The global financial crisis has given the Islamic finance industry a great opportunity. The obvious flaws in conventional finance have created great interest in the Islamic financial model, Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj said.
“This should provide the basis for the industry to sustain a period of strong growth for the rest of this decade,” he said. The growth opportunities are especially strong as Islamic finance has its largest presence in rapidly growing economies that have been least affected by the global financial crisis………………………………………..Full Article: Source

Abu Dhabi Islamic Bank (ADIB) has received more than $2 billion in orders for its $500 million Islamic bond, according to a banker familiar with the deal.
Fifty-seven per cent of the orders came from investors in the Middle East, 13 per cent from Asia and 29 per cent from Europe, the banker said, declining to be identified because the information is private………………………………………..Full Article: Source

Abu Dhabi Islamic Bank (Adib) rose the most in three months, as the country’s second-biggest Sharia-compliant lender proceeded with its roadshow to sell a $500 million five-year sukuk.
Adib’s shares rose 1.2 per cent to Dh3.18 a piece on the Abu Dhabi Securities Exchange (ADX) yesterday. The stock rose as much as 1.6 per cent during the trading session. Citigroup, HSBC Holdings, Standard Chartered, Nomura and National Bank of Abu Dhabi are arranging the sale, Bloomberg News reported on Tuesday………………………………………..Full Article: Source

Kuveyt Türk has just issued its second Islamic sukuk security by pioneering the first rent certification for Turkey. This $350 million transaction will be used toward investment and project financing, according to the company’s statement.
“Kuveyt Türk’s two sukuk structures have received considerable interest. They are an important source for Turkey’s long-term development aspirations,” said Kuveyt Türk’s Board of Directors’ President Mohammed al-Omar………………………………………..Full Article: Source

Kuveyt Turk Participation Bank issued $350 million worth of Islamic bonds, also called sukuk, at a signing ceremony held on Tuesday in İstanbul.
Capital Markets Board (SPK) President Vedat Akgiray and Kuveyt Turk’s chairman, Mohammad Al-Omar, Vice Chairman Abdullah Tivnikli and CEO Ufuk Uyan were in attendance at the ceremony, agreeing that the sukuk issuance should be seen in the context of the growing demand for the attractiveness of Turkey’s low risk to Islamic and international investors………………………………………..Full Article: Source

While Kuwait has to date played a relatively small role in the fast-growing global market for sukuks, or Islamic bonds, this could change, should lawmakers develop and implement a more robust legal framework to regulate the issuance of sharia-compliant debt, Global Arab Network reports according to OBG.
In the meantime, however, two entities with strong ties to the country – Kuwait-based Gulf Investment Corporation (GIC) and Kuveyt Turk participation bank, which is 62% owned by Kuwait Finance House (KFH) – have in recent months raised funds by selling sukuks………………………………………..Full Article: Source

Qatar may issue a new sovereign bond in coming weeks as it seeks to take advantage of healthy demand for high-rated Gulf debt and lock in funding at attractively low interest rates.
The world’s top liquefied gas importer and one of its wealthiest nations has mandated six banks to conduct roadshows with investors and a bond issue may follow, according to lead managers on Tuesday………………………………………..Full Article: Source

Norton Rose has bolstered its reputation in the Islamic finance field after advising Indonesia on a $1 billion sukuk issuance, as the country attempts to increase its burgeoning currency reserves and targets the fastest economic growth since the Asian financial crisis of 1998.
The issuance, which closed on Nov. 21, was structured as a sukuk al ijara (sale and lease back) and has a maturity of seven years, with periodic distributions of four per cent per annum, the law firm said in a statement………………………………………..Full Article: Source

Five trillion rials (some $460 million) in bonds will be offered as of Saturday at the Tejarat Bank branches of Iran nationwide to finance the South Pars gas field projects, National Iranian Oil Company’s managing director, Ahmad Qalebani, said.
Iran will also issue $15 billion in sukuk (Islamic Sharia-based) bonds in the current year to be invested in the domestic oil industry, oil minister Rostam Qasemi said earlier this month………………………………………..Full Article: Source

Abu Dhabi National Energy Co’s (TAQA) move to buy back $1.5 billion in bonds from investors — at a juicy premium — will help the company manage its debt levels at a time of increasingly expensive bank loans, but lower-rated Gulf corporates may struggle to follow a similar strategy.
A-rated TAQA, 75 percent owned by the government of Abu Dhabi, launched a tender offer this week to buy back its bonds maturing in 2012, and enlisted banks to arrange a possible new bond issue under its global programme………………………………………..Full Article: Source

The Islamic Development Bank (IDB)Group will continue assisting in building a sustainable Islamic financial system and sound regulatory framework both in Bahrain and Malaysia.
“A system of proper corporate governance processes in line with Islamic principles must be in place in our financial institutions,” said Khalid Mohammad, chief executive officer of Islamic Corporation for Development of the Private Sector (ICD), IDB………………………………………..Full Article: Source

Bahrain’s economic growth is expected to be positive in the third quarter as the economy has already overcome a major part of the impact stemming from social unrest, its central bank governor said on Wednesday.
Asked about the impact of the unrest on the economic growth, Rasheed Al-Maraj told reporters: “A major part of that we are already (passed) as the figure shows for the second quarter a nd hopefully for the third quarter.”……………………………………….Full Article: Source

The banks in the UAE are in a good position and should not be affected by turmoil in global financial markets, the Opec country’s central bank said on Wednesday.
In November, the central bank governor of the world’s No. 4 oil exporter said Europe’s worsening debt crisis was a source of concern, while its economy minister said that could slow the UAE economic growth to around 3 per cent next year………………………………………..Full Article: Source

Controversy that attended the issue of non-profit (Islamic) banking in Nigeria was yet to settle down when it appeared that Malam Sanusi Lamido Sanusi, Governor of Central Bank of Nigeria, CBN, was on another collision course with the Christian commu-nity in the country as he was said to have invested the nation’s $5 million in an Islamic organisation known as International Islamic Liquidity Management Corporation.
The investment, according to reports, automatically makes Nigeria, a secular nation, to be a full member of the Islamic body………………………………………..Full Article: Source

Thousands of miles away and eight hours ahead, representatives from Bermuda are making a big push for a slice of a world financial market worth an estimated $1 trillion.
At the 18th World Islamic Banking Conference held in Bahrain this week, Business Bermuda and an entourage of Bermuda advisers held court with the world’s Islamic financial industry leaders to show the Island is open for their business and can handle Shariah-compliant financial structures………………………………………..Full Article: Source

The UK and London will remain the world’s leading international and Islamic financial centre. That was the message from British Ambassador Iain Lindsay.
“Islamic finance, like every other type of financial activity, benefits from the UK’s combination of experience, variety of skills, geographic location, infrastructure, transparency and openness,” he said. “The UK recognises the tremendous opportunities that Islamic financial services have to offer………………………………………..Full Article: Source

Legal & General Gulf Takaful, a unit of Legal and General Gulf, may set up business operations in Malaysia at some point to meet the growing demand for takaful products, its managing director Manfred Maske said.
“Our first stage of growth is to establish in the Gulf Cooperation Council (GCC), and once we have that we will take out our expertise broader and for sure a market like Malaysia is on that list,” he said………………………………………..Full Article: Source

In most of North Africa, political change triggered by the Arab Spring uprisings is set to give Islamist parties major influence on economic policy for the first time, after decades in which dictatorial governments kept economics and religion apart.
The Islamist Ennahda party will dominate Tunisia’s coalition government after last month’s elections. Islamist groups are expected to do well in Morocco’s parliamentary polls this Friday, and in a series of Egyptian elections starting late this month. Libyan elections are due next June and the country’s interim leader, Mustafa Abdel Jalil, has already urged the country to “purify” its financial laws along Islamic lines………………………………………..Full Article: Source