AlexBank, one of Egypt’s biggest commercial banks, says it expects to launch Islamic financial services next April. But the country’s political divisions mean the regulatory environment in which the bank will operate is not clear.
Last year’s ouster of president Hosni Mubarak, whose regime neglected or discouraged Islamic finance for ideological reasons, has cleared the way for rapid growth of Islamic finance in Egypt, bankers believe………………………………………..Full Article: Source

The sukuk (Islamic bonds) market in the oil-rich Gulf and other countries is expected to exceed $100 billion this year to smash the record $85 billion achieved in 2011, Saudi Arabia’s largest bank said on Sunday.
Despite an expected rise in the six-nation Gulf Cooperation Council (GCC), Malaysia is projected to remain the world’s dominant sukuk market this year, National Commercial Bank (NCB) said………………………………………..Full Article: Source

Yields on Indonesia’s local- currency Islamic bonds are climbing to a one-month high over dollar-denominated sukuk on speculation a rising fuel-import bill will disrupt the economy and weaken the rupiah.
The yield premium demanded on local-currency 4.45 percent notes due February 2018 over 4 percent dollar securities due November 2018 reached 184 basis points yesterday, the widest since March 19, data compiled by Bloomberg shows………………………………………..Full Article: Source

According to a regulatory filing on the London Stock Exchange (LSE), Banque Saudi Fransi has filed a base prospectus for a $2 billion Sukuk programme. According to its prospectus, Citigroup, Credit Agricole, Deutsche Bank and Saudi Fransi Capital are arrangers and dealers on the programme.
The programme will follow a Wakala structure. The trustee is Cayman Islands-registered BSF Sukuk, which will use proceeds from each series of certificates to purchase Ijara and other income-generating Shari’ah-compliant assets from Saudi Fransi………………………………………..Full Article: Source

GIB Capital, acting as joint lead manager and joint bookrunner with Riyad Capital, has successfully closed Ajil Financial Services Company’s privately placed SAR 500 million ($133.3 million) Sukuk, issued via Ajil Cayman – a limited liability special-purpose company incorporated in the Cayman Islands.
The inaugural Sukuk has a three-year tenor with an amortising structure and pays a coupon of three-month SIBOR plus 80 basis points quarterly. The Sukuk was issued at par………………………………………..Full Article: Source

Bond issuance out of the Middle East could rise to $40bn in 2012, more than 50% above last year’s levels, fuelled by the refinancing needs of localcompanies and the funding requirements of large new infrastructure projects, according to an executive of Standard Chartered.
At the same time, Middle East bonds are in strong demand among investors both inside and outside the region, Henrik Raber, Standard Chartered’s Dubai-based Global Head of Debt Capital Markets, said……………………………………….Full Article: Source

Over the past decade, Islamic finance has gained visibility especially with the ongoing financial crises, making the general public curious about its functionality and how it withstood the pressures of the global meltdown.
Hawkamah, in its recently launched Policy Brief on Corporate Governance for Islamic banks and Financial Institutions, identified a knowledge gap concerning Sharia-compliant finance, which needs to be addressed as Islamic finance enters mainstream finance………………………………………..Full Article: Source

From humble beginnings in the 1990’s, Islamic finance has become a trillion-dollar industry. And, despite scepticism regarding accommodation between Islamic and global finance, leading banks are buying Islamic bonds and forming subsidiaries specifically to conduct Islamic finance.
With Britain now in talks to sell part of the government’s 82 percent stake in the Royal Bank of Scotland to Abu Dhabi sovereign-wealth funds, the Islamic world’s growing financial clout is once again on display. That clout also poses a systemic challenge to the dominant way that finance is now practiced around the world………………………………………..Full Article: Source

Though it was a mere tripartite memorandum of understanding (MOU) between Qatar, Islamic Development Bank (IDB) and the Dallah Al-Baraka Group, but it deserves importantance since it has settled to a large extent a debate on whether the Mega bank, whose idea has been mooted years ago, will ever come to being and who will be its main shareholders.
In fact, two years ago a poll was conducted among those interested in Islamic finance from institutions and individuals to see whether 2010 will see that the Mega Bank to emerge that year, the majority, though modest, did not see it happening………………………………………..Full Article: Source

As modern finance falters due to unchecked greed and usurious practices, the traditional method of banking could bring salutary benefits to the worldwide financial system, ending some of the most damaging practices and introducing a sounder approach.
Moreover, the basic tenets of Islamic finance force us to rethink the ethical basis of modern monetary arrangements With Britain now in talks to sell part of the government’s 82% stake in the Royal Bank of Scotland to Abu Dhabi sovereign-wealth funds, the Islamic world’s growing financial clout is once again on display. That clout also poses a systemic challenge to the dominant way that finance is now practised around the world………………………………………..Full Article: Source

Malaysia and Kazakhstan should follow up on their memorandum of understanding (MoU) related to the implementation of an Islamic finance system in Kazakhstan, said Deputy Finance Minister Datuk Dr Awang Adek Hussin.
This would enable Malaysia, which has the expertise to lead Islamic finance at the global level, to make a more meaningful contribution towards the implementation, he told reporters after addressing some 300 residents of Kampung Padang China here Saturday………………………………………..Full Article: Source

Assets managed by the Gulf’s roughly 100 asset management companies totalled $26.5 billion, held in some 328 funds, as of December 31, 2011, the Kuwait Financial Centre ( Markaz ) has revealed.
The findings are contained in Markaz ’s new report, titled ‘GCC Asset Management & Investment Banking Survey 2012′, released at the weekend. The report takes an in-depth look at the industry across the GCC in terms of assets under management (AUM), number and types of funds managed, top managers across the various markets, fund costs, benchmarks and performance ranking and a number of other parameters………………………………………..Full Article: Source

BankMuscat, Oman’s biggest financial institution, is planning to open seven dedicated branches for offering Islamic banking services through window operations, the bank’s chief executive told Times of Oman.
“To begin, subject to regulatory approval, Meethaq will start operations with seven dedicated branches. BankMuscat has assigned RO150 million capital for the proposed Meethaq Islamic banking window operations,” said AbdulRazak Ali Issa……………………………………….Full Article: Source

Islamic banking and finance, with a total asset of $1.4 trillion and more than 1,000 institutions operating in many countries worldwide is all set for a big take off, says Professor Khurshid Ahmad, chairman of the Islamic Foundation UK and the Institute of Policy Studies in Pakistan and author of several books on the topic.
Speaking to Arab News after giving a lecture on “Global economic crisis and the role of Islamic Economics” at the Islamic Development Bank headquarters here, Ahmad said Islamic banking and finance makes an annual growth of 10 to 15 percent when conventional banks make less than one percent………………………………………..Full Article: Source

Standard Chartered, the UK bank that depends on Asia for most of its profit, and Barclays are expanding in Saudi Arabia as oil above $100 (Dh367) a barrel and record bond sales bolster earnings in the biggest Arab economy.
“We’d be crazy to limit ourselves to a handful of bankers when we can see oil prices are going to sustain the Saudi economy for the foreseeable future,” Rory Gilbert, the head of Middle East and North Africa at London-based Barclays’ wealth management unit, said……………………………………….Full Article: Source

The National Bank of Commerce (NBC) and KCB Bank Tanzania have launched Islamic banking services to meet market needs.
Tanzania Global Learning Agency (TaGLA), formerly called Tanzania Global Learning Centre (TGDLC), in collaboration with Tokyo Development Learning Centre (TDLC) has organised on May 14-June 7, this year, a videoconference workshop on introduction to Islamic finance to share fundamentals of Islamic finance with a special focus on policy makers and officials of the financial sector in Africa and Asia………………………………………..Full Article: Source

Maybank Islamic Bhd is targeting a growth of between 15 and 18 per cent this year, said its chief executive officer Muzaffar Hisham. He said the growth is achievable as it is in line with the company’s aspirations to promote Islamic banking business.
“We expect double-digit year-on- year growth of our assets this year. But I’m cautiously optimistic as we have three more quarters to go,” he told the media at the sidelines of Minggu Saham Amanah Malaysia held at Kompleks Sukan Kota Kinabalu………………………………………..Full Article: Source

Ahlibank Qatar has reported a 2% growth (year-on-year) in its net profit to QR118.4mn in the first three months of this year.
Net interest income amounted to QR126.7mn in the first quarter of this year. Total fees, commissions and other non-interest income recorded a significant increase of 37.9% to QR36.5mn vis-à-vis the same period last year………………………………………..Full Article: Source

The National Bank of Ras Al-Khaimah (Rakbank) said it has registered a first quarter net profit of Dh325.3 million ($88.5 million), up 11 per cent compared to the same period last year and 9.5 per cent over the previous quarter.
Announcing the results on Sunday, Rakbank said its net interest income for the quarter ended March 31 grew 21 per cent to hit Dh538.2 million compared to the same period last year………………………………………..Full Article: Source

Bilal Mustafa, Managing Director Bank of Khyber (BOK) said BOK is committed to cater the Banking requirements of Islamic Banking along with conventional banking facilities in a befitting manner in order to encourage the economic developmental activities.
Bilal Mustafa said that Raast Islamic Banking of BOK has trader friendly network in all major cities of the country and we are increasing BOK net-work by establishing 14 more branches by December 2012 and it will further enhance in 2013………………………………………..Full Article: Source

The delegation led by Head of Dubai Administration’s Emir, Chief Executive Director of Dubai investment corporation, Chairman of Dubai Bank , Board Chairman of Dubai Islamic Bank Mohammed Ibrahim Al Shaibani has shown interest to state of Islamic banking in the country.
Azerbaijani delegation has reported that there are no Islamic banks in the country but a range of banks applies certain elements of Islamic banking………………………………………..Full Article: Source

Saudi Arabian Mining Co., the state-run producer known as Maaden , said Saturday it is talking with a number of banks about securing Islamic loans worth up to 7 billion Saudi riyals ($1.86 billion).
The medium-term Murabaha financing will be used to finance future projects, the company said in a statement on the website of the Saudi stock exchange………………………………………..Full Article: Source

Closer links between the health care and financial protection industries such as takaful insurance providers could promote public awareness on disease prevention, says Islamic insurance provider Takaful Ikhlas Sdn Bhd.
Its vice president (business operations) Wan Mohd Fadzlullah Wan Abdullah said besides taking health insurance, the public should also be aware of measures needed to prevent disease and to maintain their health………………………………………..Full Article: Source