Abu Dhabi Islamic Bank (ADIB), in its Abu Dhabi 2011 Report unveiled by Oxford Business Group, highlighted the important role played by the Islamic banking sector in promoting economic and financial growth in the UAE. The report revealed that the UAE Islamic financial services sector represented 30% of the global Islamic banking industry in 2011 and due to the growing demand for Islamic financial services among different customer segments within the UAE.
The report showed that Islamic banks have played a major role in financing UAE infrastructure projects, residential properties for UAE nationals and development of the human capital market through training of national talent. Islamic banking assets in MENA rose to US$ 416 billion in 2010. This represented a cumulative annual growth rate of 20% over five years, compared with less than 9% for conventional banks. (Press Release)

The deadline of Dec. 31, 2011, as per the directive issued by the Central Bank of Qatar (CBQ) in January 2011 requiring the country’s conventional banks which have opened Islamic banking windows to close them down, has passed almost unnoticed.
Despite the initial outcry at the time of the announcement of the directive stressing that it was too arbitrary and the grace period was too tight, there has been no upheaval of the Islamic finance industry in the emirate. ……………………………………….Full Article: Source

The United Kingdom is no where nearer to going to the wholesale sterling market to raise financing through a debut benchmark sovereign sukuk in 2012 than it was in January 2011 when Treasury last confirmed that it would not be “value for money” for the UK taxpayer to do so.
The latest minister to reiterate the “not-value-for-money” explanation is Lord Sassoon, Commercial Secretary to the Treasury, and the minister in overall charge of the coalition government’s Islamic finance policy………………………………………..Full Article: Source

Saudi Arabia’s General Authority for Civil Aviation (Gaca) plans to issue its second sukuk at the end of the year to help fund its 27 billion riyal ($7.2 billion) airport in Jeddah, its top executive told Al Arabiya.
‘The second issuance will be, God willing, at the end of this financial year (December 31),’ Prince Fahd bin Abdullah said………………………………………..Full Article: Source

Saudi Arabia’s General Authority of Civil Aviation (GACA) has said its first Islamic bond offering has been three times oversubscribed, Arab News has reported. On January 10, GACA offered sukuk worth SR15bn to investors.
“We have offered sukuk worth SR15bn for sale and that was oversubscribed more than three times thanks to the tremendous response from the investment firms, banks, government organizations and leading companies in the Kingdom,” said GACA president, Prince Fahd bin Abdullah. The funds would help GACA build the new SR27.1bn ($7.23bn) King Abdul Aziz International Airport in Jeddah. (Press Release)

It is not that the SR15 billion sukuk offering a few days ago by the General Authority of Civil Aviation (GACA) was three times oversubscribed, but the fact that this was the first major Saudi quasi-sovereign to raise funds from the Saudi riyal market though a sukuk issuance.
Hitherto it was utilities such as Saudi Electricity Company (SEC) and government owned entities such as Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture between Saudi Aramco and Total S.A. of France; and entities such as Saudi Basic Industries Corporation (SABIC), in which the government retains a 40 percent or so stake; that have lead the way in sukuk origination in the Kingdom usually through publicly listed local currency issuances. ……………………………………….Full Article: Source

RAM Ratings has assigned an enhanced rating of AAA(bg) to Musteq Hydro Sdn Bhd’s Bank-Guaranteed Sukuk Musharakah of up to RM80 million in nominal value (2012/2022); the long-term rating has a stable outlook.
The enhanced rating reflects the credit strength of the unconditional and irrevocable bank guarantee - in accordance with the Shariah principle of Kafalah - provided by Maybank Islamic Berhad, which carries AAA/P1 ratings from RAM Ratings. (Press Release)

Bahraini retail and commercial banking institution BMI Bank, together with leading regional insurer Medgulf Allianz Takaful, has announced the roll-out of two new series of long-term Sharia-compliant bancassurance products.
The products offer customers the opportunity to plan and invest in securing a better future for themselves and their families. “In line with our commitment towards enhancing our customers’ banking experience and providing them with a one-stop shop catering to their financial needs, we are rolling out our first series of bancassurance products that will be available to Bahrainis and expatriates across our network,” said BMI Bank chief executive Jamal Al Hazeem………………………………………..Full Article: Source