Development of an yield curve is vital to encourage companies to come out with Islamic debt instrument or sukuks, once the regulations are in place, said the executive president of the Capital Market Authority (CMA).
CMA is in an advanced stage to formulate new regulations for sukuks and takaful insurance firms, after the government decided to open up the market for Islamic finance last year………………………………………..Full Article: Source

Malaysia’s Axiata Group Bhd joins a growing number of companies using mobile-phone airtime to back Islamic transactions as Asian subscribers are forecast to dominate the global market in three years.
The nation’s biggest telecommunications operator, with businesses in India, Indonesia and Sri Lanka, set up its first multi-currency sukuk programme worth US$1.5bil backed by telephone minutes, according to a July 19 stock exchange filing………………………………………..Full Article: Source

It has been reported that The Islamic Finance industry in Egypt seems to have bright future in the country as the new government led by an Islamist, President Mohamed Morsi, has been taking keen interest to promote Islamic finance since it has taken the public office.
The world’s first Islamic bank was opened in Egypt in 1963 by Ahmed El Naggar and it seemed that Egypt would lead the world in Islamic Finance but it could not happen. Absence of tight regulations or laws have left Egypt far behind from other countries having rapidly growing Islamic finance industry………………………………………..Full Article: Source

Islamic banks may soon gain a foothold in Morocco. The move has been expected since the Justice and Development Party (PJD), advocates of Islamic finance, came to power.
The parliament is set to vote on the new draft banking law in September. The bill will include a special chapter dealing with Islamic banking, according to Central Bank Governor Abdellatif Jouahri………………………………………..Full Article: Source

Al Baraka Bank Algeria, a subsidiary of Al Baraka Banking Group (ABG), and Path Solutions, a global leader in the provision of software solutions to the Islamic financial services industry announced the successful implementation and go live of iMAL Islamic banking solution at the bank headquarters in Algiers.
The entire implementation, which replaced the bank’s legacy core banking system, was completed with no disruption to business operations………………………………………..Full Article: Source

Abu Dhabi Islamic Bank said Eurozone pressures and new regulations in the UAE will hit earnings for the rest of 2012. Abu Dhabi Islamic Bank posted a 2.3 per cent rise in quarterly net profit on Wednesday and warned earnings for the rest of 2012 would be subdued by Eurozone uncertainty and new financial regulations being introduced in the UAE.
“We continue to anticipate limited quality credit opportunities and a resultant subdued growth in profits for the balance of 2012,” ADIB CEO Tirad Mahmoud said in a statement on Wednesday, without giving further details………………………………………..Full Article: Source

Abu Dhabi Islamic Bank (ADIB) Group posted a net profit of AED 322.6 million for Q2 2012, with the main banking business’ net profit growing by 10.1 per cent to AED 396.6 million from AED 360.4 million in Q1 2012.
Group net revenue for Q2 2012 was AED ­­­­886.8 million vs. AED 908.3 million for Q2 2011, a decrease of 2.4 per cent. Total credit provisions and impairments for Q2 2012 were AED 186.6 million vs. AED 235.8 million in Q2 2011, a decrease of 20.9 per cent………………………………………..Full Article: Source

Abu Dhabi Islamic Bank (ADIB) said euro zone uncertainty and new financial regulations in the UAE would weigh on earnings growth for the rest of the year, after reporting a small rise in the second quarter.
“We continue to anticipate limited quality credit opportunities and a resultant subdued growth in profits for the balance of 2012,” ADIB chief executive Tirad Mahmoud said. The largest Sharia-compliant lender by market value in the UAE said net profit in the three months to June 30 rose 2.3 per cent to 322.6 million dirhams ($87.8m)………………………………………..Full Article: Source

The Attock Chamber of Commerce and Industry (ACCI) said on Thursday that Islamic banking was fast spreading in the country and its growth rate was very impressive. “A decade back Pakistan had only one Islamic bank while now we have five Islamic banks and Islamic banking branches representing all the top ten conventional banks,” ACCI President Tariq Mehmood said in a statement.
Seventy five countries have recognised Islamic banking while major banks including HSBC, Citigroup, Deutsche Bank and Standard Chartered have Islamic banking branches or windows which prove success of Riba-free banking, he added………………………………………..Full Article: Source

Standard Chartered Bank Bangladesh Thursday launched Islamic Banking offerings for its Wholesale Banking clients under ‘Saadiq’ branding, further strengthening the clients value propositions.
Afaq Khan, chief executive officer of the bank’s Islamic Banking and Abrar Anwar, managing director and head of the bank’s origination and client coverage, announced the product at a press conference at a city hotel………………………………………..Full Article: Source

Takaful added another feather on its cap when it grabbed the Best Takaful Institution award at the prestigious The Asset Triple A Islamic Finance Awards in Kuala Lumpur recently. Just last week, Etiqa Takaful won three awards at the International Takaful Summit in London.
“Winning this award is another reflection of Etiqa’s success in leading the industry through our platform of humanising insurance and takaful. It is also a testament of our excellent business growth, profitability and financial strength,” said Etiqa Insurance and Takaful CEO Hans De Cuyper………………………………………..Full Article: Source

Kenya Reinsurance Corporation (Kenya Re) has appointed a Sharia board as it prepares to assume risks of firms offering Islamic Insurance cover known as ReTakaful.
Kenya Re Chief Executive Jadiah Mwarania said the appointment of the board consisting of Muslim scholars and people conversant with the Quran,has brought the establishment of a dedicated ReTakaful window within the corporation closer………………………………………..Full Article: Source

The Sindh High Court on Thursday restrained the Securities and Exchange Commission of Pakistan (SECP) from implementing the Takaful Rules, 2012 issued by it while hearing a constitutional petition filed by five takaful companies challenging the Takaful Rules, 2012.
The five takaful companies that filed the petition are Takaful Pakistan, Dawood Family Takaful, Pak-Qatar Family Takaful, Pak-Qatar General Takaful and Pak-Kuwait Takaful Company………………………………………..Full Article: Source

Bullish on the country’s economic resilience, CIMBPrincipal Asset Management Bhd (CIMB-Principal) has launched the CIMB Islamic Al-Azzam Equity Fund, a syariah-compliant equity fund which aims to achieve consistent capital growth over the medium to longterm period.
The open-ended fund will invest 70-98% of its net asset value in syariah-compliant Malaysian equities listed on Bursa Malaysia, made suitable for those seeking to have a portfolio of investments that adhere to syariah principles………………………………………..Full Article: Source

Regulatory experts from the international law firm Clifford Chance have reviewed the eagerly awaited Investment Funds Regulation (Regulation) which has been implemented by the UAE Securities and Commodities Authority (SCA) this week.
The Regulation applies to all matters relating to domestic investment funds and to the promotion and offering of foreign funds in the UAE, with particular implications for DIFC funds or funds marketed by DIFC firms………………………………………..Full Article: Source

JP Morgan Asset Management is closing its first fund investing in line with the tenets of Catholicism, after it failed to obtain the blessing of enough investors. The fund manager is liquidating the Global Catholic Ethical Balanced Fund it launched just over a year ago, according to a notice in the Financial Times this week.
The Luxembourg-based fund invested in global equities and bonds that met ethical criteria developed in line with Catholic principles. As of May 31, the fund had raised $5.3m, a little more than one sixth of the $30m threshold outlined in the prospectus………………………………………..Full Article: Source

Although it holds the world’s smallest percentage of Muslims, there are grounds for asserting that South Africa has a highly advanced halal certification programme. The Rainbow Nation is considered one of the five largest producers of halal products worldwide.
And because it comprises 25 per cent of the African continent’s gross domestic product (GDP), significant opportunities exist for halal trade. The story of this development is intricately entwined with South Africa’s unique and painful history, as the fight against apartheid gained momentum in the second half of the last century………………………………………..Full Article: Source