Arcapita Bank BSC, a manager of Islamic-compliant investments with $7 billion under management, was forced into bankruptcy by hedge funds that sought to be repaid in full, a lawyer for Arcapita said.
Restructuring talks on the company’s $1.1 billion loan due in March “were derailed when several hedge funds who bought that debt on the secondary market at a discount threatened an involuntary bankruptcy if they didn’t receive par” on their investments, attorney Michael Rosenthal told U.S. Bankruptcy Judge Sean Lane in Manhattan………………………………………..Full Article: Source

Bahraini investment house Arcapita’s move to file for bankruptcy protection in the United States, while a milestone for debt restructuring in the Gulf, is unlikely to prompt other regional firms to follow suit.
Arcapita became the first Gulf Arab firm to file for Chapter 11 in the US on Monday, under pressure from hedge funds which demanded full repayment ahead of the maturity of a $1.1 billion Islamic finance facility on March 28………………………………………..Full Article: Source

Malaysia made further progress as it Islamic financial system transitions to become an international Islamic financial centre, recording commendable growth despite the volatile international financial markets and uncertainties clouding the global economy.
Total assets in the Islamic banking sector increased by 23.8% to RM434.6bil to account for 22.4% of total banking system assets as at end-2011. The volume of Islamic foreign currency business conducted by international Islamic banks and international currency business units within licensed Islamic banks has also increased substantially over the years………………………………………..Full Article: Source

The Islamic finance industry is becoming one of the fastest growing components of the global financial system, with experts projecting growth rates of between 15 percent to 20 percent per annum.
The Middle East region, which has played a pivotal role in the development of the Islamic banking and finance industry internationally, is witnessing a rapid expansion in the market share of its Islamic financial institutions with billions of dollars moving from the conventional banking system to the Shariah model………………………………………..Full Article: Source

The Islamic finance industry is becoming one of the fastest growing components of the global financial system, with experts projecting growth rates of between 15 per cent and 20 per cent per annum.
The World Islamic Banking Report noted that Islamic banking assets in the Mena region increased to $416 billion in 2010, representing a five-year compound annual growth rate of 20 per cent compared to less than nine per cent for conventional banks………………………………………..Full Article: Source

International Islamic Liquidity Management Corp. plans to sell as much as $1 billion of the first global Shariah-compliant dollar bills by the middle of the year, according to Chairman Zeti Akhtar Aziz.
The Kuala Lumpur-based multinational agency postponed the offering last year as it awaited a credit rating, an issue that will be resolved at a meeting in the Middle East this month, Zeti, who is also governor of Malaysia’s central bank, said………………………………………..Full Article: Source

Growing trade in Islamic bonds in the Gulf region this year could be driven further by increased private sector interest in Sukuk on the back of strong activity by banks, the 51st ACI Financial Markets World Congress will be told in Dubai this weekend.
Nick Stadtmiller, Head of Fixed Income Research at Emirates NBD, said over $6 billion of Sukuk have been sold by GCC entities so far in 2012 compared to issuance of $7.3 billion for all in 2011, with the UAE’s Majid Al Futtaim Group paving the way for more private sector involvement in Islamic finance through its recent Sukuk sale………………………………………..Full Article: Source

Jebel Ali Free Zone FZE, a business park operator in Dubai, put forward a fundraising plan to help repay a 7.5 billion-dirham ($2 billion) Islamic bond maturing in November, MEED reported, citing people it didn’t identify.
The state-controlled company proposed reducing debt by 700 million dirhams, raising a loan of about 4 billion dirhams and selling an Islamic bond or sukuk of about 2.4 billion dirhams, MEED reported on its website………………………………………..Full Article: Source

Emirates NBD, the UAE’s biggest bank by assets, said that it has picked banks to arrange a new five-year dollar bond. The bank is reportedly planning a benchmark-sized deal, normally understood to be at least $500 million.
The bank said it had mandated Bank of America, Merrill Lynch, Deutsche Bank, Emirates NBD Capital, HSBC and NBAD, as joint lead managers and joint book runners for the US dollar Regulation S transaction. The bond would be issued under Emirates NBD’s $7.5 billion programme………………………………………..Full Article: Source

RAM Ratings has maintained the respective AA3 and A2 ratings of MRCB Southern Link Berhad’s RM845 million Secured Senior Sukuk and RM199 million Junior Sukuk . Meanwhile, the ratings of the Senior and Junior Sukuk continue to be on negative Rating Watch.
On 9 March 2012, the Prime Minister announced that motorists who do not use the Eastern Dispersal Link Expressway (”EDL”) will not be required to pay toll charges. The announcement differs from the terms of the concession agreement, under which all motorists (with the exception of motorcycles) that use the JB-Singapore Causeway must pay the EDL toll charges………………………………………..Full Article: Source

Following the conclusion of its Annual General Meeting (AGM), Dubai Islamic Bank (DIB) announced that the assembly has approved the distribution of a 12.5% cash dividend for the year 2011, with the concurrence of the Central Bank of the U.A.E.
During the AGM, the bank’s 2011 financial results were also approved. For the 12 months ending December 31, 2011, DIB reported a net profit of Dhs1.01bn. In addition, the assembly reviewed the Fatwa and Sharia Supervisory Board Report, and reappointed Deloitte as the bank’s external auditors………………………………………..Full Article: Source

Bank Islam Malaysia Bhd expects its pre-tax profit for the financial year ending Dec 31, 2012 to be less robust compared to previously on the back of a challenging environment, its Managing Director Datuk Seri Zukri Samat said.
He said the external environment was not favourable for growth as the European economy is still very fragile, while the United States remains uncertain, with the economies of Brazil, Russia, India and China (BRIC)expected to slow down………………………………………..Full Article: Source

Bank of London and The Middle East plc (BLME), the largest Islamic bank in Europe whose main shareholders are Boubyan Bank and the Public Institution for Social Security, has today announced it signed a £14 million leasing deal with Global Marine Systems Ltd., the largest independent provider of submarine cable installation, maintenance and engineering services worldwide.
Under the terms of the agreement, BLME will support Global Marine in the purchase and refit of an offshore power cable installation barge. Once completed, the barge will be uniquely suited for the installation of a full range of subsea power cables. The increased demand for this type of cable installation barge is directly tied to the growth of offshore electricity transmission being constructed to connect the off-shore wind farms now being built throughout the North Sea and surrounding waters. (Press Release)

Bank Nizwa, Oman’s first Islamic bank, yesterday announced that it has partnered with Kuwait-based Path Solutions, for the delivery and implementation of the bank’s core banking system.
Path Solutions is a market leader in Islamic banking software solutions and Bank Nizwa has chosen to implement its state-of-the-art banking system called iMal………………………………………..Full Article: Source

Symantec Corp. in collaboration with partner HelpAG today announced that Dubai Islamic Bank, the largest Islamic bank in the UAE, has deployed Symantec Data Loss Prevention to enhance its protection, discovery and management of confidential data.
The implementation resulted in Dubai Islamic Bank increasing the efficiency of its security controls, helped monitor and secure valuable data, reduce costs and enhance the banks overall compliance strategy………………………………………..Full Article: Source

Singapore’s Islamic authorities have given Muslims more leeway in planning their personal finances. Muslims may now change the beneficiaries of their insurance policies. This is known as a revocable nomination under insurance laws.
In a new fatwa, or religious ruling, that takes effect on Thursday, the Islamic Religious Council of Singapore (Muis) says such nominations do not contradict Islamic principles………………………………………..Full Article: Source

Abu Dhabi National Takaful Company has announced the opening of its new branch in Dubai.
Conveniently located in Business Point Building in Port Saeed area, Al Ittihad Road, the new Deira branch is expected to welcome a significant number of customers and stakeholders who will enjoy a wide range of Takaful services and products………………………………………..Full Article: Source

For the insurance industry, a number of planned enhancements to the Risk-Based Capital Framework (RBC framework) were completed in 2011.
This included the necessary changes to converge the valuation rules for financial instruments under the RBC framework with the Financial Reporting Standards 139………………………………………..Full Article: Source