Apart from the stable economy, the presence of a favourable demography in Oman provides ample potential for the growth of Islamic banking in Oman. According to reports, about 20 per cent of adult Omanis prefer a Sharia compliant bank for their banking needs. This trend is similar to overall 22 per cent Sharia compliant assets in the GCC region. In Oman 60 per cent of the population is less than 30 years of age.
“Also with the government plans towards diversification of economy we anticipate the financing needs to increase in Oman thereby providing opportunities for the newer banks”, say analysts of Gulf Baader Capital Market in a report on Bank Nizwa initial public offering………………………………………..Full Article: Source

Gulf Finance House is eyeing acquisitions and restarting stalled projects in Bahrain in an effort to turn around its fortunes. The Islamic investment bank had been one of Bahrain’s biggest deal makers before the financial crisis, but it was humbled by the collapse in the property market and dwindling investment banking business.
It reached an agreement with sukuk holders last week to push back repayment on US$110 million (Dh404m) of Islamic bonds for six years………………………………………..Full Article: Source

Malaysia’s largest lender Malayan Banking Bhd (Maybank) on Thursday posted an 18.4 percent increase in first-quarter net profit, lifted by a stronger loan business and its Islamic banking operations.
The bank posted a net profit of 1.35 billion ringgit ($429.25 million) in the quarter ended March 31, 2012 compared with 1.14 billion ringgit in the same quarter a year ago………………………………………..Full Article: Source

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah graced the official launching ceremony of Warba Bank at the Salwa Sabah Al-Ahmed Ballroom. His Highness the Crown Prince Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, Parliament Speaker Ahmed Abdulaziz Al-Saadoun, Prime Minister Jaber Al-Mubarak Al-Sabah were also in attendance along with several Government ministers and other VIP guests.
Warba Bank is an Islamic Bank established by virtue of an Amiri Decree, officially registered in the Central Bank of Kuwait’s list of Islamic Banks on the 5th of April, 2010………………………………………..Full Article: Source

Dubai Islamic Bank (DIB, rated Baa1 by Moody’s and A by Fitch) priced on Tuesday 22 May a $500 million five-year Sukuk due May 2017 under its newly established $2,500,000,000 Sukuk Programme.
Deutsche Bank, DIB, Emirates NBD, HSBC and National Bank of Abu Dhabi acted as Joint-Lead Managers and Joint-Bookrunners, with Sharjah Islamic Bank and Union National Bank acting as Senior Co-Managers and Qatar Islamic Bank as Co-Manager. The transaction was priced at a profit rate of 4.752% with a spread of 365 bps over the US$ five year mid swaps………………………………………..Full Article: Source

April and May looked to be banner months for sukuk. Two deals, one from the Saudi Electricity Company (SEC) and the other, from Banque Saudi Fransi, the Saudi lender part-owned by Credit Agricole, marked two rare but popular US dollar denominated issues which were highly prized by investors.
The benchmark deals helped underscore growing investor appetite for Islamic bonds………………………………………..Full Article: Source

UAE Central Bank calls for creation of a centralised Sharia board to facilitate the sale of sukuk. The Arab states must develop their bond markets by issuing laws to encourage transactions in bonds, UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said.
“Arab states have been developing their financial markets, but the public bonds have remained limited in the Arab market, though they are important. There’s a need that the government bonds should constitute at least 15 per cent to 25 per cent of the GDP [gross domestic product],” Al Suwaidi said……………………………………….Full Article: Source

Exim Bank Malaysia, a state-owned export finance company, began marketing as much as $500 million of dollar-denominated bonds in its first global offering, two people familiar with the matter said.
Nomura Holdings Inc., BNP Paribas SA, Malayan Banking Bhd. (MAY) and CIMB Holdings Bhd. were hired to manage the sale, said the people who couldn’t be named as the details are private. The $500 million sale is part of Exim Bank’s $1.5 billion medium- term note program, they said………………………………………..Full Article: Source

The Islamic Finance trainers have introduced seven more Sharia Standards for the Islamic Banks and Institutions in the United Arab Emirates, calling on operators to hold ‘meetings on regular basis’ to meet industry’s growing demand.”
The launch of the standards, which were developed by the Bahrain based premium Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and held at the Grand Hyatt Hotel in Dubai on Wednesday was attended by dozens of financial institutions and trainers………………………………………..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 ) - the largest bank in financial services group in the region ……………………………………….Full Article: Source

The inauguration ceremony of Pakistan’s Premier Islamic Brokerage Company “Diyanah Islamic Financial Services (DIFS)” took place on Wednesday at a local hotel.
The event was presided over by renowned scholar Shariah Advisor Mufti Zubair Usmani while other Islamic scholars, people from the brokerage community, distinguished guests and media personnel attended the event. CEO Central Depository Company (CDC) also graced the occasion………………………………………..Full Article: Source

Saudi Hollandi Bank (SHB) will provide the National Prawn Company ( NPC ) with SR460 million of Islamic funding to support the firm’s long-term growth ambitions, including the second phase development of its Red Sea prawn and fish cultivation projects, a statement said.
The funding is one of the biggest single bank transactions to date for a private sector company in Saudi Arabia in the aquaculture sector………………………………………..Full Article: Source

Oman’s Ministry of Commerce and Industry has halted the merger of HSBC Oman and Oman International Bank ( OIB ) following an objection raised by an India-based businessman.
The order issued on May 16 by the Ministry of Commerce and Industry , Directorate-General of Commerce in Muscat, states that according to Article 13 bis 8 of Commercial Companies Law 4/74, the merger has been suspended unless the objection raised by the businessman is settled or withdrawn by him. Another option is that the said objection is overruled by a court order………………………………………..Full Article: Source