Kuwait’s National Industries Group Holding (NIG) will repay its $475 million Islamic bond, or sukuk, when it matures on August 16, it said on Tuesday, dropping earlier plans to get a four-year extension from creditors.
NIG, an investment firm controlled by one of the country’s biggest merchant families, asked creditors in July to extend 70 percent of the sukuk maturity to 2016 in exchange for a much higher interest rate………………………………………..Full Article: Source

Global sukuk market is expected to sustain the growth momentum momentum into the second half of the year, KFH-Research said Monday in a report about global sukuk market during first half of this year.
The report said the volume of sukuk issuance during the first half of the year reached $66.4 billion, triggered by large sums of money pumped by sovereign authorities and central banks to absorb excess liquidity. The GCC countries used to be a main market for Sukuk during H1, despite the absence of Kuwait and Qatar, it noted………………………………………..Full Article: Source

Saudi Electricity Co. (SEC) Islamic bonds returned 67 percent more than Gulf corporate sukuk, buoyed by a scarcity of Shariah-compliant securities in Saudi Arabia and demand for investment-grade debt.
Islamic bond sales in Saudi Arabia rose to a record this year as demand outstrips supply. Sukuk offerings jumped to about $8.3 billion, or about 47 percent of the GCC’s total issuance this year. Overall sales of Islamic debt in the Gulf increased to $17.7 billion this year from $3.8 billion in the year-earlier period………………………………………..Full Article: Source

Malaysian Rating Corp Bhd (MARC) has confirmed its AA+IS/stable rating on CIMB Islamic Bank Bhd’s RM2bil Tier-2 junior sukuk programme in connection with the bank’s issuance of its third tranche sukuk under the programme.
In a statement, MARC said the programme rating was one notch below that of the bank’s financial institution (FI) rating of AAA. The sukuk qualifies as supplementary capital under Malaysia’s existing regulatory capital rules………………………………………..Full Article: Source

The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been fully subscribed by 145%. Subscriptions worth BD29m were received for the BD20m issue, which carries a maturity of 182 days.
The expected return on the issue, which begins on 16th August 2012 and matures on 14th February 2013, is 1.36%. The Sukuk Al-Ijara are issued by the CBB on behalf of the Government of the Kingdom of Bahrain………………………………………..Full Article: Source

Yorkshire’s Muslim community will soon find it easier to access financial services. The accountants and business advisers Garbutt & Elliott has launched an independent financial planning arm for the Muslim community, called Ummah Financial Planning.
According to Garbutt & Elliott, the needs of Muslims in the UK have been neglected by the financial services industry for years. Ummah Financial Planning will allow Muslims to manage their finances in line with their personal beliefs………………………………………..Full Article: Source

President Museveni wants negotiations on Islamic banking to take place in the next one month. The move is likely to pave way for the introduction of the Islamic banking model, also known as halala banking—where instead of a bank imposing interest, it shares the profit it accrues with the clients.
The President was speaking during an Iftar (breaking fast dinner) he hosted for Muslim Community together with his Wife, Janet Museveni on Monday. President Museveni, who also said he would love to borrow from a bank that uses the Islamic banking model, directed his staff to conclude the discussions on the matter by close of September so that its implementation can begin thereafter………………………………………..Full Article: Source

Southeast Asian universities are adding Islamic finance courses as Bank Negara Malaysia’s Shariah Advisory Council warns a skill shortage in the industry is hampering growth. Universitas Muhammadiyah in Malang, Indonesia and Kuala Lumpur-based International Centre for Education in Islamic Finance said this month they plan to start new programs.
Malaysia needs 40,000 more qualified people in the industry by 2020, Dzuljastri Abdul Razak, head of the International Islamic University Malaysia’s finance department, said……………………………………….Full Article: Source

Bahrain-based ABC Islamic Bank H1 net fell 21.6 per cent to $4 million from $5.1 million in the same period in 2011 which included a non-recurring one-off revenue item of $1.3 million. Net profit for Q2 was $2.4 million compared to $1.6 million in Q1 2012, representing a 50 per cent quarter on quarter increase, and up 14.3 per cent on $2.1 million for Q2 2011.
Total operating income amounted to $4 million compared to $3.4 million for the first quarter of 2012. Operating expenses were $1.4 million compared to $1.3 million………………………………………..Full Article: Source

Emirates Islamic Bank (EIB) announced that it is one of the sponsors of the sixth Takatof Ramadan Project, launched recently by the Emirates Foundation for Youth Development. The Ramadan project is in line with the vision of the Takatof initiative (Social Volunteering Programme), which seeks to create an interactive social network among all community segments with the aim of assisting disadvantaged families.
This year, EIB and other partners will assist the Foundation to provide assistance in kind including, food coupons, blankets, clothes, school bags and other requirements. Other activities under the Takatof Ramadan programme include, repair and maintenance of mosques, visiting the sick and needy and distributing gifts. (Press Release)

Pakistans largest Islamic bank, Meezan Bank Limited, announced its 2012 half-yearly financial results on Monday, registering a very decent 33 percent year-on-year growth in net profits. The leading Islamic bank kept pace with the industrys deposit growth during the period - registering an impressive 14 percent growth in deposits over the period ended December 31, 2011. Money supply growth in the market during the same period was recorded at nine percent.
The utilisation of the deposits is where the real story lies. As has been the case of late with the domestic banking industry, growth in investments has outpaced the growth in advances………………………………………..Full Article: Source

The Asian Development Bank (ADB) had agreed in June this year to partly fund the construction of the Diamer-Bhasha Dam through the provision of $5 billion. The rest of the funding was to come from the US, which committed to provide $1billion over five years, whereas the Islamic Development Fund and the Kuwait Funds also agreed to partly fund the project.
The dam is designed to generate 20 billion units per annum and contribute $5 million a day to the national economy. Any delay in the provision of funds would additionally cost $1.825 billion a year………………………………………..Full Article: Source

Dubai Islamic Bank ( DIB ) now offers its customers full online payment facilities through Rosoom, the electronic payment gateway developed by Dubai Trade, the leading cross-border trade facilitator under Dubai World. Following integration of the Rosoom gateway with DIB ’s online payment platform, the bank’s customers can now enjoy highly secure, direct debit services.
Rosoom is part of a one-stop single window solution Dubai Trade developed to allow importers and exporters, shipping agents, freight forwarders, clearing agents, customs brokers and transport companies to initiate and complete online all the procedures and processes, including payment, for the various services and facilities offered by DP World, Jafza and DMCC. The single shared window allows for swift, trouble-free and cost effective operations for both clients and authorities. (Press Release)

When you outsource your marketing to Business Media Group, you get the perspective of outside specialists with the integration of an in-house team. We’re a partner who can turn strategy into a practical and affordable plan. A seasoned team ready to seamlessly implement all of your marketing. And a good buddy, if you just want to grab a coffee.
Have you ever considered outsourcing some, or even all, of your marketing? Doing so can help you achieve your business goals if you don’t have a marketing department, or it can give you more hands and fresh ideas if you do………………………………………..Full Article: Source

Globally, fund management industry is going through a rough patch after the 2008 financial crisis. As markets exhibit higher volatility and with no easy fixes in sight to solve the problems of the developed world, fund managers are struggling to adapt and clients are increasingly turning restless. The situation in the GCC is no different. Companies continue to struggle in growing their assets under management (AUM) and making ends meet.
According to a study by Kuwait Financial Center (Markaz) released Monday, the GCC asset management industry with roughly 100 companies, manage about $26.5 billion in assets in 328 funds at the end of 2011………………………………………..Full Article: Source

His Majesty King Abdullah on Monday underlined the timing and the agenda of the Islamic summit, which will be held today in Mecca, stressing its importance in unifying the ranks of the Arab and Islamic nations.
The invitation by Saudi Arabia’s King Abdullah Bin Abdul Aziz for an extraordinary summit of the Organisation of Islamic Cooperation (OIC) comes in response to escalating development in the region and the Islamic world, the King said in an interview with the Saudi newspaper, Okaz………………………………………..Full Article: Source

Leaders of Muslim countries are expected to suspend Syria’s membership of the Organisation of Islamic Cooperation at a summit in Mecca on Wednesday, despite the vocal objections of President Bashar al-Assad’s main ally Iran.
The decision by the 57-member organisation, which requires a two-thirds majority, will expose the divisions within the Islamic world over how to respond to civil war in a country that straddles the Middle East’s main sectarian faultline………………………………………..Full Article: Source