Contributions drawn by the global Islamic insurance sector may reach $25 billion by the end of 2015, largely driven by growth from the Middle East, North Africa and Malaysia, according to a report by consultants Ernst & Young on Wednesday.
Family takaful, or life insurance, will be the main driver of growth given its lack of market penetration in the Gulf. Malaysia leads the global market with contributions of $115.8 million while Gulf contributions amount to $63.5 million……………………………………….Full Article: Source

The National Central Cooling Co, popularly known as Tabreed, said on Wednesday that it has repaid in full a Dh735 million ($200 million) sukuk that was due to mature on July 20. The move will reduce the company’s debt pile and financing costs following a successful completion of the recapitalisation programme in April this year.
Tabreed issued the sukuk in July 2006 and the total amount paid to certificate holders of the bond was Dh735 million, the company said……………………………………….Full Article: Source

Saudi Binladin Group (SBG) has closed its second short term Sukuk, attracting more than SAR 3 billion ($799.9 million) of orders for a SAR 1 billion ($266.6 million) issuance.
Books were opened on Saturday 16 July and were closed in the same day. The privately placed Sukuk was offered to Saudi sophisticated investors and issued through SBG Sukuk Co……………………………………….Full Article: Source

Abu Dhabi-based First Gulf Bank is beginning a series of roadshow meetings in Asia, Europe and the UAE, gauging interest in a possible Sukuk issuance. The bank begins its meetings with fixed income investors in Kuala Lumpur, Malaysia on 21 July, It has been reported that First Gulf Bank has mandated Citi, HSBC and Standard Chartered to arrange the series of investors’ meetings.
Following the roadshows, the bank said an issuance under the FGB Sukuk Company Limited $3,500,000,000 Trust Certificate Issuance Programme could be considered……………………………………….Full Article: Source

The House of Representatives, on Tuesday, summoned the governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, to appear before it on Thursday to expatiate on the cashless economy policy and the controversial Islamic banking introduced by the apex bank.
The House resolution to summon the CBN governor was sequel to a motion moved by Honourable Aliyu Yakubu, Peoples Democratic Party (PDP) Yobe, questioning CBN’s policy on daily cash withdrawal limit of N150,000 for individuals and N1million for corporate customers……………………………………….Full Article: Source

Director of Communications, Catholic Diocese of Nnewi in Anambra State, Reverend Father Hygi Aghaulo, yesterday, described as a dangerous move plans by governor of the Central Bank of Nigeria, CBN, Malam Lamido Sanusi, to introduce the controversial Islamic banking in the country.
He warned of dire consequences if the Islamic banking system was allowed to operate……………………………………….Full Article: Source

Qatar Islamic Bank (QIBK) SAQ, the Persian Gulf country’s biggest Shariah-compliant lender, posted a 27 percent jump in second-quarter profit, topping analysts’ estimates, as income from investments increased.
Net income rose to 382 million riyals ($105 million) from 301 million riyals a year earlier, the bank said in an e-mailed statement today. The average of five analysts’ estimates was 361 million riyals………………………………………Full Article: Source

Al Ahli Bank of Kuwait reported a net profit of KD 28.4 million for the six months ended 30 June 2011 as compared to KD 26.2 million in the corresponding period, a growth rate of 8 percent. Earnings per share amounted to 20 fils with return on assets of 2.0 percent and return equity of 12.3 percent.
Operating profits before provisions also improved by 10 percent to KD 41.2 million compared to KD 37.3 million in the corresponding period……………………………………….Full Article: Source

The National Bank of Abu Dhabi (NBAD) increased its net profits 2.5% to AED 1,026 million for the second quarter of 2011 compared with AED 1,001 million earned in the second quarter of 2010.
Net profits for the first half of 2011 at AED 1,953 million were lower by 3.9% compared to the first half of the previous year at AED 2,032 million. The annualised return on shareholders’ funds for the first half is 17.7% in line with the target for 2011……………………………………….Full Article: Source

Kuwait Finance House (KFH) CEO Mohammed Al-Omar stated that KFH’s results during the First Half witnessed several positive indicators, where total assets increased by 8 percent and deposits reached 14 percent, while total shareholders’ equity witnessed 2 percent growth than the same period last year.
He explained that such indicators maintained their growth rates, which cements KFH’s performance and ability to grow more rapidly if the local operational environment prospers and the global financial challenges subside……………………………………….Full Article: Source

Public Bank Bhd’s wholly-owned subsidiary, Public Mutual Bhd (Public Mutual) is launching two new Islamic funds, namely the Public Islamic Treasures Growth Fund (PITGF) and Public Sukuk Fund (PSKF).
To note, PITGF is an Islamic equity fund that seeks to achieve capital growth over the medium- to long-term period by investing primarily in small and medium sized companies, which comply with syariah principles. Meanwhile, PSKF seeks to provide annual income through investments in sukuk and Islamic money market instruments……………………………………….Full Article: Source