The Islamic finance industry is interested in tapping Middle Eastern oil money to help fund Thai infrastructure projects, which could help it gain a foothold in a market with only a small Muslim population, bankers said on Wednesday.
The fledgling Islamic finance industry was propelled into the global spotlight in the aftermath of the financial crisis as it was seen as a more ethical, less leveraged way of banking……………………………………….Full Article: Source

The Islamic Bank of Thailand plans to sell Bt5 billion of domestic sukuk and US$150 million of global sukuk, Dheerasak Suwannayos, the bank’s president, said today in the Islamic Finance News Roadshow 2011 in Bangkok.
The Shariah-compliant bonds, which will be denominated in the Thai baht, will probably be sold in third quarter of this year and the global issue will follow, he said……………………………………….Full Article: Source

The Government of Malaysia’s five-year and 10-year Wakala Global Sukuk worth US$2 billion in total has been oversubscribed by 4.5 times, thanks largely to strong investor demand from the Middle East, Malaysia, Asia, Europe and the US.
Announcing details of the successful offering, the Ministry of Finance (MOF) said the Islamic bond issuance attracted interest in excess of over US$9 billion and was fully distributed to over 320 global investors……………………………………….Full Article: Source

Malaysia priced a $2 billion dual-tranche global sukuk despite tremendous market volatility. Most Asian borrowers have been scared away from the dollar markets during the past two weeks, so it took some courage for the sovereign to launch such a large deal — its biggest global bond to date.
The team kicked off roadshows last Thursday, covering Kuala Lumpur, Hong Kong, Singapore, Abu Dhabi, Dubai, Riyadh, London and New York, and launched the transaction on Tuesday……………………………………….Full Article: Source

Malaysia successfully concluded the sale in two tranches totalling US$2bil (RM6.06bil) of sukuk wakala in the early hours of Wednesday in deals which saw a surprisingly high subscription rate given the uncertainties in the global credit markets and the gloomier global economic outlook.
The tranches a five-year US$1.2bil tranche and a 10-year US$800mil tranche were nearly five times oversubscribed, attracting subscriptions of well over US$9bil (RM27.27bil)……………………………………….Full Article: Source

The United Arab Emirates may issue its first ever sovereign federal bond toward the end of 2012 after a public debt law is signed this summer, the financial affairs minister said.
The UAE’s top advisory council passed a new public debt bill in December with the aim of establishing a debt market in the world’s No. 3 oil exporter. The legislation needs presidential approval before becoming law……………………………………….Full Article: Source

Oman’s economy is expected to grow by 5 per cent this year if oil prices stay at current levels and the Gulf sultanate has no plans to issue sovereign bonds at present, its finance minister said on Wednesday.
“We are looking at 5 per cent (growth) as long as oil prices stay at current levels,” Darwish al-Balushi told reporters on the sidelines of a financial conference in the Saudi port city of Jeddah……………………………………….Full Article: Source

Kuwait Finance Ministry Undersecretary Khalifa Hamada affirmed Wednesday the role played by the Islamic Development Bank (IDB) group in the development of economic and trade cooperation between the memeber states.
Hamada told Kuwait News Agency (KUNA) during his leadership to the Kuwaiti delegation participating in the 36th annual meeting of the Board of Governors of the IDB held here, that the group includes several financial associations specialized in investments which support the private sector as well as combats poverty……………………………………….Full Article: Source

Just like the process leading to the recapitalisation of the rescued banks, there are strong indications that the planned introduction of Islamic banking into the country may be trailed by a barrage of legal tussle.
THISDAY gathered that various pressure groups and even religious bodies have concluded plans to drag the apex bank to court over the form of non-interest banking.The source who maintained that the decision to establish the first Islamic bank in Nigeria was against the unity of the country, added that his association will ensure that they throw spanner in the works of the CBN……………………………………….Full Article: Source

The approval given by the Central Bank of Nigeria (CBN) for the operation of Islamic banking in the country is generating disquiet in the polity. Reasons for this are not difficult to fathom.
Until now, Islamic banking, also known as Sharia banking, was a little known non-interest mode of banking alien to the conventional banking system widely accepted in the country. Besides, its operation and framework are strictly based on Islamic law of economics with its peculiar rules and regulations that forbid financial speculation and other risk-taking common with conventional banking……………………………………….Full Article: Source

Let’s remove our minds from whether non-interest banking or the Sharia of it component is constitutional or not. Those in the legal profession are qualified to tackle that aspect. But the question on the lips of many is if it will be a more prudent way to banking, and more importantly, the beginning of better relationship between firms in the economy and banks.
The argument in some quarters is that the banking crisis that almost crippled the economy did not emanate from banks that have religious inclination, but was as a result of banks with little or no interest about the firms they were lending to……………………………………….Full Article: Source

NCB Capital, the self-styled largest investment bank in Saudi Arabia, has appointed its first chief investment officer with a brief to look at how to attract foreign investment in the firm’s products.
Faysal Badran, a Saudi national with international experience at UBS, Chase Manhattan and Bankers Trust, has been promoted to the new role……………………………………….Full Article: Source

The Central Bank of Oman (CBO) organised a seminar on Islamic banking in collaboration with Ernst & Young, Bahrain. Speakers at the seminar stressed that the growth prospects for the banking sector would increase by 20 per cent over the next decade, especially since the Islamic banking system was less affected by the recent global financial crisis compared to conventional banks.
Regarding the development of the Omani market in this field, experts noted the need to provide the necessary expertise in Islamic banking to groom Omani institutions operating in banking and finance and to provide appropriate training in order to keep them abreast of the developments taking place in this sector……………………………………….Full Article: Source

The build up to Oman’s introduction of Islamic banking is being heralded by several professional services companies, including IT solutions company International Turnkey Systems (ITS), which held a seminar at Shangri-La’s Barr al Jissah Resort and Spa last week as part of the Oman Islamic Banking Conference 2011.
The seminar, titled ‘Islamic Banking – Towards a New Era of Growing Banking Business’, had Apex Press and Publishing’s Business Today as media sponsor and was attended primarily by industry peers and members of the media……………………………………….Full Article: Source

Bahrain will continue to be one of the largest financial centres in the region says Jamal Hijres, Chief Executive Officer, Capinnova Investment Bank; Islamic banking one of the fastest growing sectors and offers an array of opportunities yet to be exploited.
Jamal Hijres, Chief Executive Officer at Capinnova Investment Bank, the Shari’ah-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……………………………………….Full Article: Source

Saudi Arabia’s finance minister on Wednesday urged Muslim countries to adopt suitable economic reform programs and adapt to the changing global economic atmosphere to confront the challenges facing them.
“We should also strengthen our joint efforts to overcome development obstacles,” Finance Minister Ibrahim Al-Assaf told the annual conference of the Jeddah-based Islamic Development Bank……………………………………….Full Article: Source

A leading expert on Islamic brands is highlighting the untapped potential in Islamic markets which most companies are failing to exploit.The global Muslim market is now over 20% of the world’s population at around 1.6 billion, and is expected to increase to 2.2 billion by 2030, situated in those regions where Muslims are in the majority, but also in other countries where Muslims are a significant and growing minority, including those in the West.
The value of Muslim trade is assessed as worth trillions of dollars worldwide.“The Muslim market represents a significant untapped market,” says Dr.Paul Temporal, an Associate Fellow at Saïd Business School’s Executive Education Centre, University of Oxford……………………………………….Full Article: Source