Emirates NBD, the largest Gulf bank by assets, took over Dubai Bank, an Islamic bank fully owned by the Government of Dubai. The acquisition was done on the orders of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as Ruler of Dubai.
“This [the acquisition] comes in line with the Dubai Government’s efforts to enhance the banking sector in the emirate,” according to a press statement from the Dubai Government Media Office……………………………………….Full Article: Source

Emirates NBD PJSC said its takeover of unprofitable Dubai Bank PJSC, the Islamic lender rescued by Dubai’s government in May, won’t hurt profit as the emirate cleans up its banking industry.
The takeover “will not affect the profit and loss, the non-performing loan percentages due to the transaction structure and support provided by the government of Dubai,” Emirates NBD Chief Executive Officer Rick Pudner told reporters in a conference call today. “Dubai Bank will be capitalized by Emirates NBD to the extent necessary and this will have negligible impact on the group’s overall capital ratios.”………………………………………Full Article: Source

Turkey’s Islamic banks are lagging behind their non Shariah-compliant counterparts because of investor concern slowing economic growth will hurt the lenders’ ability to generate income from loans.
While Turkey’s overall banking index gained 19% since reaching a 20-month low on August 10, Asya Katilim Bankasi and Albaraka Turk Katilim Bankasi, the nation’s two listed Islamic banks, also known as Participation banks, gained 12% and 4.9%, respectively……………………………………….Full Article: Source

Conventional banks operating in the Sultanate can offer Sharia-based financial services upon approval from the Central Bank of Oman (CBO), its Executive President stated.
Addressing the Oman investment Forum 2011, organised by MEED Events, Hamoud bin Sangour al Zadjali, also stressed that the imminent introduction of Islamic banking services would help support the country’s economic development……………………………………….Full Article: Source

Mashreqbank is expected to help three private and state-related entities to place local currency-based Islamic bonds, according to Reuters, citing a senior bank official.
UAE commercial lender is working with three potential issuers of Islamic debt, or Sukuk, Mashreqbank’s Islamic unit head, Moinuddin Malim, said during a forum in Abu Dhabi. The Islamic bond sales by the three unnamed entities may come in next year 2012, he said……………………………………….Full Article: Source

Dr. Ahmad Mohammad Ali Al-Madani, Governor of Islamic Development Bank in a joint news conference with Afghan Minister of Finance yesterday stated that the bank’s envoy is to visit Kabul soon for finalizing projects launched through the bank in Afghanistan.
Dr. Ahmad Mohammad Ali Al-Madani, Governor of Islamic Development Bank in a joint news conference with Afghan Minister of Finance yesterday stated that the bank’s envoy is to visit Kabul soon for finalizing projects launched through the bank in Afghanistan……………………………………….Full Article: Source

Islamic system of banking is rapidly growing in Pakistan with annualised growth rate of one percent. That is the highest growth rate of this industry in the world.
“The market share of Islamic banking in Pakistan has gone up to 7 percent and, with the current annualised growth rate, it is expected to achieve 15 percent market share in the next five year”, Pervez Said, President and CEO of Burj Bank, said at a seminar on ‘Riba-Free Economy and Interest-Free Banking”, at Karachi Press Club……………………………………….Full Article: Source

With Budget 2012 announced in a more people-centric manner last Friday, the business community is also seeing perks in terms of capital market boosts and efforts to transform Kuala Lumpur into a global Islamic financial hub.
Bursa Malaysia Bhd’s (Bursa Malaysia) chief executive officer, Datuk Tajuddin Atan welcomed the listing of Felda Global Venture Holdings (FGVH) during the Budget announcement which was expected to be listed on Bursa Malaysia by the middle of next year……………………………………….Full Article: Source

Following the Great Recession, the financial volatility and slump globally, the financial community everywhere came to hear the announcement that Islamic financial instruments are the answer to a return to stability and profitability. Islamic banks are thus slated as the financial model for sustaining growth, profitability, stability and well being. In all of these social, economic and financial goals the flag of the shari’ah is hosted.
What are the realities regarding the meaning and performance of Islamic finance in general and Islamic financing in particular?………………………………………Full Article: Source

Tajweez Advisory Co. WLL, the first Pakistani-backed advisory firm in Bahrain in the Islamic finance sector, has launched their Islamic Finance 360 training project at the Institute of Bankers Pakistan.
The three-Day intensive workshop titled ‘Islamic Product Structuring and Pricing: Tools and Techniques’ was conducted by a team of Shari’ah scholars and technicians from October 7 till 9……………………………………….Full Article: Source

The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest. Global sales of sukuk climbed to $18 billion in 2011, from $12.5 billion a year earlier, according to data compiled by Bloomberg.
BARWA BANK: The unit of Qatar’s biggest property developer by assets Barwa Real Estate Co., plans to sell Islamic bonds in 2013 after it gets a credit rating, Chief Executive Officer Steve Troop said……………………………………….Full Article: Source

Investment Sukuk are certificates of equal value representing undivided shares in ownership of tangible assets, usufructs and services (in the ownership of) the assets of particular projects or special investment activity…
Sukuk (plural of sakk), frequently referred to as ‘Islamic bonds’, are certificates with each sakk representing a proportional undivided ownership right in tangible assets, or a pool of predominantly tangible assets, or a business venture. These assets may be in a specific project or investment activity in accordance with Shariah rules and principles……………………………………….Full Article: Source

R Lakshmanan, Chief Executive Officer of Bahrain-based Sakana Holistic Housing Solutions the Islamic mortgage finance provider was one of the panel speakers about “developing an advanced mortgage finance market to drive growth” at the recently held Cityscape Global Focus Forums held in Dubai, UAE.
Mr. Lakshmanan said that mortgage finance industry has grown significantly over the last decade in the region with the advent of freehold property. This has resulted in establishment of numerous dedicated mortgage finance companies and introduction of mortgage product offerings by retail banks. Prior to freehold, mortgages were primarily provided by Government Housing Finance institutions to its nationals. (Press Release)