Johor (APH project), to have no rating impact on Muhibbah Engineering (M) Bhd’s (Muhibbah or the Group) RM130 million Islamic Bonds. Muhibbah is one of the contractors for the APH project.
Muhibbah’s Islamic Bonds carry a AAA(s) rating with a stable outlook, supported by the irrevocable and unconditional guarantee from Malayan Banking Berhad (Maybank) to honour Muhibbah’s irrevocable and unconditional undertaking to purchase and cancel all the Islamic Bonds at the exercise price upon the declaration of an event of default (Purchase Undertaking)……………………………………….Full Article: Source

Industry experts highlighted key challenges, business prospects and export opportunities in various key markets in the Islamic finance sector at a forum hosted by Dubai Exports.
The forum, held in partnership with Zawya brought together leading local and international scholars and practitioners from the sector. It also showcased presentations about Islamic finance opportunities in Germany, Africa, Indonesia and the Arab World as well as the Takaful sector……………………………………….Full Article: Source

The UAE central bank will launch on Thursday a repurchase facility for Islamic certificates of deposits to provide a new liquidity tool for the banks, a document showed on Wednesday.
Lack of liquidity management tools is seen as one of the key challenges to the emerging Islamic finance industry, which has close to $1 trillion worth of assets globally. The religion’s ban on interest rules out most interbank tools……………………………………….Full Article: Source

Islamic banks in Malaysia enjoy a bright future as they are able to compete and have the resilience to survive in the country’s open and competitive economy, the Dewan Rakyat was told.
Deputy Minister of Finance Datuk Dr Awang Adek Hussin said 21 Islamic banks are operating in Malaysia, with RM351 billion in combined total assets……………………………………….Full Article: Source

Following the disquiet that has trailed the structure of Islamic banking since the granting of an approval in principle to the first Islamic bank in the country, the Central Bank of Nigeria (CBN) Tuesday amended the regulation and supervision of institutions offering non-interest financial services in the country.
A circular by the apex bank titled: “Re: Framework for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria,” signed by the Acting Director, Financial Policy and Regulation Department, Mr. Chris O. Chukwu, explained that Islamic banking is not the only form of non-interest banking product in the country……………………………………….Full Article: Source

The Central Bank of Nigeria (CBN) has dismissed fears expressed in some quarters over the planned introduction of Islamic banking, which aims at bringing about a non-interest banking regime into the country, saying it is all about broadening the nation’s financial system.
The apex bank’s Deputy Governor, Financial System Stability (FSS), Dr. Kingsley Moghalu, while speaking at a workshop with a theme: Re- Purpose Capital: Non-interest banking in Nigeria, in Lagos yseterday, said there was no need to entertain any fear about the banking model……………………………………….Full Article: Source

Arab Banking Corp. wrote off 90 percent of the $120 million debt owed to it by International Leasing & Investment Co., Al-Seyassah reported, citing unnamed people familiar with the issue.
The Kuwaiti-based Islamic leasing and project-financing company will only pay $12 million to its Bahraini creditor, according to the newspaper. International Leasing also owes $60 million to Kuwait and Middle East Financial Investment Co. (KMEFIC), Al- Seyassah reported……………………………………….Full Article: Source

Given the size of Oman’s market, a full-fledged Islamic bank will secure the first-mover’s advantage to win a significant market share in the country’s Islamic banking sector, along with commercial banks which set up Islamic banking windows first, according to Islamic banking experts.
“If banks are to make the most of the new opportunity then they should be in hurry to get into the sector. Early comers in the industry will get a foothold in the market and will have a head start as far as marketing of Islamic finance products are concerned,” said Dr Mabid Ali al Jarhi, financial expert and head of training at Emirates Islamic Bank in Dubai……………………………………….Full Article: Source

Standard Chartered Saadiq, the bank’s brand name for Islamic banking, yesterday unveiled two shariah compliant products for business customers in Bangladesh. The products — Islamic business installment finance, and Islamic finance against property — are designed for small and medium enterprises (SMEs).
Islamic business installment finance operates under the concept of goods murabaha and Islamic finance against property works under hire purchase Shirkat-ul-Melk (diminishing musharaka) concept……………………………………….Full Article: Source

Dubai-based Dar Al Sharia Legal & Financial Consultancy, is the provider of Shariah consultancy services globally, has signed a collaboration agreement with the German Institute of Islamic Banking and Finance (IFIBAF).
The relationship between these two organisations originates from a highly successful Islamic Finance Trade Mission to Europe conducted by Dubai Exports, an agency of the Dubai Department of Economic Development. (Press Release)

Seeking to tackle challenges, explore business prospects and export opportunities in various key markets in the Islamic Finance Sector, Dubai Exports, an agency of the Dubai Department of Economic Development (DED), Government of Dubai, has hosted the Islamic Finance Forum.
The forum, held in partnership with Zawya, a leading provider of financial information in the MENA region, brought together leading local and international scholars and practitioners from the sector. It also showcased presentations about Islamic Finance opportunities in Germany, Africa, Indonesia and the Arab World as well as the Takaful sector. (Press Release)

TheCityUK, an independent membership body promoting the financial services industry within the UK and beyond, has announced the integration of the UK Islamic Finance Secretariat (UKIFS) into its operations.
The UKIFS is the leading cross-sectoral body assisting with the promotion and development of Islamic Finance, both domestically and representing the UK financial services industry internationally.
The new integration will allow TheCityUK to focus on safeguarding and further developing the UK’s strengths in Islamic finance, ensuring it not only remains the West’s hub for this financial specialism but continues to be a significant contributor on a global stage. (Press Release)

The International summit called “Kazansummit-2011, held in Kazan, the capital of the Republic of Tatarstan has discussed how Russia, which has a large population of Muslims can use the economic and business experiences of Islamic countries to advantage.
Representatives of the Islamic World and European economists participated in the summit. Among the important tasks of the Forum was defining the future of cooperation between Russia and the Muslim countries in the CIS, the Middle East, South East Asia and Europe……………………………………….Full Article: Source

The Islamic Development Bank (IDB) Group in Jeddah is making preparations for its 36th annual Governors Meeting to be held under the patronage of the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz.
Ministers of Finance, Economy and Planning from 56 IDB member countries will participate in the meeting which will take place in Jeddah, KSA, 26-30 June, 2011……………………………………….Full Article: Source