An Abu Dhabi government department and Bahrain’s Gulf International Bank are planning ringgit-denominated sukuk issues in Malaysia, as Middle Eastern issuers seek to diversify their funding options, sources said on Thursday.
Gulf International Bank, a conventional wholesale bank, has begun work on a ringgit sukuk programme which would allow it to raise at least $1 billion, sources said……………………………………….Full Article: Source

Malaysia’s plan to create Asia’s first multinational Islamic bank may increase the ability of syariah-compliant lenders to carry out larger sukuk deals, after global sales more than doubled to US$14.7bil this year.
A licence for the bank will be awarded in the third quarter, Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said in a July 18 interview in Jakarta. She said in October the lender would be formed by institutions from Asia and the Middle East with a market capitalisation of US$1bil……………………………………….Full Article: Source

The central bank warned that Islamic banks must not be involved in terror financing, money laundering or any other illegal activities that damage their image. There are allegations that Islamic banks have been involved in unexpected activities, such as terror financing and money laundering, Bangladesh Bank said in a statement.
However, Islamic banking showed resilience while some conventional banks caved in during the recent global financial crisis, the statement quoted Bangladesh Bank Governor Atiur Rahman as saying……………………………………….Full Article: Source

The Islamic Bank is all about non-interest banking; it is a profit/loss-sharing banking. And if you look at our laws, there is a provision for the establishment of Islamic banks.
Islamic banking has nothing to do with construction of mosques or churches. It is all about going to take money from banks which do not have crescent or cross; it is all about money you are going to take for development. They don’t charge interest but they will charge you commission for services rendered……………………………………….Full Article: Source

There is need to embark on more aggressive enlightenment campaigns on Islamic or non-interest banking to ensure that all Nigerians are adequately informed about the system, an Associate Member of Institute of Islamic Banking and Insurance (IIBI), UK, Shafee Badmos has said.
Badmos said this on Sunday while speaking at one of the series of pre-Ramadan lectures organised in Abuja by Organisation of Thadamunul Muslimeen (OTM), Federal Capital Territory (FCT) branch……………………………………….Full Article: Source

House of Representatives members, with grumbling and applause, on Thursday backed Central Bank of Nigeria (CBN) Governor, Lamido Sanusi, on his plan to introduce Islamic banking and limit cash withdrawal from commercial banks daily.
By 9 a.m., protesters bussed in by Youth United for Nigeria (YUN) had gathered at the gate of the National Assembly (NASS), chanting anti-Sanusi songs, and hoisting placards asking the legislature to block Islamic banking……………………………………….Full Article: Source

Over the past decade, Islamic Finance has become a burning and topical issue around the world (Europe, Middle East and Asia) and has most recently reached Nigeria, over the introduction of the Islamic Banking model to the financial industry by the Central Bank of Nigeria. This has generated outcry from some quarters and a not so unexpected media frenzy.
A lot of scepticism and public opinion has been garnered about the motive behind the introduction of this alternative system of banking in Nigeria. However before this alternative mode of financing is dispelled by the general public or the government, the concept needs to be explored and understood in order to clarify its purpose and subsequent effect on the country……………………………………….Full Article: Source

In a bid to boost the nation’s economy, Nigerian women have been charged to embrace the non interest banking otherwise known as Islamic bank.
The national president of Federation of Muslim Women’s Association’s in Nigeria (FOMWAN) Hajia Mariam Othman who gave the charge at a one day Awareness Talk on Islamic/Non-Interest Banking Wednesday in Abuja said the new banking system would mostly favour women who needed loan to start up a business……………………………………….Full Article: Source

Takaful, Ernst & Young’s Sharia-compliant cooperative insurance program is expected to grow globally reaching $25 billion by 2015, the company said on Thursday. While Saudi Arabia, the UAE and Malaysia are currently the top three Takaful markets, Egypt, Bangladesh, Sudan, and Pakistan’s markets are rising at a rapid pace.
Takaful’s contributions are expected to reach $12 billion by the end of this year……………………………………….Full Article: Source

AmIslamic Bank, the Islamic banking arm of AmBank Group, aims to raise RM100 million from its latest financial product, AmAdvantage Plus Islamic Negotiable Instrument of Deposit (AmAdvantage Plus NID-i).
Managing Director cum Chief Executive Officer Datuk Mahdi Murad said the instrument was targeted at customers who were bullish of the global demand for commodities such as oil, corn, copper and cotton while protecting them from price volatility in the market……………………………………….Full Article: Source

Kirkland & Ellis has launched a Middle East practice group with the rehire of former Kirkland associate Kamran Bajwa, although the firm has no plans to open in the Middle East at present. Bajwa, a fluent Arabic speaker, rejoined the firm after eight years working across the Middle East region in the financial services, private equity, investment fund, Islamic finance and M&A sectors.
He has rejoined the firm as a partner in its Chicago office to help launch Kirkland’s Middle East practice group……………………………………….Full Article: Source

A Muslim group in the United Kingdom has launched a campaign to turn twelve British cities – including what it calls “Londonistan” – into independent Islamic states. The so-called Islamic Emirates would function as autonomous enclaves ruled by Islamic Sharia law and operate entirely outside British jurisprudence.
The Islamic Emirates Project, launched by the Muslims Against the Crusades group, names the British cities of Birmingham, Bradford, Derby, Dewsbury, Leeds, Leicester, Liverpool, Luton, Manchester, Sheffield, as well as Waltham Forest in northeast London and Tower Hamlets in East London as territories to be targeted for blanket Sharia rule……………………………………….Full Article: Source