Established in 2007, Dubai-based Noor Islamic Bank said it planned to become the world’s largest Islamic lender within five years, and would consider acquisitions to reach that goal.
But the global financial crisis dented those plans, and today Noor Islamic is focused on its domestic retail and takaful (Islamic insurance) businesses, with much of its overseas activity concentrated in Turkey and Tunisia………………………………………..Full Article: Source

To uplift the standard of the needy Muslims, Union Finance Ministry and NCM chairman Wajahat Habibullah pitch for interest-free banking utilising the thousands of crores lying unaccounted in banks across the country and belonging to Muslims.
Thousands of crores lying unaccounted in banks across the country and belonging to Muslims could be used for the uplift of the poor section of the community, provided the Reserve Bank of India (RBI) gives the go-ahead………………………………………..Full Article: Source

The government has issued Rp 120 trillion ($12.8 billion) in Islamic bonds during the past four years, which the Finance Ministry attributes to an “excessive” demand for them among Muslim investors.
The ministry’s director for Shariah financing, Dahlan Siamat, said the government issued its first Islamic bond, known as sukuk, in 2008, and as of Thursday it had issued a total of Rp 120 trillion………………………………………..Full Article: Source

In just about every macroeconomic measure that matters Malaysia has been at the forefront of consistency of growth. Since 2000 real GDP growth has averaged 5.1% with an average CPI inflation rate of 2.8%.
By contrast Vietnam has seen very high GDP growth but it has done so at the expense of consumer prices and a massive devaluation of the Dong. Since 2004 Malaysia’s GDP has doubled in purchasing power to $414 billion USD and per capita income has risen to $15,497 from $9,700………………………………………..Full Article: Source

Gulf bond sales are set for a record first half as lower borrowing costs enable companies in the region to refinance debt and raise money for expansion. Governments and businesses in the six-nation Gulf Cooperation Council have sold $18.2 billion (Dh66.8 billion) in bonds this year, 76 per cent more than in the same period in 2011, data compiled by Bloomberg show.
Royal Bank of Scotland has five to ten mandates for GCC bond and sukuk sales, Jacco Keijzer, head of debt capital markets, said on April 30………………………………………..Full Article: Source

The $214 billion global sukuk industry is witnessing unprecedented growth, complemented and triggered by diversification, said an industry expert. “Large pools of Muslim wealth and abundant liquidity have ensured that demand for sukuk exceeds supply,” remarked Adnan Halawi, Zawya fixed income team leader.
According to him, the Islamic finance’s safe haven, asset-backed nature had led to more investors globally opting for sukuk to diversify portfolios and meet financing and refinancing requirements………………………………………..Full Article: Source

Dana Gas PJSC, the fuel producer with $1 billion in Islamic bonds maturing in October, appointed a new chairman and vice chairman.
The shareholders approved the appointment of Adel Al Sabeeh as chairman and Tawfeeq Al Moayed as vice chairman, according to a company statement to the Abu Dhabi stock exchange today. Al Sabeeh was previously the vice chairman and replaces Abdul Hamid Jafar, according to company information on the stock market………………………………………..Full Article: Source

Jeddah-based Islamic Development Bank (IDB) picked five banks to arrange roadshows ahead of a potential dollar-denominated Islamic bond, or sukuk, which would be its first trade in over a year, lead arrangers said on Wednesday.
The supranational bank mandated BNP Paribas, CIMB, HSBC, National Commercial Bank and Standard Chartered to arrange the meetings and to act as bookrunners on the sukuk, which will print subject to market conditions………………………………………..Full Article: Source

Ifzal Akhtar, Islamic Finance Solicitor and Lecturer, Birmingham, England enlightened attendees on The Role of the Islamic Bank and the lessons to be learned from the Goldman Sachs Sukuk fallout quoting “The Goldman Sachs issue is a topical issue which has risen after Goldman Sachs issued a sukuk in October last year.
After the issuance, there was some questions about whether Goldman Sachs issued a sukuk which was Sharia’h compliant which originally came from people who were not qualified to comment on the same. The lesson for Oman is that this is an example of how not to do things. When I say how not to do things, it means how not to handle controversy. (Press Release)

Egypt’s parliament is drafting amendments to the country’s central bank law, including the creation of an interbank market for Islamic banks, Al Mal reported, citing Mohamed Gouda, a member of the Freedom and Justice Party’s economic committee.
The regulations will aim at increasing the market share of Islamic banks to 35 percent in five years, compared with 4 percent now, the Cairo-based newspaper cited Gouda as saying………………………………………..Full Article: Source

Qatar International Islamic Bank (QIIB), parent company of Islamic Bank of Britain (IBB), is considering the sale of the UK’s only sharia-compliant retail lender as it struggles to gain scale in the UK market.
IBB confirmed it had received an approach by QIIB, which currently owns a controlling 88.41 percent stake, to take over the remaining shares with a view to a possible sale as it considers the strategic future of the UK bank………………………………………..Full Article: Source

Established in 2007, Dubai-based Noor Islamic Bank said it planned to become the world’s largest Islamic lender within five years, and would consider acquisitions to reach that goal.
But the global financial crisis dented those plans, and today Noor Islamic is focused on its domestic retail and takaful (Islamic insurance) businesses, with much of its overseas activity concentrated in Turkey and Tunisia………………………………………..Full Article: Source

Finally, the dream of many Omanis has come true. They have demanded that Islamic Banking should be practiced in Oman. Such a demand will not only fulfill their financial needs, but also will give opportunities to people to understand Islamic Banking and compare it with conventional banking. Before getting to know the differences between Islamic Banking and conventional one it is advisable to know banking in general first.
Banking came into being since 1200 approximately and its practices were initially found in Italy. Banking is one of the most important pillars of the economy of a society………………………………………..Full Article: Source

Oman’s Bank Nizwa rallied as much as 17 per cent on its first trading day as a public company, amid expectations that the country’s first Islamic lender will benefit from a big untapped appetite for Sharia products.
Bank Nizwa last month said it was looking to sell 600 million shares to raise US$158.9 million (Dh583.6m) from investors. Its initial public offering was 11 times oversubscribed, generating $1.77 billion of bids. Yesterday was its first trading day since the share sale………………………………………..Full Article: Source

Many non-Muslims like knowing they are not investing in alcohol, tobacco or porn. More than 100000 South Africans make use of the shariah-compliant banking products of local banks.
Eric Enslin, head of client engagement at FNB Wealth, said the shariah customer base is not exclusively Muslim. Enslin said shariah banking is consistent with the principles of Islamic rulings and their practical application through the development of Islamic economics………………………………………..Full Article: Source

Ajman Bank, the award-winning Islamic financial services institution committed to transforming the experience of Islamic banking, announced that it has signed an agreement with City University College of Ajman (CUCA) at a special ceremony held at Ajman Bank’s Head Office premises in Ajman.
The agreement represents a partnership that will benefit students and researchers at CUCA, aiming to provide students with opportunities to develop skills and careers in the banking and finance industry and to promote top level research and innovation initiatives in the field. (Press Release)

Bank Nizwa surged as much as 17 percent as Oman’s first Islamic lender started trading in Muscat on investor speculation demand for Shariah-compliant services will grow.
The shares, which have a nominal value of 0.100 rial, jumped to as high as 0.119 rial before trimming gains to close at 0.115 rial. Oman’s benchmark MSM30 Index (MSM30) declined 0.5 percent, the most in a week………………………………………..Full Article: Source

Saudi Arabia’s banks have arranged the most loan syndications on record this year as they support the government’s $514 billion (Dh1.8 trillion) spending plans and offset a decline in funding from Europe.
Banks in the largest Arab economy were lead arrangers for $4.19 billion of syndicated loans so far in 2012, 43 per cent of the Middle East and North Africa total, data compiled by Bloomberg show………………………………………..Full Article: Source

Trade finance and corporate banking are on the up in Saudi Arabia thanks to double-digit growth in both imports and exports in the Kingdom and continued positive intermediation by Saudi banks in the trade flows.
This is confirmed by Cash Management Matters (CMM), which as part of its aim to create transparency in the trade finance market-place in the KSA, has set out the results of its 2011 research in its Tajara Monitor publication………………………………………..Full Article: Source

Increase in demand for alternative dispute resolution mirrors growth of the $1 trillion Islamic finance industry. The Bahrain Chamber for Dispute Resolution (BCDR-AAA)’s Chief Registrar and Assistant CEO for Arbitration, Ahmed Husain Husain said, “The Islamic finance industry is currently valued at $1 trillion and is growing at a significant rate of 10 per cent per year.
With this growth comes the demand for alternative solutions to traditional means of settling legal disputes. As such, arbitration and mediation have an increasingly important role to play in the financial and legal sectors………………………………………..Full Article: Source

As the political and security turmoil is aggravating the economic woes of millions of people in the poor Arab country, economists believe that Islamic banking is the ideal solution to pull Yemen back from its crisis and reinvigorate its crumbling economy.
“The increased demand for Islamic banking services and products, such as speculation, trade credit, trading and leasing, stimulated the rapid growth of the sector,” Mohamed Al-Farhan, a Saudi Arabia-based economic analyst, told OnIslam.net………………………………………..Full Article: Source

By steadfastly implementing best practices, robust regulatory principles and good governance, Bahrain now enjoys the reputation as one of the world’s most respected financial centres. “To have achieved this in such a short period of time is testimony to the vision and dedication of the people who have developed and improved the regulatory frameworks, very often in challenging economic circumstances,” Bapco chairman Shaikh Salman bin Khalifa Al Khalifa said.
“A specific example in respect to Bahrain is that it is recognised as a key centre for Islamic finance. It is the home of many organisations which set Islamic standards.”……………………………………….Full Article: Source