Sudan, which is fighting a severe economic crisis, has launched a sale of Islamic bonds offering an annual return of 20 percent to raise funds for the government, according to its debt agency.
Sudan will offer the Islamic bonds, locally known as shahamas, until January 25, the state-owned Sudan Financial Services Co, which sells sukuk on behalf of the central bank, said in an advertisement published in the local press………………………………………..Full Article: Source

Emirates Islamic Bank, a unit of Emirates NBD, has picked six banks for a potential benchmark-sized dollar sukuk, or Islamic bond, a source familiar with the matter said on Tuesday.
The lender selected National Bank of Abu Dhabi, HSBC, Standard Chartered, Citi, RBS and ENBD Capital. Investor meetings kick off in Malaysia on January 5 and will cover Singapore and Abu Dhabi before ending in London on January 10………………………………………..Full Article: Source

The yield on Dana Gas (DANA) PJSC’s Islamic bonds maturing in October climbed the most in two weeks ahead of a planned company board meeting tomorrow.
The rate on the $1 billion of 7.5 percent bonds advanced 165 basis points, the most since Dec. 19, to 38.6 percent at 2:37 p.m. in Dubai, according to data compiled by Bloomberg. The yield is the highest since March 2009………………………………………..Full Article: Source

Dubai-based Islamic Business & Finance magazine has recently named Gulf International Bank (GIB) as the “Best Sukuk Arranger” for the year 2011 after conducting a survey of the world’s best sukuk arrangers.
According to the magazine, nominees for the awards were short-listed from hundreds of top Islamic financial services providers and professionals. Tens of thousands of votes were cast by the readers of the magazine and the registered users of its website………………………………………..Full Article: Source

A program begun by Goldman Sachs in October to offer a $2 billion sukuk that conforms to sharia law has been defended by an advisor to the firm. The program, registered with the Irish Stock Exchange and issued through a Cayman Islands-registered special purpose vehicle, Global Sukuk Co Ltd., was undertaken to issue a sukuk (Islamic bond program) based on murabaha, a cost-plus-profit arrangement that is compliant with Islamic law.
However, according to a Reuters report, there have been criticisms of the program from some analysts, who say Goldman might use the proceeds to lend money to clients who would have to pay interest; that would be against Islamic law………………………………………..Full Article: Source

Conventional banks in Qatar resumed their banking services yesterday for the New Year 2012 with 100, 000 Shariah compliant account holders. According to a Qatar Central Bank (QCB) directive, all the conventional banks were required to shut down all the Islamic branches and windows by December 31, 2011.
According to bank sources, hitherto, the conventional banks under their Islamic banking operations have had about 100, 000 account holders (both individuals and firms put together) from the time they started offering Islamic banking services since the middle of the previous decade………………………………………..Full Article: Source

State-run Bangladesh Petroleum Corporation (BPC) will receive a $2 billion loan from the Jeddah-based Islamic Development Bank (IDB) to buy oil on the international market, a senior BPC official said.
“The IDB has agreed to lend the money for importing oil in 2012,” said Mohammad Abubakar Siddique, chairman of the BPC, the country’s sole oil importer and distributor………………………………………..Full Article: Source

The Islamic Development Bank has agreed to roll over $576 million of Pakistan’s debt for two years as Islamabad struggles with its budget deficit following the halt of aid inflows from the United States and other international lenders.
The amount was due in December and will now be paid back over the next two years, said sources in the finance ministry. Pakistan had obtained the loan to finance imports. In December, the original $654 million loan had reached maturity, out of which $576 million has been rolled over………………………………………..Full Article: Source

Al Khalij Commercial Bank (al khaliji), one of Qatar’s leading commercial banks, said it has closed its Islamic branch as per the recent order from Qatar’s central bank.
Commenting on the move, al khaliji chairman Sheikh Hamad Bin Faisal Bin Thani Al Thani said, “As a pioneer Qatari bank, al khaliji will remain focused on its medium-term business strategy, which is aligned to the economic reality in the region.’……………………………………….Full Article: Source

The volatile gold prices and the widespread practices of gold pawning in the banking sector have concerned Bank Indonesia. The central bank has reminded sharia banking to be careful in financing gold pawning. “Basically, it is allowed, but it has to comply with the guidelines,” said Bank Indonesia Deputy Governor Halim Alamsyah on Monday.
Many banks suspended their gold pawning services after gold prices declined within the last month. Precious metal price at the PT Aneka Tambang is now only IDR 495,000 per gram after hitting IDR 515,000 per gram………………………………………..Full Article: Source

The Islamic finance industry has performed relatively well through the 2008 global financial crisis with its built-in immunity from toxic assets. However, it is not protected from exposure in the credit market and the real economy.
The segment may have grown significantly during the past few years, but it needs a larger range of Islamic financial products to boost its share of the global financial assets: at about US$1.2 trillion, Islamic finance today accounts for just under 1% of the total global financial assets………………………………………..Full Article: Source

International legal practice Norton Rose (Middle East) said it had advised Emaar Properties on the Dh3.6 billion ($1 billion) Shariah compliant financing secured over The Dubai Mall.
The facility is to be used primarily for the refinancing of existing facilities at the world’s largest shopping and entertainment destination, said a company statement………………………………………..Full Article: Source

A recognized leader in project and Islamic finance, Christopher Aylward, joined Baker Botts L.L.P. today as a partner in the firm´s Middle East practice. He will be based in Dubai.
Aylward´s practice focuses on project finance, syndicated facilities and trade finance. He has been involved in the development of a number of innovative transactions. He recently advised a Bahraini Islamic investment bank on the structuring, negotiation and documentation of an Islamically compliant real estate development financing in Makkah that involves two offshore funds as investors. (Press Release)

Oman Islamic Economic Forum (OIEF) held on the 17th and 18th of December in Muscat was the first international Islamic finance conference held in the Sultanate of Oman. The conference follows the permission granted by HM Sultan Qaboos in early 2011 to allow Islamic finance in the country.
The aims and objectives of the OIEF were to convey the potential benefits Oman could gain by learning and adopting the best practices of other countries who have a flourishing Islamic finance sector. (Press Release)

Capital markets in the Middle East and North Africa (MENA) raised $893.9m in initial public offerings in 2011, a decline of nearly 70 percent on the previous year, Ernst & Young said on Tuesday.
Last year closed with IPO funds worth $226.1m being raised in the fourth quarter, a decline of 83.5 percent from $1.4bn raised in Q4 2010………………………………………..Full Article: Source

The Secretary General of the Organization of Islamic Cooperation (OIC), Ekmeleddin Ihsanoglu said that the Organization will launch its Stock Exchange Index at the Stock Forum of the Muslim world during this year (2012).
He said the Declaration of Stock Exchange Index will activate financial sectors and economies in the OIC Member States, noting the establishment of Union of Agricultural Industries of Islamic countries, and Islamic Center of Businessmen during the coming months………………………………………..Full Article: Source

FWU Group, a leading global Takaful company, was awarded the best “Takaful Company of 2011” at the Global Islamic Financial Awards 2011 event, which took place during the Oman Islamic Economic Forum 2011 held in Al Bustan Ritz Carlton Hotel, Muscat.
The event was attended by prominent regional and global industry leaders and dignitaries, including Yaseen Anwar, Governor of State Bank of Pakistan; Abdulaziz Al-Hanai, vice president of IDB; and Tun Abdullah Badawi, former prime minister of Malaysia………………………………………..Full Article: Source