People may think Google or McDonald’s are the biggest brands in the world, but that’s just because they’re not thinking of halal, says billionaire Malaysian businessman Tan Sri Halim Saad.
With around 1.8 billion Muslims in the world required by their religion to eat only halal food, that makes the halal brand worth an estimated US$2.3 trillion………………………………………..Full Article: Source

Three years ago Fehmida Shah set up Smart Ark, a London-based online firm that sells Islamic books, toys and gifts, mainly for children. “HSBC [a bank] was doing Islamic bonds and religious books were selling well, so I thought why not tap into the niche but growing market?” she says.
Customers from Britain to Singapore have bought her products. They include a pricier Fairtrade range that includes stickers of mosques around the world and a book on why Muslims should recycle………………………………………..Full Article: Source

Right now, the Islamic world is in the midst of a grand experiment. After decades facing an unappetizing choice among secular dictatorship, monarchy, and Iranian-style theocracy, nations across the region are grappling with how to build genuinely modern governments and societies that take into account the Islamist principles shared by a majority of voters.
As they do, a shadow hangs over their prospects. Islamic nations in the Middle East on the whole have underperformed their counterparts in the West………………………………………..Full Article: Source

Qatar’s sale of a US$4 billion (Dh14.69bn) sukuk has made this year the Arabian Gulf’s best ever for sales of Islamic bonds - with five and a half months still to go until the end of the year.
Investment banks have funnelled cheap credit towards the Gulf in an effort to make up for declining fee income and maintain relationships with big corporate clients. Gulf borrowers have raised $17.4bn this year, led by sovereign sukuk sales from Saudi Arabia, Qatar and Dubai, according to Bloomberg data………………………………………..Full Article: Source

Qatar has sold one of the largest Islamic bonds on record with surging demand for the $4 billion issue allowing bankers to trim the yield of the bond to the lowest paid for the gas-rich Gulf emirate.
The two-part bond, maturing in five and 10 years, attracted orders of $25 billion, underlining the robust appetite for strong borrowers in emerging markets and securities that comply with Muslim strictures against interest………………………………………..Full Article: Source

Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai, paid a lower profit rate than last year when it raised $500 million from the sale of Islamic bonds.
The Dubai-based developer offered a profit rate of 6.4 percent on the seven-year Shariah-compliant notes, a person familiar with the matter said, declining to be identified because the details are private. Emaar raised $500 million from the sale of five-year Islamic notes at a profit rate of 8.5 percent last year……………………………………….Full Article: Source

Emaar Properties saw strong demand for a $500 million seven-year Islamic bond, or sukuk, priced on Thursday, arranging banks said, in the latest sign that investor confidence in Dubai is returning as state-owned firms repay their debts.
Orders worth $4.65 billion were placed for the sukuk from 185 individual investors, according to statistics provided by the lead banks………………………………………..Full Article: Source

A framework to facilitate the offering of bonds to retail investors is currently in the final stages of development and will be introduced shortly, according to Securities Commission (SC) chairman Datuk Ranjit Ajit Singh.
“While the retail segment currently has access to the bond market via bond funds, the SC has been working towards greater financial inclusion in the bond market to attract foreign investors and increase direct access into the bond market for retail investors,” he said……………………………………….Full Article: Source

Iran’s national oil company has been authorised to issue up to 10 billion in euro-denominated bonds this year to help finance its activities, NIOC’s director said on Wednesday, in a further sign the country’s biggest business is creaking under sanctions.
The possible bond issue, which could also include trillions in local currency debt, will depend on Iran’s “situation,” Ahmad Qalebani was quoted by oil ministry website Shana as saying at a conference on oil and gas sector development………………………………………..Full Article: Source

Saudi Arabia agreed to increase Saudi investment in Egypt and provide more job opportunities for Egyptians, the official Egyptian Middle East News Agency reported, citing Yasser Ali, a spokesman for Egypt’s President Mohammed Mursi.
Talks between Mursi and Saudi crown prince Salman bin Abdulaziz also covered ways of overcoming obstacles facing Saudi investors in Egypt, MENA said………………………………………..Full Article: Source

The Islamic Financial Services Board (IFSB) has announced upcoming awareness programmes and the Facilitating the Implementation of IFSB Standards (FIS) Workshops that will held throughout the third and fourth quarters of 2012.
The list of confirmed programmes is as follows: 1) BNM-IFSB Financial Inclusion Advisers Programme and Seminar on Islamic Microfinance. Bank Negara Malaysia and the IFSB are jointly organising a Financial Inclusion Advisers Programme and a Seminar on Islamic Microfinance, to be held from 27 to 30 August 2012 at Sasana Kijang, Bank Negara Malaysia in Kuala Lumpur………………………………………..Full Article: Source

Centre of Excellence on Islamic Microfinance has been established in Pakistan in order to provide Capacity Building, Shariah Guidance and capacity building to the Microfinance & Islamic Microfinance Institutions, considering its popular trend in poverty alleviation from the world.
This Centre of Excellence will start operations simultaneously through its partner’s offices in Azerbaijan, Mauritius, Kazakhstan, Nigeria, Netherland, Switzerland, Ireland and South Africa, which will greatly help in eliminating poverty of from the world through the usage Islamic Microfinance………………………………………..Full Article: Source

As part of Standard Chartered’s commitment to provide high quality Shariah-compliant banking products and services to its customers, the Bank inaugurated its flagship Islamic banking branch at a new location at Sharah-e-Faisal, Karachi. Al-Tijarah is the second flagship branch in Karachi and third in country for Standard Chartered Sadiq.
The branch was inaugurated by Steve Bertamini, Group Executive Director and CEO Consumer Banking. This further portrays that Standard Chartered Saadiq is committed to providing its customers convenient, effective and rewarding Shariah compliant banking. It also offers its customers unique Priority Banking solutions through a dedicated Priority Banking Centre for its customers………………………………………..Full Article: Source

Islamic International Rating Agency, Bahrain has reaffirmed the AA (Double A) Shari’ah Quality Rating assigned to Burj Bank Limited (Burj). The assigned rating denotes ‘conformance to the highest standards of Shari’ah compliance in all aspects of the Bank’s operations.
In a report published to the press, IIRA stated that “to ensure adequacy of checks and controls at Burj Bank the Shari’ah Advisor reports directly to the Board Audit Committee………………………………………..Full Article: Source

There is a need to introduce Islamic currency system to free the society of usury, world renowned Spanish scholar Sheikh Umer Ibrahim Vidallo said on Thursday. He was addressing a seminar titled ‘Effects of usury on economy and economic situation of Muslim countries adopting interest system’ organised by Punjab University Academic Staff Association.
Stressing the need for founding an Islamic currency system bvased on dinar and dirham, Vidallo said that a group of richest families of the world introduced the system of usury in order to control the economy and states of the world………………………………………..Full Article: Source