With the gap between Islamic and conventional banking solutions narrowing substantially, banking assets of the Shariah-complaint segment — growing twice as fast as conventional banking assets — are expected to reach $1.1 trillion globally in 2012, up 33 per cent from 2010, Standard Chartered said.
With the fast development of the Islamic banking industry, Muslim high net worth individuals, or HNWIs, are increasingly expecting Shariah compliance in managing their wealth, making Islamic wealth management solutions a key market need, Standard Chartered Private Bank said at the launch of a comprehensive suite of Islamic financial solutions for its clients………………………………………..Full Article: Source

Islamic private banking looks set for strong growth in the Middle East, Standard Chartered Plc’s head of private banking ex-Asia said on Monday.
From a current very low base, private banking services adhering to Islamic principles will grow to between 20 and 25 percent of new wealth management business within two or three years, said Stephen Richards Evans, head of private banking for Europe, Middle East, Africa, South Asia and the Americas………………………………………..Full Article: Source

Islamic banks are set to have the same share of the Middle East’s banking industry as their conventional rivals by the end of the decade, a major international lender has said.
Leading executives at global institution Standard Chartered say Sharia-compliant banks are on track to boast around half of the region’s banking assets by 2020 - on the back of surging growth which has seen the industry expand by 30 per cent in the region in just two years. Standard Chartered say Islamic banking now accounts for 25 per cent of the UAE banking industry………………………………………..Full Article: Source

Standard Chartered Private Bank has launched a suite of Islamic financial solutions for its clients, including fiduciary deposits, property financing, equities, Islamic fixed income instruments (Sukuk), mutual funds (including Exchange-Traded Funds), third-party structured products and discretionary services.
These solutions are now available to clients across the Private Bank’s booking centres in London, Geneva, Jersey and Dubai………………………………………..Full Article: Source

Standard Chartered Plc will begin offering Islamic financial products to its private-banking clients to boost its share of a fast-growing market.
The products, which comply with Islam’s ban on interest, include deposit accounts, property financing, equities, Islamic bonds or sukuk and mutual funds, the London-based lender said………………………………………..Full Article: Source

The controversial plan by regulator Bank Negara Malaysia (BNM) to set up an Islamic mega bank using public funds could involve the purchase of an existing lender, Asian Finance Bank (AFB), say industry sources. The AFB is one of three foreign Islamic banks in Malaysia.
But perhaps likely to be more troubling than the use of public funds is a move to offer Islamic banking expert Professor Datuk Dr Rifaat Ahmed Abdel Karim and other “promoters” of the idea up to nine per cent of the shares in the super bank, which is to be capitalised at US$1 billion (RM3.2 billion)………………………………………..Full Article: Source

Taking its name from an Arabic term translated as ‘house of money’ or ‘house of wealth’, privately-held Bayt Al Mal Investment was historically a financial institution responsible for the administration of taxes in Islamic states, particularly in the early Islamic Caliphate.
It served as a royal treasury for the caliphs and sultans, managing personal finances and government expenditures, and was the department that dealt with the revenues and all other economical matters of the state………………………………………..Full Article: Source

Instead of charging interests on a monetary loan, Islamic finance companies generally offer homebuyers a sale, rent or partnership contract on the home.
In the sale model, the Islamic bank purchases the home, immediately sells it to its customer at a mark-up and the customer pays the bank in installments, according to Georgetown University law professor Babback Sabahi, who lectures widely on Islamic financing………………………………………..Full Article: Source

Bank Muscat, Oman’s largest bank by market value, is planning to raise 96.7 million rials ($251.17 million) from selling shares to existing holders, as the lender seeks to fund its credit growth and venture into Islamic finance.
Bank Muscat, in which Dubai Financial Group has a 14.7 percent stake, is offering 226.5 million shares at 0.427 rials per share as part of the issue, a document from the lender seen by Reuters showed………………………………………..Full Article: Source

Pakatan Rakyat (PR) MPs are demanding Bank Negara Malaysia (BNM) explain why it is proposing that Petronas and pension funds be used to set up a mega Islamic bank, saying that foreign institutions should instead be used to underwrite some of the US$1 billion (RM3.2 billion) in start-up capital.
Opposition lawmakers are also questioning BNM’s role in the matter, pointing out that the central bank has no business to get involved in the setting of a new bank………………………………………..Full Article: Source

Maybank Kim Eng Investment Research said much as it continues to view Bank Islam’s and Syarikat Takaful’s (RM6.12, Not Rated) prospects positively, the recent run-up in BIMB’s share price is cause to pause and take stock.
It said on Monday its sum-of-parts derived target price of RM3 for BIMB prices Bank Islam at a price-to-book value (PB/V) of 1.6 times (2012 returns on equity: 12.7%) and Syarikat Takaful at its current P/BV of 2.0 times, valuations which we believe are fair at this stage………………………………………..Full Article: Source

Islamic Banking and Finance is currently popular among banking and financial organisations around the world for practicing non-interest financing and adopting the principle of profit sharing. As a Muslim country, Malaysia acknowledges this concept and encourages local banking organisations to implement this concept into their banking operations.
This industry is currently experiencing rapid growth, resulting in an increased demand for skilled professionals to contribute their knowledge and experience to support and facilitate this continued expansion………………………………………..Full Article: Source

Fitch Ratings has assigned Development Bank of Kazakhstan’s (DBK) forthcoming Islamic Medium Term Note (IMTN) Programme a ‘BBB-(exp)’ expected rating.
The IMTN Programme expected rating is equalised with DBK’s Long-term foreign-currency Issuer Default Rating (IDR). Assignment of the final rating is contingent upon receipt of the final documentation from the issuer. Fitch notes, however, that issues under the Programme may not necessarily be assigned a rating and the issues may not necessarily be assigned the same ratings as the rating of the Programme………………………………………..Full Article: Source

Pos Malaysia has agreed a deal with the Islamic bank Bank Muamalat Malaysia to form a joint venture to provide Islamic loans under the Ar-Rahnu system.
The new company Pos Ar-Rahnu will offer Islamic pawn broking services in Malaysia’s network of more than 700 post offices. The Malaysian postal operator has acquired the entire capital of a company by the name of Bright Emerald Sdn Bhd, through which the joint venture will operate, renamed Pos Ar-Rahnu………………………………………..Full Article: Source

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.
“The event will discuss business opportunities in New South Wales, with particular attention given to Islamic finance,” an Australian government official, who declined to be named under briefing rules, told Reuters. The delegation will also visit Abu Dhabi and Lebanon………………………………………..Full Article: Source