Islamic finance, which is becoming the more preferred mode of finance by many compared with conventional banking, is expected to be a global industry in three years, driven by its transparent and ethical business practices.
Dr Paul Temporal, an associate fellow at Said Business School at University of Oxford in the United Kingdom, said Islamic finance would continue to grow, especially when conventional banking continued to have issues around the world………………………………………..Full Article: Source

According to the World Wealth Report 2012, released by Capgemini and RBC Wealth Management, the Middle East was the only region where wealth increased among individuals of high net worth, who are often defined as those with $1 million in investable assets.
And while private bankers say that most of their clients are not trying yet to bank according to Shariah law, they say the market will evolve. Islamic finance, which is becoming the more preferred mode of finance by many compared with conventional banking, is expected to be a global industry in three years, driven by its transparent and ethical business practices………………………………………..Full Article: Source

Malaysian telco Axiata Group said on Thursday it won regulatory approval for its proposed issuance of up to $1.5 billion worth of Islamic bonds to fund general corporate needs.
Axiata said the fund raising, which comes in the form of non-fixed tenure multi-currency sukuk programme, allows airtime vouchers on Axiata’s mobile telecommunications network to be included as a trust asset………………………………………..Full Article: Source

Malaysia’s largest mobile telephone company by sales said in a statement to the stock exchange that it would be the first Asian telecommunications company to issue multiple currency Islamic bonds, or sukuk. It didn’t specify which currencies, nor did it specify maturities or the number or size of tranches.
It called the issuance “strategic” as it would appeal to regional investors while also introducing the company to a diverse pool of investors across the Middle East and Europe, increasing its prospects for future fundraising………………………………………..Full Article: Source

Standard & Poor’s Ratings Services today assigned its ‘BBB-’ long-term issue rating to the multi-currency US$1.5 billion equivalent sukuk program of Malaysia-based telecommunications holding company Axiata Group Bhd. (BBB/Positive/–; axA+/–). Axiata Group will issue the program through Axiata SPV2 Bhd.
The issue rating reflects the strength of the transaction documentation, including the lease, wakala, murabaha, and purchase-undertaking agreements. Under these agreements, Axiata Group is obliged to make all payments needed to ensure that the issuer has sufficient funds to pay the certificate holders in a timely manner………………………………………..Full Article: Source

Latham & Watkins and White & Case have landed roles on one of Qatar’s largest-ever dollar-denominated Islamic bond issuances.
The $4bn (£2.6bn) bond sold by the State of Qatar will comprise one tranche of trust certificates worth $2bn due in 2018 and a second $2bn tranche due in 2023. Qatar has not disclosed the purpose of the proceeds, but it is likely that much of the money will go towards preparing the country as it gears up to host the football World Cup in 2022……………………………………….Full Article: Source

Nasdaq Dubai, the region’s international exchange, welcomed on Thursday listing of a
$500 million sukuk on its market by Emaar Properties, the Dubai-based global property developer.
The listing is the first by Emaar on Nasdaq Dubai and constitutes the second drawdown under the company’s recently updated $2 billion Trust Certificate Issuance Programme………………………………………..Full Article: Source

Chemical Company of Malaysia Bhd (CCM) said it had cancelled its sukuk issuance programme. In a filing with Bursa Malaysia, CCM said it cancelled the issuance on grounds that it no longer required the programme and stated that its existing facilities were sufficient in facilitating its business requirements.
The company had cancelled the issuance of Musyarakah commercial papers (MCP) and Musyarakah medium-term notes (MMTN) pursuant to a MCP programme of up to RM250mil in nominal value and a MMTN programme of up to RM500mil in nominal value………………………………………..Full Article: Source

Arab Gulf issuers are turning to the Islamic bond market like never before, selling record amounts of debt compared with non-Shariah compliant sellers, as demand for sukuk pushes yields to the lowest levels since 2005.
Gulf Cooperation Council Islamic offerings totaled $17.4 billion this year, twice the $8.7 billion for non-Shariah compliant bonds, according to data compiled by Bloomberg. Qatar increased 2012 sales over the previous full-year record last week with a $4 billion offer………………………………………..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 chairmansMmmhip 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

The Islamic Financial Services Board (IFSB) and Bank Negara Malaysia will jointly organise the BNM-IFSB Financial Inclusion Advisers (FIA) Programme and Seminar on Islamic Microfinance. The four day programme will be held in Sasana Kijang, Bank Negara Malaysia, Kuala Lumpur from 27-30 August 2012.
The FIA Programme will also provide participants an overview of the different types of policies and interventions which will facilitate in shaping a more inclusive financial sector………………………………………..Full Article: Source

A 16-member delegation of Afghanistan International Bank along with officials of State Bank of Pakistan recently visited Meezan Bank’s Head Office - Meezan House, to gain an in-depth understanding of Islamic Banking and Meezan Bank’s products and services in Pakistan.
A statement here on Thursday said that the delegation included members of Senior and middle management of the Bank who were visiting Pakistan for training at the National Institute of Banking and Finance (NIBAF)- a non-profit subsidiary of the State Bank of Pakistan………………………………………..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 Kingdom is encouraging some of its sharia-compliant banks to join forces to be better capitalised and equipped to deal with an increasingly turbulent and competitive global market.
At the end of June, shareholders of three Bahraini Islamic lenders – Capivest, Elaf Bank and Capital Management House – approved a proposal put forward by their respective managements to merge their operations, a move first mooted at the end of last year………………………………………..Full Article: Source

Ethica announced that it is making the study notes for its award-winning Certified Islamic Finance Executive (CIFE) program freely available to the public as an e-book.
Voted “Best Islamic Finance Qualification” at the Global Islamic Finance Awards, Ethica is the only globally-recognized certification institute in the world to fully comply with AAOIFI’s Shariah standards. AAOIFI is the Accounting and Auditing Organization for Islamic Financial Institutions and the de facto standard in 90% of the world’s Islamic finance jurisdictions. (Press Release)

Prudential BSN Takaful Bhd (PruBSN) has teamed up with Standard Chartered Saadiq Bhd to jointly offer takaful products.
StanChart Saadiq CEO Wasim Saifi said the bank has made available three new takaful investment-linked plans underwritten by PruBSN at eight of its branches. The takaful products will also be available at the 32 conventional StanChart branches in the country soon………………………………………..Full Article: Source

Abu Dhabi National Takaful has announced the launch of Takaful Family Protection Plans exclusively for National Bonds customers. They are: NBC Child Education Plan, NBC Family Protection Income Plan, NBC Female Care Protection Plan and NBC Maid Protection Plan, all designed to provide lifestyle protection.
The plans are designed to offer various protection options covering policyholders on a 24/7 worldwide basis against death, disability and critical illness and ensuring that their families will be able to cope with any financial hardship if the customers are no longer there to take care of them………………………………………..Full Article: Source

The Securities Commission (SC) has announced the members of its Shariah Advisory Council (SAC) who will serve for two years starting July 1. SAC is the central authority responsible for determining the syariah principles of the Islamic capital market in Malaysia.
The 11 SAC members are: Tun Abdul Hamid Mohamad, former Chief Justice of the Federal Court, Tan Sri Sheikh Ghazali Abdul Rahman, syariah legal advisor, Attorney-General’s Chambers……………………………………….Full Article: Source