Kuwait Finance House - Bahrain (KFH-Bahrain) is advising three local Islamic investment banks that are looking to merge. Managing director and chief executive officer Abdulhakeem Alkhayyat said that when the three banks merged they would create a new entity with a capital of $400 million and assets of $500m which would give them a scale which would make them more competitive in the market.
He declined to name the banks but said an announcement about the merger would likely be made in the near future……………………………………….Full Article: Source

Qatar First Investment Bank (QFIB) does not expect approval for its joint venture with GulfMena Alternative Investments before the end of the year, its chief executive told Reuters.
QFIB, an Islamic investment firm, and GulfMena Alternative Investments are in the process of setting up a Shariah-compliant asset management firm. The firm, which will receive seed money from QFIB, will focus on providing exposure to Chinese, Indian and Middle Eastern markets……………………………………….Full Article: Source

Adeolu Kolawole, a Bishop of the Church of the Lord (Aladura), Northern Diocese, on Sunday, appealed to President Goodluck Jonathan, to immediately resolve the controversy over the proposed Islamic banking.
Speaking with the News Agency of Nigeria (NAN) in Kaduna, Mr. Kolawole said educating the Christian community on Islamic banking, would make the issue simple enough for all to appreciate, stating that more than half of those commenting on Islamic banking did not know what it was……………………………………….Full Article: Source

Turkey’s Islamic banking sector has grown strongly over the past five years, with total sector assets accounting for about five percent of total system assets as of year-end 2010 compared with 2.8 percent five years earlier.
Other developments in this sector over the past 18 months have included; A law conferring tax neutrality on Sukuk products; A $100 million debut Sukuk by Kuveyt Türk (not rated); the launch of several Shari’ah-compliant funds; and The creation of a domestic index of Shari’ah-compliant banks and companies by the Istanbul Stock Exchange……………………………………….Full Article: Source

Islamic banking refers to a system of banking or banking activity that is consistent with the principles of the Shari’ah (Islamic rulings) and its practical application through the development of Islamic economics. The principles which emphasise moral and ethical values in all dealings have wide universal appeal.
Shari’ah prohibits the payment or acceptance of interest charges (riba) for the lending and accepting of money, as well as carrying out trade and other activities that provide goods or services considered contrary to its principles……………………………………….Full Article: Source

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 Sharia-compliant instruments as an attractive alternative for raising capital.
With the intensification of the globalisation process in the Islamic funds and investments industry, it is essential that the exciting opportunities in new jurisdictions are tapped into in order to sustain global growth for the Islamic investments industry……………………………………….Full Article: Source

Dubai-based Islamic Finance consultancy Amanie Advisors has opened a new office in the Egyptian capital of Cairo. The office aims to captalise on the considerable business potential in Egypt and North Africa advising bankers and fund managers about the principles of Islamic Finance.
According to Amanie, there is already approximately $52bn invested in Shariah-compliant investment funds on a global basis and an estimated $1.6 trillion of Islamic assets by 2012. (Press Release)

Bait al-Mashura, a specialised company in providing Islamic finance consultations, has been authorised by Chartered Institute of Management Accountants (CIMA) to hold exams and grant certificates in Islamic finance.
Bait al-Mashura managing director and CEO Dr Osama Q al-Derae’i said certificates of CIMA are based on self-paced study and distance learning principle……………………………………….Full Article: Source

The course involves study of epistemology of both occidental and Islamic economic theories as well as their socio-economic applications. The teachers are from across the globe like Oman, Bangladesh, Malaysia, Indonesia, UK and USA.
Each professor conducts classes for about two to four weeks in various disciplines like Comparative Epistemology and Socio-scientific Thought; Binary Economics; Political Economy and Globalization; Computer Modelling; Islamic Socio-economic accounting and Islamic Banking and Finance……………………………………….Full Article: Source