Islamic leaders want Muslims in Australia to get interest-free loans for religious reasons. The nation’s Islamic leaders want recognition of sharia law as it applies to banking practices, according to an exclusive Herald Sun survey of imams.
There was also a call for recognition of sharia law as it applies to family law. The survey showed some imams are sceptical that Osama bin Laden’s death will be of benefit to ordinary Muslims, and they are unhappy with the way US forces disposed of his body……………………………………….Full Article: Source

Thailand could be increasingly driven by cross-border trade and investment through Islamic financing while its corporations could opt for Shariah-compliant bonds, or sukuk, for fund-raising in the international market once all laws and regulations are ready, according to Standard Chartered Bank.
“If the governing rules and regulations for Islamic financing like sukuk are put in place [in Thailand], then investors from the Middle East or Malaysia who want to invest according to Islamic principles may come and look at Thailand as a potential investment opportunity,” Ahsan Ali, Dubai-based global head of Islamic origination, said last week……………………………………….Full Article: Source

Incoming Nigerian Finance Ngozi Okonjo-Iweala says the country must live within its means in order to salvage an economic revival.
During her recent confirmation hearings in Nigeria’s Senate, the current World Bank managing director spoke about her views on the economy, moves Nigeria’s Central Bank towards a cashless society, Islamic banking, industrialisation and the politically-charged issue of price subsidies……………………………………….Full Article: Source

An industrialist and a Chieftain of the Peoples Democratic Party (PDP) in Surulere Local Government area of Oyo State, Chief Isaac Akinkunmi, has said that there is nothing wrong with the introduction of Islamic banking system into the country, though he urges the Central Bank of Nigeria (CBN), to rechristen it interest-free banking system to remove the religious colouration from it.
Chief Akinkunmi declared his support for the system in a chat with the Nigerian Tribune, saying that its introduction in the country was a good omen for the Nigerian economy………………………………………Full Article: Source

It would have been a big surprise if the introduction of Islamic banking had not generated the kind of response witnessed in the last one month. This is because in Nigeria, religion evokes strong passion and reactions.
Expectedly, there has been stiff opposition to the introduction of Islamic banking, mostly from Christian groups, who believe that it is part of a grand design to Islamise Nigeria……………………………………….Full Article: Source

Non interest banking, Islamic banking or participant banking is banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics.
Sharia prohibits the payment or acceptance of specific interest or fees known as Riba or usury for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also Haraam (forbidden)……………………………………….Full Article: Source

Now-a-days accountancy has become an important academic and professional discipline as the lingua franca or language of business. As such in the real life industrial scenario, accounting has become the vital part of the top management.
Although it is not a language of mass people, by this time some of the accounting knowledge has become the part of general knowledge, at least as a common business language. For example, study or observation of annual report of any company is a matter of common interest for any stakeholder from any discipline……………………………………….Full Article: Source

The Turks, like the Egyptians, Tunisians, Iranians and several other member countries would like the multilateral development bank of the Muslim world to further improve the competitiveness of its mark-up policy and to extend the maturities for its Commodity Murabaha and Installment Sale facilities used especially in trade finance.
Egypt’s alternative governor to the IDB, Sameer Sayyad, was even more to the point strongly urging “a periodic review of the IDB Group’s pricing policy and its mobilization of resources at competitive prices, to help reduce the cost of financing projects in member countries, under conditions as easy as those applied by similar financing institutions.”………………………………………Full Article: Source

Abu Dhabi-based Al Hilal expects double-digit growth in profits for 2011, aims to open four new branches by year-end.
Al Hilal Chief Executive Officer Mohamed Berro said, “Our retail and corporate side are growing well. Healthy, double-digit growth in 2011 is sustainable.” The bank is considering launching a Sukuk in 2012 and would seek a ratings agency view ahead of any issuance. “You might see Al Hilal going to the capital markets for diversification of funding, if not at the end of this year, then next year,” Berro said. “A rating is on the frontburner……………………………………….Full Article: Source

Every Muslim country especially the populous ones such as Turkey, Iran, Indonesia, Pakistan, Bangladesh and Egypt should have one. But of the 56 member countries of the Islamic Development Bank (IDB), only one has and another is in the process of establishing one.
The institution in question is a non-banking savings institution for would-be Haj pilgrims such as the one pioneered by Malaysia in the 1960s, Lembaga Tabung Haji (The Malaysian Pilgrims Management Fund) which today has assets in excess of RM10 billion with equity stakes in Islamic banks, plantations and technology companies……………………………………….Full Article: Source

Malaysia remains the largest issuer of domestic sukuk at 72 percent by value with the balance split between a number of other issuers such as Sudan, Saudi Arabia, the United Arab Emirates, 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

RAM Ratings has reaffirmed the AAA(s) rating of Muhibbah Engineering (Muhibbah) MYR 130 million ($43.4 million) Sukuk; the enhanced long-term rating has a stable outlook.
The AAA(s) rating is supported by the irrevocable and unconditional guarantee from Malayan Banking (Maybank), to honour Muhibbah’s irrevocable and unconditional undertaking to purchase and cancel all the Sukuk at the exercise price upon the declaration of an event of default (Purchase Undertaking………………………………………Full Article: Source

Iran’s energy minister aims to issue $1 billion of dollar denominated bonds, the students news agency Isna reported on Saturday.
‘We are preparing to issue $1 billion of bonds to develop electricity and water projects,’ Majid Namjou told Isna, adding the bonds would be offered inside Iran and abroad……………………………………….Full Article: Source

Bahrain-based Gulf Ventures Corporation are undertaking a survey for Omani investors to assess the interest among insurance customers in Oman for Takaful.
All GCC countries, except Oman, have a thriving Islamic finance segment, and earlier this year the Omani authorities announced that they would give licences to new Islamic financial services entities. The first licence is likely to be granted soon for an Islamic bank. Potential investors are keen to create the first Islamic insurance firm……………………………………….Full Article: Source

Commercial and credit risk insurance is part and parcel of most financial transactions, although some companies doing cash business in some emerging countries including the Middle East are known to ignore any kind of insurance to cover any potential losses as a result of non-performance of the provisions of the transaction.
In Islamic finance, for instance, many commercial transactions including real estate, trade finance, projects and so on are now required inter alia to have where relevant building and contents insurance;………………………………………Full Article: Source

A company claiming to be the world’s first Shariah compliant insurance broker to offer premium Takaful and Re-Takaful commercial risk solutions in the UK has today been launched in London.
Known as GNL Insurance, the broker will aim to provide a global gateway for corporate and institutional clients seeking commercial risk protection, with its initial mandate being to focus on the management and provision of risk protection for real estate, trade finance and financial institutions. ………………………………………Full Article: Source