HSBC announced that it has helped arrange the first ever sukuk program in Saudi Arabia. The program was set up for Almarai Company for an amount up to the size of its paid up capital. HSBC also assisted Almarai in the debut issuance under this newly established program, in an amount of SR1 billion ($267 million), with further issuance expected in the future.
A sukuk program effectively allows a company to raise money by launching sukuk into the market quickly and efficiently, and is ideal for issuers intending to access the market frequently and flexibly………………………………………..Full Article: Source

Egypt is solidifying rules and regulations that will allow companies to issue Islamic bonds, or sukuk, in an early sign it is positioning itself to tap into a boom in Islamic finance.
The North African nation will “by the end of June” finalise the executive regulations to allow companies to issue Islamic corporate bonds, or bonds that comply with the Islamic ban on interest, said Ashraf Sharkawi, the head of the Egyptian Financial Supervisory Authority………………………………………..Full Article: Source

The move to make amendments to the capital market law falls in the framework of the Egyptian government’s objective of reverting to issuing sukuks as a means of raising financing. Earlier this year the minister of finance had been quoted earlier as saying that Egypt would issue sukuks.
The announcement comes at a time when Egypt is facing a growing need for financing. Egypt’s growth rate came to 0.4 per cent during the second quarter of 2011/12, a long way from the 5.6 per cent during the same quarter the previous year. Net international reserves reached $15.7 billion at the end of February 2012, compared to $36 billion in January 2011……………………………………….Full Article: Source

The state investment arm Khazanah Nasional said yesterday it has issued a seven-year sukuk, or Islamic bond, of US$357.8 million (RM1.09 billion) that is exchangeable into shares of Parkson Retail Group Ltd, one of China’s largest department store operators.
The bonds were issued at the tightest end of the price guidance of negative 0.25 per cent yield to maturity and 30 per cent exchange premium via an accelerated bookbuilding process on March 14, Khazanah said……………………………………….Full Article: Source

DIFC Investments (DIFCI) is reported to be considering a loan of up to $1 billion to assist in repaying a $1.25 billion Sukuk that matures in June. DIFCI, the investment arm of Dubai International Financial Centre is apparently considering taking out a $1 billion loan as one of its options to help meet its debt obligations.
In February DIFCI hired US investment bank Moelis & Co to advise it on options for the Sukuk maturity. The five-year Sukuk which matures 13 June 2012 was initially sold by CIMB, Deutsche Bank, Dubai Islamic Bank, Emirates NBD, Goldman Sachs and Mashreq………………………………………..Full Article: Source

The continuing no-show of Goldman Sachs’s proposed sukuk programme has done little to dampen the rumour mill surrounding the issuer.
The latest talk in the market suggests that the bank is taking its time to address concerns about the deal before returning to the Islamic market………………………………………..Full Article: Source

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

“Most investors in the Middle East are certainly looking for Islamic-compliant business in countries that aren’t majority Muslim,” Ashraf Bin Md Hashim, head of consultancy at the International Sharia Research Academy for Islamic Finance, said.
Hashim said the Islamic finance is almost nonexistent among Cambodia’s Muslims. Muslims make up around two per cent of Cambodia’s population of 13 million which is mainly Buddhist………………………………………..Full Article: Source

The Islamic Development Bank (IDB) has sealed a $98 million education deal with the Federal Government to finance bilingual education in Nigeria. According to Nigeria’s Minister for State Finance, Yerima Lawan Ngama, the project will see students of traditional Islamic schools integrated into formal learning.
Ngama said, “We are brokering a very interesting programme on bilingual education to have our young children in almajiri schools integrated a little bit more into the standard education system………………………………………..Full Article: Source

The President of Islamic Development Bank Group (IDB) Dr. Ahmad Muhammad Ali met here Yemen’s Minister of Planning and International Cooperation and the Bank’s Governor representing Yemen, Dr. Mohammed Saeed Al-Saadi and Minister of Finance Sakher Al-Wajih.
During the meeting, Dr. Ali stressed the Bank Group’s keenness on providing all possible support and assistance to Yemen in economic and social development………………………………………..Full Article: Source

Sharjah Islamic Bank (SIB) has signed a strategic partnership memorandum with the Supreme Council for Family Affairs (SCFA) in Sharjah on Saturday.
The deal aims to support the efforts made by the SCFA to its non-profit humanitarian subsidiaries such as Sharjah City for Humanitarian Services, Friends Of Cancer Patients, Breastfeeding Friends, Friends of Kidney Patients, Friends of Diabetes Patients, Friends of Arthritis Patients and other charitable nonprofit organizations operating under the umbrella of the SCFA………………………………………..Full Article: Source

Banking has evolved as an integral part of economics since long. Of late, correspondingly, Islamic banking has also occupied its position in Islamic economics. Now-a-days many academic curricula contain Islamic banking as an alternative to conventional or traditional banking.
But when it comes to the genesis of banking and that of Islamic banking, one would admit that conventional banking has got much longer history and passed through many more phases of evolution than Islamic banking………………………………………..Full Article: Source

Jamil el Jaroudi has been named as the Chief Executive Officer of Bank Nizwa, following the Central Bank of Oman’s formal approval.
Ahmed Saif al Rawahi, Chairman of the Bank Nizwa Founding Committee said, “Until we had formal approval from the CBO we couldn’t go public with details of our chosen CEO, but now we can and it gives me great pleasure to announce the appointment of Dr Jamil as Bank Nizwa’s first CEO. Jamil brings many years of commercial experience, but even more importantly has strong credentials in both Islamic banking and banking start-ups.”……………………………………….Full Article: Source

Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the region, said it has launched a special housing finance campaign for customers to help them own their dream home in “Jumeriah Park,” a key project developed by Nakheel.
The new Manzili programme is targeted at individuals who wish to avail home finance for their own home in Jumeirah Park, said a statement from EIB………………………………………..Full Article: Source

Dubai Islamic Bank (DIB) won three awards at the recent Islamic Finance News Awards in the categories of “Corporate Finance,” “Restructuring” and “Structured Finance” Deal of the Year categories.
Established in 2005, the Islamic Finance News Awards honour excellence in the Islamic finance industry………………………………………..Full Article: Source

Qatar’s banking sector is expected to witness strong profitability with average earnings slated to see double-digit growth year-on-year (Y-o-Y) in 2012 on strong domestic lending, according to Global Investment House.
“We forecast average earnings growth of 18% Y-o-Y in Qatari banks in 2012 with the sector benefiting from strong domestic lending activity. Overall, we assume 2012 net loan growth of 16.2% for the sector,” Global said, adding “Qatar’s burgeoning economy will trickle down quite favourably to its banking sector”………………………………………..Full Article: Source

Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the region, announced today, the launch of a special housing finance campaign for customers who would like to own their dream home in ‘Jumeriah Park’ or already own a property within the development.
Emirates Islamic Bank’sManzili programme is targeted at individuals who wish to avail home finance for their own home in Jumeirah Park, the prestigious project developed by Nakheel. The first of its kind offer in the current market, this package offers competitive variable rate options starting from 5.90% for a maximum period of 25 years, with a 24 hour pre-approval offer. (Press Release)

UAE-based National Bank of Fujairah (NBF) said its board has approved the distribution of 39.2 per cent of the 2011 profit as cash dividends to the investors following its solid results.
The NBF had in January reported a 64.4 per cent jump in its 2011 full-year profit which hit Dh280.9 million ($76.4 million) compared to Dh170.9 million the year before………………………………………..Full Article: Source

Al Ansari Exchange, the UAE’s exchange house network that provides worldwide remittance and foreign exchange services, has announced a new partnership with Islamic Finance House (IFH) across its branches whereby IFH will issue labour guarantees for companies.
Under the partnership, Al Ansari Exchange will offer exceptional value to commercial establishments and a more convenient and cost-effective platform as it does not require an annual renewal fee, which is typically charged by banks. (Press Release)

The life insurance industry, which registered total new business premiums worth RM7.92bil last year, is expected to grow by between 7% and 10% this year despite the global external headwinds.
For life insurance, the penetration rate stands at 42.83%, while takaful is about 10%………………………………………..Full Article: Source