Indonesia plans to issue 2 trillion rupiah ($223.59 million) of project-based sukuk in the first half of this year, the finance minister said on Tuesday, after the country failed to sell the sukuk last year as investors asked for higher yields.
The Islamic instrument was first offered in October last year, only to see weak investor appetite due to the country’s shallow sukuk market………………………………………..Full Article: Source

Fitch Ratings says plans by sovereigns outside the Middle East and other largely Islamic regions to tap the sukuk market could meet pent-up demand from Islamic institutional investors and banks to diversify their bond holdings, making the sukuk market a useful source of additional funding over time.
The opportunity to buy shariah-compliant debt from investment grade sovereigns that have not yet tapped the market would be likely to generate strong investor appetite………………………………………..Full Article: Source

There is a pent-up demand for sukuk issuances from Islamic institutional investors and banks as they seek to diversify their investments from bond holdings and this opens up an opportunity for the sukuk market to be a useful source of additional funding, Fitch Ratings said.
The demand is likely to also come from sukuk supply from sovereigns outside Islamic nations in the Middle East and South-East Asia, the agency said, adding that South Africa and Ireland were seriously considering a sukuk issuance………………………………………..Full Article: Source

Bahraini lender Al Baraka Bank’s Turkish subsidiary will go ahead with a $200 million Islamic bond issue in the first quarter, after delaying a sale last month due to pricing concerns, the bank’s chief executive said.
‘We will launch the sukuk in the first quarter of this year,’ Adnan Ahmed Yousif said in an interview on the sidelines of an Islamic finance and banking conference in Oman………………………………………..Full Article: Source

Dubai’s Majid al Futtaim will begin meeting investors on Sunday ahead of a potential Islamic bond, or sukuk issue, a statement from the lead managers said on Tuesday.
The mall developer, which is the sole franchise for Carrefour in the Gulf, will meet investors in Abu Dhabi and Dubai on January 29, before a second day of roadshows in London and Kuala Lumpur on January 30, it said………………………………………..Full Article: Source

Abu Dhabi government-owned Al Hilal Bank has confirmed the appointment of three banks to manage its debut $500 million Islamic bond issue, which will be issued later this year, its chief executive Mohamed Berro said.
“We have started the preparatory work for issuing our first sukuk for which we are still at an early stage. We hope that this year we can tap the market,” Berro said in an interview on the sidelines of an Islamic finance and banking conference in Muscat………………………………………..Full Article: Source

Sharia banking assets have been rapidly growing in 2011. The total asset of sharia banking has increased by 49 percent from Rp79.6 trillion in 2010 to Rp149 trillion. Therefore, sharia banking has managed to gain 4 percent of the national banking market—a 0.72-percent increase from 2010.
“The figures included assets owned by 154 sharia people’s credit banks,” said Bank Indonesia Sharia Banking Director Mulya E. Siregar last week………………………………………..Full Article: Source

The Islamic Bank of Britain (IBB) could open more branches in Yorkshire as growing numbers of Muslims seek financial products that don’t offend their faith. The Birmingham-based IBB, which has opened its first Yorkshire branch, is also reporting strong demand for its services from non-Muslims who want an alternative to the mainstream banks.
Islamic banking’s source of funding, profits and business investments cannot be from businesses considered unlawful by Muslims………………………………………..Full Article: Source

Oman’s first Islamic Finance and Banking Conference which was organised by Al Iktissad Wal-Amal Group in collaboration with the Central Bank of Oman (CBO) concluded on Tuesday. The two-day conference explored the core of Islamic finance industry and its economic and financing role to support the economy.
The conference brought together a wide range of participants from various Arab and Islamic countries to exchange experiences and knowledge in Islamic banking industry………………………………………..Full Article: Source

Oman’s banking regulator Central Bank of Oman (CBO) is set to issue the much-awaited new rules and regulations on Islamic banking by the end of this month or early February.
“We are about to finish the first part of the rule book. And we are going to discuss it with the banks on January 25. The bank will be issuing the rules and regulations either by the end of this month or in the beginning of February,” Hamoud bin Sangour Al Zadjali, Executive President of CBO, said………………………………………..Full Article: Source

Oman’s First Islamic Finance and Banking Conference opened with a call to stake holders to take effective steps in promoting Islamic finance in their countries.
Speaking as the chief guest, Darwish bin Ismail bin Ali Al Balushi, minister responsible for financial affairs, said, “with an annual growth of 20 per cent and total assets worth a trillion US dollars the Islamic finance industry is poised for a leap in the coming years and time is opportune to lend it a push………………………………………..Full Article: Source

Deutsche Bank has won Islamic Finance news “Best Islamic Trustee/Custodian 2011″ Award. In addition, Deutsche Bank received the awards for “Project Finance Deal of the Year 2011″ and “Saudi Arabia Deal of the Year 2011″ recognizing Deutsche Securities Saudi Arabia’s successful execution of Saudi Aramco Total Refining and Petrochemical Company (SATORP) Sukuk Certificates.
The awarded SATORP Sukuk was the first public project Sukuk in the Kingdom of Saudi Arabia and in the region with an innovative Shariah structure of a combination of Istisna and Ijara with Musharaka contractual overlay interposed between the two. (Press Release)