As controversy over Islamic banking continues, the new president of the Institute of Chartered Accountants of Nigeria (ICAN), Professor Francis Ojaide, has said the only way to address the controversy associated with Islamic banking is to change its nomenclature.
Professor Ojaide, who stated this in an interview with newsmen in Jos at a reception organised for him by Jos District Society of ICAN, said Nigerians were religious people and cherished their religions, adding that this gave credence to the raging controversy and debate on the Islamic banking……………………………………….Full Article: Source

The immediate past Primate of the Church of Nigeria (Anglican Communion), Rev. Peter Akinola has described the proposed Islamic banking in Nigeria as a time bomb, saying “it can lead to the disintegration of the country.”
Speaking yesterday in Abeokuta during the 2011 Youth Harvest of the St. Michael Anglican Church, Obantoko, the Primate said that Islamic banking would further compound the problems of Nigeria amidst the Boko Haram menace……………………………………….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 .
Just as it considered 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 Islamize the country but rather will be beneficial to all……………………………………….Full Article: Source

Bahrain-based AlBaraka Banking Group has signed a Murabaha facility of $20 million to finance foreign trade with the International Islamic Trade Finance (IITF). This facility will be implemented through AlBaraka Islamic Bank Bahrain.
AlBaraka Banking Group Chief Executive Adnan Ahmed Yousif said the deal comes within the framework of the memorandum of understanding signed with the IITF at the beginning of the year……………………………………….Full Article: Source

Dubai’s Islamic bonds jumped the most in more than a month last week after Greece’s agreement on austerity measures eased contagion concerns in Europe, prompting investors to seek higher-yielding assets.
The rate on the sheikhdom’s 6.396 percent sukuk maturing November 2014 dropped 16 basis points last week, the most since the five days ending June 3, to 4.68 percent on July 8, Bloomberg prices show……………………………………….Full Article: Source

Indonesia’s Axis completes $1.2 billion deal -One of the biggest and most complex Islamic financing was completed last month after nearly two years’ work.
The Indonesian subsidiary of Saudi Telecom raised $1.2 billion through a triple-tranche transaction that involved China’s development bank, Sweden’s export credit agency and the World Bank. The financing required a Shariah-compliant structure that included a political risk guarantee and risk management solutions to mitigate currency and interest-rate risks……………………………………….Full Article: Source

Dar Al Sharia Legal and Financial Consultancy LLC, Dubai Islamic Bank’s (DIB) Sharia consultancy and advisory services subsidiary, announced today that it has partnered with Durham University, one of the UK’s most prestigious universities, and Hawkamah, the Institute for Corporate Governance, to offer training courses in Islamic finance at an affordable price.
The new courses will meet the needs of the UAE’s rapidly expanding Islamic finance industry for high-quality academic and practical training……………………………………….Full Article: Source

While the ‘takaful’ segment is poised to take centrestage in the development of Islamic finance here, it remains a premature notion for the industry to engage in any consolidation exercise, similar to that of the banking sector.
“It is too early to think about consolidation for the takaful industry here, given that most takaful companies are still new with the exception of a few larger players,” said RAM Rating Services Bhd’s (RAM Ratings) head of financial institution ratings Promod Dass in an e-mail interview with The Borneo Post……………………………………….Full Article: Source

Islamic Indexing 2.0 requires transparency and lower cost information research and that will lead to greater number of transactions says Rushdi Siddiqui, Global Head of Islamic Finance, Thomson Reuters and that will lead to greater number of transactions and greater growth.
He talks to Phil Blizzard about how this will be embraced in the Middle East and renounces a perception that Islamic Finance is linked to terrorism……………………………………….Full Article: Source

Islamic equity indices, 1.0, became a global ‘instrument’ in 1999, with the launch of the Dow Jones Islamic Market Index (DJIM). But, what progress, if any, has been made in the last 11 years on Islamic indexing?
But, first, a step back to better understand the function and role of indices. The reason indices are important is because they are the DNA of investing, be it conventional, ethical or faith based. Trillions of dollars are managed/benchmarked to indices in the form of active funds, passive funds and exchange traded funds for the man on the street to funds to sovereign wealth funds……………………………………….Full Article: Source

Zawya, the leading online provider of business intelligence on the MENA region, announced its new quarterly Funds Ranking results for Q12011.
Zawya Funds Ranking is the first and only independent ranking system in the region, addressing the rising demand for accurate information, unbiased research and analysis, as well as increased transparency in the MENAfunds industry……………………………………….Full Article: Source

The Islamic Organization for Education and Sciences (ISESCO) has selected the holy city of Madinah in Saudi Arabia as the cultural capital for Islamic world in 2013.
Abdul Aziz Bin Majed, Emir of Madinah, said during a ceremony on Monday that ISESCO named the holy city as the cultural capital for Islamic world in 2013, Ahlul Bayt News Agency reported……………………………………….Full Article: Source