South Africa’s National Treasury is considering issuing Islamic bonds to diversify its investor base and could have its first sukuk in the market as early as the next financial year if approved.
“There is a great interest in the sukuk market and this is the first step towards meeting the growing appetite for government-backed shariah-compliant investments,” said Lungisa Fuzile, director general of the National Treasury, in a statement on Tuesday………………………………………..Full Article: Source

South Africa invited banks to submit proposals for the sale of its first Islamic bond as the continent’s biggest economy seeks to broaden access to financing.
The Pretoria-based National Treasury asked lenders to submit proposals for the structuring and issuance of an Islamic bond, known as a sukuk, in local and international markets by Dec. 21. It will shortlist bidders by Jan. 20, the Treasury said………………………………………..Full Article: Source

Islamic mortgage lender Tamweel, badly hit by the global financial crisis and the region’s property bust, has set up a $1 billion bond programme, according to a base prospectus.
Tamweel will complete investor meetings in London on Monday, along with its parent company Dubai Islamic Bank, after which it may issue an Islamic bond, or sukuk, guaranteed by DIB. Standard Chartered, Citi and DIB itself are the arrangers and dealers on the programme, according to the prospectus………………………………………..Full Article: Source

Emirates NBD, the UAE’s largest bank by assets, intends to sell an Islamic bond (sukuk) this month, said Rick Pudner, CEO of the bank. Emirates Islamic Bank (EIB), the Islamic bank belonging to the group, is likely to launch a benchmark-sized issue.
“We are aiming for the launch of the issue sometime this month. We have not yet finalised the size of the issue. It will largely depend on the price,” said Pudner………………………………………..Full Article: Source

A new Shari’ah-compliant fund from Sambacapital will target long-term capital growth through investment in global Shari’ah-compliant equities that derive their primary revenues from the production and distribution of basic commodities.
Al Nafees Global Commodities Equity Fund from Sambacapital is a Shari’ah-compliant, dollar-denominated open-ended fund, managed in compliance with the Investment Funds Regulations issued by the Capital Markets Authority (CMA)………………………………………..Full Article: Source

Kuwait Finance House-Bahrain CEO and MD Abdul Hakim Al-Khayyat said that Islamic banking has numerous advantages and capabilities that allow it to play a pivotal role in solving many economic problems in the GCC.
Al-Khayyat added that Islamic banking is not operating at full swing yet, either as a result of lack of legislations or opportunities………………………………………..Full Article: Source

Bahrain’s central bank governor Rasheed Mohammed al-Maraj said last week that Islamic finance had an opportunity to attract not only customers in its traditional areas, the Gulf and Muslim parts of Asia, but also investors around the world who had been hurt by the turmoil in mainstream capital markets.
“It should provide the industry with a sustained period of growth for the next decade,” he said………………………………………..Full Article: Source

In a recent forum, the bank’s Shari’ah advisory board members and customers discuss with Saudi Hollandi executives ideas on how Islamic banking will evolve over the coming years.
Saudi Hollandi Bank recently organised a number of seminars and forums focused on Islamic banking. The country-wide events, which brought together customers, Shari’ah banking experts, Islamic scholars and the bank’s management, were titled “Islamic banking from a contemporary perspective” and conceived to showcase the latest Shari’ah-compliant banking products and services………………………………………..Full Article: Source

Egypt’s Salafi Islamists, who took a surprise second place in the first round of parliamentary elections, seek the gradual removal of non-Islamic banks and an eventual end to foreign borrowing.
The Nour party, which follows a strict interpretation of Islamic law, will push for an expansion in Shariah-compliant lending to help the ailing economy reach “unprecedented” growth levels. Gross domestic product grew 1.8 percent in the fiscal year through June, the slowest in at least a decade………………………………………..Full Article: Source

Bank Islam Malaysia Bhd is heading for another solid year-end, after turning in a profit before zakat and tax of RM341.9 million in the first nine months to September 2011, a 41.7 per cent improvement from a year ago.
It reported a gross return on equity of 17.3 per cent at the end of the period against 16.5 per cent previously while return on assets (ROA) was at 1.5 per cent against 1.2 per cent before………………………………………..Full Article: Source

Fitch Ratings said on Tuesday it believes that the weak global economy and slowdown in Abu Dhabi will represent “new headwinds” for the UAE banking system.
The rating agency said the UAE operating environment was “not immune” to global issues while ongoing problems in Dubai government-related entities would “continue to pose significant asset quality challenges for the sector”………………………………………..Full Article: Source

Economist and academic researcher Dr Nasser al Mawali expects that Islamic banks — that are expected to start their activity for the first time in the Sultanate at the beginning of next year — will acquire about 20 per cent of the domestic market of the banking sector in the Sultanate during the next three years.
He pointed out that the rate of growth of the assets of Islamic banks in the Sultanate is expected to range between 15 to 20 per cent annually, which is in line with the global rates………………………………………..Full Article: Source

The Finance Ministry has launched an investigation into Islamic Bank executives who approved an unusual loan worth one billion baht to eight projects even though their collateral values were less than the amount of the loan, said a senior finance official.
The ministry set up a committee chaired by Amnuay Preemonwong, inspector-general of the Finance Ministry, and representatives from other state agencies, such as the Office of the Attorney General………………………………………..Full Article: Source

AM Best Europe is requesting comment from market participants in the insurance industry and other interested parties on a draft of its methodology, “Rating Takaful (Shari’ah-compliant) Insurance Companies”
The draft criteria report updates AM Best’s February 2008, report taking into consideration the changes reflective in the Takaful market, particularly regarding the increasing development of the regulatory framework within certain countries and the key issues relating to Takaful operating structures………………………………………..Full Article: Source

The global Dow Jones Islamic Market Titans 100 Index, which measures the performance of 100 of the leading Shari’ah compliant stocks globally, had a down month in November with a loss of 0.57%, closing at 2213.85. In comparison, the Dow Jones Global Titans 50 Index, which measures the 50 biggest companies worldwide, posted a loss of 2.31%, closing at 171.24.
The Dow Jones Islamic Market Asia/Pacific Titans 25 Index, which measures the performance of 25 of the leading Shari’ah compliant stocks in the Asia/Pacific region, decreased 5.22% in November, closing at 1916.32. The Dow Jones Asian Titans 50 Index, in comparison, posted a loss of 6.63%, closing at 118.14. (Press Release)

The El Shaarani Centre for Islamic Business and Finance will be hosting its first Annual Symposium in collaboration with Durham Business School this weekend, at Aston Business School.
The theme of the symposium is Analytical and Empirical Research in Islamic Finance, Management, Economics and Law and it has attracted a large number of leading academics from the field, both in the UK and internationally, who will be presenting their latest academic research………………………………………..Full Article: Source