Issuance of Islamic bonds, or sukuk, had a record year in 2011. This year looks set to be even better. Issuance volume last month was more than three times as high as in January last year, according to Dealogic.
One good example from last month was the biggest-ever sukuk from Saudi Arabia: a SAR15 billion ($4 billion) 10-year deal for the General Authority for Civil Aviation, led by HSBC Saudi Arabia. This was the first government-backed sukuk in the Kingdom. It will be used to finance an expansion of Jeddah airport, a hub for pilgrims to Mecca and Medina………………………………………..Full Article: Source

The Egyptian government, seeking to head off a funding crisis, is preparing to raise about $2 billion through its first issue of Islamic bonds, an Islamic scholar familiar with its planning said on Tuesday.
“The Egyptian government is convinced that a foreign currency sukuk will fund the country’s development projects and can also bridge the gap in its currency reserves,” Sheikh Hussein Hamid Hassan told Reuters………………………………………..Full Article: Source

Egypt’s announcement last week that it plans to issue a $2bn sovereign sukuk was a welcome advertisement that put the country back on the map for investors and underscored the change in its attitude towards Islamic finance. But it should not be hasty. A lot more work needs to be done before Egypt attempts to access this line of funding.
The acceleration of Egypt’s quest for an Islamic bond might have something to do with the country’s difficulty in accessing more traditional forms of finance. Last week’s announcement of a $2bn target for a sovereign sukuk came shortly after the country’s central bank struggled to attract much interest in an auction of five year bonds. And it failed to sell any six year paper at all………………………………………..Full Article: Source

Malaysia aims to raise as much 30 billion ringgit ($9.9 billion) through an Islamic bond program to fund construction of a mass railway in the Southeast Asian nation’s capital, the project’s manager said.
Dana Infra Sdn., a finance ministry company set up to fund infrastructure projects, will sell ringgit-denominated Islamic bonds, or sukuk, with maturities of as much as 65 years, Azhar Abdul Hamid, chief executive officer of Mass Rapid Transit Corp., said……………………………………….Full Article: Source

AmIslamic Funds Management offers AmIslamic Fixed Income Conservative, an Islamic bond fund which provides capital appreciation over the short-to-medium term.
The company said the fund would be invested in a portfolio comprising fixed-income instruments that complied with shariah principles………………………………………..Full Article: Source

BankDhofar has appointed Deloitte & Touche for a market assessment and feasibility study into the launching of an Islamic Window at the Bank. This study is in response to the Royal Decree issued last year by His Majesty Sultan Qaboos, which approves the establishment of Islamic Banking in the Sultanate.
BankDhofar is dedicated to the implementation of Islamic financial services and has already invested in some training programmes for its executives providing them with insights into planning and executing Islamic banking products and services………………………………………..Full Article: Source

Emirates NBD, Dubai’s largest bank, will see its quarterly results hit again by its exposure to state-linked companies, in the latest sign of the toll taken by its status of the emirate’s lender of last resort.
The bank, formed at the behest of Dubai’s ruler in 2007 through the merger of Emirates Bank and National Bank of Dubai, reports fourth-quarter results on Wednesday………………………………………..Full Article: Source

Takaful, which translates into solidarity in English, is an Islamic monetary concept designed to assist and stabilize the financial situations of individuals, families and organizations.
Takaful is an insurance concept grounded in Islamic muamalat [Islamic banking] which observes the rules and regulations of Islamic jurisprudence. The concept has been practiced in various forms for over 1400 years………………………………………..Full Article: Source

As the initial public offerings (IPOs) in the Gulf Cooperation Council (GCC) market witnessed another bad year, analysts see a sluggish year ahead for new issues.
Three IPOs in the GCC in the fourth quarter of 2011 raised a total of $212 million, with values falling a marginal 3 per cent compared to the previous quarter but down 79 per cent year on year, PriceWaterhouseCoopers ( PwC) said in a report Tuesday………………………………………..Full Article: Source

The Board of Directors of Islamic International Rating Agency (IIRA) in its last meeting held on February 2, 2012 has decided to appoint Ms. Sabeen Saleem, CFA as the Acting Chief Executive Officer of IIRA. Ms. Saleem has 14 years of multifaceted experience in financial risk assessments spanning Banks, Manufacturing Concerns, Fund Managers and Insurance Companies, with specialized focus on Islamic finance in all of these areas.
She has been associated with the credit ratings industry for over a decade with her last assignment being as Chief Rating Officer, JCR-VIS Credit Rating Company Limited. Ms. Saleem has assumed leadership roles during her career, with a performance track in research and public speaking. (Press Release)

The White House has announced plans to help countries swept by ‘Arab Spring’ revolutions with more than $800 million in economic aid.
It also maintained US military assistance to Egypt despite a crisis triggered by an Egyptian crackdown on US democracy activists………………………………………..Full Article: Source

The ninth Islamic Financial Services Board (IFSB) Summit, which is scheduled to be held on 15 – 17 May 2012, will commence with two Country Showcases and a Special Session on Promoting Financial Inclusion through Islamic Microfinance on 15 May 2012. Malaysia and Turkey have confirmed their participation in the Country Showcases.
This ninth summit, which is being hosted by the Central Bank of the Republic of Turkey, is themed, “Global Financial Reforms: The Changing Regulatory Model and Islamic Finance”. It will be held at Swissôtel The Bosphorus Istanbul, Turkey………………………………………..Full Article: Source