Bermuda is set to become the first Western centre for Islamic finance in a favourable tax domicile, as the region looks at existing legislation to accommodate a Shariah-compliant platform forsuch vehicles and products.The favourable tax haven is actively seeking to become the first Western centre to provide a Shariah-compliant platform by reviewing its existing legislation.
Executives at Business Bermuda, a non-profit business lobby group that works with the Bermudan government, revealed it is actively educating and pursuing potential clients in Asia and the Middle East, while also working on reviewing existing laws to eventually launch a Shariah-compliant platform for investors………………………………………..Full Article: Source

Egypt may issue an Islamic bond or alternatively certificates of deposit in foreign currency for Egyptians abroad, the finance minister said.
“We are studying issuing sukuk,” or Islamic bonds, Mumtaz el-Saeed said by telephone in Cairo. “We are comparing the benefits of issuing certificates of deposit with those of sukuk for Egyptians abroad,” adding that his preference is for the certificates. The government hopes to issue one or the other during the current fiscal year ending June 30, he said………………………………………..Full Article: Source

Egypt, which has been forced to rely on local banks for funds in the wake of last year’s popular revolt, is laying the groundwork for a debut sovereign Islamic bond, or sukuk, said a person familiar with the matter on Wednesday.
“Egypt is preparing one,” he said. “But the government is studying a new legal structure that will allow them to issue a sovereign sukuk. They’re working on both at the same time.”……………………………………….Full Article: Source

UAE energy group Dana Gas said it had appointed an international firm to advise on its $920 million convertible sukuk maturing in October, adding it would continue to meet its obligations.
Dana Gas, whose share price has been battered by concerns about how it will deal with the sukuk, said on Tuesday it would update the market with its plans in due course………………………………………..Full Article: Source

Russia’s Finance Ministry is working on legal acts to sign an unusual investment agreement with the United Arab Emirates. Mutual investments will avoid taxation, whereas the Arabs will not have their profit taxed. However, the documents encourage only state-run corporations and funds.
The agreement between the government of the Russian Federation and the UAE “About taxation of the income from the investments of the contracting states and their financial and investment institutions” was signed in Abu-Dhabi on December 7, 2011. However, the information about the document has become available only recently………………………………………..Full Article: Source

Islamic financial institutions (IFIs) should develop more products for them to better manage risks, in light of the recent financial crisis that has affected public image and trust in the global banking sector, experts said.
The secretary-general of Islamic Financial Services Board (IFSB) said that Islamic banks were more conservative than their mainstream counterparts and generally had the capital required under the new Basel III framework, which began implementation last year………………………………………..Full Article: Source

The ongoing development of risk management methods and the increased use of innovative financial products such as securitization and credit derivatives have brought about substantial changes in the business environment faced by credit institutions today.
Credit Risk Management is intended to assist practitioners in redesigning banks’ systems and processes in the course of implementing the Basel II framework………………………………………..Full Article: Source

Qatar Islamic Bank (QIB) , the Gulf state’s second largest lender by market value, posted a 32.6 percent dip in fourth-quarter net profit on Wednesday, missing analysts’ forecasts.
QIB made a net profit of 265 million riyals ($72.8 million), according to Reuters calculations, compared with 393 million riyals a year earlier and below analysts’ average forecast of 394.2 million riyals………………………………………..Full Article: Source

Two major Saudi lenders, Al Rajhi Bank and Riyad Bank, posted higher fourth-quarter results on Tuesday, but missed analyst expectations.
The kingdom’s biggest Islamic lender, Al Rajhi, posted a 13.9 per cent rise in its fourth-quarter net profit, as it made 1.899 billion riyals ($506.3 million) in the three months ending December 31………………………………………..Full Article: Source

Qatar National Bank, Qatar’s largest lender by market value, said on Tuesday it has signed an agreement to take a majority stake in Morocco-based Union Marocaine des Banques (UMB). “The acquisition is subject to the approval of regulatory authorities in both countries, which will enable QNB to become a strategic partner of UMB,” the bank said in a statement.
With this agreement, the ordinary and extraordinary general assembly of the UMB will be invited to approve the move to make QNB a strategic partner, the statement further said QNB Group aims to expand its presence in Africa, through its current operation in Sudan, South Sudan, Libya, Tunisia, Algeria and Mauritania ……………………………………….Full Article: Source

Noor Islamic Bank announced today the launch of the first on-line bank account opening service offered by an Islamic Bank, to mark the fourth anniversary of the bank’s launch. The new service is the latest innovation to be provided by Noor as part of its increasing focus on digital banking.
The easy to use service enables UAE residents to apply for either current, savings or current and savings accounts, from the comfort of their home or office, without the need to visit a bank branch. Account approval is normally given within 48 hours………………………………………..Full Article: Source

The International Islamic Trade Finance Corporation (ITFC), an organ of the Islamic Development Bank (IDB) Group, signed a US$60 million Syndicated Structured Finance with an Indonesian sugar refinery, PT Angels Products at IDB Headquarters in Jeddah.
According to an ITFC press release, the US$60 million structured trade financing for Indonesia’s PT Angels is for the purchase of raw sugar for the domestic demand………………………………………..Full Article: Source

The Security Exchange Commission of Pakistan (SECP) has approved a draft of Takaful Rules, which will be published officially to elicit public opinion and will also be available on the Commission’s website.
According to a statement issued by the SECP here on Thursday, it hoped that after the promulgation of the new rules, the number of takaful service providers in the country will be increased substantially as all life and non-life insurance companies will also be allowed to offer takaful products………………………………………..Full Article: Source

Principal Islamic Asset Management has launched the first Malaysian-based international Islamic funds platform domiciled in Dublin - to tap the global UCITS market in Islamic funds.
Approval for the platform was granted by via a Memorandum of Understanding (MoU) between the Securities Commission Malaysia and the Central Bank of Ireland on 4 November 2011………………………………………..Full Article: Source

Indonesian monetary policy makers welcomed Wednesday’s rating upgrade by Moody’s Investors Service on its sovereign debt as a vote of confidence in the country’s strong economic fundamentals and prudent debt management.
Moody’s upgrade should help the country get better value for its upcoming global Islamic bond sale. Indonesia plans to sell global Islamic bonds, called sukuk, in the first half to help plug the country’s budget deficit, which is forecast to reach 1.5 percent of gross domestic product this year………………………………………..Full Article: Source

With an Islamist party in power, the future for sharia-compliant finance looks promising in Morocco. The issue of Islamic finance has taken centre stage in Morocco after the Justice and Development Party’s (PJD) electoral triumph.
Supporters of sharia-compliant banking pin hopes on the new government to create the first Islamic bank in the kingdom………………………………………..Full Article: Source

Oman’s First Islamic Finance and Banking conference, organised by Al Iktissad Wal Aamal Group in association with the Central Bank of Oman (CBO), will be held on January 23 at Al Bustan Palace Hotel. The opening ceremony of the two-day meeting will be presided over by HE Darwish Bin Ismail Al Balushi, Minister Responsible for Financial Affairs.
The conference will discuss the issues such as policies and regulatory perspectives of Islamic finance, Islamic banking growth and international expansion, Islamic finance and capital market activities, supervisory and regulatory role of Sharia boards, and Islamic finance socio-economic accountability………………………………………..Full Article: Source

2011 started with high hopes in the Arab world. A series of uprisings toppled long-ruling dictators: with four down so far, the blood-drenched Syrian despot will surely follow his counterparts in Tunisia, Egypt, Libya and Yemen. If the uprisings were welcomed, the new regimes’ instability has fuelled anxieties.
Power struggles and sectarian violence shattered illusions that the transition to democracy would be simple. To the chagrin of western commentators, democracy has ironically been detrimental of pro-democracy political parties: the electoral success of Islamists in Tunisia, Morocco, and Egypt led pessimists to suggest that an Islamic autumn has replaced the Arab spring. ……………………………………….Full Article: Source