With Islamic finance a $1 trillion (632 billion pounds) industry globally - and expected by Deutsche Bank to nearly double by 2016 - students of sharia have more opportunities than before to take their skills beyond the mosque doors and into the boardroom.
But discovering young and fresh talent is seen by some in the industry as one of its biggest stumbling blocks, with no standard career paths and a shortage of financially literate scholars, seen as gatekeepers to the industry………………………………………..Full Article: Source

Afghanistan, which has only a semblance of a capital market, intends to sell Islamic bonds as it braces for a possible sharp fall in Western financial support as the war against the Taliban winds down, a senior central bank official said this week.
The official said the sale of short-term Islamic bonds, also known as sukuk, is still in the planning stage, but could be a new way of raising money for the government………………………………………..Full Article: Source

Malaysia’s efforts to become a global hub for Islamic finance by offering tax breaks is driving a record rally in foreign-currency sukuk, and arrangers say interest is increasing among local issuers.
Standard Chartered Plc is in talks with about five companies to manage deals amounting to at least $1 billion, Leon Koay, the Kuala Lumpur-based head of global markets, said in a May 15 interview. The Bloomberg Malaysian Sukuk Ex-MYR Index, which includes notes of Khazanah National Bhd., is rising for a sixth quarter and has gained 9 percent since December 2010………………………………………..Full Article: Source

Ras Al Khaimah’s Islamic bonds are becoming highly sought-after by fixed-income investors prepared to go a little off the beaten path in search of low-risk returns.
Yields on the government sukuk, which pay a coupon of 5.2392 per cent, have fallen 35 basis points to 2.876 per cent since highs in March. Bond yields move in the opposite direction to bond prices………………………………………..Full Article: Source

Indosat, the country’s second-largest mobile-phone operator, is considering increasing the size of its planned bond sale by 20 percent next month to cater to growing demand by investors, an executive said.
In the original plan, Indosat proposed selling Rp 2 trillion in conventional bonds and Rp 500 billion in Islamic debt, called sukuk. Both notes would mature in 10 years. It didn’t provide the composition for the Rp 3 trillion bond proposal………………………………………..Full Article: Source

South Africa has delayed its debut Islamic bond issue while the Treasury reviews tax and revenue rules to ensure they are aligned with Islamic-financing laws, Thuto Shomang, head of asset and liability management in the Treasury, said on Thursday.
“We took longer than we had anticipated,” Shomang said. “We are waiting until all the regulations that are needed are in place.”……………………………………….Full Article: Source

Finance Minister Mohammad Safadi said Lebanon plans to raise $2 billion from international bond markets this year after borrowing costs of the most-indebted Arab country dropped to a record.
The ministry also plans to exchange existing debt valued at $3 billion with new bonds within the coming year, Safadi said in an interview. The possible sale of benchmark-size bonds depends on market conditions and the ministry has yet to appoint advisers, he said. Benchmark-size typically means a sale of at least $500 million………………………………………..Full Article: Source

Dana Gas could become the first company in the United Arab Emirates to restructure a bond as concerns rise that it will not have enough cash to repay a $1 billion convertible sukuk, or Islamic bond, at maturity in October.
The Abu Dhabi-listed firm said this week it had hired advisers to help it weigh options for repayment of $920 million still outstanding on the out-of-the-money convertible and was committed to finding a consensual solution………………………………………..Full Article: Source

Dana Gas PJSC (DANA), a fuel producer with $1 billion in Islamic bonds maturing in October, risks losing rights to the Zora natural-gas field in the United Arab Emirates because the company failed to start production, two people familiar with the situation said.
The government of the U.A.E. sheikhdom of Sharjah, where Dana Gas is based, may end the company’s contract unless it shows progress at the field this year, the people said, declining to be identified because discussions are under way………………………………………..Full Article: Source

Libya has approved an Islamic banking law that will introduce sharia-compliant banking in the North African country, a member of the ruling National Transitional Council (NTC) said on Thursday.
Libya has been working to amend its banking laws to attract foreign investment and stimulate its private sector following last year’s war that ousted Muammar Gaddafi, the central bank governor has said………………………………………..Full Article: Source

Shariah-compliant Bank of London and the Middle East (BLME) is targeting the thousands of rich Gulf residents who have ties to the UK to boost its corporate and private banking business.
Britain’s largest standalone Shariah bank was set up in London in 2006 and does not have a presence in the Middle East, although expansion into this region was always part of the long-term plan………………………………………..Full Article: Source

Bumiputera entrepreneurs should seriously consider adopting Islamic banking services more often in their business transactions, Deputy Prime Minister Tan Sri Muhyiddin Yassin said Thursday.
He said products and services offered by financial institutions in the country are based on Islamic principles………………………………………..Full Article: Source

The Commercial Bank of Ceylon’s Islamic Banking Unit ‘Al Adalah’ has opened a dedicated service point for ‘Sharia Compliant Banking’ at its branch in Akkaraipattu in the Eastern Province to meet the growing demand for financial products based on Islamic principles.
The Bank said an officer has been assigned to the counter to serve the needs of customers in relation to the many Islamic Banking products it offers………………………………………..Full Article: Source

The National Bank for Development (NBD) in cooperation with Abu Dhabi Islamic Bank (ADIB) announced its financial results for Q1 2012, which shows a continuation of the substantial progress made in 2011.
Most encouraging indicator in Q1 2012 was the growth in customer assets and deposits by 10.1% and 32.6% respectively over the last 12 months As for customer assets, it is evident that the new Islamic finance portfolio has grown by 26.3% compared to Q1 2011. (Press Release)

AMMB Holdings Bhd grew its net profit by 12.5% year-on-year to RM1.51bil for the financial year ended March 31, 2012 and the banking group has attributed this to faster non-interest income growth.
Gross loans, including Islamic financing sold to Cagamas, rose 5.7% to RM77.7bil supported by business and corporate loans growth. Business loans grew 14.9% to RM15.8bil from a diversified asset base, while corporate and institutional loans expanded 13.5% to RM14.6bil………………………………………..Full Article: Source

The Islamic finance industry is in need of an international legal framework to settle disputes, an expert said. “We need to have an international convention in which all the countries will subscribe to the convention, in order for us to refer to it when there is any dispute related to Islamic finance,” said Dr Mohamad Akram Laldin (pic), executive director of Malaysia’s International Syariah Research Academy for Islamic Finance (ISRA).
“People don’t put very much attention until there is any legal dispute. Only then people start thinking, ‘Yes, we have a problem and how are we going to resolve it?”……………………………………….Full Article: Source

Islamic Finance Club held a lecture at GUST University that was given by a group of Kuwait Finance House (KFH) female employees to the students.
The lecture discussed the role of women and their effective role they have been playing since the establishment of Kuwait Finance House (KFH) as first Islamic bank in Kuwait………………………………………..Full Article: Source

“The increasing interest in Islamic finance in major markets across the globe presents a unique opportunity of expanding the global footprint of the Islamic investments industry,” said Central Bank of Bahrain (CBB) executive director of financial institutions supervision Abdul Rahman Al Baker.
“It is therefore important to ensure that the Islamic funds and investment industry has solid and strong foundations for future development and growth,” he added. “In addition to enhancing the innovations of new Islamic instruments and encouraging more spending in research and development, it is also essential that the Islamic financial institutions develop strategic alliances with other financial institutions globally, especially in the area of products structuring and offering………………………………………..Full Article: Source

Hong Leong MSIG Takaful Bhd (HLM Takaful) has appointed Mohd Fauzi Yaakub as its new Chief Executive Officer (CEO) effective May 15, 2012.
“As CEO, Mohd Fauzi is entrusted to steer HLM Takaful’s operations and business to maximise the company’s growth potential both in the family and general takaful segments,” the company said………………………………………..Full Article: Source

Kuwait’s ruler has blocked a proposal by 31 of the 50 elected members of parliament to amend the constitution to make all legislation in the state comply with Islamic law, an MP said on Thursday.
The approval of Kuwait’s Emir, Sheikh Sabah Al-Ahmad Al-Sabah, is needed for any constitutional change………………………………………..Full Article: Source