Abu Dhabi-based Al Hilal Bank sees double-digit growth in 2011 profits driven by its retail and corporate businesses, its chief executive said. The lender may tap debt markets this year or next, and is considering launching a sukuk - Islamic bond - and will seek a corporate rating before the sale, CEO Mohamed Berro said in an interview on Wednesday.
“Our retail and corporate side are growing well. Healthy, double-digit growth in 2011 is sustainable,” Berro said……………………………………….Full Article: Source

With the expansion of the Islamic communities across the globe, Islamic banking and takaful insurance are already playing vital roles in today’s global financial village. Operators of Islamic banking argued that Islamic banking cannot be fully Sharia based unless there is Takaful to take care of their insurance businesses.
The Governor of the Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, at the just concluded Islamic banking conference in Dakar, Senegal recently announced that the apex bank had given implicit approval to Jaiz Bank, as the first Islamic bank in Nigeria……………………………………….Full Article: Source

World Bank Managing Director, Ngozi Okonjo-Iweala, has urged objectivity in the debate about Islamic banking, saying in Abuja on Wednesday that it is a practice that is not new on the global stage from where Nigeria could learn and adapt.
Okonjo-Iweala and Olusegun Aganga, both former Finance Ministers who were screened in the Senate for a return to the cabinet, scored the government low on the economy, a result they blamed on excessive spending above revenue……………………………………….Full Article: Source

Christians in Imo State have condemned the planned establishment of Islamic banking in Nigeria, describing it as an impossible construct and unmitigated effrontery to the nation’s constitutional secularity.
“Nigerian is a secular state that allows different groups to pursue their religions without molestation,” Christians in Imo State through the chairman of Christian Association of Nigeria (CAN), Imo state chapter, Bishop Cosmos Iluchukwu posited……………………………………….Full Article: Source

The Muslim Lawyers Association of Nigeria (MULAN) has commended the Central Bank of Nigeria (CBN) governor Sanusi Lamido Sanusi for continuing with the foundation laid by his predecessor Chukwuma Soludo on Islamic banking.
The group dismissed the allegation that the CBN governor is introducing the non-interest banking as part of the alleged northern agenda, as baseless and totally uncalled for, stating that Islamic banking will not Islamise the country but rather will be beneficial to all……………………………………….Full Article: Source

The Central Bank of Nigeria which is the chief regulator of financial institutions organized this seminar. Many of the participants agreed that Islamic banking can help in tackling poverty in society and will open up new opportunities for ordinary Nigerians to gain access to a less stringent but ethical banking system.
Some of the issues raised are those involving the regulatory environment, global context of Islamic finance, Tax issues and default. Islamic banking, as one of the models of non-interest banking has sparked off controversy in a religiously divided Nigeria……………………………………….Full Article: Source

Qatar National Bank , the Gulf Arab state’s largest lender, posted a 29 percent jump in quarterly profit on Wednesday buoyed by increased lending and customer deposits.
The bank had second-quarter net profit of QR1.8 billion ($494.3 million), according to Reuters calculations, compared to QR1.4 billion in the same period last year……………………………………….Full Article: Source

Qatar First Investment Bank (QFIB) is eyeing at least five regional equity deals each valued at between $15m to $60m and expects to close two to three of those acquisitions this year, its chief executive said.
The investment bank, which announced purchase of a $16m stake in Kuwait Energy last week, will continue its acquisition spree despite caution in the marketplace that stalled its original plans for $250m in deals in 2011……………………………………….Full Article: Source

Albaraka Banking Group said its Turkish subsidiary has mandated several major banks to arrange a $150 million dual-currency syndicated finance facility to expand its activities in the country.
Albaraka Türk said the banks involved in the arrangement of Murabaha financing facility are ABC Islamic Bank, Emirates NBD Bank, Noor Islamic Bank and Standard Chartered Bank (together the initial mandated lead arrangers and the bookrunners)……………………………………….Full Article: Source

Saudi Arabia’s banks need to resume normal lending to take advantage of soaring deposits and better economic conditions in the Kingdom, National Commercial Bank (NCB) said Tuesday.
“The highly liquid stance of the banking industry in the Kingdom surely provides ample lending opportunities that are yet to be grasped…as Saudi banks weathered the aftermath of the financial crisis, this marks the second year of a still highly liquid state,” NCB said……………………………………….Full Article: Source

Gulf Arab banks are considering consolidation as one way to build scale and better compete with larger international banks as domestic earnings growth is slowing, but face obstacles in the form of shareholder scepticism and a patchy regulatory framework.
Mergers and acquisitions in the Gulf banking sector are seen to be most pressing in smaller but highly competitive markets such as the UAE and Qatar, where respectively 47 and 18 banks are active……………………………………….Full Article: Source

As previous reports have indicated, despite pledges not to become overly involved in politics, the Muslim Brotherhood is wading into political waters in Egypt with both feet and part of their agenda is to promote shariah-compliant finance.
This is a sensitive subject in Egypt since some Egyptian shariah scholars have historically viewed many of the rules surrounding shariah-compliant finance to be flat wrong and because investment scams have cropped up from time to time in Egypt centered on shariah compliance……………………………………….Full Article: Source

London-06 July 2011: Fitch ratings has assigned DP World Sukuk Limited’s existing USD1.5bn Sukuk issue of senior unsecured trust certificates (Sukuk) a final Long-term senior unsecured ‘BBB-’ rating. The certificates were issued on 2 July 2007 and are due in 2017.
DP World Sukuk Limited is a special purpose vehicle established to act as the issuer and trustee to the Sukuk certificate holders. ………………………………………Full Article: Source

Securus Data Property Fund Pte. Ltd. (Securus Fund), the world’s first Shariah compliant data centre fund, has completed the acquisition of a 70%-stake in iseek Data Centre (iDC) from iseek Communications Pty Ltd.
Securus Fund is jointly managed by Keppel Data Centre Investment Management Pte. Ltd. (Keppel DCIM), a subsidiary of Keppel Telecommunications & Transportation Ltd (Keppel T&T), and AEP Investment Management Pte. Ltd. (AEPim)……………………………………….Full Article: Source