The government of the Australian state of New South Wales, home to the country’s financial capital Sydney, will send a group to Dubai this week to discuss ways to develop the Islamic finance industry, officials said.
The delegation, led by New South Wales premier Barry O’Farrell and including financial services professionals, will explore regulatory and legal issues at a roundtable discussion with the Dubai Export Development Corp on Tuesday………………………………………..Full Article: Source

Islamic investing represents a 1.2 trillion euro market. Now one Malaysian firm wants to bring the trend to Germany. Others have tried and failed before, so it could be a struggle.
Confident and professional, the female chief executive of Malaysia-based CIMB-Principal recently gave a press conference in Frankfurt about the only registered Islamic investment fund in Germany………………………………………..Full Article: Source

With an estimated $1.2 trillion in assets in 2012, Islamic banks have now developed in size and capability to such an extent that they can participate in financing major infrastructure projects either through direct financing or through facilitating the issuance of sukuk.
“Today, countries all over the world are turning to Islamic capital markets for financing, and most major international financial institutions are active in Islamic banking,” says Abdulkareem A. Abu Alnasr, chief executive officer of the National Commercial Bank (NCB) . He added, experts estimate that the sukuk market will grow 66 percent in 2012 to over $44 billion compared to $26.5 billion in 2011………………………………………..Full Article: Source

A national council of Islamic economy has been founded in Tunisia with the aim of facilitating the development of the country’s Islamic financial system.
The council, whose board has 28 members, was officially launched on Thursday, May 10, businessesnews website reported. The council has invited Tunisian economic experts and bank managers to join it………………………………………..Full Article: Source

A global survey of C-level and senior executives shows that demand for Shari’ah-orientated products and services is strong, and expected to grow. Among the reasons: expanding Muslim populations, rising purchasing power, shifting consumption patterns, and a broader range of products and services on offer.
The range of Shari’ha-orientated products and services is broadening, from food and Islamic finance products to pharmaceuticals, fashion and tourism, among others. The Economist Intelligence Unit carried out 13 in-depth interviews with executives of companies from the Shari’ah industry to produce the report, The Shari’ah-Conscious Consumer: Driving Demand, commissioned by Kuwait Finance House………………………………………..Full Article: Source

As the deadline for the close of the initial public offering of the new-float Bank Nizwa is nearing, analysts give a fair value rating to the issue. Islamic finance has become one of the fastest growing segments in the financial markets across the globe especially in regions like Asia, Africa and Europe as borrowers seek alternative avenues for financing.
In GCC, it has been growing at double-digit annual growth rates over the past decade. Today, Islamic banks in the region control a market share close to 15 per cent of the total assets of the banking sector and have become a part of mainstream financial intermediation………………………………………..Full Article: Source

BankDhofar recently named Path Solutions as its Core Banking System provider for its Islamic Banking operations. This system, entitled IMAL, is the first certified core banking system for the Bank’s Islamic banking operations.
The two companies signed an agreement which will see them working together to deliver Sharia-compliant products to BankDhofar customers and allowing it to expand this area of its business………………………………………..Full Article: Source

Bahrain-based Islamic retail bank Ithmaar registered a net loss of $500,000 in the first quarter compared to a net profit of $4.8 million in the same period last year mainly due to prudent impairment provisions.
Announcing the results on Sunday, the Islamic bank said this was despite a net operating profit of $4.4 million before impairment provisions and taxation, compared to a net operating loss of $2.8 million in the same period last year………………………………………..Full Article: Source

Abu Dhabi Islamic Bank (ADIB) posted a net profit of Dhs307.3m for Q1 2012. Despite the continued challenging market conditions, and an increasing number of regulations, the performance from the main banking business remained strong as the Bank’s net profit grew by 5.8% to Dhs360.4m from Dhs340.6m for Q1 2011.
Both the Retail and Wholesale Banking unit’s growth in market share was underpinned by ADIB’s ranking as the number one customer service bank in the UAE, a continuously improving network, a broadening product offering and a best practice approach to risk management. As a result customer numbers increased by 9.0% to 466,244, the 71st branch in the UAE opened, the ATM network reached 488 and the wealth management, transaction banking, treasury and investment banking solutions gained further momentum. (Press Release)

High performing funds in Q1 include: Emirates MENA Top Companies Fund - returned 9.3%; Emirates MENA Opportunities fund - returned 8.2%; Emirates Active Managed Fund - returned 9.8%.
“Emirates NBD Asset Management manages a range of products delivering investment growth for our customers,” said Deon Vernooy, Senior Executive Officer, Emirates NBD Asset Management……………………………………….Full Article: Source

Wasim Akhtar Saifi, global head of Islamic banking of Standard Chartered Bank (SCB), arrives in Dhaka today for a two-day official visit, the bank said.
This is his second visit to Bangladesh. Saifi took up this role in January 2011, and is based in Singapore. He is expected to meet key regulators, clients, employees and other stakeholders during the visit………………………………………..Full Article: Source

Mahamadou Issoufou, president of Niger, received Ahmad Muhammad Ali, president, Islamic Development Bank Group, at the Conference Palace in Jeddah. During the meeting, the IDB Group signed a number of agreements with the government of Niger to support food security programs and other development measures.
The financing agreements were signed by IDB Group President and Deputy CEO of ITFC Hani Sonbol representing the IDB Group, and Niger Minister of Planning and IDB Gov. Amadou Boubacar Cisse………………………………………..Full Article: Source

Saudi Arabia’s Al Bilad Investment Co., or ABIC, the investment banking arm of shariah-compliant Bank Al Bilad, has launched an Islamic fund for investment in the shares of local companies, Saudi-based Al Riyadh daily reports Saturday.
The fund’s aim is to generate capital and income growth over the medium and long terms, Ayham Al Yousef, chief executive of Al Bilad Investment, said, according to the daily………………………………………..Full Article: Source

The Halal Industry Development Corporation (HDC) is in discussion with the Islamic Development Bank (IDB) to set up a halal investment fund.
Its focus will include to finance the development of agriculture businesses especially for IDB member countries. An MoU was signed recently between the two parties to set the ball rolling, HDC chief executive officer Datuk Seri Jamil Bidin……………………………………….Full Article: Source

Conglomerate Dubai Investments posted a 6.3-per cent rise in quarterly net profit on Sunday and said the company was reviewing opportunities to divest some of its businesses.
The conglomerate wants to raise up to 1 billion dirhams this year through sale of a sukuk, or Islamic bond, to finance the expansion of its manufacturing units and repay debt………………………………………..Full Article: Source

The introduction of the Exchange Traded Bonds (ETB), which is aimed at providing issuers with access to a new segment of retail investors, has certainly garnered some excitement across the bond market.
While most bond players feel it will add to the vibrancy of the market, liquidity and depth will continue to be challenges that the regulators need to address………………………………………..Full Article: Source

The Pakistan Credit Rating Agency (PACRA) has maintained rating of ‘A-’ of privately placed secured Sukuk of PKR 880 millionn by Amreli Steels Limited (ASL). The rating denotes a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.
The rating reflects the established franchise of the company in re-bar manufacturing segment. The rating incorporates well-entrenched participation of Akberali Family - the major sponsor - in operations of the company………………………………………..Full Article: Source

Pustaka Negeri Sarawak will be holding a exhibition entitled ‘How Takaful Works’ between May 1 to 31. According to a press release from the library, the event will be held at first floor of Pustaka Negeri Sarawak and is open for public viewing from 11am to 7pm except on public holidays.
“The exhibition provides insights on what is ‘takaful’ and how it works. Takaful is actually a syariah-compliant alternative to an insurance scheme. It provides a protection plan based on syariah principles………………………………………..Full Article: Source

Methaq Takaful Insurance Company (MTIC) has successfully finalised an electronic link in coordination with the Emirates ID Authority (EIDA), in order to complete all procedures required to issue all types of insurance policies and obtain personal data pertaining to clients through EIDA.
This link, the first of its kind to be implemented by an insurance company in the UAE, will allow Methaq Takaful to obtain personal data pertaining to its clients through EIDA. MTIC will avail these data to insurance brokers and banks dealing with MTIC………………………………………..Full Article: Source

Members of the governing council of the Islamic Financial Services Board (IFSB), the prudential and supervisory standard setting body for the global Islamic financial industry, and delegates have started converging here for the two-day board’s 9th annual summit starting Wednesday.
Central Bank of Turkey is hosting the event for the first time. Jaseem Ahmed, the soft-spoekn IFSB Secretary General and formerly a senior executive of the Asian Development Bank, will indeed have much on his mind………………………………………..Full Article: Source

Sakana Holistic Housing Solutions - the Islamic mortgage finance provider held a Board meeting on 30 April 2012 wherein it inducted two additional Board of Directors Abdulellah Ebrahim Al-Qassimi and Yusuf Ali Isa Muqla Al Kawari as part of strengthening Corporate Governance in line with the Corporate Governance Code of the Kingdom of Bahrain issued by the Ministry of Industry and Commerce and Central Bank of Bahrain regulations.
Al-Qassimi and Al Kawari joined as independent and non-executive Director and with this addition total number of Board members at Sakana will be seven including three independent and non-executive. (Press Release)

Kuwait Finance House (KFH) announced that it will be a strategic partner and sponsor the global legal forum in Islamic finance that is organised by International Islamic Center for Reconciliation and Arbitration (IICRA).
This step comes as part of KFH’s efforts in developing the society and cementing Islamic finance. The forum seeks to achieve vital objectives, such as determining the current challenges facing lawyers, judges, and experts at courts when dealing with Islamic finance products, in order to find suitable mechanism to overcome such challenges………………………………………..Full Article: Source

Kuwait’s recent wage hikes have raised concerns about the sustainability of its public finances, its central bank governor told the state news agency Kuna, citing a preliminary report from the International Monetary Fund (IMF).
The IMF said Kuwait’s fiscal stimulus had helped non-oil sectors to recover from the global financial crisis, Governor Mohammad al-Hashel was quoted as saying by Kuna………………………………………..Full Article: Source