The consortium building Abu Dhabi’s new airport terminal is close to securing a 4-billion dirhams ($1.1 billion) financing deal, which will be mainly sharia-compliant, banking sources said on Wednesday.
A deal would mark the second major regional project finance venture to rely on Islamic financing facilities this month. Turkey’s TAV Insaat, Dubai’s Arabtec Holding and Athens-based Consolidated Contractors Co. were awarded a $2.9-billion contract in June to build a mid-field terminal in the emirate………………………………………..Full Article: Source

Saudi Binladin Group, one of the largest construction firms in the kingdom, has completed issuing a 1 billion riyal ($267 million) short-term Islamic bond, or sukuk, a statement from the arranging bank’s legal advisor said on Wednesday.
The sukuk, which has a 364-day tenor and was sold through the SBG Sukuk Ltd special purpose vehicle, pays a profit rate of 2.5 percent and is the third such issue from the company, the statement from Clifford Chance said………………………………………..Full Article: Source

Bahrain Bourse has announced the listing of a government leasing sukuk (Islamic bond) worth BD160 million ($424 million) which pays an annual fixed rate of return of 4.3 per cent.
The sukuk, issued by the Central Bank of Bahrain on behalf of the Government, has a face value of BD10,000. It is set to mature in five years on July 17, 2017. It is payable every six months on January 17 and July 17 of the issuance period………………………………………..Full Article: Source

RAM Rating Services Bhd has downgraded MRCB Southern Link Bhd’s sukuk over the absence of a long-term solution to the 81-km Eastern Dispersal Link Expressway’s tolling issue.
RAM said on Wednesday it had lowered the rating of the RM845 million secured senior Sukuk (2008/2025) A2 from AA3. It also lowered the rating of the RM199mil juior Sukuk (2008/2027) to BBB2 from A2. Both ratings remain on negative Rating Watch………………………………………..Full Article: Source

The decision to licence the operation of the Islamic banking in the Sultanate has opened up windows of opportunities for the banking sector in Oman, according to Philip Paul, Head of Agency, Cluttons Oman.
The successful launch of Bank Nizwa, an exclusive Islamic bank and the opening of Islamic banking operations windows within conventional banks is evidence that the banks plan to capitalize on the opportunities presented by the new industry and meeting the increasing demand for Sharia-compliant finance………………………………………..Full Article: Source

Al izz islamic bank, the Sultanate’s second Islamic bank, currently under formation, plans to launch its initial public offering on the Muscat Securities Market by the end of September.
According to an official of a leading brokerage firm, the bank with a capitalisation of RO 100 million will float an IPO of RO 40 million, or 40 per cent of its share capital next month. bank muscat will be the lead manager to the issue, it is learnt………………………………………..Full Article: Source

Bank of London and The Middle East, the largest fully Islamic bank in Europe,has celebratedits fifth anniversary of receiving FSA authorisation in July 2007. In the last five years BLME has established its business platform and developed new business lines and products that provide diverse, sustainable and integrated wholesale banking and wealth management services.
Humphrey Percy, CEO of BLME, said: “Over the last five years the financial services industry has faced considerable challenges alongside global economic turmoil. Despite this, BLME hasdelivered across the board, with key successes in the growth of our Wealth Management business and Corporate Banking divisions. (Press Release)

Ajman Bank , the award-winning financial services institution and winner of the ‘Fastest Growing Bank in the UAE’ title, announced today its financial results for the first six months ended June 30th, 2012, demonstrating record growth and continued positive momentum.
Ajman Bank reported a Net Profit of AED 11.7 million for the first six months of this year, representing a robust increase of 250% from the same period in 2011. Profit for the second quarter of 2012 was of AED 7.2 million up from 0.5 million for the second quarter of last year. The second quarter profit also rose by 60% compared to the profit of AED 4.5 million recorded during the first quarter of 2012………………………………………..Full Article: Source

Many Malaysians do not understand the importance and difference between takaful and the conventional insurance, says Zuraidah Hanim Ibrahim, the first lady agent from Takaful Ikhlas Sdn Bhd to break into the Million Dollar Round Table (MDRT) ranks.
She said Malaysians were not aware of takaful coverage, as they often had the misconceptions on the differences between the Islamic and the conventional insurance. “Only 10 per cent of Malaysians have takaful coverage compared to 42 per cent who have insurance coverage………………………………………..Full Article: Source

Jabal Omar Development Co. (JOMAR) plans to open 10 hotel towers in Mecca next year to accommodate Islamic pilgrims, the Saudi Arabian company’s executive general director said.
Jabal Omar is developing 2.2 million square meters (24 million square feet) of land near the Grand Mosque, Sameer Al- Quraishi said in a phone interview last week. The site was designed to include 38 hotel towers and the country’s largest shopping mall, he said………………………………………..Full Article: Source