The use of mobile phone airtime as an underlying asset in structuring financial products is making a comeback especially in the Islamic finance space. Malaysia’s Axiata Group Berhad, one of Asia’s largest telecoms operators, is setting the pace in using mobile phone airtime as one of the underlying assets to back its sukuk issuances.
The Group launched a $1.5 billion Sukuk Al-Wakalah Issuance Program a few weeks ago, followed by a RM5 billion Sukuk Al-Murabaha offering last week by its mobile phone subsidiary, Celcom Axiata Berhad, which was issued through its unit Celcom Transmission (M) Sdn Bhd………………………………………..Full Article: Source

There is buzz about the prospects for Islamic finance in parts of the Middle East and North Africa region (MENA) impacted by the Arab Spring. News reports suggest that, as a consequence of change in public policy, the market share of Islamic banking in Egypt will grow to “35 per cent in five years from 5 per cent now.”
Much attention in Islamic finance circles is also falling on the relatively smaller markets, including Oman and Morocco. Observers, including researchers from Credit Suisse, are also pointing to Islamic finance as a potential spur to economic growth in the Arab Spring countries………………………………………..Full Article: Source

Bahrain, which is in the process of diversifying its economy, is calling on Malaysian business community to invest in its infrastructure developments, Islamic finance and manufacturing activities.
Bahrain Economic Development Board chief executive, Shaikh Mohammed Essa Al-Khalifa, said the kingdom was seeing a strong expansionary government budget, made possible by prudent economic management, the boost of the US$10 billion Gulf Development Fund and high oil prices………………………………………..Full Article: Source

The Middle East Investment Network, part of the Angel Investment Network, has been formed to create an angel investor scheme in which investors can be assured that investments are compliant with shariah (Islamic religious and legal) principles.
The idea behind the scheme is that entrepreneurs and investors can team up on investment opportunities based in the UAE, Turkey, Israel, Egypt, Saudi Arabia and many other countries in the Middle East………………………………………..Full Article: Source

One of the sensible things that emerged from the recent financial crisis is a more realistic approach to estimating the growth rate of Islamic finance. Indeed, the 2012 Global Islamic Finance Report foregoes the temptation to make any global predictions at all.
Clearly, Islamic finance was not impervious to the financial crisis in Europe, nor is every born Muslim a client for Islamic finance. This is not to say that the industry is destined to fail in Europe: on the contrary. The financial crisis has led people to reassess the role of moral values in finance and this has had a beneficial impact on attitudes towards the Islamic finance sector………………………………………..Full Article: Source

Islamic banking has crept in under the radar in Nigeria, with an Islamic window opened on the trading floor at the Nigerian Stock Exchange (NSE) this year, following last year’s Central Bank of Nigeria (CBN) approval for “Sharia compliant” equities.
Yet there are fears that a deliberate Islamic financial services industry may have unintended consequences on equity transactions, with the new window viewed with suspicion or ignorance by many in Africa’s most populous nation………………………………………..Full Article: Source

A ‘Gold medal’ savings account from Islamic Bank of Britain (IBB), offering the UK’s highest rate of return for a two year fixed term deposit, has received a 10 fold increase in applications compared to the previous month.
This was prompted by the launch of a limited-period Ramadan promotion offering a market-leading four per cent expected profit rate for the IBB Two Year Fixed Term Deposit (FTD) account. ……………………………………….Full Article: Source

Gatehouse Bank, the UK subsidiary of Securities House Kuwait, said on Tuesday it is the new owner of the Debenhams department store in Leeds city centre in the north of England.
The sharia-compliant investment bank bought the 107,000 sq ft building for £33.4m ($52.6m) from accountancy firm KPMG, receiver to a failed Irish property company. It is Gatehouse’s second acquisition in the Yorkshire city after it bought the BT building in Sovereign Street for £40m in 2010………………………………………..Full Article: Source

Fitch Ratings has affirmed Qatar Islamic Bank ’s ( QIB ) Long-term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook and Viability Rating (VR) at ‘bbb’. A full list of rating actions is at the end of this release.
QIB ’s IDRs, Support Rating and Support Rating Floor reflect Fitch’s view that there would be an extremely high probability of support from the Qatari Authorities, if needed. The ratings consider the authorities’ strong history of support for the Qatari banking system as well as the strong ability and willingness to support Qatari banks………………………………………..Full Article: Source

Pakistan’s five Takaful companies have filed a petition against new rules which would allow conventional insurance operators to operate Takaful windows. The petition protesting against the new regulations was filed in a court in the Sindh province. However, on Thursday (16 August) the court adjourned the case and a date for the next hearing has not yet been fixed.
Vaseeq Khalid, Senior Associate at Mohsin Tayebaly & Co which represents the Takaful operators, was quoted by Reuters as saying that the next hearing could be in two to three weeks, while the court’s initial injunction blocking the rules remains in place………………………………………..Full Article: Source

Will Israel, in fact, attack Iran? That question, a perennial one in the debate over Iran’s nuclear program, has gained far greater urgency of late, as it is becoming increasingly clear that Western sanctions have failed to alter the Islamic Republic’s strategic trajectory.
Yet no one knows the answer with certainty at the moment, not even the Israelis themselves. Indeed, the issue lies at the center of an acrimonious—and still ongoing—debate now playing out across Israel’s political spectrum………………………………………..Full Article: Source