As demand for financial products and services that comply with Islamic law has grown in recent years, retail banks have responded, tailoring a range of Shariah-compliant products including simple checking accounts and mortgage and car financing.
But private banks have lagged, offering relatively little in terms of wealth management for Islamic customers, who want products and services that respect Islamic laws prohibiting trading in debt and collecting interest, among other rules………………………………………..Full Article: Source

Luxembourg-based Sustainable Capital has announced the launch of a sharia-compliant forestry fund, part of a trend toward crossover products that appeal to Islamic investors as well as those interested in green investment.
The firm aims to raise $100 million in the open-ended fund, which starts its offering period next Monday and will invest in the agricultural, biomass and forestry sectors. Islamic finance adheres to religious principles but the industry has only recently begun to stress the theme of wider social responsibility………………………………………..Full Article: Source

A spectacular rally in Dubai-linked Islamic bonds is pushing yields to record lows and influencing prices in the entire Gulf debt market. Some investors think the rally has reached excessive proportions, potentially setting bonds up for a partial pull-back when the euphoria starts to fade.
Dubai’s $1.25bn sovereign sukuk, issued at a profit rate of 6.396% in November 2009 and maturing in 2014, was yielding just 3.2% yesterday, for example………………………………………..Full Article: Source

The Premier and Minister of Finance, Paula Cox, led a delegation to London to continue efforts to strengthen Bermuda’s relations with member countries of the Gulf Cooperation Council [GCC].
The delegation arrived in London last Sunday [July 15] and included Wayne Furbert, Minister of Business Development and Tourism; Jeremy Cox, Chief Executive Officer of the Bermuda Monetary Authority and representatives of Price Waterhouse Coopers [PWC] Bermuda, Caroline Foulger and Belaid A. Jheengoor………………………………………..Full Article: Source

Islamic finance may not be familiar yet to many Westerners, but it’s a trillion-dollar business that is set to get even bigger now that the most populous country in the Arab world has elected a president from the Muslim Brotherhood.
Egypt’s new president, Mohamed Morsi, is likely to give a new impulse to the growth of the Islamic banking sector in his country, the birthplace of sharia-law compliant finance………………………………………..Full Article: Source

Islamic financial services have become a boom industry. The sector’s assets worldwide stood at US$1,3trillion at the end of 2011, 14% up on 2010 and 153% up on five years earlier, reports the UK Islamic Finance Secretariat.
The picture in SA reflects this increase. Islamic financial services assets here are growing at 15%-20%/year, says Yusuf Dukander, an Islamic finance specialist at the SA Institute of Chartered Accountants………………………………………..Full Article: Source

The 284th meeting of the Board of Executive Directors of the Islamic Development Bank, which convened at IDB headquarters starting Sunday 16 July, under the chairmanship of Dr. Ahmad Mohamed Ali, President, IDB Group, approved more than $ 1,158 million towards development projects financing for IDB member countries and Muslim communities in non-member countries.
This is the largest amount of approvals by a single IDB board meeting since the Bank’s inception in 1975. The approvals covered a large number of strategically important development projects comprising:……………………………………….Full Article: Source

Marks & Spencer is the latest provider to launch a current account but its timing could not have been worse.
The high street bank behind M&S’s new account is HSBC, which has just been forced to apologise over revelations that staff at its global subsidiaries laundered billions of dollars for drug cartels, terrorists and pariah states………………………………………..Full Article: Source

National Bank of Kuwait (NBK), the largest Kuwaiti bank and the highest-rated in the Middle East, reported net profits of USD 431.2 million (KD 120.8 million) for the first half of 2012 compared with USD 523.5 million (KD 146.7 million) for the same period in 2011.
NBK’s 1H 2012 profits were held back by the USD 96.4 million (KWD 27.0 million) judgmental provision charges, reflecting the negative economic and geopolitical developments occurring both domestically and in the region and their potential implications on an already stagnant operating environment………………………………………..Full Article: Source

Kuwait International Bank ( KIB ) has announced the completion of preparation for the events taking place during the holy month of Ramadan focusing on religious, social and athletic activities throughout the month. The bank confirms its role as not only limited to being an Islamic Banking institution servicing its customers but also is an institution looking after the development of all aspects of the community.
On the occasion, Economic Research Department Manager and Board Secretary Dr. Sadeq Abul expressed: “Stemming from the bank’s keenness to establish social bonds between members of the society during the holy month of Ramadan, a program of events and activities have been prepared starting with the distribution of a Quran CD to all employees and customers in the voice of Sheikh Mishari Al Afasi and will be available at all of the bank’s 18 branches.” (Press Release)

For almost two decades, the annual World Islamic Banking Conference (WIBC) in Bahrain has been at the forefront of the global Islamic finance industry, establishing its reputation as the world’s largest and most influential gathering of Islamic finance industry leaders.
From a mere 120 pioneering delegates at its launch back in 1994, the 18th WIBC in 2011 continued this tradition of supporting growth, excellence and innovation in the industry and broke new records in 2010 with more than 1,200 delegates from more than 50 countries………………………………………..Full Article: Source

Clifford Chance ’s Dubai Office has advised Emirates Islamic Bank PJSC and Emirates NBD PJSC on the issuance by EIB Sukuk Company Ltd. on 11 July 2012 of London Stock Exchange-listed U.S.$500 million 4.147 per cent. trust certificates due 2018 under its U.S.$1 billion Trust Certificate Issuance Programme.
The EIB Sukuk confer on the certificateholders the right to receive specific payments arising from certain shari’a-compliant assets of EIB and have the benefit of a guarantee provided by ENBD in respect of EIB ’s obligations under the EIB Sukuk. (Press Release)

Pembinaan BLT Sdn Bhd’s fourth sukuk issuance via an accelerated bookbuilding process has been oversubscribed by nine times.
Managing director and chief executive officer Mohammed Redza Mohd Yusof said the fourth issuance of RM800mil had received strong demand from investors, which allowed them to achieve competitive rates………………………………………..Full Article: Source

RAM Rating Services Bhd assigned a preliminary AA3 rating, with a stable outlook, to Edaran SWM Sdn Bhd’s proposed initial issuance of RM750mil from its proposed Islamic medium-term notes programme (IMTN) of up to RM1bil in nominal value (2012/2032).
It said on Wednesday Edaran is the main sub-contractor to its sister company, SWM Environment Sdn Bhd (SWME), which is the concessionaire for collection services and public-cleansing management services in Johor, Negeri Sembilan and Melaka………………………………………..Full Article: Source

Kazakhstan Stock Exchange (KASE) based on the notice of JSC Subsidiary of Halyk Savings Bank of Kazakhstan Halyk Finance (Almaty), which is the joint manager and book runner of Development Bank of Kazakhstan (Astana) Islamic bonds “Sukuk “al-Murabaha” issue, notifies on acceptance of orders from the exchange members to take part in the upcoming offering of Development Bank of Kazakhstan bonds being issued and registered in compliance with the legislation of a foreign state.
Below are parameters of mentioned bonds and the order of bonds offering for purchasing in Kazakhstan provided to KASE by JSC Subsidiary of Halyk Savings Bank of Kazakhstan Halyk Finance………………………………………..Full Article: Source

The Securities and Exchange Commission of Pakistan (SECP) has allowed existing companies to offer Takaful products which would prove to be a major initiative for expansion of the Islamic insurance network in the country.
Muhammad Ali Chairman SECP told reporters here on Tuesday that allowing traditional insurance companies to offer Islamic products is a big development. “Takaful-widow has been provided to existing insurance companies.”……………………………………….Full Article: Source