Islamic finance in Ireland, which although faith-based is not limited to Muslims, was introduced in the Finance Act 2010, and refers to financial transactions which are consistent with the principles of Islamic or Sharia law.
Under Islamic finance, the payment and receipt of interest is forbidden. Speculation is also prohibited, while investment in unethical businesses, products or services is also banned. According to the Revenue Commissioners, under Islamic finance, transactions are typically backed by or based on an identifiable and tangible underlying asset………………………………………..Full Article: Source

The Gulf has begun the year with record levels of sukuk sales, with funds raised so far this quarter already surpassing the region’s pre-crisis peak. Gulf sukuk sales totalled US$5.69 billion (Dh20.9bn) during the first six weeks of the year, according to data from Bloom-berg, higher than any quarter on record.
Companies in Middle East had built up a sizeable backlog of issuances as wholesale funding markets froze during the Arab Spring and the European sovereign debt crisis, forcing the cancellation or postponement of several planned sales………………………………………..Full Article: Source

Saudi Arabia on Thursday completed the first government guaranteed sukuk for the General Authority of Civil Aviation (GACA) raising 15 billion Saudi riyals (Dh14.6 billion). The success of the issue and the competitive profit rate of 2.5 per cent offered on the sukuk is expected to open a barrage of Islamic bond issues in the kingdom.
“As the first sukuk from a government guaranteed entity this deal has significance for the development of the regional sukuk market. Prior to this issuance, issuers priced their new securities against US Treasury bonds — adding a premium for the perceived additional risk,” said Walid Khoury, CEO of HSBC Saudi Arabia………………………………………..Full Article: Source

HSBC announced that it has completed the first ever government guaranteed Sukuk in Saudi Arabia for Saudi Arabia’s General Authority of Civil Aviation ‘GACA’. Raising SR15bn ($4bn) for GACA, the Sukuk achieved a profit rate of 2.5%.
HSBC acted in sole capacity as Lead Manager and Bookrunner, Sukuk Arranger, Shari’ah Coordinator, Sukuk Holders’ Agent, and Payment Administrator………………………………………..Full Article: Source

Qatar National Bank (QNB) is planning to tap global debt markets with a benchmark bond and has picked five banks to arrange investor meetings ahead of a likely offering, the Gulf Arab lender said on Thursday.
QNB, the Gulf state’s largest lender, has mandated Barclays Capital, Citigroup, HSBC, Standard Chartered and its own unit, QNB Capital, to manage the roadshows beginning February 13, the bank said in a bourse statement………………………………………..Full Article: Source

The state-run Islamic Bank of Thailand has set a goal to be among the top three Islamic banks in Asia with asset size of 300 billion baht within the next five years, said president Dheerasak Suwanyos.
The target is ambitious considering it has been in business for only 10 years. At present, Maybank Group is the largest Islamic bank in Asia with assets of 200 billion baht, followed by CIMB Bank and RHB Bank. All three are based in Malaysia………………………………………..Full Article: Source

The Islamic Bank of Thailand plans to issue bonds worth Bt5 billion in the second quarter, launch a property fund for Bt1.5 billion in the third quarter and expand its retail borrower base, Dheerasak Suwannayos, president of the bank, said.
“The market is on our side, as interest rates have been decreasing, so we can launch Islamic bonds or sukuk in the second quarter of this year,” Dheerasak said. Ibank wants to raise long-term funds and lend to its customers, he said. The Bt5-billion bond issue and the bank’s deposits of Bt15 billion will be used for lending this year………………………………………..Full Article: Source

Bank Negara Malaysia must immediately investigate the practice of banks charging interests on loans under the Islamic banking principles as this is tantamount to borrowing money from loan sharks, claims Sarawak DAP.
According to party secretary Chong Chieng Jen, under the Islamic banking principles, a borrower who defaults on his loan payment would be charged future interests on the period of the loan, if, for instance, it is a 30-year loan………………………………………..Full Article: Source

Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the region, has always laid a special emphasis on ensuring that it is always accessible to its customers. In line with this commitment, the bank has announced the official opening of a new branch in Al Quoz area, adding to its already impressive network of branches across the UAE.
The opening ceremony was held on Wednesday and graced by Jamal bin Ghalaita, CEO, EIB, along with Mohammed Khalifa bin Dasmal as guest of honour and Faisal Aqil, General Manager, Retail Banking, EIB, in the presence of senior dignitaries and other officials………………………………………..Full Article: Source

Bahrain-based Arab Banking Corporation (ABC) has registered a consolidated group net profit of $204 million for 2011, 43 per cent higher than 2010.
The surge was achieved despite the challenges from unprecedented adverse political and economic events arising from the Arab spring and Eurozone crisis………………………………………..Full Article: Source

International Bank of Qatar will seek to raise its capital by QR1bn ($275mn) through a share sale by the third quarter to meet growth plans, managing director George Nasra said.
The lender is “most likely” to sell bonds in the third quarter, with an offer size ranging from $500mn to $750mn, Nasra said yesterday at the Meed Qatar Projects 2012 conference in Doha………………………………………..Full Article: Source

After months of controversy generated by the introduction of the non-interest banking in the country, also known as Islamic banking, Jaiz Bank Plc quietly opened its doors for business on Friday, January 6, 2011 in Abuja, the Federal Capital Territory (FCT).
The bank, which has its head office in Kano House, Central Business District, Abuja, has been offering banking services for about a month, ditto its branches in Kaduna and Kano which were also opened simultaneously………………………………………..Full Article: Source

Failaka Advisors, in partnership with Paris-based Grapes Market Research & Advisory, has released the second edition of The Shariah Report.
The 2012 version of the report is the world’s first comprehensive report on Shariah scholars, with detailed profiles of more than 120 of the top scholars in the Middle East and from around the globe highlighting Islamic Finance’s global reach………………………………………..Full Article: Source

Taking a share of the booming Islamic finance industry, Indonesia is becoming a magnet of Shari`ah-compliant assets from all around the globe.
“We are on the lookout for any good Indonesian acquisition, if the price is right,” Mohamed Azahari Kamil, the Kuala Lumpur-based chief executive of Asian Finance Bank Bhd, the Malaysian unit of Qatar Islamic Bank, told the Gulf Times on Thursday, February 9………………………………………..Full Article: Source