Standard Chartered Plc will start Islamic private banking services in Asia and CIMB Group Holdings Bhd. plans to roll out new products for the wealthy as they target rich Muslims who have limited investment options.
The UK’s second-largest lender by market value will offer Shariah-compliant products tailored to meet the needs of people who have at least $2 million (Dh7.35 million), Wasim Saifi, the Kuala Lumpur-based global head for Islamic consumer banking, said………………………………………..Full Article: Source

Islamic bond yields dropped to a seven-year low and investors predict further declines as growth in Asia and the Gulf that’s outpacing the rest of the world shores up demand for sukuk.
Average yields fell five basis points, or 0.05 percentage point, in July to 3.39 per cent, approaching the lowest level since January 2005, when they reached a record 3.33 per cent, according to the HSBC/Nasdaq Dubai US Dollar Sukuk Index………………………………………..Full Article: Source

Bahrain-based Tharawat Investment House ( Tharawat ), an Islamic investment institution based in the Kingdom of Bahrain, announced five percent profit returns of Tharawat Sukuk Fund for the period from January to June 2012, achieving a cumulative return of 17.4 % since its inception in February 2010. Tharawat said it would distribute around four per cent for the period, making it the fifth time of such distribution.
Tharawat Sukuk Fund is the first open-ended Sharia’a compliant investment product based in the Kingdom of Bahrain. It invests over 70% of its liquidity in Governmental issued Sukuk and in well established firms in the GCC, Middle East, North Africa, and Southeast Asia region……………………………………….Full Article: Source

Cagamas Berhad (Cagamas), the National Mortgage Corporation, has announced the issuance of MYR 500 million ($157 million) one, three and five-year Cagamas Sukuk Wakalah Bil Istithmar (Sukuk Wakalah).
The Cagamas Sukuk Wakalah which will be redeemed at their full nominal value on maturity, are unsecured obligations of the company, ranking pari passu among themselves and with all other existing unsecured obligations of the company. They will be listed and tradable under the central bank, Bank Negara Malaysia’s Scripless Securities Trading System………………………………………..Full Article: Source

Dar Al-Arkan Real Estate Development Company has announced repayment of its Sukuk II, which is due on Monday 16 July 2012, and amounts to SAR 3.75 billion ($1bn). The company transferred the total principal sum to Deutsche Bank (the principal paying agents) on Thursday 12 July 2012 and the Sukuk account holders will receive funds on Monday 16 July 2012.
This second Sukuk was part of Dar Al-Arkan’s Islamic structured debt programme (Sukuk program), initiated in 2007. The aim of the programme was to provide high quality long term external financing to complement the company’s internal cash flow at a time of strong growth in the Saudi real estate market………………………………………..Full Article: Source

The Central Bank of Bahrain (CBB) announces that the new issue of the long term Islamic leasing, Sukuk Al-Ijara, has been oversubscribed by 200%. Subscriptions worth BD320.310m were received for the BD160m issue, which carries a maturity of five years.
The expected return on the issue, which begins on 17 July 2012 and matures on 17 July 2017, is 4.30%………………………………………..Full Article: Source

Dubai Group, the second-largest shareholder in Bank Muscat, has sold its rights to buy into a share offering by the Omani lender at a significant discount.
Bank Muscat, Oman’s largest lender, offered new shares to existing holders at a 25-per cent discount to raise about $251 million to fund its credit growth and venture into Islamic finance. Dubai Group had the rights to buy an additional 33.387 million shares, valued at about 0.06 rials ($0.16)………………………………………..Full Article: Source

Opportunities and challenges that are forging the Islamic banking, finance and investment landscape in Africa will be the focus for an upcoming Islamic banking forum in Djibouti. Held under the official support of the Central Bank of Djibouti, the Islamic Banking Summit: Africa (IBSA 2012) will be held on November 6 and 7.
“Over the last decade, trade between African countries and the rest of the world has grown significantly, including a 170 per cent increase in trade with the GCC,” said conference chief executive David McLean………………………………………..Full Article: Source

Qatar Islamic Bank (QIB) disclosed the semi annual financial statements for the period ending June 30, 2012. The reviewed financial statements for the period ending June 30, 2012 revealed a net profit of QR 736.9 million in comparisons to QR 703.2 Million for the same period last year, QIB said in a press release published Wednesday at Qatar Exchange website.
Speaking on the occasion, HE Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber Al Thani, QIB Chairman, said”The financial results of the first half of 2012 were achieved through the Bank s comm itment and focus to its growth strategy which keeps pace with the prevailing local and international economic conditions.”……………………………………….Full Article: Source

In its efforts to provide customers with banking products and services that are in line with the Islamic banking, Oman Development bank (ODB) has decided to set up a team to study the products and services the bank offers and analyse the possibility of adding new services that are in conformity with Islamic law.
According to the decision, the team will submit its report within three weeks. It may be mentioned here that the Sultanate has decided to establish Islamic banking and opening new outlets for Islamic banking products and services at the banks………………………………………..Full Article: Source

Sharjah Islamic Bank (SIB) has launched a training for the 7th consecutive year with the participation of 15 students from UAE colleges and universities as part of the summer training programme 2012.
Mehnati Training Programme is a short- term programme provided to all UAE nationals graduated from colleges and universities seeking to gain practical work experience………………………………………..Full Article: Source

The Securities and Exchange Commission of Pakistan (SECP) allowed conventional insurance companies to offer takaful - the shariah-compliant version of insurance - products with the launch of Takaful Rules, 2012 on Friday.
Representatives of unconventional Takaful companies, however, boycotted the launch ceremony of the new rules in protest against the permission granted to conventional companies………………………………………..Full Article: Source

Dubai-based Islamic insurance company Dar Al Takaful has launched its new travel insurance packages for UAE residents, which include special deals for Hajj and Umra.
The ‘Terhal’ packages will include four levels of general policies – platinum, gold, family and schengen, each with different benefits, ranging from a US $1 million personal liability coverage in its platinum package through to loss of passport and travel delays………………………………………..Full Article: Source

Takaful, the Islamic alternative of insurance, is a scheme based on the principles of mutual assistance in compliance with the provisions of Islamic shariah, and which provides for mutual financial aid and assistance to the participants in case of occurrence of certain contingencies and whereby the participants mutually agree to contribute to the common fund for that purpose.
The existing Takaful Rules were issued in year 2005. During the course of business activity and implementation of these rules, a number of practical issues were highlighted by the stakeholders………………………………………..Full Article: Source