Worldwide Shariah assets total an estimated $900 billion to $1 trillion, which is three times the size of China’s mutual fund asset base. This market is projected to expand to $4 trillion to $5 trillion by 2015, according to figures released by Cerull.
The good news for asset managers is that this money currently has few places to go. However, Cerulli cautions that despite this heft, this marketplace doesn’t always make sense for managers……………………………………….Full Article: Source

Islamic finance is the broad term used to describe a wide range of financial transactions that have been approved by a recognised authority as compliant with Islamic law (Shariah).The economic growth in many Gulf countries has meant that an ever increasing number of Muslims and non-Muslims are seeking to invest their wealth in a Shariah compliant manner.
Seeing the need for more and more awareness about these principles, universities and institutions in Dubai have introduced various courses to cater to the increasing demand……………………………………….Full Article: Source

One of Japan’s oldest and largest banks has announced plans to make Malaysia its global hub for Islamic finance. Mizuho Corporate Bank opened a Malaysian branch in Kuala Lumpur Monday. Bank officials said they have applied with Malaysia’s central bank for a permit to conduct Islamic finance services.
Chairman of Mizuho Malaysia Keizo Ohashi said the southeast Asian nation was chosen because it has a strong infrastructure in Islamic finance and is considered a gateway to business development in the rest of the region……………………………………….Full Article: Source

Mizuho Corporate Bank (Malaysia) Bhd, which began commercial banking operations, has applied to Bank Negara to start an international currency business unit (ICBU) for Islamic finance to make Malaysia its Islamic finance hub.
Managing director and chief executive officer Hiroyuki Yoshinari said he was confident of getting an approval from the central bank……………………………………….Full Article: Source

Kuwait Finance House (M) Bhd (KFH Malaysia) has appointed Dr Nabeel Al-Mannae independent non-executive chairman and director.
Dr Nabeel, who is an experienced economist and banker with over 20 years of experience in the financial industry, will play a pivotal role as the new chairman of the first foreign Islamic Bank in Malaysia……………………………………….Full Article: Source

CIMB Islamic Bank Bhd aims to see a moderate total loan growth of between 15 per cent and 19 per cent for financial year 2011, said Chief Executive Officer Badlisyah Abdul Ghani.
Currently, CIMB Islamic’s loans accounted for 13.8 per cent of CIMB Group’s total loans. “Loan contribution from both the conventional and Islamic banks are growing and we expect our share of (loan) book to grow bigger as well, however not so fast……………………………………….Full Article: Source

Bank Muamalat Malaysia Bhd has fully redeemed its RM250 million Islamic Subordinated Bonds (2006/2016), RAM Ratings says.
Following this, the rating agency said it had withdrawn the A3 rating assigned to the bonds and would no longer have any rating obligations on the debt facility……………………………………….Full Article: Source

When in February 2011, the Governor of the Central Bank of Nigeria (CBN) Mallam Sanusi Lamido Sanusi, announced the bank’s plans to hasten the process of introducing non-interest based Islamic Banking into the financial sector of the country’s economy - a process commenced by his predecessor, Prof. Charles Soludo - Nigerian Christians greeted the proposal with frenzied opposition.
Christian clerics fervently resisted the idea saying it was an attempt to “Islamize” Nigeria and “promote terrorism”. They quickly linked the banking model to Al-Qaeda, Al Shabab and Boko Haram and vowed to fight the proposal “fire for fire”……………………………………….Full Article: Source

Al Madina Gulf Insurance has received approval in priniciple from the Capital Market Authority become a Takaful provider and to turn itself into a publicly-listed company (SAOG); plans to file for an IPO ‘soon’.
“It has been a long-standing vision of the founder shareholders to be the first Takaful company in (the) Sultanate of Oman. We believe that Al Madina is well positioned to spread the message of Takaful in the country and be a profitable venture for its stakeholders namely our policyholders, our employees and our shareholders,” said Mohammed Al Barwani, Chairman of the Board of Al Madina Gulf Insurance……………………………………….Full Article: Source

Sarasin-Alpen LLC, Oman, a subsidiary of the private bank, Bank Sarasin & Co Ltd, Switzerland, has received approvals from the Capital Market Authority to market Islamic securities, products and services to its clientele, along with its existing advisory services in private banking.
Sarasin-Alpen started its operations in Muscat in 2008 and provides a comprehensive range of private banking advisory services. It was the first Swiss-based private banking advisory service to operate in the country……………………………………….Full Article: Source