The idea of a third party sukuk guarantee fund is still being considered by the Islamic Corporation for the Insurance of Export Credits and Investment (ICIEC), the standalone export credit agency of the Islamic Development Bank (IDB) Group.
However, according to Abdel Rahman Taha, the chief executive officer of ICIEC, the corporation “has initiated work internally to design a new sukuk policy which can be offered as a means to enhance the credit structure and appeal of sukuk. It is expected that this new policy will be able to provide the much needed respite to the sukuk market.”……………………………………….Full Article: Source

Another sign that Malaysian corporates are leading the global sukuk market is the successful closing of Tenaga Nasional Berhad’s 4.85 billion ringgit ($1.55 billion) sukuk which was oversubscribed by over 4 times.
Tenaga Nasional, which is Malaysia’s largest power company, issued the sukuk which has a 20-year tranched tenor through a special purpose vehicle (SPV), Manjung Island Energy. The issuance, which is rated AAA by local rating agencies, RAM Rating Services and Malaysian Rating Corporation (MARC), is the first foray into the debt market for the power company since 2004………………………………………..Full Article: Source

Malaysia’s highest office is throwing its weight behind Islamic venture capital and private equity. PM Najib Razak acknowledged that Islamic VC is still at an embryonic stage but that a greater awareness and understanding of Islamic finance itself could entice investors to risk their capital by investing in specific business opportunities.
Malaysia has been building its Islamic VC regulatory framework for some years now, releasing a ‘Guidelines and Best Practices on Islamic Venture Capital’ report in 2008. But growth is slow. ……………………………………….Full Article: Source

The Islamic Development Bank (IDB) latest $75 million line of financing to Turkiye Finans Participation Bank, one of the four participation (Islamic) banks in Turkey and in which Saudi Arabia’s National Commercial Bank has a controlling stake, underlines the proactive involvement of the multilateral development bank of the Muslim world in Turkey over the last three decades.
The facility signed in mid-October 2011, on the sidelines of the 27th meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation, (COMCEC), in Istanbul……………………………………….Full Article: Source

Al-Rajhi Group maintained its position as the world’s largest Islamic bank at the end of 2010 while four in the UAE were among the 10 top Shariah-compliant banks, figures from the Beirut-based Union of Arab Banks (UAB) showed.
Al-Rajhi controlled $49.2 billion in assets in 2010, nearly a fifth of the combined assets of the Arab region’s Islamic banks. It said the bank’s assets gained nearly $4 billion over the previous year, when it also dominated the world’s Islamic banking industry………………………………………..Full Article: Source

Dubai Islamic Bank said third quarter net profit climbed a better-than-expected 10.5 per cent in the July to September period thanks to a rise in assets and deposits.
The UAE’s third largest bank by market value, reported net profit of AED 298 million ($81.1 million) in the three months ended September 30, that’s up from AED 269.5 million ($73.3 million) it reported in the same quarter last year, and better than analyst forecasts………………………………………..Full Article: Source

QInvest, launched the ‘Qatar Equity Protected Note’ to replicate the movements of the most liquid Shari’ah-compliant equities on the Qatar Exchange with full capital protection.
QInvest Chief Executive Officer Shahzad Shahbaz said, “We have seen an overwhelming response from the market as investors look to maximise returns whilst maintaining capital protection. The Note is one of a series of investment products QInvest is bringing into the market in the coming months, and demonstrates our strong Shari’ah-compliant structuring capabilities and commitment to meeting client needs.”……………………………………….Full Article: Source

Malaysia’s ex-premier Tun Dr Mahathir Mohamad said on Sunday that Muslim-majority countries should look east for development models and not at Western nations, which he described as ‘failures’.
The outspoken former long-time leader, who is known as a fierce critic of the West, said countries like South Korea, Japan and China were ’swimming in money’, while Europe and the United States are mired in debt………………………………………..Full Article: Source

Iman Mathlothy says she voted for Tunisia’s once-banned Islamist party, Ennahdha, because it promised to create jobs and fight corruption.
“I believe they have a clear agenda, especially on economic issues and employment,” said Mathlothy, a 31-year-old with a degree in multimedia who’s been unemployed for more than five months. Under the old regime, she said, “anyone without connections had a hard time while the elite thrived.”……………………………………….Full Article: Source