London-based Ethical Asset Management has launched what it calls the world’s first “investment sukuk”, aiming to resolve a major area of controversy in Islamic finance by treating the vehicle as an equity instrument rather than as a bond.
The firm aims to raise 200 million pounds through the sukuk in the next 12 to 18 months, with 50 million pounds required to start buying the assets which will back the instrument………………………………………..Full Article: Source

In March 2012, QIB (UK)’s highly successful EFH Global Sukuk Plus Fund has broken through the US $200million level of assets under management for the first time. This success confirms the clear distance between QIB (UK) fund and other competing funds in the Sukuk marketplace.
The Global Sukuk Plus Fund’s total return since inception has been 21.43%, whilst the annualised return since inception has been 6.21%………………………………………..Full Article: Source

National Australia Bank is making preparations to launch Australia’s first Islamic bond, bankers have told IFR, raising expectations that the country’s borrowers may soon be able to target a broader range of investors.
NAB, rated (Aa2/AA–/AA–), is believed to be looking to raise as much as US$500m from an inaugural Sharia-compliant offering that would serve to further diversify its investor base, according to bankers away from the deal………………………………………..Full Article: Source

The Central Bank of Yemen sold its first sukuk under the salam program worth YER 50 billion (USD 232 million) marking the country’s return to the sukuk market this year.
The one-year sukuk was issued on April 1, 2012, and matures on April 2, 2013. The Shariah structure is approved by the Shariah Supervisory Board of the Central Bank, Kamal Al Rabie, head of the sukuk unit at the central bank, told Zawya in a phone conversation. The sukuk offers a return of 15% to 18%, according to Rabie………………………………………..Full Article: Source

The State Bank of Pakistan (SBP) on Monday announced the issuance of a new three-year Pakistan’s government Ijara Sukuk under which the federal government plans to raise Rs 50 billion in the fourth quarter of current 2011-2012 fiscal year (FY12) SBP invited designated primary dealers for the Sukuk in accordance with the provisions of SBP, according to the DMMD Circular No 25 dated December 14, 2011.
The auction calendar has also been announced by the SBP for government of Pakistan Ijara Sukuk for the fourth quarter of FY12. Accordingly, two auctions will be conducted in April and June with a total auction target of Rs 50 billion……………………………………….Full Article: Source

Rasmala Investment Bank will launch a Sharia compliant fund, as European Islamic Investment Bank (EIIB), which owns a strategically controlling stake, plans to significantly expand Rasmala’s asset management business.
The Rasmala Global Sukuk Fund (RGSF) is a Sharia compliant fund, will be dynamically managed to provide low risk, well diversified capital stability………………………………………..Full Article: Source

Earlier this year EIIB completed a strategic controlling investment in Rasmala, and it is set to launch series of new products starting with Rasmala Global Sukuk Fund.
European Islamic Investment Bank (EIIB) has announced plans to significantly expand the asset management business of Rasmala Investment Bank (Rasmala)………………………………………..Full Article: Source

Islamic Development Bank revealed during its 37th meeting held in Khartoum the signature of four agreements with Sudan for a 3 – 5 strategic partnership to determine the projects in the important sectors coinciding with the priorities and the Islamic Bank finance strategies in Africa.
Islamic Bank representative in Sudan, Zain Al-Abdeen Ali affirmed that there are important development programmes in Africa costing US$12 billions out of which the Islamic Bank contributes US$4 billions………………………………………..Full Article: Source

Standard Chartered, Emirates NBD and Noor Islamic Bank are among banks that may lend Dubai’s DIFC Investments US$900m to help it pay an Islamic bond, according to two bankers familiar with the deal.
The three banks are the front-runners for the transaction that will enable the company, the owner of properties in the tax-free Dubai International Financial Centre, to pay its US$1.25bn sukuk maturing in June, the bankers said, declining to be identified because the information is private………………………………………..Full Article: Source

The seminar on Islamic banking, best practices and development which aims to provide a true and transparent banking experience to all the customers kicked off at the Sultan Qaboos University (SQU) premises.
The seminar which was organised by Ahlibank in collaboration with the SQU — Commerce and Economic College, was presided over by Shaikh Ahmed bin Saud al Siyabi, Secretary-General of the Ifta’a Office………………………………………..Full Article: Source

Nigeria’s Vice President, Namadi Sambo said on Monday in Kartoun, Sudan that the Islamic Development Bank (IDB) has set aside about $2 billion dollars (about N310 billion) to support the country’s developmental programme between 2012 and 2014.
Special Programme for the Development of Africa (SPDA) is an initiative of IDB for the acceleration of development objectives in African member countries………………………………………..Full Article: Source

Vice-President Namadi Sambo on Monday in Khartoum urged the Islamic Development Bank (IDB) to assist in developing Africa. He challenged the bank to set aside 40 per cent of its operational budget for the implementation of the second phase of its Special Program for the Development of Africa (SPDA-II).
Sambo gave the charge in a paper entitled: “African Development Experience - What successful experiences to replicate and scale up’”, which he presented at a special meeting of African Governors Forum organised by the IDB Group………………………………………..Full Article: Source

Despite the many controversies that surrounded the introduction of Islamic banking in Nigeria, it has come to stay and will address various financing deficits that have hindered the growth and development of small and medium-scale enterprises in the country.
The managing director of Jaiz Bank (an Islamic bank), Alhaji Mustapha Bintube, also said Nigeria cannot afford to miss the rejuvenating waves of Islamic finance and its empirical development that has been witnessed globally in all strata of the society………………………………………..Full Article: Source

Islamic banking originates from earlier times and its development can be considered to be a part of the process during the formation of Islam. The Islamic banking solutions that were applied then had tangencies with the currently offered products due to the Shariah laws and regularities being applied at its basis and all over its services.
Partnership was among the most widely strategies used in the older times specifically in these regions for many centuries which had to obey to the rules………………………………………..Full Article: Source

Islamic bank in UAE is among the most developed systems which ensure a fast growing for the entire Islamic banking. Specifically the Islamic bank in Dubai has a well-defined and integral structure that involves strong products and specifically created services for the benefit of the existing line of customers, as well as for the potential ones.
Islamic banking is now a modern service and a more or less stable industry, even if the potential risk can not be predicted………………………………………..Full Article: Source

His Excellency Tariq bin Khadim, Member of the Sharjah Executive Council and Chairman of the Directorate of Human Resources in Sharjah, hailed the support extended by His Highness Sheikh Dr. Sultan bin Mohammed Al Qassimi, Member of the Supreme Council and Ruler of Sharjah, to the Emiratization programs and strategies and His Highness’ keenness to take the necessary actions to serve the interests of the nation and its people and ensure optimum human resource utilization.
The statement was made on the occasion of signing a memorandum of understanding between Sharjah Islamic Bank and the Directorate of Human Resources in Sharjah on Sunday, 1st of April 2012. (Press Release)

Dubai-based Shariah-compliant investment firm Alif Investments is planning to launch an initial public offering (IPO) in order to finance its expansion, a spokesperson confirmed.
“Yes, principally the decision to launch the IPO and enlist the company has been taken,” a spokesperson said……………………………………….Full Article: Source

The government will issue syariah parameters on Mudharabah, Musharakah, Ijarah and Istina this year.
This Entry-Point Project 10 (EPP10) under the finance services industry is line with Malaysia’s aspiration to become the intellectual and capital centre for Islamic finance with global share of Islamic banking assets targeted to increase to 13 per cent in 2020 from eight per cent………………………………………..Full Article: Source

The latest investment-grade rating given to Saudi Arabia by Fitch highlights the strength and soundness of the financial and economic policies being pursued by the Kingdom, Finance Minister Ibrahim Al-Assaf said.
He called the Fitch action as excellent. Fitch Ratings backed the Kingdom’s investment-grade rating, pointing to soaring oil revenue………………………………………..Full Article: Source

One of the great lamentations of the Western world is that its economy is being held hostage to Middle Eastern oligarchies, that the nations of the Middle East and North Africa are becoming richer and richer from monies the United States and the rest of the developed world lay at their feet.
Yet at a recent panel at the first Wharton Middle East and North Africa Business Conference, experts who have spent years looking at the oil industry, often first hand from those oil countries themselves, painted a different picture………………………………………..Full Article: Source

Takaful Emarat is launching a new Shari’ah-compliant corporate health plan called ‘Sehat Plan’, especially created for lower income workers.
Ghassan Marrouche, Chief Executive Officer at Takaful Emarat, said, “With this new offering, we are widening our reach to include those who are less fortunate and who are in utmost need of a plan that safeguards their health care needs. We are committed to serving the needs of different sectors of the market………………………………………..Full Article: Source

Shariah-compliant insurer Prudential BSN Takaful (PruBSN) posted a 41% increase in pre-tax profit for the year ended Dec 31, 2011 (FY11) to RM19.7 million from RM13.9 million a year ago. The takaful operator also recorded gross contributions across all channels of RM527.5 million in FY11, up 32% from FY10.
In FY11, PruBSN had a market share of 29% of the takaful industry with RM231 million in annual contribution equivalent (ACE). Its assets under management grew 39% from RM484.9 million in FY10 to RM674.4 million in FY11………………………………………..Full Article: Source