Emirates NBD has decided not to go ahead in December with a planned sukuk issue, sources with knowledge of the matter told Reuters on Wednesday.
“There’s no roadshow or sukuk this year. Emirates Islamic Bank will look into a roadshow early next year if markets permit and may sell the sukuk if there’s enough investor appetite,” one of the sources said. ENBD declined to comment………………………………………..Full Article: Source

November 2011 witnessed a record number of sukuk issues totaling USD 8.86 billion globally, according to data compiled by Zawya Sukuk Monitor. Major issues include a global seven-year USD 1 billion sukuk sold by Indonesia in the international markets followed by a similar seven-year USD 750 billion international sukuk by the Central Bank of Bahrain.
Bank Negara Malaysia successfully issued MYR 3 billion (USD 950 million) Government Investment Issue (GII) in the domestic market………………………………………..Full Article: Source

How do you view the recent surge in sukuk issues and what are the main reasons behind this?
Samer Mardini - Vice President - Fixed Income & Islamic Financial Products Trader Middle East & North Africa - SJS Markets: “Sukuk market continues to grow despite the uncertainty of the global financial markets. We continue to see a lot of appetite from many issuers in different countries. Primary sukuk market surged up significantly in 2011 especially in the second half attracting local and foreign investors.”……………………………………….Full Article: Source

The Shariah risk is not so much in the initial structure but in what it can potentially become. Obviously,Goldman Sachs did not choose the most consensual structure. In the meantime, alively debate has been sparked especially concerning the possible risks of non-Shari’a compliance. These risks are not induced by the initial structure as it has been confirmed by Shari’a Scholars,but by what this structure can potentially become.
This is a summary analysis to highlight three key concepts of the structure of Goldman Sachs’s Sukuk, namely: Thetype of structure, the liquidity, and the ownership of the Sukuk holders………………………………………..Full Article: Source

Borrowers in the Gulf are hastening to issue bonds as the year draws to a close, analysts say, following several quiet months in the region’s capital markets as issuers waited to see how the European debt crisis and Arab Spring would play out.
“Many who needed to raise money by issuing bonds have been waiting months for conditions to improve, but most of these issuers have calendar-year objectives to keep in mind,” said Eric Swats, head of asset management at Rasmala Investments in Dubai………………………………………..Full Article: Source

Dubai Holding Commercial Operations Group, or DHCOG, a unit of one of the emirate’s investment holdings, will repay a $500 million bond maturing in February 2012 from its own internal cash flow, a spokesperson said Tuesday.
“DHCOG will repay the $500 million bond when it matures in Feb 2012, from its own internal cash flow,” the DHCOG spokesperson said……………………………………….Full Article: Source

Bank Islam Malaysia Bhd is eyeing opportunities for expansion in Indonesia and Bangladesh, which have sizeable Muslim populations and adequate Islamic banking regulatory policy and supporting infrastructure for syariah-based financing and banking operations.
Managing director Datuk Seri Zukri Samat said as mergers and acquisitions (M&As) were on Bank Islam’s agenda for growth, the bank was on the lookout for suitable candidates but had not initiated any discussions………………………………………..Full Article: Source

Bank Indonesia (BI) says it is offering reverse repo for sharia banks and business units to reduce bank liquidity in the financial system.
Reverse repo transactions require banks to purchase at least Rp 1 billion (US$110,000) of government sukuk from the central bank and receive margins when they buy back at an agreed price after a specified time period, BI said……………………………………….Full Article: Source

Azerbaijan’s Amrahbank has cemented its relationship with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, with the second $1.5 million trade finance agreement.
Speaking on the occasion, ITFC Chief Executive Officer Waleed Al-Wohaib stated that as a recognized provider of trade solutions for its member countries’ needs the ITFC announced its second cooperation experience with AmrahBank………………………………………..Full Article: Source

Governor, Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has urged Western nations to embrace Islamic banking. Sanusi, who said this at the annual conference of the Muslim Students’ Society of Nigeria (MSSN), Lagos State Area Unit, held at Adeyemi Bero Hall, Alausa Ikeja, Lagos, added that it would help in giving a face lift to their economic crisis.
Represented by his Special Assistant on Non-Interest Banking and a member of the Technical Committee of Islamic Financial Services Board of Malaysia, Dr. Bashi Umar, Sanusi reiterated that Islamic banking is the best alternative to already failing Western banking system………………………………………..Full Article: Source

The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, is pleased to announce that Elaf Bank, a wholesale Islamic bank licensed by the Central Bank of Bahrain, has become a registered user of Bait Al Bursa, the Islamic finance division of the BFX.
Bait Al Bursa, an innovative and comprehensive platform, will complement the broad scope of Elaf Bank’s core business offerings………………………………………..Full Article: Source

Emirates NBD, the UAE’s biggest bank by assets, may need to set aside as much as AED8bn ($2.2bn) by the end of 2013 to cover for bad loans, Goldman Sachs said.
“Looking at the guidance provided on asset quality trends, we calculate a provisioning range of AED6-8bn is required between the fourth-quarter of 2011 and the fourth-quarter of 2013,” analysts including Waleed Mohsin and Ali Shekofti wrote in a report dated Wednesday………………………………………..Full Article: Source

BSE Institute in collaboration with Taqwaa Advisory and Shariah Investment Solutions (TASIS) has launched a two day Program on “Islamic Banking, Finance and Capital Market” on Dec.16 & 17, 2011.
Islamic banking and finance, also known as ethical banking, Shariah compliant Banking, interest-free banking or as special finance, has reached the shores of more than 75 nations of the world. Surprisingly the nations who have taken keen interest in promoting this concept also include hardcore secular and developed nations such as the UK, the USA, France, Germany, Singapore etc. ……………………………………….Full Article: Source

Indian Centre for Islamic Finance(ICIF) today made a strong pitch for Islamic banking in the country to meet India’s huge need for funds for infrastructure development. India needs one trillion dollar to upgrade its infrastructure in order to achieve the target of annual growth of 9 per cent and hence Islamic banking can be an alternative to meet this requirement, said Mr Muddassir Siddiqui, an international expert on Islamic finance.
He claimed Islamic financing has emerged as a viable alternative the world over after the financial meltdown in the West in 2008. It is growing at the rate of more than 15 per cent………………………………………..Full Article: Source