The first Malaysian funds promoter has set up in the Irish financial services sector with the arrival of the CIMB-Principal Islamic Asset Management in Ireland, according to the Irish Funds Industry Association.
The Malaysian company is setting up a range of investment schemes that can operate throughout the European Union, authorised from Ireland. Pat Lardner, chief executive of the association, welcomed the establishment of Irish funds or Ucits (Undertakings for Collective Investment in Transferable Securities) by CIMB-Principal Islamic Asset Management………………………………………..Full Article: Source

Islamic banking may be in for some windfall gains if a reported move by Indian authorities to introduce some form of interest-free banking, aimed at bringing the country’s unbanked Muslim populations into mainstream banking, bears fruit.
If the initiative is taken to its logical conclusion, the Indian banking sector too stands to gain significantly as it will add huge numbers of new customers, while opening up a channel for substantial fund flow from regions such as the Gulf………………………………………..Full Article: Source

Although sharia banks operating in the country will soon be subject to Bank Indonesia’s (BI) new policy regulating minimum down payments for housing and automotive loans, they may see different limits than those imposed on commercial banks, a deputy governor for the central bank says.
BI announced this month that it would soon include sharia banks in its policy to restrict loans to value (LTV) in automotive and housing lending, which had entered into effect for Indonesian commercial banks in June, in a move to avert economic overheating in the country’s booming consumer credit segment………………………………………..Full Article: Source

Out of the top 50 banks in the Middle East ranked by assets for the period H1 2011, Saudi banks lead the pack “having a good track record of maintaining strong asset quality and adapting adequate lending practices and underwriting standards,” Sheetal Kothari, research analyst, business and financial services practice, Frost & Sullivan, said.
The Gulf Business Top 50 Banks in the Middle East report said “Saudi Arabia’s traditionally conservative fiscal polices coupled with the billion-dollar government budget, has buoyed the banking sector with four out of the five top ten banks being based in the Kingdom.”……………………………………….Full Article: Source

RHB Capital Bhd posted a 18.99% higher net profit of RM453.85mil for the second quarter ended June 30 from RM381.39mil a year ago. The banking group said in its filing to Bursa Malaysia that the increase was driven by higher net interest income, strong growth in other operating income and income from the Islamic banking business, and lower allowance for impairment on loans and financing, partially offset by higher other operating expenses.
RHB’s revenue rose 7.73% to RM1.93bil in the same period from RM1.79bil in the corresponding period in the previous year………………………………………..Full Article: Source

Islamic microfinance (IM) is becoming an increasingly popular mechanism for alleviating poverty, especially in developing countries around the world. The Islamic microfinance industry as a whole is expected to reach over $2.0 billion in 2012 and is a continually growing sector due to its ethical principles and prohibition of riba (interest). This amount of assets is, however, only 1.0 per cent of the total microfinance of the world.
The concept of IM adheres to the principles of Islam and is a form of socially responsible investment. Investors who use their wealth for IM projects only involve themselves in halal projects which benefit the community at large. Such projects include zakat, which is charity based, or trade and industry projects to develop a country’s economy………………………………………..Full Article: Source

Leading UAE lender Emirates NBD Bank said its asset management arm plans to distribute dividends of 4 to 5 per cent for income range funds to its investors during the first half. The funds cover Islamic and regional debt instruments, as well as a high yielding equity-based product.
Emirates NBD Asset Management offers a range of conventional and Islamic products that offer exposure to regional and global markets. With over 50 financial specialists from 14 different countries, it forms one of the largest asset management firms in the region………………………………………..Full Article: Source

The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD18m issue, which carries a maturity of 91 days, has been oversubscribed by 351%.
The expected return on the issue, which begins on 29 August 2012 and matures on 28 November 2012, is 1.26%. The securities are issued by the CBB on behalf of the Government of the Kingdom of Bahrain. (Press Release)

Pak-Qatar Family Takaful (PQFTL) has declared a surplus of 53.83 percent of Takaful Donation for its BancaTakaful customers for the year ended December 31, 2011. This was announced by Muhammad Owais Ansari, Board Member PQFTL and Chief Actuary FWU AG.
This is the third year in a row where PQFTL has announced a distribution of surplus on its BancaTakaful products. The percentage distributed for 2010 was 48 percent and so 2011 saw a significant jump in terms of the percentage surplus going back to the participant………………………………………..Full Article: Source

Dubai International Capital (DIC), the private equity arm of Dubai Holding which restructured $2.5 billion debt in April, sold its stake in a $300 million Middle East North Africa infrastructure fund to Islamic investment firm Fajr Capital.
Fajr, which is backed by prominent investors such as Abu Dhabi Investment Council and Malaysia’s state investor Khazanah Nasional Berhad, will manage the fund along with its two other partners HSBC Holdings and Waha Capital, it said in a statement on Monday………………………………………..Full Article: Source

Birmingham Central has become Britain’s first mosque to have a cash withdrawal machine. The machine has been provided by Birmingham-based Islamic Bank of Britain (IBB), the UK’s only wholly Sharia compliant retail bank.
The machine has been installed as a pilot with more planned across the country over the coming months. Birmingham Central Mosque opened in 1975 as the largest in Western Europe………………………………………..Full Article: Source

Istanbul-based İş Gayrimenkul Yatırım Ortaklığı A.Ş (İş REIT) has signed a $50 million Murabaha facility with a syndicate of banks from the GCC. The facility carries a tenor of two years and a profit rate of LIBOR +250 bps.
QInvest acted as Sole Bookrunner and Structuring Advisor to İş REIT. Qatar Islamic Bank was the Initial Mandated Lead Arranger and is also acting as the Investment Agent with Barwa Bank, First Gulf Bank, Mashreq Bank taking the Mandate Lead Arranger roles………………………………………..Full Article: Source

QInvest has advised a Turkey-based Real Estate Investment Trust (REIT) on the latter’s $50mn syndicated ‘murabaha’ finance facility.
QInvest acted as sole book runner and structuring advisor to İş Gayrimenkul Yatırım Ortaklığı (İş REIT), which entered into a financing agreement with a syndicate of banks from the Gulf Cooperation Council (GCC). The finance facility carries tenure of two years and a profit rate of Libor +250 basis points………………………………………..Full Article: Source

Saudi Arabian import financing posted a record first half as economic growth in the world’s biggest oil exporter spurs demand for goods including building materials and cars.
The value of letters of credit signed by lenders in the largest Arab economy surged 24 per cent in the first six months of 2012 to 107 billion riyals (Dh106.5 billion), the most on record for the period, according to the most recent central bank data. That compares with 10 per cent growth in the same period last year………………………………………..Full Article: Source