Senegal and members of the West African Economic and Monetary Union (UEMOA) completed a major step towards introducing Islamic financial services later this year following a review of the region’s financial regulations.
The review, completed by the international consultancy IFAAS (Islamic Finance Advisory & Assurance Services), was commissioned by the Senegal Ministry of Finance with the full support of the Islamic Development Bank (IDB), based in Jeddah, Saudi Arabia………………………………………..Full Article: Source

The Gulf Arab state of Qatar is planning to issue a two-tranche Islamic bond, or sukuk, four sources familiar with discussions said on Monday, as it kicked-off investor meetings in Malaysia.
The world’s largest liquefied natural gas exporter is holding roadshows in Kuala Lumpur and Singapore on Monday and Tuesday respectively, arranging banks said last week, following which a sukuk may be issued, subject to market conditions………………………………………..Full Article: Source

Global credit rating agency Standard & Poor’s (S&P) has assigned ‘AA’ issue credit rating to Qatar’s proposed dollar-denominated sukuk. The rating has been assigned to trust certificates to be issued by SoQ Sukuk A, a special purpose vehicle (SPV) registered in Qatar and wholly-owned by the State.
“We believe the reason behind the transaction is to raise funds in accordance with Islamic principles. The issuance of sukuk shall be made via the Shariah principle of ijara (leasing),” S&P said………………………………………..Full Article: Source

Saudi builder Dar al-Arkan Real Estate Co on Monday said it will repay a $1 billion Islamic bond, or sukuk, at maturity on July 16. “Dar has taken all the steps for redemption through the principal paying agent,” the company said in a statement to Nasdaq Dubai bourse.
Dar, the kingdom’s largest property developer, had said earlier that it would use cash and proceeds from land sales to repay the bond………………………………………..Full Article: Source

Danainfra Nasional Bhd, a Malaysian state-owned company, started marketing RM2.4 billion (US$753 million) of Islamic bonds to yield 20 to 33 basis points over similar-maturity local government bonds, two people familiar with the matter said.
The Kuala Lumpur-based firm, formed to fund development projects, is offering the syariah-compliant securities in four portions with maturities of seven, 10, 12 and 15 years, said the people, who couldn’t be named as the information is private. Proceeds will be used to help finance construction of a subway in the country’s capital………………………………………..Full Article: Source

Dar Al-Arkan Real Estate Development Company ( DAAR ) announces the final periodic coupon distribution amounting to USD 6,867,087.50 for the period 17/04/2012 till 16/07/2012. The periodic coupon distribution is based on 3 Month Libor (0.46665 calculated on 16/04/2012) plus a profit margin of 2.25%.
in regards to the principal amount repayment, DAAR has taken all the steps for redemption through the principal paying agent. The redemption amounts will be distributed to the Sukuk holders on Monday the 16th of July 2012. (Press Release)

With Ramadan just around the corner it seems that the Islamic capital market is in a rush to get everything signed, sealed and delivered before the end of next week. One of the highlights of the last week was news from Turkey that the government was preparing its first Sukuk.
According to reports, the moderate Islamic government of Recep Tayyip Erdoğan is for the first time since its rise to power nearly a decade ago, reaching out to the east in its search for diversified funding, looking at a $1bn debt raise. It was reported that HSBC, Citi and Deutsche are on the hook as advisers. ……………………………………….Full Article: Source

The sukuk (Islamic bonds) market in the oil-rich Gulf and other countries is expected to exceed $100 billion this year to smash the record $85 billion achieved in 2011, Saudi Arabia’s largest bank said.
Despite an expected rise in the six-nation Gulf Cooperation Council (GCC), Malaysia is projected to remain the world’s dominant sukuk market this year, National Commercial Bank (NCB) said………………………………………..Full Article: Source

Oasis Crescent, one of the world’s largest Sharia asset managers, has opened an office in London and launched six funds, hoping to attract business from Britain’s estimated two million Muslim population.
The South African firm, which manages £2.5 billion ($3.9 billion) in assets, is launching products - such as bond, equity and property funds - which adhere to Islamic principles including a ban on interest………………………………………..Full Article: Source

The Dow Jones Islamic Market Titans 100 Index finished June up 4.66 per cent, according to data compiled by S&P Dow Jones Indices. The index measures the performance of 100 of the world’s leading Shari’ah-compliant stocks.
The Dow Jones Global Titans 50 Index, which measures the world’s 50 largest companies, posted a June gain of 5.65 per cent. Regionally, the Dow Jones Islamic Market Asia/Pacific Titans 25 Index, which measures the performance of 25 of the leading Shari’ah-compliant stocks in the Asia/Pacific region, increased 2.63 per cent in June; the Dow Jones Asian Titans 50 Index advanced 5.20 per cent………………………………………..Full Article: Source

Badlisyah Abdul Ghani, CEO, CIMB Islamic Bank: CIMB Islamic Bank has played and continues to play a significant role in realizing the Government of Malaysia’s aspirations to becoming a global leader in Islamic finance and making Kuala Lumpur a global hub for Islamic finance.
The bank has been involved in several landmark and innovative transactions that contributed to the development of the Islamic capital markets. Leading this charge at CIMB Islamic has been its CEO Badlisyah Abdul Ghani, who has become a face to the world for Malaysia’s Islamic banking/finance industry………………………………………..Full Article: Source

Investment banking boomed in the region during the second quarter of this year. Share issues raised $4 billion during the period, four times as much as the first quarter, according to a report by a financial intelligence group.
Islamic debt issuance reached $14.5bn from 34 issues, an increase of 25pc from the same period in 2011, and the strongest first six month total since 2008. The top Islamic issuer nation during the first half of 2012 was Malaysia with 45pc of the activity, while the strongest industry was the financials sector………………………………………..Full Article: Source

First Gulf Bank (FGB), the financial partner of choice in the UAE, recently launched a Shariah Compliant deposit scheme, Emirati Al Awwal Islamic Certificate. The Emirati exclusive product has been developed based on a recent survey conducted by the bank, which showed a preference amongst the majority of Emirati customers for an Islamic deposit product.
Officially introduced on July 8th, 2012, the Shariah Compliant Emirati Al Awwal Islamic Certificate coincides with Islamic traditions and the beliefs adopted by the UAE. Emirati Al Awwal Islamic Certificate continues to encourage UAE Nationals to practice healthy saving habits, by offering returns from Mudaraba investments. Furthermore, it will provide customers with opportunities to win cash prizes, as it will offer regular draws on a weekly, monthly and quarterly basis. (Press Release)

The Securities and Exchange Commission of Pakistan (SECP) in response to industry’s demand has proposed new Takaful Rules which will allow the conventional insurance companies to offer Takaful products through their dedicated Shariah compliant window operations.
Chairman SECP Muhammad Ali will formally launch the new Takaful Rules at an event to be held on Friday, July 13 at Karachi. It is expected this will provide the necessary impetus for the growth of Takaful vis-à-vis insurance in Pakistan, analysts said………………………………………..Full Article: Source

Dato’ Hj Syed Moheeb Syed Kamarulzaman, president and CEO, Takaful IKHLAS: As the president and CEO of Takaful IKHLAS since it obtained its licence from Bank Negara Malaysia in April 2003, Dato’ Hj Syed Moheeb Syed Kamarulzaman has transformed Takaful IKHLAS into one of the stalwarts in Malaysia’s takaful industry.
Within just nine years of operation, the company has built a strong presence in the provision of Islamic financial protection products and services………………………………………..Full Article: Source

The insurer Swiss Life has launched Salam Epargne & Placement a life insurance product aimed at French residents. This multi-fund insurance contract complies with the principles of ethical and Islamic finance.
It enables policyholders to invest in the various UCITS of the Salam-Pax Sicav, a “Sharia-compliant” fund of funds. It has been certified by the European Independent Committee of Islamic Finance (CIFIE)………………………………………..Full Article: Source

Recently concluded 2012 Global Finance Conference in Chicago, the USA had a Saudi Arabian participant researcher Dr. Dawood Ashraf, an Assistant Professor in Prince Mohammad Bin Fahd University (PMU).
“The economic downturn caused due to excess of leverage in the financial system hardly impacts Islamic Mutual Funds (IMF),” said the PMU researcher after analyzing relative performance of IMFs with the conventional funds in Saudi Arabia that constitutes for more than 20% of world’s Islamic capital market………………………………………..Full Article: Source

Bank Sohar, Oman’s most youthful and dynamic banking institution and Path Solutions, a global provider of software solutions to the Islamic financial services industry announced that they have inked pact at a signing ceremony in Muscat, Oman. As per the deal, Path Solutions’ pioneering Islamic banking system iMAL will be implemented at Bank Sohar to assist the bank extend Islamic banking services.
Bank Sohar selected Path Solutions after evaluating several software solutions providers. Bank Sohar has become the fourth bank in the Sultanate of Oman to adopt Path Solutions’ iMAL system reaffirming Path Solutions’ position as a leading banking and financial software powerhouse in the region. (Press Release)

Qatar’s budget surplus more than tripled to 44.5 billion riyals ($12.2 billion) in the fiscal year ended in March, double the original plan and helped by booming revenues from liquefied natural gas, a prospectus for the country’s potential Islamic bond issue showed on Monday.
Qatar is the world’s top exporter of liquefied natural gas and its fiscal surplus for 2011/12 was equivalent to 7 percent of 2011 gross domestic product, according to a Reuters calculation, up from the original 22.5 billion-riyal plan………………………………………..Full Article: Source