The Middle East and North Africa witnessed an influx of initial public offerings and privatizations between 2005 and 2007 as most governments these as inevitable steps toward increased efficiency, more transparency, improved productivity, revenue growth and less corruption - an initiative that was more or less adopted by private companies as well.
According to Zawya’s IPO Monitor, 2007 set a record with USD 14.44 billion raised via 71 IPOs across the region. Since then, the region witnessed a drop in the value of deals, which could possibly be attributed to repeated global financial crises and geopolitical unrest, prompting many companies to shelve IPO plans………………………………………..Full Article: Source

The announcement by the Turkish Treasury a few days ago that it had mandated Citigroup, HSBC and Liquidity Management House (LMH), the investment bank subsidiary of Kuwait Finance House, “to explore opportunities for a possible Lease Certificate issuance in the international capital markets” could not be more Turkspeak.
In reality the mandate is to advise and structure the proposed debut sovereign Sukuk Al-Ijara of the country, the first time that secular Turkey would raise funds from the international market through the issuance of Islamic leasing certificates (Sukuk Al-Ijara)………………………………………..Full Article: Source

Prime Minister Hisham Qandil said Egypt plans to sell sukuk, or Islamic bonds, after new legislation on the debt instrument is passed within three months, a step aimed at meeting the budget deficit.
Qandil, speaking in an interview in Cairo, said he had no further details on the possible issuance, which would be used along with sales of traditional domestic debt and international aid to meet the fiscal year’s budget deficit of 135 billion Egyptian pounds ($22 billion), or 7.6 per cent of economic output………………………………………..Full Article: Source

Gulf firms are likely to sell more bonds in Asian currencies, particularly Malaysian ringgit sukuks, as issuers look to diversify their investor base and Asian states seek more foreign participation in their financial markets.
However, the majority of recent Gulf issues in Asian currencies have been ringgit sukuks. Several Gulf firms are eager to tap the world’s biggest Islamic bond market in Malaysia, which is wooing non- Malaysian issuers with its well regulated and investor-friendly market compared to the Gulf’s underdeveloped local currency sukuk base………………………………………..Full Article: Source

Global demand for Islamic bonds could triple to $900bn by 2017, as conventional investors look to securities backed by tangible assets in the wake of the eurozone crisis.
According to a report by Ernst & Young’s Global Islamic Banking Center of Excellence, demand for Islamic bonds, known as sukuks, is predicted to rise globally from $300bn today to $900bn in the next five years………………………………………..Full Article: Source

Emirates NBD Asset Management, the asset management arm of Emirates NBD announced that its Emirates MENA Fixed Income Fund and its Emirates Global Sukuk Fund have both been awarded a Silver grading by global ratings agency Standard and Poor’s (S&P) Capital IQ Fund Services.
The Emirates MENA Fixed Income Fund holds assets of $86 million, and offers daily liquidity in US dollars, UK pounds and UAE dirhams. It is the only S&P graded fund in the MENA fixed income space. The Emirates Global Sukuk Fund also offers daily liquidity, in US dollars and Euros, and is $55 million in size………………………………………..Full Article: Source

Jeddah-based Indian Forum for Interest-Free Banking is to meet Prime Minister Manmohan Singh, seeking changes in the existing law, so as to allow functioning of Islamic banks and financial institutions in the country.
Forum secretary V.K. Abdul Aziz told the media that with the country seeking funds for major infrastructure projects, Islamic finance had the potential to meet the needs of the sector. And, as part of Emerging Kerala, when the state looks at massive investments for major infrastructure projects in ports, airports and high speed rail corridor, Shariah-compliant funds would prove beneficial, he added………………………………………..Full Article: Source

Interest-free banking is a solution for Kerala’s infrastructural woes, claimed H Abdur Raqeeb, general secretary of New Delhi-based Indian Centre for Islamic Finance. “In order to achieve greater economic growth, investments are required to build high quality infrastructure, skilled human capital, technology upgrade and enterprise promotion.
For a number of reasons, private sector in India is not able to get adequate fund to carry out vital projects. The absence of benchmark rates for raising long-term debt from the market is one reason………………………………………..Full Article: Source

A lack of qualified personnel is imposing limits on the rapidly growing Sharia banking industry in Indonesia, according to the countries central bank. Over the next 3-5 year period, Indonesian banks will need approximately 17,000 qualified personnel to take up new positions in this sector.
There are plenty examples to choose from in the Indonesian banking sector. Bank National Indonesia is a case in point. Since June 2010 when the Sharia banking unit was fully established, the assets of the bank have grown 65%, the number of Sharia banking outlets by more than a 100%, while employee numbers have almost tripled in the same period………………………………………..Full Article: Source

The plans of two of Indonesia’s largest Islamic-based banks, Bank Syariah Mandiri (BSM) and Bank Muamalat, to hold an initial public offerings (IPO) have been dampened by Bank Indonesia (BI), the country’s banking regulator, which has suggested that the banks bide time before floating their shares on the bourse.
BI director for sharia banking, Edy Setiadi, says that there are still problems plaguing Islamic-based banks’ operations in Indonesia, such as their huge reliance on haj funds managed by the Religious Affairs Ministry, which is the reason the country’s sharia banking has seen lower-than-expected growth in recent months………………………………………..Full Article: Source

Al Izz Islamic Bank, the second sharia-compliant lender being formed in Oman, will launch an initial public share offer (IPO) for 40 percent of the bank later this month, Oman’s regulator said in a statement on Monday.
Al Izz is the second Islamic bank to seek a stock market listing in Oman since the sultanate reversed its position last year as the only country in the Gulf Arab region not to permit sharia-compliant banking………………………………………..Full Article: Source

Al Meera Consumer Goods Company announced that Barwa Bank has extended the Company Islamic banking facilities amounting to QR 900 Million. Al Meera said in a statement posted on Qatar Exchange that the facilities will be used to repay all existing bank debts in full, and to finance future expansion and acquisition plans of the Company and its Subsidiaries.
Al Meera Consumer Goods and its subsidiaries said on Sunday they incorporated futuristic mall strategy as part of its aggressive domestic expansion plan this year. “To facilitate our future expansion plans in the country, we are going for shopping mall concept which might be differentiated into two types: community and neighbourhood ones,” said Al Meera Consumer Goods deputy CEO Mohamed al-Qahtani………………………………………..Full Article: Source

Kuwait International Bank has recently announced that it has provided financial contribution to the Islamic Economics Higher Studies fund which is a part of the College of Science Administration at Kuwait University.
The contribution comes as part of the bank’s objective to strengthen ties with different social organizations in order to help them fulfill their missions that go in parallel with the values of KIB and its social responsibility. President of the Board of Trustees of the Fund Dr. Khaled Al Mathkoor received the check from Acting Chief Executive Loay Maqamis at Kuwait International Bank………………………………………..Full Article: Source

The members of Iran’s Assembly of Experts, Ayatollah Mesbah Yazdi highlighted the role of religious scholars in setting the appropriate ground for founding and running an Islamic Banking system.
Speaking in the seminar of ‘Scientific Jihad for Islamic Banking System’, Ayatollah Mohammad Taqi Mesbah Yazdi underscored,” despite of the deficiencies in the economic realm, we observed great achievements and progress in Islamic Banking system.”……………………………………….Full Article: Source

It has been reported that Germany is in its relative infancy in developing Islamic finance and banking and will be getting its first Islamic bank this fall when Turkey’s Kuveyt Turk investment fund opens its first bank in the country, despite the worsening euro crisis.
The first branch will be opened in Frankfurt in cooperation with Ernst & Young and the law firm Norton Rose. Other branches will soon follow, particularly in Muslim-heavy cities like Berlin………………………………………..Full Article: Source

The successful launch of the world’s largest-ever, dollar-denominated Islamic bond is a notable milestone in the rise of Qatar’s sharia-compliant finance industry. An ambitious infrastructure investment programme and growing per capita wealth are supporting the growth of Islamic financial services, as the authorities look to continue regulatory reform.
Qatar’s $4bn sukuk issue on July 11 was more than six times oversubscribed, drawing an order book of more than $24bn. The two-tranche bond was the Qatari government’s first venture into the Islamic debt markets for almost a decade and will be used to supplement public coffers………………………………………..Full Article: Source

Africa will remain a key focus for Barclays and Absa and one of the next steps is to take the group’s Islamic Insurance offering‚ Takaful‚ into the African continent‚ says Uwaiz Jassat‚ Takaful South Africa’s CEO.
Africa has a Muslim population of more than 500 million and Jassat says this market provides a massive opportunity for Absa. The Takaful (Islamic Insurance) product was launched in South Africa in 2003. In 2011 Absa acquired the business of Takafol South Africa………………………………………..Full Article: Source

Syarikat Takaful Malaysia Bhd, a provider of general and family takaful, is on the threshold of investing in properties in the UK due to its better structured property leases and higher returns compared to similar investments locally.
The company is now a step closer towards setting up a wholly-owned subsidiary in Labuan International Offshore Financial Centre that will act as a special-purpose vehicle (SPV) to handle its overseas property investment………………………………………..Full Article: Source