The development of mortgage finance is key to the growth of the housing sector in the Gulf Cooperation Council (GCC) countries where demand for affordable housing is set to increase significantly because of the demography of the region where some 65 per cent of the population is under 30 years old.

“Islamic mortgage finance is set to grow at varying levels in the GCC markets as compared to previous years,” explains R. Lakshmanan, chief executive officer of Bahrain-based Sakana Holistic Housing Solutions, one of the pioneers of Islamic mortgage finance in the GCC………………………………………Full Article: Source

Emerging and Islamic markets are expected to lead a growth in global trade volumes over the next fifteen years as non-traditional markets in Asia and Latin America drive demand, said a senior executive at HSBC’s Islamic arm.

Global trade volumes are expected to jump 73 percent to $49 trillion with Malaysia, Indonesia and the UAE emerging as major trade players, according to HSBC Amanah’s recent trade forecast, said Romy Buchari, senior manager of global commercial banking………………………………………Full Article: Source

Noor Islamic Bank (Noor) has been mandated to arrange and lead manage more than US $1.4 billion Islamic finance capital market deals in Turkey in the last 18 months, making it the most active UAE bank in the republic.

Noor released details of its financial dealings in Turkey on the eve of the Islamic Investment and Finance Forum, scheduled to take place in the Turkish capital Istanbul, from October 24-27. Noor is the Sukuk partner for the event………………………………………Full Article: Source

Islamic finance could provide some of the multi-billion-dollar loans needed by Asia to pay for $US8 trillion in infrastructure costs over the next decade, says ratings agency Standard and Poor’s (S&P).

Islamic financing is a growing source of loans worldwide and is now a better way to fund huge Asian infrastructure deals than banks, S&P says in a new report. “Although banks have dominated the financing landscape for Asian infrastructure projects over the past decade, we believe that Islamic finance may be a better match for the region’s infrastructure funding needs.”……………………………………..Full Article: Source

The Royal Decree issued by His Majesty Sultan Qaboos authorising use of Shari’a compliant means of finance has provided a unique opportunity to the financial services sector and people of Oman at large. Islamic Finance is practiced in many jurisdictions and a closer look at country experiences reveals that countries with a robust Islamic ecosystem (an appropriate framework to provide a level playing field to Islamic finance from a legal, regulatory, prudential supervision, accounting and tax perspective) have been more successful in this space.
While Oman is new to Islamic finance, it can benefit from experiences of other jurisdictions………………………………………Full Article: Source

Qatar’s banking sector saw flat net profit growth during the first nine months of this year. The credit portfolio was about 58% of the total assets, while impairment losses/provisions presented a mixed picture.
Cumulative net profits of the eight listed banks registered a 22% growth during the January-September period this year against a 21% jump in the corresponding period of the previous year, according to the data collected from the Qatar Exchange………………………………………Full Article: Source

The need to educate more staff on Islamic banking products and services is apparent as Malaysia moves towards becoming a hub for Islamic finance, said Islamic Banking and Finance Institute Malaysia (IBFIM) senior consultant in training and professional development Zanariah Zahari.

She said while the country retained a dual-banking system to cater to conventional and Islamic banking needs, employees with Islamic banking knowledge were not many as compared to conventional banking staff……………………………………..Full Article: Source

Kenya’s financial markets regulator, the Capital Markets Authority (CMA) has identified challenges and made recommendations, which if adopted, will help deepen Islamic Finance in the capital markets in Kenya, CMA said.
CMA Chief Executive Stella Kilonzo said one of the key recommendations is the setting up of a National Shariah Advisory Board to provide guidance on product authenticity within the entire Islamic Finance Industry in Kenya and also ensure consistent interpretation of the Shariah law………………………………………Full Article: Source

The Central Bank of Bahrain’s (CBB’s) governor Rasheed Al-Mi’raj called on Islamic financial institutions to learn from the experience of conventional banking institutions from the international financial crunch, increase understanding, monitor and even control, risks of liquidity, and cautioned them against the repercussions of succumbing to the same conventional financial mismanagement of short-term financial markets instrument

Mr. Al-Mi’raj said in his speech as he patronized today the sessions of the 3rd Islamic Finance and Banking Conference for the Accountancy and Auditing Authority for Islamic Financial Institutions (AAOIFI) in cooperation with the World Bank and the Central Bank of Bahrain that chiming of the bell after the shortage in liquidity and inability to offset losses incurred in the conventional financial industry has come too late and that the Islamic financial industry should beware of the need for good liquidity and risks management………………………………………Full Article: Source

International financial institutions and experts are gathering in Oman to deliberate upon various issues of Islamic banking, which is poised to offer several opportunities in financial services sector as also to the common man. The deliberations will be part of the Oman Islamic Economic Forum (OIEF) to be held at the Al Bustan Ritz Carlton Muscat Hotel on December 17 and 18. The event is to be organised under the joint auspices of Bank Nizwa and Amjaad Development.
A major highlight of the OIEF will be the annual Global Islamic Finance Awards (GIFA), which is aimed at recognising the best financial institution for adopting the best business practices. “GIFA is different from other awards it is based on the methodology developed by Edbiz Consulting,” said the organisers………………………………………Full Article: Source

Islamic mortgage provider Tamweel said on Sunday its third-quarter profit soared 114 per cent as income earned from Islamic financing and investing assets grew while impairment provisions dropped.

Net income for the period surged to Dh15.7 million from Dh7.3 million a year earlier, the mortgage company said in a statement. Impairment provisions narrowed to Dh13.5 million from Dh46.6 million, while income from Islamic financing rose to Dh136.6 million from Dh128.9 million………………………………………Full Article: Source

The impending roll-out of compulsory insurance in many countries in the Middle East and North Africa region, regulatory improvements, and the scope for growth due to low insurance penetration, are attracting more global firms to the region, according to Bin Shabib Associates, or BSA, a leading regional law firm that offers tailored advice for insurance and reinsurance firms seeking to enter the region.

“With profits in developed markets under pressure amidst the current economic crisis and the centre of gravity of growth shifting to emerging markets, the Middle East is high on the growth agenda of global re-insurance firms,” said Irshied Tayeb, Regional Head of Insurance and Re-Insurance Services for BSA………………………………………Full Article: Source

National Transitional Council leader Mustafa Abdel Jalil and key NTC officials on Sunday insisted Islamic sharia law will prevail in liberated Libya. He also announced the introduction of Islamic banking in Libya in keeping with sharia which prohibits the earning of interest, or riba in Arabic, because it is considered a type of usury.

“There are good intentions to regulate all banking laws. We especially seek to establish Islamic banks that don’t deal with interest and abolish all banking interests in the future according to Islamic tradition,” he said………………………………………Full Article: Source