Bahraini group that sets standards for Islamic finance in 45 countries is helping universities start courses in Sharia-compliant business practices to avert a shortage of experts in the US$1 trillion (Dh3.67tn) market.
The industry will need 15 per cent more personnel over the next five years and 25 per cent more in a decade, said Khairul Nizam, the deputy secretary general of the Accounting and Auditing Organisation for Islamic Financial Institutions. Pakistan is offering its first doctorate in Sharia banking, while the UAE has introduced an Islamic Masters of Business Administration……………………………………….Full Article: Source

Bank Islam, which is expected to hit another year of record profit, is still open to the idea of growing through mergers and acquisitions (M&A) despite two unsuccessful attempts earlier.
“To grow the bank domestically, I am all for it, but it’s a matter of getting the right candidates,” managing director Datuk Seri Zukri Samat said. “Shareholders are open to the idea, but we must ensure that candidates are suitable on all fronts. In terms of synergies, it shouldn’t be a case of just one plus one.”………………………………………Full Article: Source

Agrobank is on track to become probably the first fully-fledged Islamic agriculture bank in the region by 2015. Chief executive officer Wan Mohd Fadzmi Wan Othman said the bank, which has been corporatised since 2008, has embarked on a restructuring exercise within the organisation.
“Our focus will still remain in the agriculture sector. We’re in the midst of a `find and shine’ process to tap our employees’ talents and capabilities,” he said………………………………………Full Article: Source

Panel of international Islamic finance experts said Oman’s banking and finance sector can learn from other countries’ experiences in Islamic banking, which is a new field here. At a seminar hosted by Deloitte, the experts gave advice to local members of the finance industry on way of implementing Sharia-compliant banking in the Sultanate.
They noted that Oman can use existing models, thus develop the sector quickly. “Oman has a very unique opportunity. It can take lessons from abroad when it takes on Islamic finance within its own borders,” said Dawood Ahmedji, from Deloitte’s Islamic Finance Knowledge Center (IFKC)……………………………………….Full Article: Source

The State Bank of Pakistan (SBP) has stressed upon the Islamic banks to diversify their investment portfolios by enhancing financing to Small and Medium Enterprises (SMEs), agriculture, housing finance and microfinance sectors of the economy.
Addressing as the chief guest at a two-day first World Islamic Finance Summit 2011 on Wednesday, SBP Deputy Governor Muhammad Kamran Shahzad said that Islamic banks cannot only increase their depth and breadth, but also contribute to higher financial inclusion levels in the country by targeting these underserved sectors of the economy……………………………………….Full Article: Source

Affin Islamic Bank Bhd has set aside RM1.1 million out of its RM5 million zakat for the education sector and the rest to be channelled to the deserving groups.
Its chief executive officer, Kamarul Ariffin Md Jamil, said RM311,000 was for education purposes and the balance of RM700,000 would be distributed to various institutions of higher learning nationwide, including RM65,000 for education and sponsorship of an Islamic forum……………………………………….Full Article: Source

Malaysian state investment agency Khazanah Nasional yesterday evening decided to postpone its debut dim sum sukuk as financial markets suffered from a severe bout of volatility.
The deal was supposed to be a landmark transaction for Khazanah, which is keen to promote Islamic financing in the offshore renminbi space. But, despite its blue-chip status, the market volatility proved to be too much and the leads — BOC International, CIMB and Royal Bank of Scotland (RBS) — decided that the most prudent decision would be to hold off……………………………………….Full Article: Source

The Malaysian government’s investment holding arm Khazanah Nasional Bhd., which is looking to issue as much as $78.3 million in yuan-denominated Islamic trust certificates, or sukuk, postpone the pricing of the bond due to volatile market conditions, people familiar with the situation said Thursday.
The news came as yields on long-dated Japanese government bonds fell to multi-month lows in Tokyo, weighed down by similar falls in Treasury yields after the Federal Reserve’s policy-setting Open Market Committee announced the previous day it will increase its share of longer-dated Treasurys by $400 billion by June 2012……………………………………….Full Article: Source

Nakheel properties has hit back at foreign media reports doubting the real value of its land assets following the issuance of Dh3.8 billion sukuk (Islamic bonds) by the Dubai-based developer to unpaid contractors.
Nakheel chairman Ali Rashid Lootah was reacting to reports by Reuters and other agencies and newspapers that the company’s property is overestimated on the grounds much of it is unreclaimed seabed……………………………………….Full Article: Source

Sadly for Trade Creditors wishing to convert Islamic Bond paper into hard cash on the secondary market this latest sukuk back up collateral revelation comes as a major blow. The resale value will begin to plummet, that is if finance house is prepared to buy until the implications of this piece of news has been fully digested.
We talked of a 20% discount off the sukuk’s face value for a cash resale, we are now likely looking at considerably more. That is going to leave a lot of members of the trade creditors group in some financial trouble. I believe one company was reported in AB as looking to offload a bond allocation to the face value of AED 320 million……………………………………….Full Article: Source

Bonanza–Pragmatic Shariah fund is intended to give an alternative investment opportunity to 150 million Indian Muslims.
Bonanza Portfolio Ltd with Pragmatic Wealth Management Pvt Ltd has launched India’s premier Shariah Portfolio Management Services. The service is titled as Bonanza-Pragmatic Shariah fund and is intended to give an alternative investment opportunity to 150 million Indian Muslims……………………………………….Full Article: Source

Naomi Heaton, chief executive for LCP, said the London Central Apartments fund would appeal to some of the more wealthy clients, both domestic and overseas investors, who are looking to invest in property in the capital.
She said: “The world’s super-rich are viewing prime London residential property the same way as they do gold and there is a limited supply of both……………………………………….Full Article: Source

Allianz Takaful announced a partnership with MedGulf for the markets of Bahrain and Qatar to further develop their insurance platforms. To start the partnership Allianz Takaful will transfer 75% of Allianz Takaful to MedGulf BSC (Bahrain).
In this new partnership, Allianz Takaful will continue to sell the whole range of takaful and insurance products in the market of Bahrain and Life and Health products in Qatar……………………………………….Full Article: Source