The Tunisian government has set up a working group that will study how to develop Islamic finance in the country, a finance ministry official said.
The group, which includes representatives from the central bank, stock exchange and private sector institutions including Bahrain-based Al Baraka Banking Group, will look at the country’s legal framework, said Karima Rezk, a director at the ministry………………………………………..Full Article: Source

Malaysia’s biggest Islamic insurers plan to expand in Indonesia, taking advantage of industry growth that’s almost three times the pace of their home market and increasing wealth in the world’s most-populous Muslim country.
Mayban Ageas, the nation’s largest insurer, is considering an acquisition in Indonesia, chief executive officer Hans De Cuyper said. Syarikat Takaful Malaysia Bhd, the second biggest, estimates its Indonesian unit will generate 50 per cent of its profits, from less than 10 per cent now, managing director Hassan Kamil said, without giving a timeframe………………………………………..Full Article: Source

Tanjung Bin Energy Sdn Bhd, a Malaysian electricity producer, sold RM3.3 billion (US$1.1 billion) of Islamic bonds to yield 4.45 percent to 6.05 percent, two people with knowledge of the deal said.
The Shariah-compliant bonds were privately placed in 31 portions, with maturities ranging from five years to 20 years, said the people who couldn’t be named because the information is private. The securities were rated AA3, the fourth-highest investment grade by RAM Rating Services Bhd……………………………………….Full Article: Source

Khazanah Nasional last night returned to the equity-linked market with a $358 million exchangeable Islamic bond, which was aggressively priced and confirmed that there is indeed huge investor appetite for deals backed by strong credits.
The bonds are exchangeable into Hong Kong-listed Parkson Retail Group and are backed by Khazanah’s remaining 220 million shares in the company – one of the largest nationwide department store operators in China………………………………………..Full Article: Source

Khazanah Nasional Bhd said it sold US$357.8 million (RM1.09 billion) worth of exchangeable sukuk at negative yield, a first for this type of asset class. It is also the first convertible debt paper to be issued in two years.
The seven-year Islamic paper comes with a year-three put option and zero periodic payment. It was priced to pay a yield of negative 0.25% with a 30% conversion premium – both at the issuer-friendly end of marketed terms………………………………………..Full Article: Source

Malaysian state-owned investment agency Khazanah Nasional priced its exchangeable sukuk last night (Thursday) to raise US$357.8m.
The seven-year note was issued at par with a put at 99.25 after three years, and is exchangeable into shares of Hong Kong-listed Parkson Retail Group………………………………………..Full Article: Source

Khazanah Nasional Berhad announced the successful issuance of a seven-year benchmark exchangeable sukuk of USD357.8 million, via an independent Labuan incorporated special purpose company, Pulai Capital Ltd., exchangeable into the shares of Parkson Retail Group Limited, one of the largest department store operators in the People’s Republic of China.
The Sukuk was successfully priced through an accelerated book-building process on 14 March 2012, and at the tightest end of the price guidance at -0.25% yield to maturity and 30.0% exchange premium. The transaction drew a demand of 3.4 times book size, attracting a diverse group of over 100 investors comprising long only funds, hedge funds, arbitrage funds as well as asset managers across Asia and Europe. (Press Release)

The Islamic Development Bank will provide $95 million in loans to integrate Nigeria’s Koranic schools with the West African country’s mainstream education system after a spate of militant attacks.
“The main purpose is to link the boys coming out of the Koranic schools, the madrasas, with the public education system,” IDB President Ahmad Mohammed Ali, said yesterday in an interview in Abuja, Nigeria’s capital. “This is very important now with the unfortunate problem of Boko Haram.”……………………………………….Full Article: Source

President Goodluck Jonathan has urged the Islamic Development Bank (IDB) to inject more capital into the Nigerian economy in an effort to address the country’s infrastructural challenges.
Jonathan, who was represented by Vice-President Namadi Sambo, made the appeal while declaring open the first IDB-Nigeria Business Forum in Abuja on Thursday………………………………………..Full Article: Source

Vice-President Namadi Sambo, on Thursday, urged the Islamic Development Bank (IDB) to inject more capital into the nation’s economy in support of infrastructure development and general economic development.
Sambo, who made the call while declaring open the IDB-Nigeria Business Forum in Abuja, said the gesture would complement the nation’s current efforts to sustain economic reform and development………………………………………..Full Article: Source

Some Islamic banks have monthly subscription fees and set-up fees, while others do not require any additional charges and offer their online products for free. All the Islamic bank services come with strong protection and security that places a complete confidence upon any transaction performed by its customers.
By reshaping financial solutions to make it computerized and easy to use, Islamic banks have opened a new dimension in the Islamic bank segment as it provides a more accessible and flexible option for the local market………………………………………..Full Article: Source

French lender BNP Paribas expects to grow its revenues from the Gulf region this year despite a slight impact on its business as a result of the Arab Spring, the bank’s Middle East head said.
“Globally, the bank had good 2011 results and also here in the Middle East, and we expect this to continue especially from asset management and wealth management,” Jean-Christophe Durand said. “This is a very important region for BNP Paribas.” ……………………………………….Full Article: Source

The National Bank for Development (NBD) in cooperation with Abu Dhabi Islamic Bank (ADIB) have announced its 2011 financial results, which revealed positive indicators despite the circumstances the Egyptian economy faced during the past year.
2011 witnessed significant growth in the Islamic financing portfolio, reaching EGP 600 million after excluding bad debt from before the acquisition, with a growth rate of 24 per cent compared to 2010. The portfolio increased from EGP 2.7 billion in 2010 to EGP 3.3 billion at the end of 2011, which is five times the growth rate of 4.5 per cent in the Egyptian market………………………………………..Full Article: Source

Qatari banks performed well in 2011 and are projected to record double-digit growth in their net profits this year due to rise in domestic credit, according to a Kuwait investment bank.
“For 2012, we forecast a 20.4 per cent increase in the net profit of Qatari National Bank (QNB) while for Commercial Bank of Qatar growth is expected to be 19.2 per cent and Doha’s to be 12.6 per cent….for the two Islamic banks, growth is expected to be 14.5 per cent,” Global Investment House (GIH) said in a study………………………………………..Full Article: Source

Dubai Islamic Insurance and Reinsurance Company (Aman), a leading Islamic Insurance provider in the UAE, is showcasing its line of insurance products for high-end luxury pleasure crafts at the Dubai International Boat Show.
Organised by Dubai World Trade Centre (DWTC), DIBS is being held from March 13 to 17, 2012 at the Dubai International Marine Club, Mina Seyahi………………………………………..Full Article: Source