The Turkish government will press ahead with its first issue of Islamic bonds this year and the planned sale should encourage private companies to do likewise and boost Istanbul’s role as a financial centre, Deputy Prime Minister Ali Babacan said on Tuesday.
The government had said previously it could issue a sukuk in 2012, overcoming sensitivities about Islamic finance in the secular republic as it seeks to tap a rich pool of investors flush with oil money………………………………………..Full Article: Source

Indosat, the country’s second-largest mobile phone operator, plans to sell Rp 2.5 trillion ($272 million) in bonds this year to help fund its business expansion plans and refinance debt.
Indosat, which has about 60 million subscribers, plans to sell fixed-rate conventional bonds and Islamic bonds, the company said. Specifically, the company will sell Islamic bonds of the Ijarah type, which investors lease back to the issuers to comply with Islamic law and to avoid receiving interest payments. Ijarah bonds represent the undivided beneficial rights or ownership of the assets held by the trustee on behalf of the investors………………………………………..Full Article: Source

AmInvestment Bank Group is looking to launch 12 equity funds this year to achieve the target of increasing its assets under management (AUM) to over RM35 billion by year-end from RM26.9 billion in 2011.
Ng Chze How, director of retail funds (fund management), said: “From the 12 planned for this year, six have been launched, and these have brought our assets under management to RM32 billion.” The company aims to launch a mixture of equity products, from fixed-income funds and retail funds to shariah-compliant funds, Ng said………………………………………..Full Article: Source

First Finance Company (FFC), a member of Barwa Bank Group, has formed a strategic partnership with General Takaful, a major player in the Family Takaful segment.
The contract between FFC and General Takaful was signed. As a result of the partnership, FFC can now offer a comprehensive range of Shariah-compliant products, including Takaful, vehicle and household insurance with emergency assistance………………………………………..Full Article: Source

SALAMA Islamic Arab Insurance Company has announced the launch of Salama Travel Plan, a new Takaful product which offers international cover such as travel inconvenience, trip curtailment and cancellation, lost and stolen documents, and medical and legal emergencies amongst many others.
The addition of the Takaful Travel Plan is a strategic move based on extensive market research which uncovered a large volume customer demand for Takaful products within the travel and tourism industry………………………………………..Full Article: Source

The GCC the market share of Islamic banking had crossed the all important 25 per cent threshold — which means that Islamic banks are now making successful competitive inroads into the conventional market space as well.
Given the positive economic outlook, the Middle East, which is witnessing an increasing appetite for Sharia-compliant financing and investment alternatives across a broad range of corporate, wholesale and consumer segments, is yet to fully realise the potential of its Islamic finance and investments industry………………………………………..Full Article: Source

The International Finance Corp (IFC), a member of the World Bank Group, and Islamic Development Bank (IDB) jointly plan to invest up to $100 million on major infrastructure projects across the Middle East and North Africa, IFC said.
The International Finance Corp (IFC), a member of the World Bank Group, and Islamic Development Bank (IDB) jointly plan to invest up to $100 million on major infrastructure projects across the Middle East and North Africa, IFC said on Monday………………………………………..Full Article: Source

Gulf Finance House, the Bahrain-based Islamic investment bank, has announced the appointment of Hisham Alrayes to the position of Acting Chief Executive Officer.
Alrayes is currently the Chief Investment Officer at GFH and will take up his new position with immediate effect. In his new position, Alrayes will be responsible for overlooking the overall performance of the bank, setting the bank’s strategic direction, management of the bank’s assets and liabilities, and managing the communications with shareholders………………………………………..Full Article: Source

Johor Corp, an unrated Malaysian investment company, will probably pay less than AAA issuers to sell US$976 million of sukuk on local-government guarantees, according to MCIS Zurich Insurance Bhd and Bangkok Bank Bhd.
Johor Corp, which defaulted on its debt in 2001, may price the 10-year Islamic notes to yield 30 basis points more than non-Islamic sovereign bonds, equivalent to 3.83 per cent , the Kuala Lumpur-based units of MCIS Zurich and Bangkok Bank say………………………………………..Full Article: Source

Islamic home finance provider Tamweel net profit in the first quarter of 2012 dropped 33 per cent to Dh18 million as compared to Dh27 million for the same period last year due to higher provisions.
The company said profit fell lower on account of additional one time provision of Dh21.6 million for litigation losses. Operating profit before provisions increased to Dh48.5 million compared to Dh43 million in the same period last year………………………………………..Full Article: Source

Abu Dhabi-owned fund Invest AD is betting on its range of investment products to tap growth opportunities in fast-growing Africa, a continent which the state-owned investment firm believes is still undervalued for its potential.
“If you look at Africa, there are opportunities across the board and it’s not as well-defined as in some other more mature markets. So we want to build a suite of products that captures that growth,” Chief Investment Officer David Sanders said……………………………………….Full Article: Source