Egypt’s Freedom and Justice Party is consulting with other political parties and the financial industry about the possibility of introducing rules allowing the issue of sukuk (Islamic bonds), a party official said.
“We started weeks ago to discuss details of how to permit the issuance of sukuk, instead of submitting a full bill that would need to be approved by parliament,” Ahmed al-Najjar told Reuters on Tuesday………………………………………..Full Article: Source

Bursa Malaysia has introduced the rules to facilitate exchange-traded bonds and sukuks (ETBS) to be listed and traded on Bursa Securities to attract a new segment of investors into the market.
In the past, bonds had been primarily accessible to institutions and high net worth individuals, the exchange said in a statement today. The relevant rule changes to the Listing Requirements, Rules of Bursa Securities and the Rules of Bursa Depository had been made available for reference at the exchange’s website it said………………………………………..Full Article: Source

Allen & Overy Singapore and Zaid Ibrahim & Co have advised Axiata Group Berhad on its one billion yuan sukuk issuance, the largest RMB-denominated sukuk, with Clifford Chance and Adnan Sundra & Low advising Bank of America Merrill Lynch, CIMB, and HSBC as joint lead managers.
The sukuk, only the second to be issued in the dim sum bond market, are listed on Bursa Malaysia Securities Berhad and the Singapore Stock Exchange. The issuance is the inaugural issuance from Axiata’s $1.5 billion multicurrency sukuk issuance programme established in August this year………………………………………..Full Article: Source

A whistle-stop tour of Singapore, UAE and London as Deutsche Bank, HSBC and QInvest LLC are mandated for the Islamic bond. Qatar Islamic Bank plans to issue a dollar-denominated Islamic bond, or sukuk, under its recently approved $1.5 billion sukuk programme, lead arrangers said on Wednesday.
Deutsche Bank, HSBC, Standard Chartered and QInvest LLC are mandated for the sukuk, a document from the lead arrangers showed. No details were provided on the size of the issue………………………………………..Full Article: Source

Omani Islamic banks’ assets are predicted to pass OMR 2 billion by 2012, according to a feasibility study by Al Izz Bank. The study indicates that the basic incentives for Islamic monetary services in the Sultanate are seen driven by a number of factors including country’s Muslim majorioty population.
The study showed that 70 per cent of respondents were interested in opening an Islamic savings account within the next 12 months. Seventy seven per cent indicated they would choose Islamic banking within a couple of years. The study identified the challenge of Islamic finance being a young industry which needs time to develop………………………………………..Full Article: Source

Cairo-based Ridge Islamic Capital is seeking to buy a local brokerage as part of its expansion plan, so that it can offer a full range of sharia-compliant financial services in the country, a company official told Reuters.
“We want to start providing sharia-compliant brokerage services during the fourth quarter of 2012,” Ahmed Rizkallah, country manager of Ridge Islamic, told Reuters on Wednesday………………………………………..Full Article: Source

Islamic financing, which currently covers about $1trn in assets, may be emerging as a credible alternative industry to complement the global financial system. The market has been growing at 10-15% annually as global demand for Syariah-compliant products and services has increased.
Speaking at the Global Islamic Finance Forum in Kuala Lumpur, World Bank MD Mahmoud Mohieldin said Investors are increasing seeking to diversify into other alternative assets and are brushing aside prejudices that some may have about Islamic products and services………………………………………..Full Article: Source

It has been reported that Indonesian Islamic banks like Bank Mandiri have offered strategic partnerships with foreign investors in its plantation projects, saying this would strengthen the Islamic banking platform.
“Foreign companies can join us in loan syndication to (jointly) finance the medium and large scale projects,”said Bank Shariah Mandiri CEO Yuslam Fauzi during one of the GIFF industry specific dialogues held in September 2012………………………………………..Full Article: Source

The use of an interest free financial system could prevent some economic cataclysms. “Though this system is only 40 years old, a positive tendency in the development of an Islamic interest free financial system is to be considered. Reviewing the possibilities of using such a system is an important factor for Azerbaijan, where 90 per cent of the population are Muslims”, Jeyhun Nagiyev, the director general of Ansar Leasing said.
Nagiyev added that for development of this financing direction in Azerbaijan the issue has to be considered both not only from the legislative point of view, but also from the scientific one………………………………………..Full Article: Source

Malaysia’s takaful industry appears to be more healthy and sustainable compared to its peers in other countries as its development is underpinned by strong fundamentals, says Standard & Poor’s Ratings Services.
The ratings agency said on Wednesday it was more positive on the developments in Malaysia, which is the largest takaful market in southeast Asia. “They are supported by more-sophisticated regulatory oversight and the stronger investment profile of the industry,” it said………………………………………..Full Article: Source

A report from A.M. Best examines the current state of the insurance market in the Middle East and North Africa (MENA) region. It notes that “over the past decade, the insurance industry has experienced strong growth in terms of premiums. The main drivers of this growth have been the significant economic developments in most countries in the region, combined with the introduction of compulsory insurance covers in many markets.
“At the same time, the number of insurance companies operating in these markets has dramatically increased as investors have come to view insurance as a growth market that delivers good returns to their investments. Many of the new investors were attracted by the introduction of takaful, which provided the opportunity to bring insurance to parts of the population that either had not perceived the need for insurance or were unable to purchase it.”……………………………………….Full Article: Source