The growth rates of Muslim economies have dropped from 5.7 percent in 2010 to 4.9 percent in 2011, a specialized economic report showed on Thursday. The report of the Islamic Development Bank (IBD) said these economies have been gravely impacted by the struggling global economy, eurozone debt crisis and the political upheavals in the Middle East and North Africa region.
It, however, unveiled that the current account surpluses for the IDB members have jumped from 4 percent of the country’s GDP in 2010 to 5.6 percent of the GDP in 2011. Data also showed foreign debt of member states have eroded from 32 percent of the GDP to only 29.5 percent of the GDP in the corresponding time………………………………………..Full Article: Source

Turkey is set to mandate HSBC, Citi and Deutsche Bank to manage the sale of its first sukuk, or Islamic bond, banking sources told Reuters on Thursday. The move by the Treasury, overcoming sensitivities about Islamic finance in the secular republic, should give Turkey access to a wider pool of investors via a global sukuk market estimated at more than $100 billion.
One banker said a size of $1 billion was being targeted, but that the sale amount was still unclear………………………………………..Full Article: Source

S.Africa is preparing to launch sub-Saharan Africa’s first Islamic bond, paving the way for issues by other countries in the region, Treasury officials said.
Thuto Shomang and Monale Ratsoma of the National Treasury’s government borrowing department say SA is leaning towards a dollar-denominated, five-year sukuk, using an ijara structure. “It’s the one that seems to attract investors’ interest. That’s the one that the recommendations have been on so far,” says Mr Ratsoma, adding that first-time issuers usually chose five-year tenors………………………………………..Full Article: Source

The Gulf Arab state of Qatar is planning to issue Islamic bonds, or sukuk, for the first time in nearly a decade, as it seeks to take advantage of global demand for safe havens and sharia-compliant assets amid market uncertainty.
Qatar has mandated banks for investor meetings in Kuala Lumpur and Singapore starting on July 9, arranging banks said on Thursday, and a dollar-denominated sukuk issue may follow subject to market conditions………………………………………..Full Article: Source

Qatari banks need to depend less on deposits and issue more debt and Islamic bonds to raise capital if they are to continue fuelling the country’s breakneck expansion without encountering future problems, an executive at Standard & Poor’s said.
Loan growth in the Gulf Arab state, which posted a 14.1 per cent increase in GDP last year, stood at 28 per cent in 2011, according to a new report from the ratings agency on the state of the Gulf Cooperation Council (GCC) banking sector………………………………………..Full Article: Source

Emirates Islamic Bank , or EIB , the Shariah-compliant arm of Dubai’s largest lender Emirates NBD, priced a $500 million sukuk on Wednesday, as the lender took advantage of strong demand for Islamic debt from the region.
The sukuk, due to mature in January 2018, priced at par at a spread of 310 basis points over midswaps and carried a profit rate of 4.147 per cent, lead arrangers said………………………………………..Full Article: Source

The Pakistan Credit Rating Agency Limited (Pacra) has maintained the rating of the Sukuk of Eden Builders Limited (EBL) at ‘A’ (Single A). The rating denotes a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.
The rating reflects the strong underlying security structure of the Sukuk. At the same time, it incorporates the heritage attached with the brand - “Eden” - a well-known name in Lahore’s real estate development business. Eden with a focused strategy has been providing housing solutions for middle-income tier for three decades………………………………………..Full Article: Source

Islamic finance has attracted considerable Indian government and local media interest as the subject is considered new, World Islamic Economic Forum (WIEF) Foundation Secretary-General Tan Sri Ahmad Fuzi Abdul Razak said.
He said this has been the case in all WIEF visits to other countries as well, and in India in particular simply because no Islamic finance institution has been established there………………………………………..Full Article: Source

Airport retailer Dubai Duty Free (DDF) said it has successfully closed a $1.75 billion debut financing deal with the support of leading international banks to help fund the on-going expansion of Dubai International Airport.
The six-year senior unsecured syndicated credit facility, comprising a conventional term-loan facility and Islamic facilities, was the largest syndicated facility for a debut Dubai government related entity since 2008, said a statement from DDF………………………………………..Full Article: Source

Standard Chartered Private Bank has launched a suite of Islamic wealth management products aimed at high net worth clients across its offices in Dubai, Geneva, London and Jersey.
The package, aimed at plugging industry gaps in the availability of Shariah compliant products, covers fiduciary deposits, property financing, equities, Islamic fixed income instruments (Sukuks), mutual funds (including exchange-traded funds), third-party structured products and discretionary services………………………………………..Full Article: Source

Akim (head) of North Kazakhstan region Serik Bilyalov met with a delegation of the Islamic Development Bank the other day in Petropavlovsk, Kazinform has learnt from akim’s press service.
President of Goldhein Investments Limited David Varagyan, Samir Taghiyev, Coverage Manager, Central Asia and CIS, Islamic Development Bank and Vice President of AKA Group Maksat Akatayev were a part of the delegation………………………………………..Full Article: Source

A Bishop in the Dioceses of Chris Temple Ministry International, Bishop Goodluck Akpore, yesterday said opponents of Islamic Banking in Nigeria are ignorant of the products the bank offers as it is not against Christians in the country.
Speaking at the Annual General Meeting of Jaiz Bank Plc in Abuja, the Bishop who is also the Chairman of Onitsha zone shareholder association said he was going to preach to his congregation to buy into the bank………………………………………..Full Article: Source

National Bonds Corporation, the leading Shariah-compliant saving scheme in the UAE, has announced the launch of a diverse range of Islamic insurance plans starting from 50 fils a day, the company.
The plans, which are designed to provide lifestyle protection, offer up to one million dirham cover and are structured to safeguard customers and their loved ones against accidents, critical illness, disabilities and death………………………………………..Full Article: Source