The Islamic finance industry’s newest market, Oman, may be seeing a flurry of activity with new authorizations in Islamic advisory and Takaful following the recent approvals for the establishment of two Islamic banks, Bank Nizwa and Al-Izz International Bank.
But to what extent these developments will help entrench Islamic finance as an important emerging component of Oman’s financial services sector must remain a moot point……………………………………….Full Article: Source

The Islamic finance sector in Brunei has shown “impressive” growth over the years, but it’s no reason for players to be complacent, said an executive at BIBD At-Tamwil, the financing arm of Bank Islam Brunei Darussalam (BIBD).
Roland Ti, BIBD At-Tamwil’s marketing and public relations manager, spoke to The Brunei Times on Brunei’s Islamic financial landscape and his thoughts on what it takes to bring the Islamic finance institutions to a “golden age”……………………………………….Full Article: Source

Sharia-compliant funds had been proving increasingly popular until the global financial crisis and then the Arab Spring frightened off investors and stymied private equity activity in the Middle East.
Fundraising volumes have collapsed, with not a single sharia fund raised so far this year, acacording to data provider Preqin……………………………………….Full Article: Source

The Islamic financial industry has been around for more than a millennium, overcoming two disastrous financial downturns in the last two decades and most likely will withstand the current US/ European debt crisis. BizHive Weekly discovers the strength in syariah-compliant products.
Today eerily marks the tragic day that befell New York 10 years ago, when two hijacked commercial airlin­ers crashed into the twin-tower World Trade Centre, killing nearly 3,000 lives and destroying what was then regarded as one of the financial world’s most iconic landmarks……………………………………….Full Article: Source

Investors with an eye on the Islamic world have witnessed parallel growth in two industries serving Muslims worldwide: halal products and Islamic finance.
Halal — Arabic for “allowed” — signifies a product created in adherence with Islamic guidelines. Halal products are spread across several industries, including foodstuffs, cosmetics, fashion and health care. Islamic finance is banking that follows Muslim precepts, such as the banning of interest on savings and loans……………………………………….Full Article: Source

Following the return of investor confidence to global markets, the Islamic funds and investments industry has gained substantial momentum at an international level as more and more international issuers and investors are continuing to seek Shari’ah-compliant instruments as an attractive alternative for raising capital and diversifying their investment portfolio.
With the intensification of the globalization process in the Islamic funds and investments industry, it is essential that the exciting new opportunities in new jurisdictions are tapped into in order to sustain global growth for the Islamic investments industry. (Press Release)

South African asset management company, the Oasis Group, a leading provider of Islamic and socially responsible investment products, is aggressively expanding its overseas operations and is set to open an office in London later this year as part of its expansion strategy.
“High level financial and business services in South Africa and London share a great deal and are on a fast track for much closer cooperation……………………………………….Full Article: Source

Islamic private equity has been a rip-off over the last 10 years, where: “much of it was fraudulent, or nearly so. Investors were duped. A lot of money was lost on one side, but gained unscrupulously on the other,” so says John Sandwick, a Geneva-based Islamic wealth and asset management specialist.
Sandwick thinks that the growth of Islamic private equity to a $50bn industry by the end of 2007 was a product of abundant cheap credit thrown around in the run up to the global financial collapse which led to the formation of a vast bubble……………………………………….Full Article: Source

Saudi Aramco Total Refining and Petrochemical Company (SATORP) announced the launch of its public offering of sukuk certificates (the Sukuk) by Arabian Aramco Total Services Company (AATSC), a company especially established for the purpose of issuing the Sukuk on behalf of SATORP. The total offering size will be determined at a later stage by SATORP.
Investor communication for the offering and the offering period will last for a period of sixteen (16) working days, with a group event roadshow on Tuesday 13/9/2011. (Press Release)

New service uses bio-metric information to verify customer identity, aims to speed up and streamline daily banking transactions
Al Hilal Bank is the first institution in the UAE to adopt thumb verification technology, using bio-metric information that is stored in a centralised, maximum-security database. The scanned and captured thumb prints of customers will be used to verify customer identity for various teller transactions……………………………………….Full Article: Source

Emirates Islamic Bank (EIB) announced an internal personnel move in District Management areas within its internal network. Kadfoor Al Falasi has been promoted to be the Bur Dubai District Manger handling 11 branches.
With his seven years of experience is Islamic banking, Al Falasi has added exceptional value to the Bank and demonstrated major success in developing its services. Kadfoor has a Master of Science in Innovation and Change Management from Hamdan Bin Mohammed E-University. (Press Release)

International credit rating agency, Standard and Poor’s (S&P) assertion in a report published last week that Turkey’s participation (Islamic banks) “could continue their recent strong growth if they can cultivate stronger ties with their international owners and create a sustainable brand image,” underpins an Islamic finance market which is as old as the one in Malaysia and others in the Gulf Cooperation Council (GCC) countries.
Three of the four Turkish participation banks have got majority GCC ownership interests - Turkiye Finans is largely owned by National Commercial Bank of Saudi Arabia………………………………………Full Article: Source

Several Iranian banks have been targeted in one of the biggest frauds in the Islamic republic’s history, losing nearly $US2.6 billion ($A2.46 billion) in more than two years, media reports say.
The fraud was reportedly orchestrated by a single man, referred to as “Mr X” in Iranian media, who developed a network and used forged letters of credit to purchase assets, including one of Iran’s largest steel production companies, Khuzestan Steel Company……………………………………….Full Article: Source

I have followed with great interest the debate and controversy over the introduction of Islamic banking by the Central Bank of Nigeria. I would have been very surprised if the Central Bank Governor, Sanusi Lamido, had gotten away with this controversial banking policy without some criticism or opposition from the Nigerian public.
I want to say that it is healthy that people make their views-good or bad, sensible or nonsensical- known on issues of national importance as they have done in the case of Islamic banking……………………………………….Full Article: Source

The Qatari insurance and Takaful market is undergoing a slowdown with local firms, mainly operating in the non-life sector. According to reports, total profits for the whole market only grew by 2% in the first half of 2011, compared to a 9% rise in 2010 in the same period.
The report, which includes Qatar Islamic Insurance and al Khaleej Takaful, as well as conventional firms, Qatar General Insurance & Reinsurance, Qatar Insurance and Doha Insurance, was aggregated by Qatar Exchange……………………………………….Full Article: Source

Kenya’s insurance regulator has said that there has been a sharp increase in the number of conventional insurers enquiring about setting up Takaful windows to tap the growing demand for Islamic finance in the country.
“The number of enquires has gone up from a very few to more than 10 this year and we are having discussions with those companies,” Sammy Makove [pictured], CEO of the Insurance Regulatory Authority (IRA) told The Islamic Globe………………………………………..Full Article: Source

Purchase of Takafol SA for undisclosed sum follows purchase of life insurer in Mozambique and greenfield start-up in Botswana
Takafol, established in 2003, will become part of Absa Islamic Banking and operate under the name Absa Takafol. Absa itself is 56.4 per cent-owned by Barclays, incidentally the largest single foreign direct investment in South Africa……………………………………….Full Article: Source

Absa Insurance Company Limited (AIC), a wholly-owned subsidiary of Absa Financial Services Limited (AFS), and Takafol South Africa (Pty) Limited (Takafol SA), today announced that they have reached an agreement on the terms of the sale of the Takafol SA business to AIC.
Strategically positioned alongside Absa Islamic Banking, Absa Takaful will further cement the Group’s position as the leading provider of Islamic financial solutions……………………………………….Full Article: Source

Absa Insurance Company Limited (AIC)’s agreement with Takafol SA (Pty) Limited (Takafol SA) further cements the group’s ability to launch into Africa according to Edwyn O’Neill, Managing Director of AIC.
O’Neil was speaking at a breakfast event set-up to announce the sale agreement between Absa Insurance and Takafol, that intends to see Absa’s financial services offering extended to the Islamic community……………………………………….Full Article: Source

Hussain Mohammad Al Meeza is serious when he talks about the state of the local insurance industry and its many practitioners.
What he talks about are issues — premiums that have touched a historical low, the intense competition among the 50-odd players, the need for consolidation, and other things — that the industry has been grappling with for some time now. And, unfortunately, without even the barest hint of a solution in sight……………………………………….Full Article: Source

Sri Lanka’s Amana Takaful, an insurer operating on Shariah islamic finance rules said its unit in the Maldives selling 800,000 shares to raise 16 million rufiyaa in an initial public offer.
The offer would open on September 20. The firm would sell the shares at 20 rufiyaa each. Amana Takaful (Maldives) Plc, is owned through Amana Takaful Global Ltd, a fully owned unit of Colombo listed Amana Takaful Insurance said in a stock exchange filing……………………………………….Full Article: Source

Group of Eight finance chiefs pledged $38 billion on Saturday in financing to Tunisia, Egypt, Morocco and Jordan over 2011-13, widening a deal agreed in May and offering Libya the chance to partake too.
The IMF promised a further $35 billion in funding to countries affected by Arab Spring uprisings and formally recognized Libya’s ruling interim council as a legitimate power, opening up access to a myriad of international lenders as the country looks to rebuild after a six-month war……………………………………….Full Article: Source

Adding to its long and continuously growing list of honors, NCB Capital has been crowned winner of “Best Islamic Asset Management Company in the Middle East” Award 2011by Islamic Finance News.
“This win holds special significance since NCB Capital has been voted Best Islamic Asset Management Company by its peers in the investment world,” said Hamed Fayez, Head of Asset Management at NCB Capital. “Furthermore, coming on the back of previous awards in the same category, this prestigious mark of recognition demonstrates the staying power of NCB Capital’s team in what continues to be a challenging market.” (Press Release)

Following the return of investor confidence to global markets, the Islamic funds and investments industry has gained substantial momentum at an international level as more and more international issuers and investors are continuing to seek Shari’ah-compliant instruments as an attractive alternative for raising capital and diversifying their investment portfolio.
With the intensification of the globalization process in the Islamic funds and investments industry, it is essential that the exciting new opportunities in new jurisdictions are tapped into in order to sustain global growth for the Islamic investments industry. (Press Release)