National Industries Group Holding (NIG), a Kuwaiti investment firm controlled by one of the country’s biggest family conglomerates, has asked creditors for a four-year extension on a $475-million Islamic bond, or sukuk, maturing next month.
The request from NIG, part of the Kharafi Group, is the latest debt issue to surface in the Kuwaiti investment sector, which was hard hit by the 2008 global financial crisis………………………………………..Full Article: Source

SME Bank Bhd, a development financial institution, has made its maiden foray into the Islamic capital market with a RM3 billion government-guaranteed Islamic Medium Term Notes (IMTN) programme.
Managing director Datuk Mohd Razif Mohd Yunus said proceeds from the sukuk with tenure of up to 20 years will be used as working capital………………………………………..Full Article: Source

Gulf region’s issuance activity is likely to remain fairly robust in the coming quarters, partly because of refinancing requirements, partly thanks to formally approved issuance programs by a growing number of regional companies, most notably banks, the National Commercial Bank said in its latest GCC Financial Market Quarterly.
The report noted that a number of regional governments are interested in using bonds and sukuk as a liquidity management tool while stimulating the development of the capital markets more broadly………………………………………..Full Article: Source

The continuing negative prospects for the eurozone and mixed macroeconomic indicators for emerging markets will fuel growth in shariah-compliant funds, as investors turn to Islamic finance to diversify their exposures.
As the Islamic world marks the start of Ramadan, Western investors are increasingly turning their eye to various financial products and services run in line with its religious precepts………………………………………..Full Article: Source

The Finance Ministry is considering the establishment of a special-purpose Buddhist bank similar to the Islamic Bank of Thailand, says Deputy Finance Minister Wirun Techapaiboon. The ministry estimates that temples across the country have a combined savings of more than 200 billion baht, driven by those large temples famed for merit-making and donations such as Wat Sothorn in Chachoengsao province.
Mr Wirun said the first stage will involve a particular outlet of the Government Savings Bank as an alternative for temples to make deposits………………………………………..Full Article: Source

Bank Muamalat Malaysia Bhd has teamed up with Bank of Shi Zui Shan of China to set up its first Islamic bank in China — in Ningxia Province — in two years, and develop and promote Islamic banking there.
Bank Muamalat CEO Datuk Mohd Redza Shah Abdul Wahid said the two banks will work together in setting up a framework for Islamic banking in China and aim to offer syariah-compliant products in Ningxia via a window at Bank of Shi Zui Shan’s network of 23 branches………………………………………..Full Article: Source

The bank helped another bank with suspected links to terror - Islami Bank Bangladesh had opened a US dollar clearing account with HSBC India. The Bangla bank, one of the largest private sector lenders in that country, has strange shareholders: members of the Al Rajhi group held a 37% direct ownership in Islami Bank Bangladesh.
The Al Rajhi Bank of Saudi Arabia was suspected to be a conduit for Islamic finance, according to a 2003 report by CIA…………………………………………Full Article: Source

Islammi Bank Bangladesh Ltd has denied any link with terror financing or money laundering as it was appeared in a section of press print and electronic media on 17 & 18 July, 2012 implicating it with HSBC.
“This has confused millions of bank’s stakeholders and people in general”, Md. Ataur Rahman, Executive Vice President of IBBL said in a press statement Saturday. The report of US Senate sub-committee investigating HSBCs involvement in transferring of illegal money into US economy from drug business of Mexico contains no allegation against Islami Bank Bangladesh Limited’s link with any terrorists financing or illegal transaction, the statement said………………………………………..Full Article: Source

Despite a growing interest in Islamic banking, several obstacles lie in the path of its development. With President Mohamed Mursi, a former member of the Muslim Brotherhood, in office, Islamic banking is expected to grow rapidly and acquire a larger market share, competing with its conventional counterpart.
Islamic banking refers to a financial system that is consistent with the principles of Islamic Sharia law, which prohibits interest through lending, gambling and investing in businesses that are related to goods or services considered against Islamic principles, like alcohol and tobacco………………………………………..Full Article: Source

Islamic Bank of Britain have announced the launch of a 4% fixed term account to coincide with the beginning of Ramadan.
As consumer dissatisfaction with the UK banking sector continues, the Islamic Bank of Britain plc has stepped up its efforts to attract consumers interested in offerings from ethical providers by launching a table-topping 4% expected profit rate for its Two Year Fixed Term Deposit account. The launch of the promotional rate has been timed with the start of the Muslim holy month of Ramadan………………………………………..Full Article: Source

Qatar Islamic Bank (QIB) has announced a new auto financing scheme to coincide with the holy month of Ramadan.
The bank said in a statement that the scheme involves a very competitive profit rate, and a five-month payment ‘holiday’ (1st instalment in January 2013), a comprehensive auto Takaful, windows tinting voucher and a co-branded QIB/Qatar Airways card for the first year among other attractions………………………………………..Full Article: Source

HE Sheikh Dr Khalid bin Thani bin Abdullah Al-Thani said, “International Islamic maintains its strong growth in line with the national economy.” Qatar International Islamic Bank (QIIB) reported net profit of QAR 340.1 million compared with QAR 322.3 million in the same period last year, representing a growth of 5.5 per cent.
Net operating income earned by the bank in H1 this year amounted to QAR 581.9 million compared with QAR 566.2 million earned in the same period in 2011………………………………………..Full Article: Source

Dubai Islamic Bank (DIB), as part of its contribution to the UAE community, announced the launch of an annual Iktaseb professional summer training programme for young UAE nationals.
Emiratis — 105 in all — from high schools, colleges and universities across the UAE have embarked on the Iktaseb programme, which offers professional training opportunities to young people aspiring to a career in Islamic banking and finance………………………………………..Full Article: Source

Abu Dhabi Islamic Bank (ADIB) has appointed Arif Usmani as the Global Head of ADIB’s Wholesale Banking business. Arif has more than 30 years of diverse banking experience across several geographies and disciplines. He has extensive experience in risk management, corporate relationship banking and franchise management.
Tirad Al Mahmoud, CEO of ADIB Banking Group said, “Arif’s reputation and vision are much admired in the banking sector globally. His experience is especially relevant to ADIB as he has worked in key growth markets. Arif’s extensive experience will definitely add value to ADIB and assist in achieving the objectives of our Wholesale Banking Group.” (Press Release)

Senegal and members of the West African Economic and Monetary Union (also known as the UEMOA region) have completed a review of the region’s financial regulations, aiming to launch Islamic financial services later this year.
The review, completed by the international consultancy IFAAS (Islamic Finance Advisory & Assurance Services), was commissioned by the Senegal Ministry of Finance with the support of the Jeddah-based Islamic Development Bank (IDB)………………………………………..Full Article: Source

Prudential BSN Takaful Bhd (PruBSN) Takaful producers will be offered through Standard Chartered Saadiq branches in Malaysia. The bank is making 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 Standard Chartered branches in the country soon. PruBSN’s SmartEdu-I, FirstHorizon-I and LifeLink-i allow customers flexibility to secure protection and investment plans that suits their lifestyle and financial needs………………………………………..Full Article: Source

The second quarter of this year saw the GCC financial markets put up a show of considerable resilience in the face of elevated global economic uncertainty as the Euro zone crisis deteriorated.
The Sukuk market has remained one of the brightest spots of the GCC financial sector over the past quarter. Although overall issuance in Q2 fell short of the volumes seen in the opening months of the year, many of the positive trends observed during the past year have not only continued but been further consolidated………………………………………..Full Article: Source

Many critics of the religion as a social organisation argue that Islam, like other old religions, stymied business in general and economic activity in particular. One staunch advocate of such a view is Timur Kuran who has written extensively on the negative impact of Islamic contract laws and the division of business and estate consequent to the Islamic law of inheritance.
On the surface, Kuran’s view is appealing but a deeper, more objective, look reveals that it is not the institution of religion that is the cause of underdevelopment. Rather, the early stage of development in which many Muslim countries are in has caused the debilitated and enervated commercial sector which Kuran laments………………………………………..Full Article: Source