Banks from Japan to Bahrain plan to set up offices in Malaysia to take advantage of the growth in Islamic finance assets in the world’s biggest sukuk market.
Mizuho Financial Group Inc, based in Tokyo, applied for a license to offer foreign-currency shariah-compliant services in the country, Keizo Ohashi, chairman of Japan’s third-largest lender, said on September 5. Bahrain’s Elaf Bank BSC was granted a similar license in June, while Asia’s first multinational Islamic bank will be set up in the nation this quarter, according to Bank Negara Malaysia……………………………………….Full Article: Source

Banks from Japan to Bahrain plan to set up offices in Malaysia to take advantage of the growth in Islamic finance assets in the world’s biggest sukuk market.
Mizuho Financial Group Inc, based in Tokyo, has applied for a licence to offer foreign-currency Syariah-compliant services in the country, Keizo Ohashi, chairman of Japan’s third-largest lender, said on Sept 5. Bahrain’s Elaf Bank B.S.C. was granted a similar licence in June, while Asia’s first multinational Islamic bank will be set up in the nation this quarter, according to Bank Negara……………………………………….Full Article: Source

The leadership of the Eternal Sacred Order of the Cherubim and Seraphim Church has advised Nigerians, especially those arguing over the introduction of Islamic banking not to allow the issue be blown out of proportion in order not to heat up the polity.
The Church also called on the Nigeria Inter-Religious Council (NIREC), which comprised of about 50 Muslims and Christians to deliberate on the way forward for the issue……………………………………….Full Article: Source

Sudan received a $150 million loan from the Islamic Development Bank to finance the construction of the Atbara and Setet hydropower dams north of Khartoum, the state-run SUNA news agency reported.
The loan was signed on the sidelines of a meeting of Arab finance ministers in the United Arab Emirates yesterday, the Khartoum-based agency said……………………………………….Full Article: Source

Banks in Oman are expected to remain stable over the next twelve to eighteen months, with higher revenues and moderate credit growth, ratings agency Moodys said in a report Thursday.
Lenders will benefit from an improved business environment, stable funding bases and high liquidity buffers, not to mention fewer non-performing loans, analysts from the firm said……………………………………….Full Article: Source

Debt is a normal practice in human life. People often have need for money that they do not have. If they expect to have money at a later time and their need is immediate, they try to borrow from a friend or a financial institution.
In modern business, borrowing is a normal practice. Many a business will not flourish unless there are arrangements for borrowing and lending. Islam recognizes this need and establishes some detailed rules concerning debt and its repayment. The Prophet (peace be upon him) also lays down certain principles that people need to observe when they borrow and lend. ………………………………………Full Article: Source

Muslim economies haven’t always been low achievers. In his seminal work The World Economy, economist Angus Maddison showed that until the 12th century, per-capita income was much higher in the Muslim Middle East than in Europe.
Beginning in the 12th century, though, what Duke University economist Timur Kuran calls the Long Divergence began, upending this economic hierarchy, so that by Rifaa’s time, Europe had grown far more powerful and prosperous than the Arab Muslim world……………………………………….Full Article: Source

The Islamic corporate finance market has steadily undergone an evolution in terms of product sophistication and market reach. This is due to an increasing number of businesses looking to include Islamic finance as a component of their corporate funding mix.
The International Summit on Islamic Corporate Finance (ICFS 2011) on October 10 and 11 in Le Royal Meridien, Abu Dhabi, will create the ideal platform to bring all key components of the deal-making value chain together - the corporate banking leaders, both Islamic and conventional - and the corporate end users of these services to develop long-term successful business relationships and ensure the objectives of both are achieved……………………………………….Full Article: Source

State-backed Dubai developer Nakheel has delayed the issuance of AED1bn ($272m) of Islamic bonds to its trade contractors after bank account details of some of its creditors were found to be inaccurate.
The developer, which last month issued the first tranche of an AED4.8bn ($1.31bn) Islamic bond as part of a complex debt restructuring process, has asked the 30 trade creditors to resubmit their account details to proceed with the second AED1bn tranche, according to a report by the Alkhaleej newspaper……………………………………….Full Article: Source

A dream of becoming a millionaire was turned into a reality in the UAE for 100 people in a short span of five years by National Bonds, the leading Shariah compliant saving scheme.
National Bonds has achieved another milestone in its five-year history by rewarding its 100th millionaire. S. Abdul Rahman, a UAE national, who won July’s 1 million dirhams prize, added a new chapter to the story of National Bonds’ life-changing one million dirhams grand draw……………………………………….Full Article: Source

Maldivian subsidiary of Sri Lanka’s Amana Takaful Insurance, Amana Takaful (Maldives) plans to offer shares for subscription on 20 September.
The firm, which is listing on the Maldives Stock Exchange, will issue 800,000 ordinary shares in 25 share parcels, each at MVR 20 amounting to a total proceeds of MVR 16 million ($1.05 million). The IPO prospectus says that 65 per cent of the shares will be allotted to Maldivian nationals while 20 per cent will be for expatriates. Overseas applicants will be allotted 15 per cent of the issued shares……………………………………….Full Article: Source

MAA Takaful Bhd (MAA Takaful) has won an award at the Financial Insights Innovation Awards (FIIA-Insurance) from IDC Financial Insights, held at the Asian Insurance Congress in Singapore last week.
In a statement yesterday, MAA Takaful said the FIIA-Insurance programme by IDC Financial Insights recognised achievements of Asia-Pacific insurers in applying innovation to drive business differentiation……………………………………….Full Article: Source

AmIslamic Funds Management (AIFM), the Shariah-compliant funds management arm of AmInvestment Bank Group, was recently named “Islamic Asset Management House of the Year for Asia-Pacific” for the second consecutive year.
The award was presented at the annual Asset Triple A Islamic Finance Awards 2011 in Kuala Lumpur, which was organised by Hong Kong-based financial publication The Asset……………………………………….Full Article: Source