Islamic finance could help to boost trade between Cambodia and the Middle East, as well as attract investment from Muslim-majority countries, experts said.
Knowledge of Islamic finance and banking, which bars interest lending and discourages unfair trade advantages, is almost nonexistent among Cambodia’s Muslims, which comprise about 2 per cent of the country’s population………………………………………..Full Article: Source

Kenya has licensed its first ethical fund, an Islamic fund issued by First Community Bank Capital, a subsidiary of First Community Bank (FCB), one of the two Shariah-compliant banks in Kenya.
The fund is the first to offer a collective investment scheme geared towards ethical investing under Islamic capital markets product range………………………………………..Full Article: Source

Financial institutions from the United Kingdom are at the forefront of showcasing the possibilities and capabilities of Islamic Finance (IF) commercial operations, and the opportunities offered by the growing global demand for Sharia-compliant financial instruments—with British Ambassador Stephen Lillie as a significant supporter.
The participating banks— KPMG, HSBC, PruLife UK, and Standard Chartered—shared their expertise with members of the Philippines financial sector at a forum organized by the British Embassy where Lillie was a keynote speaker………………………………………..Full Article: Source

The Islamic Development Bank (IDB) and its affiliates will finance projects in Nigeria in Agriculture, Energy, Transport, Water Supply and Sanitation, Education, and Health.The projects are worth about $2 billion.
Apart from another N30.2 billion for Food Security Programme covering Anambra, Gombe and Yobe States, the Saudi Arabia-based bank announced in Abuja weekend that it has also approved additional eight projects in the sum of $200million, and granted trade financing for $205 million to prominent companies and banks in the country………………………………………..Full Article: Source

Qatar Islamic Bank (QIB) has signed a memorandum of understanding (MoU) with Al Sulaiteen Agricultural and Industrial Complex, to facilitate the financing of landscaping of house gardens and grounds.
Landscaping and cosmetic development of domestic gardens and grounds is a growing industry in Qatar, and Al Sulaiteen seeks to address this market for all customers, potential and existing, whether they are customers of QIB, Qatari nationals or expatriates………………………………………..Full Article: Source

Ever since the announcement in May last year of the ability of banks in Oman to offer Islamic Banking services through dedicated windows, Bank Sohar has been working to bring an authentic and sharia-based banking solution to its customers.
Bank Sohar has identified three areas of importance for ensuring that its Islamic window is a genuine solution that respects the basic tenets of Islam, the sensibilities of the Omani people and stays with the guidance of the Central Bank of Oman (CBO) to develop a unique Omani model of Islamic Banking………………………………………..Full Article: Source

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDB), has signed with the Egyptian government a framework agreement on cooperation.
Under the agreement, Egyptian General Petroleum Corporation (EGPC) and the General Authority of Supply Commodities (GASC) will receive $400 million a year for the next three years………………………………………..Full Article: Source

Emirates NBD is to cut as many as 750 jobs as part of an internal restructuring, just six months after its acquisition of Dubai Bank. The cuts, affecting about 15 per cent of Emirates NBD’s staff, will leave its subsidiaries - including Emirates Islamic Bank and Dubai Bank - unscathed.
Emirates NBD, the biggest bank in the country by total assets has been rocked by the after effects of Dubai’s financial woes, having been forced to set aside Dh4.9bn for bad debts last year………………………………………..Full Article: Source

Jenan Real Estate Company executed an agreement with Arab National Bank pursuant to which the Company will secure an SR 90 million in Islamic Finance Facility to finance Company projects, particularly Al Nawras Village Project dedicated for SAUDI ARAMCO employees.
Jenan is one of the leading real estate development companies in Saudi Arabia, with a registered capital of SR 475 million. The value of development projects currently in progress exceeds SR 6 billion………………………………………..Full Article: Source

Minister of Planning and International Cooperation Fayza Abul-Naga has said a framework agreement, under which the International Islamic Trade Finance Corporation (ITFC) offered 400 million dollars to the Egyptian General Petroleum Authority and the General Authority for Supply Commodities.
The agreement comes as part of the current government’s keenness on providing wheat and oil, as two strategic commodities. The corporation is affiliated with the Islamic Development Bank Group………………………………………..Full Article: Source

Kuwait-based Warba Bank has appointed Adnan Salman Al Salem as its chief retail banking officer. Al Salem was one of the main organisers of Warba Bank since its establishment and contributed in placing the strategy for the retail services while ensuring the application highest international standards of excellence that coincide with the Islamic Sharia principles.
Al Salem’s appointment plays a key role in supporting the Warba team to witness targeted growth and continuous development………………………………………..Full Article: Source

The Saudi banking industry remains robust, the National Commercial Bank (NCB) said in its Quarterly Monetary Review for the third quarter 2011. On the financing front, private sector credit continued its upward trajectory, posting a 9.0 percent Y/Y growth rate, which marks the highest growth since 1Q2009.
The trajectory was underpinned by the manufacturing sector that grew by 39.1 percent Y/Y. Additionally, the building & construction sector rebounded back to expansion as it reached SR54.2 billion during 3Q2011………………………………………..Full Article: Source

US hedge fund Davidson Kempner Capital Management is part of the creditor committee for the $1.1 billion debt restructuring at Bahrain investment house Arcapita, the first time a fund has fulfilled such a role in the Gulf.
Previous restructurings in the region, like Dubai World’s $25 billion debt deal, have been bank-only affairs, leading to long extensions as banks, concerned with provisioning, opaque legal remedies and maintaining relationships with local borrowers, adopted a conciliatory attitude………………………………………..Full Article: Source

Liberals use Muslim terminology pejoratively, knowing the civility police will never be coming for them. ‘I don’t like fatwas.” The words come from Bill Maher. The HBO comedian was tweeting his disapproval of the campaign to deprive Rush Limbaugh of his sponsors.
Especially distressing for Mr. Maher is that the campaign continues even though Mr. Limbaugh has apologized for his rude remarks about the Georgetown Law student who had testified before Congress on behalf of the contraceptive mandate………………………………………..Full Article: Source