Assets held by global Islamic funds jumped 7.6 percent in 2010 to $58 billion, reflecting new money inflows and strength in fixed income, commodities and other alternative investments, Ernst & Young said on Monday.
This compares with global Islamic funds’ assets of $53.9 billion in 2009 and $51.4 billion in 2008………………………………………Full Article: Source

Global Islamic fund assets under management (AuM) grew by 7.6 per cent to $58 billion in 2010, up from $53.9 billion in 2009. The growth was largely due to market performance and partially on account of new money inflows, said the Ernst & Young report, which was released on Monday at the World Islamic Funds and Capital Markets Conference in Bahrain.
“Concentration in equities remains, as they account for 39 per cent of the $58 billion assets under management, or AuM. But bringing new money into equities is challenging. Fixed income, commodities and alternatives did well in 2010, which was a record year for Sukuk with issuance of $ 50 billion.”………………………………………Full Article: Source

Wealth from investors in the Gulf will add more than $70bn to Islamic funds by 2013, Ernst & Young MENA said on Monday.
Shariah funds may struggle to boost assets this year and in 2012 due to the “increasing likelihood of sovereign debt crisis in Europe and a double dip recession in the US,” Ashar Nazim, Islamic financial services leader at Ernst & Young wrote in the report……………………………………….Full Article: Source

Saudi Aramco and French oil group Total have set initial price guidance for their expected 3.75 billion Saudi riyal ($1 billion) Islamic bond at 6-month Saudi interbank offered rate (SAIBOR) plus 95-105 basis points.
The price was published on lead manager Deutsche Securities Saudi Arabia’s website. Bankers have said they expect final pricing on Sept. 28……………………………………….Full Article: Source

Persian Gulf bonds are beating emerging-market debt this year as increasing revenue from oil exports help the region withstand global financial-market turmoil better than most developing nations.
Dollar notes from the Gulf Cooperation Council have returned 6 percent in 2011, according the HSBC/NASDAQ Dubai GCC US Dollar Sukuk/Bond Index. Emerging-market securities worldwide gained 3.2 percent, JPMorgan Chase & Co. data show……………………………………….Full Article: Source

Bahrain is planning to issue a $1 billion sovereign Islamic bond and has mandated three banks for the proposed sale. BNP Paribas, Citigroup and Standard Chartered have been appointed to manage the issue, the bankers with knowledge of the move said, although they gave no idea as to when the issue would happen.
The Central Bank of Bahrain had initially invited banks to pitch for a $1bn conventional bond back in February but the results of that process were delayed because of the outbreak of political unrest in the kingdom………………………………………Full Article: Source

Saudi Aramco Total Refining and Petrochemical Co., or Satorp, has set initial price guidance for its planned Islamic bond, or sukuk, at 6 month Saudi interbank offered rate, or SAIBOR, plus 95-105 basis points, one of the lead managers of the offering said Monday.
The subscription period for the offering will last until October 1, Deutsche Securities Saudi Arabia said on its website. The total sukuk size could go up to 3.75 billion Saudi riyals ($1 billion)……………………………………….Full Article: Source

The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD 18 million issue, which carries a maturity of 91 days, has been oversubscribed by 272%.
The expected return on the issue, which begins on 28 September 2011 and matures on 28 December 2011, is 0.70%……………………………………….Full Article: Source

Demand for Islamic financial paper continues to outstrip supply, due in large part to the growing interest of Middle East petrodollar holders to park their money in Sharia compliant instruments. The biggest success story to date is the Islamic bond (sukuk), the only product Islamic scholars from different parts of the globe have reached consensus on regarding their permissibility under Islamic law.
The Government of Malaysia (GOM) continues to push for global consensus on a wider range of Islamic products and it is implementing regulatory and tax preferences for firms offering such products in an effort to make Malaysia a global hub for the industry in this growing niche market……………………………………….Full Article: Source

The development of the Islamic finance in Kazakhstan will be one of the strategic tasks supported by the Government within the Islamic finance development road map.
Holding relevant forums and conferences is considered a way to boost public and business’ awareness of the Islamic finance in Kazakhstan. They play a role of platforms for exchanging information and pursuing dialogue where the current problems are discussed and resolved……………………………………….Full Article: Source

There are many chances of investment in Kazakhstan regarding International Islamic Banking and financial institutions are in looking on different options for investments in Kazakhstan because the world sees the Kazakhstan a central hub for Islamic banking and finance for CIS countries.
These are the views of Zubair Mughal, the Chief executive officer of Al-Huda centre of Islamic banking and economics, which he expressed in his speech in the International finance forum that is held in the Astana the capital of Kazakhstan in this week……………………………………….Full Article: Source

A Bahraini group that sets standards for Islamic finance in 45 countries is helping universities start Sharia-compliant business courses to avert a shortage of experts in the $1 trillion market.
The industry will need 15 percent more personnel over the next five years and 25 percent more in a decade, said Khairul Nizam, deputy secretary general of the Accounting & Auditing Organization for Islamic Financial Institutions……………………………………….Full Article: Source

Paris plans to build a new Islamic center to address two issues, a dearth of mosques for the city’s sizable Muslim community and a new law banning street prayers. In the interim, Muslims been invited to worship in an unusual venue - an old fire station at the edge of the city.
For many practicing Muslims in Paris, Friday prayers means having to pack in overflowing mosques. Or when there is no more space, by rolling out prayer rugs on the city’s sidewalks. No longer……………………………………….Full Article: Source

Three insurance associations have entered into an agreement to form the Joint Insurance-Takaful Council (JITC), marking another milestone for the development of the insurance and takaful sectors in Malaysia.
The Persatuan Insurans Am Malaysia (PIAM), the Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association (MTA) in a joint statement today said it is in line with the objective to further liberalise and create harmonisation of the financial services sector, the JITC would foster a higher level of self-regulation of the industry……………………………………….Full Article: Source