Malaysia remains the largest issuer of domestic sukuk at 72 per cent by value with the balance split between a number of other issuers such as Sudan, Saudi Arabia, the United Arab Emirates (UAE), Bahrain, Brunei, Pakistan and Indonesia.
However, for the short-term sukuk market (maturity of one year or less), Sudan is the leader in domestic sukuk issuances, followed by Bahrain, Brunei and Malaysia……………………………………….Full Article: Source

Emaar Properties’s sukuk may extend their rally after the UAE relaxed visa rules for homebuyers to attract investment to the Middle East’s worst-performing property market, said Mashreq Capital DIFC Ltd and EFG-Hermes Holding SAE.
The yield on the 8.5 percent Islamic notes due August 2016 slid 18 basis points, or 0.18 percentage point, to 7.14 percent on Thursday since the government passed a resolution on June 28 extending the visa period……………………………………….Full Article: Source

KPMG AND CIMA have drawn attention to the burgeoning field of Islamic finance of late, as the firm has appointed a new global head and the institute today launched a new qualification.
The primary difference between Islamic finance and its western counterpart is that, under Shariah law, earning interest is illegal. To get around this, complex structures are put in place that allow lenders to profit from their capital; this can be problematic in western markets, though, because products are often penalised by tax regimes……………………………………….Full Article: Source

Islamic finance is akin to ethical finance, or so we are told. Islamic finance is not just for Muslims, or so we are told. Well if that is the case, here is an interesting conundrum.
During a panel discussion at an Islamic finance conference recently, a member of the audience asked a question of some leading Shari’ah experts: should Takaful sales agents be Muslim?………………………………………Full Article: Source

Hungary’s first Islamic bank is on its way, says Istvan Kaknics-Ujhelyi, director of Hungary’s Al-Gharnati Foundation and advisor to the mayor of the northern city of Eger.
Hosszu Ferenc Ali Hasszan, a Hungarian currently undergoing Islamic banking training in Malaysia, told The Islamic Globe that Hungary is working towards opening its first fully functional Shari’ah compliant bank, called Magyar Iszlam Bank in the coming years……………………………………….Full Article: Source

Very little good news comes out of Afghanistan; nevertheless one might expect that in such a devoutly Muslim country Islamic finance would flourish. Sadly this is not true, as Afghanistan is a country where finance - let alone Islamic finance - has not developed at all.
However, Uncle Sam is stepping in to alleviate this situation (quite ironically too as Islamic finance is having such a hard time gaining a foothold in America) and bring (US dollar-sponsored) Islamic microfinance to the troubled state……………………………………….Full Article: Source

Bidders have pulled out of negotiations to buy a stake in Indonesian Shariah lender PT Bank Muamalat, a person familiar with the matter said Thursday. “All bidders are out now. They don’t agree with the terms and conditions, which also include the price,” said the person, who declined to be named.
He didn’t specify the price of the stake, although other people familiar with the situation said the deal could reach around $300 million……………………………………….Full Article: Source

Amana Global, a fully-owned subsidiary of Sri Lanka’s Amana Takaful has signed a deal with Islamic Banking and Finance Institute of Malaysia (IBFIM) to offer training in Islamic finance.
At present there is a dearth of professional services available to satisfy the demand, a company statement said. “The move to launch such a program was driven by the emerging need for industry specific knowledge in the field of Islamic finance in Sri Lanka,” said Fawas Farook, General Manager, Amana Global……………………………………….Full Article: Source

Angry reactions have continued to trail the planned introduction of Islamic banking system in the country by the governor of Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi.
The condemnation was part of a 14-point communiqué issued at the end of the third session of the first synod of the Diocese of Oru, Anglican Communion, and signed by the Bishop and Synod Secretary, Rt. Rev. Geoffrey Chukwunenye and Ven. H.U Nnaoma respectively……………………………………….Full Article: Source

Former Finance minister Ngozi Okonjo-Iweala urged opponents of non-interest Islamic banking in the country to dispassionately understand the idea, which she said is simply another form of banking that is functioning well in other countries.
Okonjo-Iweala, a managing director at World Bank and now minister-designate, spoke while fielding questions from senators at the Senate in Abuja during the confirmation hearing for ministerial nominees……………………………………….Full Article: Source

According to CEO Muhamad Umar Swift, MAA Holdings will focus on Takaful following the sale of Malaysian Assurance Alliance to Zurich Financial Services. Speaking to reporters, Swift said the company’s focus would now be on Takaful and unit trust fund management.
In recent years MAA Takaful has ranked number four in the general Takaful space with an 8% market share and seventh in the family Takaful business with a 4% share of the life Takaful market……………………………………….Full Article: Source

Latham & Watkins advised Deutsche Securities Saudi Arabia LLC and Riyad Capital as Joint Lead Managers and Joint Bookrunners in the issuance of a SR1,800,000,000 Mudaraba Sukuk by Saudi International Petrochemical Company’s ‘Sipchem’.
Established in 1999, Sipchem is one of the largest petrochemical companies in Saudi Arabia and was listed on the Saudi stock market in 2006. The Mudaraba Sukuk is registered form in denominations of SR100,000, subject to a minimum initial subscription amount of SR1,000,000……………………………………….Full Article: Source

Fitch Ratings has assigned DP World Sukuk’s existing $1.5 billion Sukuk issue of senior unsecured trust certificates 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. The final rating assigned to DP World Sukuk’s existing Sukuk issue follows Fitch’s assignment of an initial rating to DP World Ltd (DP World; ‘BBB-’/Stable) on 23 March 2011. DP World acts as the obligor of the Sukuk certificates……………………………………….Full Article: Source