The value of sukuk (Islamic bonds) issued in the Arab region rebounded by nearly 33 per cent in the third quarter of this year but IPOs and foreign capital inflow suffered a setback, according to official data.
From around $2.4 billion worth of 10 sukuk issues in the second quarter, the value soared to nearly $3.19 billion worth of 12 issues in the third quarter, showed the figures by the Abu Dhabi-based Arab Monetary Fund (AMF)………………………………………..Full Article: Source

Indebted Aldar Properties repaid a $1.18 billion convertible Islamic bond, or sukuk, due on November 10 last year on time, the company said in a statement to the bourse, dated Dec 28 but released on Wednesday.
Aldar, which last week received a new $4.6 billion lifeline from the Abu Dhabi government, clarified the redemption of the sukuk certificates after a request from the Abu Dhabi Securities Exchange, where it is listed………………………………………..Full Article: Source

The Indonesian government plans to raise rupiah- dominated bond sales by 12 percent to 53.5 trillion rupiah (some 5.9 billion U.S. dollar) in the first quarter this year year on year, as the decreasing interest rate amid rapid capital inflow may gain the country’s bond sales, local media reported Wednesday.
The Finance Ministry’s debt management office plans to hold 11 rupiah-denominated bond auctions, consisting of conventional and Islamic bonds, in the first quarter this year………………………………………..Full Article: Source

The world’s first Islamic finance benchmark rate, designed to provide an objective and dedicated indicator for the average expected return on Shariah-compliant short-term interbank funding, has been launched by Thomson Reuters.
The Islamic Interbank Benchmark Rate (IIBR), announced at the 18th annual World Islamic Banking Conference in Bahrain, uses the contributed rates of 16 Islamic banks and the Islamic sections of conventional banks to provide a reliable alternative for pricing Islamic instruments to the conventional interest-based benchmarks used for mainstream finance………………………………………..Full Article: Source

The Saudi banking industry remains robust, the National Commercial Bank (NCB) said in its Quarterly Monetary Review for the third quarter 2011. On the financing front, private sector credit continued its upward trajectory, posting a 9.0 percent Y/Y growth rate, which marks the highest growth since 1Q2009.
The trajectory was underpinned by the manufacturing sector that grew by 39.1 percent Y/Y. Additionally, the building & construction sector rebounded back to expansion as it reached SR54.2 billion during 3Q2011………………………………………..Full Article: Source

The latest Central Bank of Bahrain statistics confirm that Bahrain’s financial services sector suffered during the domestic unrest that began last year as did the rest of the economy in the Kingdom.
While the impact has been limited for the most part, the instability in Bahrain has coincided with a wider global financial services sector retrenchment, which could translate into a further scaling down of financial services by global players in the Kingdom………………………………………..Full Article: Source

Al Hilal Bank has deployed new digital pen technology, to help cut document processing costs, improve authentication and speed up workflow.
The Abu Dhabi-headquartered Islamic bank is using the pen technology to digitize documents and record data using handwriting, then back up digital copies of the documents online………………………………………..Full Article: Source

The Islamic finance industry emerged relatively unscathed from the 2008 financial crisis —touting itself as an alternative to the leverage and greed that fuelled the subprime crisis in conventional financial markets.
Now in the midst of what looks like another crisis of confidence in global financial markets, practitioners are highlighting its benefits again………………………………………..Full Article: Source

American bank Goldman Sachs invested $2 billion in Islamic bonds last year, and despite critics’ concerns that they will be unable to completely comply with shariah finance regulations, more Western banks remain interested in Islamic financial products, according to a Reuters report.
The global financial crisis has led some bankers and individuals to turn to interest-free Islamic finance as a more conservative investment strategy………………………………………..Full Article: Source

The Pakistan International Airlines Corporation (PIA) has closed a deal of $ 100 million Shari’a-compliant financing facility. The facility was arranged by Abu Dhabi Islamic Bank, Al Hilal Bank, Citibank NA, and United Bank Limited as Mandated Lead Arrangers and Joint Bookrunners.
Warba Bank in Kuwait joined as Lead Arranger. Citibank NA is also performing the role of the Account Bank and Security Trustee. Clifford Chance and Haidermota & Co acted as legal counsel to the arrangers. PIA was represented by Mandviwalla & Zafar………………………………………..Full Article: Source