Malaysian Airlines (MAS) has proposed the world’s first corporate perpetual sukuk, a debt-equity hybrid, its top official said, hoping to raise up to 2.5 billion ringgit ($798 million) from the Asian state’s Islamic capital markets.
The structure, approved last week by the country’s regulator, further blurs the traditional definition of sukuk as a fixed-income instrument and aligns it closer to an equity instrument, as viewed by industry purists………………………………………..Full Article: Source

Malaysia plans to sell at least 2 billion ringgit ($636 million) of Islamic bonds to help finance the first phase of construction of a mass railway in Kuala Lumpur, two people familiar with the matter said.
Dana Infra Sdn., a company formed by the country’s finance ministry to fund development projects, may increase the offering to 3 billion ringgit if there’s sufficient demand, said the people, who declined to be named as the information is private. No date has been fixed for the sale because of Europe’s debt crisis and marketing may start as early as June, they said………………………………………..Full Article: Source

Gulf International Bank (GIB) has successfully established a MYR 3.5 billion ($1.11 billion) Sukuk Al-Wakalah Medium-Term Note (MTN) programme in Malaysia. The Islamic MTN programme is based on the Shariah principle of Wakalah.
CIMB Investment Bank Berhad and Standard Chartered Saadiq Berhad are the joint lead arrangers, while GIB Capital LLC, GIB’s investment banking arm, is the international coordinator of the Sukuk programme………………………………………..Full Article: Source

The Jebel Ali Free Zone, or Jafza, a leading industrial free zone in the Middle East, said on Sunday that a majority of sukuk-holders had given it consent for an early redemption of a Dh7.5 billion-equivalent Islamic bond.
The free zone, which has been recording a steady surge in the number of industrial companies joining the zone, said a majority representing 89 per cent of certificate holders had voted in favour of the Extraordinary Resolution in a meeting on May 24 in London………………………………………..Full Article: Source

The Islamic banking current share of 8% should grow to over 15% by 2016 in the country through penetration in all potential sectors with innovative Sharia based products and services.
Irfan Siddiqui, President & CEO of Meezan Bank expressed his vision while stating the broad growth strategy of Islamic Banking industry and his bank for the next five years. Meezan Bank, Pakistan’s first and largest Islamic Commercial Bank has completed its 10-year of operations to become the 9th largest bank of Pakistan in terms of branches with a network of 288 in 88 cities across the country………………………………………..Full Article: Source

Sheikh Ebrahim bin Khalifa Al-Khalifa Chairman of Meezan Bank, Pakistan’s first and largest Islamic Commercial Bank attributed Bank’s 10 years success to blessings of Allah SWT and thanked staff members for their efforts in establishment and growth of Riba-free banking in the country.
He was addressing by telephone from Bahrain at 10th anniversary of Meezan Bank, which has 288 branches in 88 cities, becoming Pakistan’s 9th largest Commercial Bank in terms of branch network with comprehensive portfolio of Islamic financial products, services for consumer, corporate and investment banking………………………………………..Full Article: Source

Dubai Islamic Bank (DIB) announced the opening of a new branch in Karama, Dubai, bringing its UAE wide network to 75 branches. The branch, which takes DIB’s Dubai network to 36 branches, was officially inaugurated by Abdulla Al Hamli, Chief Executive Officer, DIB.
Speaking at the opening of the branch, Dr. Adnan Chilwan, Deputy Chief Executive Officer of DIB, said: “Branch infrastructure is a cornerstone of our Consumer Bank strategy. The opening of the new branch in Karama is an extension of this long-term strategy to expand our footprint across the UAE in order to maximise customer convenience. In 2012 alone, we have opened four new branches and have plans to open several more over the course of the year. Looking further ahead, we will continue to invest in our infrastructure to maintain our position as the nation’s number one Islamic bank.”(Press Release)

Following an invitation from the Lord Mayor of the City of London, President of the Islamic Development Bank (IDB), Dr Ahmad Mohamed Ali visited London. In collaboration with Gatehouse Bank, TheCityUK’s UK Islamic Finance Secretariat (UKIFS) held a meeting at The Mansion House to enable representatives from across the UK Muslim community to meet Dr Ali and his accompanying delegation.
At this meeting they discussed areas of potential market development, including microfinance within Islamic communities, job creation initiatives for women entrepreneurs and innovative methods for developing young Muslim talent………………………………………..Full Article: Source

Takaful Malaysia Bhd has recorded a 33.5 per cent rise in its profit before taxation and zakat (PATZ) of RM37.512 million for the first quarter ended March 31, 2012 compared with RM28.096 million in the same period last year.
Its operating revenue increased by 38.8 per cent to RM429.045 million from RM308.982 million the same period last year, it said………………………………………..Full Article: Source

Banking on economic growth of the region, which is currently at the forefront of global fiscal environment, Malaysia’s life insurance industry is expected to grow by 10% this year.
Malaysian Insurance and Takaful Brokers Association deputy chairman Raja Azlan Putra Raja Datuk Seri Azam foresaw that the industry would consolidate further as the country opened its door to foreign companies……………………………………….Full Article: Source

This summer London will witness the gathering of participants from all over the world in the spirit of togetherness and mutual cooperation but these participants will most likely be dressed in business attire rather than lycra body suits.
The Takaful world will converge again in July this year for the 6th International Takaful Summit, which has established itself as one of the most important meetings for the industry to discuss the future growth of this blossoming sector of Islamic finance. Held over 3 days from the 10th-12th of July, ITS 2012 aims to highlight the issues that continue to arise owing to the relative infancy of the industry that is set against a backdrop of extremely difficult global financial uncertainty. (Press Release)

The investment grade BLME US Dollar Income Fund, has delivered top percentile performance and is ranked 6 out of 763 funds over 3 years in the US $ Global Money Markets sector, according to Reuters’ fund ranking service Lipper Hindsight.
It is managed by former F&C fund manager, Jason Kabel, and has delivered consistent positive returns since its launch in March 2009………………………………………..Full Article: Source