Islamic finance has achieved a substantial growth in the past two decades, annualising a growth rate of about 14% over the past 15 years.
Securities Commission Malaysia (SC) Islamic capital market executive director Zainal Izlan Zainal Abidin said the Islamic finance industry that was currently estimated to be worth about US$1 trillion (RM3.058 trillion) had made further headway in the Islamic traditional markets such as Malaysia and the Gulf Cooperation Council countries, while penetrating new markets such as in Europe and Africa……………………………………….Full Article: Source

While the amount of sukuk — Islamic bonds — issued in 2011 is on track to exceed last year’s volume, the pace is expected to drop off in the coming months and only a tiny fraction will be issued in U.S. dollars according to one industry observer.
Developments in the sukuk market have been as expected, Paul-Henri Pruvost, a credit analyst at Standard & Poor’s told Market News International, meaning higher growth compared to last year, with about 80% of issuance by sovereigns, particularly Malaysia……………………………………….Full Article: Source

The board of directors of the Islamic Development Bank (IDB) Group has approved new finances worth $716.7 million for new development projects in member countries. The board met here Tuesday on the sidelines of the IDB annual conference.
IDB President Ahmed Mohamed Ali said the meeting approved two projects worth $198 million in Bangladesh, a $191 million water project in Bahrain, a $95 million electricity project in Senegal and a $66 million electricity project in Syria……………………………………….Full Article: Source

The Mozambican government and the Islamic Development Bank will sign three lines of credit worth $30 million dollars this week, O Pais reported on its website, without citing anyone.
The funds will finance road, water and sanitation and school construction projects, the Maputo-based daily said………………………………………Full Article: Source

Say what you will but the truth is the Islamic Finance industry’s got a long way to go. The business section of the local press is abuzz with news of developments in the world of Islamic Banking. And while many papers are all too ready to jump on the Islamic-banking-is-the-future bandwagon, Kipp will be the first to admit that there are still a lot of challenges ahead of the sector.
But before we burst your bubble, if you are in the pro-Sharia camp, some good news: to begin with, there is the recent launch of a new Sharia-compliant repurchase facility, which will allow banks to borrow money in keeping with Sharia principles……………………………………….Full Article: Source

Jamal Hijres, Chief Executive Officer at Capinnova Investment Bank, the Shari’a compliant investment banking arm of BBK believes that Bahrain will continue to be one of the leading financial centres in the region due to the efficient regulatory policies adopted by the sector.
“Bahrain remains a popular destination for foreign investors on account of its established regulatory practices, transparency and adherence to international standards. We have successfully overcome previous episodes of instability owing to economic downturns. This experience of sound economic and financial management in both challenging times and otherwise is one of the greatest assets in the banking industry in Bahrain.” said Hijres. (Press Release)

It is interesting to point out the case of countries which have in operation a dual banking system (i.e. both the interest-based and non-interest banking systems).
Malaysia, for instance, is one such country and it has fared extremely well during the global financial-crisis, whereby the effects of the crisis on the overall economy were neutralised by the good performance of the Islamic financial institutions……………………………………….Full Article: Source

If the Muslims claim they are entitled to Islamic banking, the Christians can also lay claim to the fact that they are entitled to Christian banking and the traditional practitioners want Traditionalistic banking or Ifa banking or Okija banking, should CBN readily agree or grant licenses for such banks? I think not.
The CBN governor has once again missed the goal post. This issue of non-interest banking [Islamic Banking in disguise] must go through the National assembly……………………………………….Full Article: Source

Bank Perusahaan Kecil dan Sederhana Malaysia Bhd’s (SME Bank) five Year Transformation Roadmap implemented in July 2010 is yielding the desired results, going by its latest performance figures.
For the financial year ended December 31, 2010, the Bank reported a loss after tax of RM71 million in spite of attaining Operating Profit of RM63 million. This was mainly due to increased provisions as a result of higher impaired loans attributed to the Bank’s first-time adoption of the new accounting standard “FRS 139” in 2010……………………………………….Full Article: Source

Malaysia will sell 5-year Islamic bonds at 160 basis points above U.S. Treasuries, IFR said on Tuesday. The government will also sell 10-year sukuk at 20 basis points above the 5-year spread, the publication, a Thomson Reuters unit, said.
Sources told Reuters last week the government had kicked off a roadshow to market the offering, which was expected to be about $2 billion……………………………………….Full Article: Source

Danajamin Nasional Bhd, announced that it was guaranteeing Antara Steel Mill Sdn Bhd’s RM300 million seven-year Islamic Securities programme to assist the integrated steel producer secure long-term financing from the sukuk market.
In a statement today, Danajamin said as part of the financial solution for Antara, AmBank would participate in the transaction to provide short-term working capital……………………………………….Full Article: Source

Qatar’s Almana Group, a multi-line holding company, has launched a five-year, US dollar floating-rate Islamic bond, or sukuk, offering that’s expected to be priced around mid-July, a lead manager on the issue said.
“Issue size is to be determined with price guidance in the area of three month US dollar Libor +450 basis points; issue price 100, with pricing expected in the near future,” Gulf International Bank, who is the sole bookrunner and the joint lead manager of the offering, said. Barwa Bank and Qatar Islamic Bank are the other lead managers on the offering……………………………………….Full Article: Source

MAA Holdings Bhd aims to be a leader in the takaful family segment in Malaysia by 2015, said its chief executive officer/group managing director, Muhamad Umar Swift.
He said currently, MAA was ranked sixth among 12 takaful family segment in the country……………………………………….Full Article: Source

Cagamas Bhd, as part of its corporate social responsibility, has contributed RM1 million towards the publication of a textbook on “Islamic Financial System: Principles & Operations”.
The 19-chapter book on Islamic financial markets which took one-and-a-half years to be completed is the first textbook of its kind in the world and is expected to assume a crucial role in fulfilling the need for more literature on Islamic Finance……………………………………….Full Article: Source

Dubai based Dar Al Sharia which is the leading provider of Shariah services in the region has signed a collaboration agreement with the Frankfurt based Institute for Islamic Banking and Finance (IFIBAF).
The relationship between these two organizations originates from a highly success Islamic Finance Trade Mission to Europe conducted by Dubai Exports, an agency of the Dubai Department of Economic Development. The Islamic Finance Trade Mission sought to increase the awareness of Islamic financial service providers and institutions from the UAE in the European markets. (press Release)

Online forex broker Tadawul FX is proud to announce that it has been named the winner of the Best Islamic Finance Provider at the World Finance Foreign Exchange Awards 2011. These prestigious awards, first established in 2007, highlight and reward the achievement and best practice applications for Islamic forex trading that Tadawul FX is now known for worldwide.
Amongst the criteria for nomination to the category of Best Islamic finance provider, were key issues such as service and security of trading, as well as innovation and quality provided. According to the organizers, the continuous efforts by Tadawul FX to add new services and benefits for traders contributed greatly to their success in this area. (press Release)