The new development bank, founded under the auspices of the Organisation of Islamic Conference (OIC), is expected to be launched in the Kingdom of Bahrain next January with ultimate capital of $100 billion.
The bank – Al-Emar Bank (the Construction Bank) – is expected to be launched formally during the OIC meeting in the State of Qatar December 2011. The plan was originally announced at the OIC meeting in Cairo. The bank will provide finance to private sector projects in the OIC’s 57 member countries……………………………………….Full Article: Source

The aggressive revision of interest rates by Reserve Bank of India, its eleventh upward hike since March 2010, could give an unintended boost to a fledgling business the central bank has never been enthusiastic about; Islamic banking.
With interest rates threatening to go beyond the reach of the common man, the interest-free Islamic banks in the state are attempting to position themselves as an alternative source of finance. “Under the existing system, a customer is forced to bear a cost for which he is not responsible,’’ says Tanvir Mohidheen, the Chief Operating Officer of Alternative Investments and Credit Limited (AICL), a Shariat-compliant entity……………………………………….Full Article: Source

Malaysia will provide aid to the Muslim community in Cambodia through a micro-credit system to facilitate the community to obtain loans for business.
Defence Minister Datuk Seri Dr Ahmad Zahid Hamidi said the system to be established would be similar to the Amanah Ikhtiar Malaysia, a joint-venture between Malaysia’s non-governmental organization, Yayasan Restu with Cambodian Islamic Development Foundation……………………………………….Full Article: Source

Head of the Islamic Studies research department at University of Auckland Zain Ali developed a plan for how Islamic finance could benefit New Zealand. “The Islamic finance market is one of the fastest-growing segments of the global financial services industry and was estimated be worth US$822 billion ($949 billion) in 2009,” he wrote.
By adapting sharia-compliant methods, he explained, Australia could open up investment options and potentially more jobs……………………………………….Full Article: Source

Islamic certificates of deposits (CDs) issued by the UAE central bank in late 2010 soared by nearly Dh13 billion at the end of June as banks appear to investing heavily in such tools issued in the country for the first time.
Total CDs, including conventional and Islamic CDs, slipped by around 1.3 per cent in June after a steady rise in the previous months but remained at one of their highest levels, according to figures issued by the central bank……………………………………….Full Article: Source

In its edition of August 6, 1994, The Economist published what in local media parlance we call a supplement on “Islam and the West.” The 18-page pull-out by Brian Beedham was an anti-thesis of sorts to the famous thesis by the Harvard University professor of Politics, the late Samuel Huntington, that an apocalyptic clash was inevitable between Islam and the West.
“Are Muslims and the people of the West doomed to perpetual confrontation?” Beedham asked. “Not,” he answered himself, “if they both see that this is a moment for change.”………………………………………Full Article: Source

A Nigerian Islamic group has threatened that Muslims will go to war if there is opposition to the proposed Islamic banking concept, which it wants introduced in the country.
Datti Ahmed of Nigerian Supreme Council for Sharia (NSCS) said: “Muslims would fight to the last drop of their blood to ensure the introduction of the system”………………………………………Full Article: Source

When the debate on the Islamic Banking started, little did those that set the ball rolling foresaw a situation where the unity and the corporate existence of Nigeria would be at stake. But now with a war signal coming from one of the stakeholders, it is high time the Presidency intervened.
Nigerians are always in love with controversies and it is almost impossible that a week would go without one burning issue or the other in the front burner for a public debate either for counterfeit or genuine reasons. The most unfortunate thing about these debates, is each is always at the expense of the corporate existence of the country even as each camp is intolerance of dissenters……………………………………….Full Article: Source

The Sultan of Sokoto and President General of Jamatul Nasril Islam (JNI), Alhaji Muhammad Sa’ad Abubakar, declared, Thursday, that Islamic banking has come to stay in Nigeria, saying the issue should not lead to crisis.
The Sultan also said the violence in the North Eastern part of the country was not caused by Boko Haram. The Sultan, who is the leader of Muslims in Nigeria, disclosed this at the Jama’atu Nasril Islam (JNI) national headquarters, Kaduna in his opening remarks at a meeting to assess the level of compliance with the Tafsir (Islamic preaching) guidelines for last year……………………………………….Full Article: Source

A forth night ago, Nigeria’s foremost virologist Professor Tam David-West provided an illuminating insight into the concept, mechanics and the merits of Islamic banking. His argument was in synch with what the Central Bank of Nigeria (CBN) Governor’s Lamido Sanusi Lamido’s position that Islamic banking is legal, constitutional and has lots of advantages over and above other types of banking.
Our amiable Minister of Finance Ngozi Okonjo Iweala also asserted that Islamic banking is absolutely legal……………………………………….Full Article: Source

Capital Intelligence (CI), the international credit rating agency, announced that it has maintained Sharjah Islamic Bank’s (SIB) foreign currency ratings at ‘A-’ long-term and ‘A2′ Short-Term with a ’stable’ outlook. The ratings are strongly underpinned by the support of the federal government.
The Bank’s ‘2′ support rating reflects its ownership by the government of Sharjah……………………………………….Full Article: Source

The United Arab Emirates, the second-biggest Arab economy, said the dirham’s peg to the U.S. dollar is “steady and consistent” even as U.S. lawmakers remained deadlocked over the country’s debt limit.
“No fear on the U.S. dollar, although it is exposed to price fluctuations as it happens with all the major currencies,” the Abu Dhabi-based central bank said in an e- mailed statement today. “Despite the fact that the central bank foreign reserves are mostly denominated in U.S. dollars, they are invested mostly in non-U.S. assets.”………………………………………Full Article: Source

“Oman’s move to Islamic finance comes at just the right time as ethical finance gains a foothold around the world. The speakers illuminated a number of key aspects of the industry and question time after each presentation was lively as delegates delved deeper into the topic. We are proud to be supporting the Omani banking industry in this important endeavor,” said Ihab Sahili, Regional Director for International Turnkey Systems.
Dr. Mabid Al Jarhi, Head of Training at Emirates Islamic Bank, President of the Interna-tional Association for Islamic Economics and Member of the Shari’a Board on the Dubai Financial Market, stressed the need for creating a fruitful regulatory and legal environ-ment for Islamic finance through creating separate tax and civil laws and financial regulations. (Press Release)

Clifford Chance and Al Jadaan & Partners have advised HSBC Saudi Arabia Limited on the issuance by Saudi Binladin Group (SBG) of its second short term sukuk, attracting more than SR3bn of orders for a SR1bn issuance. The sukuk-al-murabaha was issued by SBG Sukuk Limited and guaranteed by SBG.
Following last year’s success, SBG’s second short term guaranteed sukuk-al-murabaha has attracted even higher demand allowing for a longer term instrument with tighter pricing……………………………………….Full Article: Source

The Malaysian central bank Thursday sold MYR4.0 billion worth of April 2021 Government Investment Issues at an average yield of 4.009%.
The reopening of the Islamic bond, or sukuk, attracted a bid-to-book ratio of 3.708 times, largely within market expectations for a ratio of 3-4 times……………………………………….Full Article: Source

Muslims in France are being given the chance to open bank accounts that comply with the rules of Islamic finance. Chabbi Bank - a Morrocan bank with branches in Europe - has started offering French customers sharia-compliant banking services.………………………………………Full Article: Source