After decades of secular rule, Tunisia’s government aims to develop Islamic banking in the country, but some suspect the government’s motives are more political than economic: it wants to win the support of voters.
Governments across North Africa are promoting Islamic finance in the wake of last year’s Arab Spring uprisings, which ousted regimes that neglected or discouraged the business for ideological reasons………………………………………..Full Article: Source

Persian Gulf Islamic bond sales are beating Shariah-compliant loans in the Middle East, Europe and Africa for the first time since 2006 as borrowers seize on tumbling yields to finance roads and airports.
Sales of sukuk in the Gulf Cooperation Council have almost quadrupled this year to $18.5 billion as Saudi Arabia’s state- run Civil Aviation Authority and Qatar’s government sold $4 billion each, according to data compiled by Bloomberg. Loans that comply with Islam’s ban on interest, by comparison, have risen 57 percent to $11.4 billion in EMEA………………………………………..Full Article: Source

Australian investors will soon be able to tap into one of the world’s fastest-growing asset classes under a new tie-up between the country’s only dedicated Islamic fund manager and Europe’s largest Islamic bank.
From early next year, Australia’s the Crescent Islamic Cash Management Fund will be able to allocate up to half of its assets to investment-grade Islamic bonds, or sukuk, under the advice of Bank of London and The Middle East, or BLME………………………………………..Full Article: Source

Turkey’s Islamic bond market is gathering momentum as local corporates plan sukuk offerings after the Turkish government raised its first lira-denominated sukuk on 3 October 2012. The 2-year TRY1.62bln (USD904mln) sukuk attracted strong demand, with a bid-to-cover ratio of 2.02 times.
The lira-denominated sukuk issue followed the debut of an international Turkish sovereign issue of 5-year USD1.5bln sukuk sold on 18 September 2012. The USD sukuk offering was oversubscribed by five times, priced at a profit rate of 2.803%. Middle Eastern investors accounted for 58% of the subscription, followed by European investors with 18%, Asian investors with 14% and US and other investors with the remaining 10%………………………………………..Full Article: Source

RAM Ratings has reaffirmed the AA3 long-term rating of Besraya (M) Sdn Bhd’s RM700 million Sukuk Mudharabah Issuance Facility; the long-term rating has a stable outlook.
Besraya is the toll concessionaire for the 16.6-km Sungei Besi Highway, and the 13.4-km Besraya Eastern Extension that is currently under construction (the 2 routes are collectively known as. The concession of the Highways is valid until 15 May 2040………………………………………..Full Article: Source

Barclays Bank Egypt SAE is considering entering the Islamic banking market in the country and lending more to small and medium businesses as it seeks ways to generate new revenue, a senior bank official said.
The bank is weighing how to replicate its South African Islamic products in Egypt, where such finance makes as much as 4 percent to 5 percent of total banking assets in the country, Sherif Elbehery, director for strategy, planning, marketing and corporate affairs at the Bank in Egypt, said in an interview………………………………………..Full Article: Source

An Islamic finance expert from Islamic Finance Council (UK), has highlighted the critical need to reinforce, upgrade and enhance Shariah-assurance practices to meet shareholder expectations and safeguard the integrity of the industry.
Joined by four panelists, Omar Shaikh who is an executive board member at Islamic Finance Council UK (IFC), moderated the session at the fourth World Islamic Retail Banking Conference and shared key findings from the report, Enhancing Shariah Assurance………………………………………..Full Article: Source

Islamic finance has grown and expanded rapidly in recent years. It was recently announced that, following in the footsteps of some of its European neighbours, Germany will soon have its first Islamic bank — which is ironic if you think about the history of the country. Ireland, a country of arguably staunch Catholics, is also making a bid to be a global hub for Islamic finance.
The global growth of Islamic finance in recent years is, in part, a response to the demand for a more ethical financial system. But is Islamic finance just an ethical “spin” on “conventional” finance? Or can it offer more tangible solutions beyond the Muslim community?……………………………………….Full Article: Source

Azerbaijan may soon become a regional Islamic financing center and play a significant role in boosting cooperation in Islamic banking with Persian Gulf and Central Asian countries. At the same time, interest in Islamic finance as a source of investment is high in the country.
Islamic financing is one of the fastest-growing segments of the global financial services industry worldwide. The International Bank of Azerbaijan (IBA), the country’s leading bank, has recently established an Islamic banking department, which is in the early stages of carrying out organizational and analytical work, IBA’s Director for Islamic Banking, Behnam Gurbanzada said………………………………………..Full Article: Source

Hamood Sangour al Zadjali, Executive President, Central Bank of Oman said: ‘this will help in creating awareness, understanding knowledge in Islamic Banking and is timed well on the eve of formal commencement of Islamic Banking in Oman.
The Central Bank has made out a draft Islamic Banking Regulatory framework which will provide a comprehensive working platform based upon sound and best practices, “he added………………………………………..Full Article: Source

Islamic banking in the UAE is going from strength to strength and plays a key role in the economy by providing an alternative solution to conventional products and services, a top official of Mashreq Al Islami said.
“Our estimate is that Islamic banking has taken 20 per cent market share of overall banking in the UAE. This is a very positive sign and shows the continued growth in Islamic banking in the Emirates,” Moinuddin Malim, chief executive officer of Mashreq Al Islami, told Khaleej Times on the sidelines of World Islamic Retail Banking conference, which concluded here on Wednesday………………………………………..Full Article: Source

Islamic Development Bank (IDB) announced Wednesday that it would open an office in Istanbul. IDB President Ahmad Mohamed Ali Al Madani said that Istanbul was on its way to become an important finance center and IDB would open a branch there very soon.
IDB will provide financial services to Islamic countries and help enhance competitiveness of small and medium sized enterprises of the OIC countries, Madani said at the 28th session of the COMCEC meeting of OIC (the Organization of Islamic Cooperation)………………………………………..Full Article: Source

The Banker magazine, the world’s premier banking and finance publication, bestowed the top investment bank for Asia-Pacific title to CIMB Investment Bank at its annual investment banking awards recently.
It was CIMB’s second time winning the ‘Most Innovative Investment Bank of the Year from Asia-Pacific’ award, outclassing its bigger peers in the region to solidify its position as a leading investment bank franchise based in Asia-Pacific (excluding Japan). Brian Caplen, editor of The Banker, explained that the award was given to the bank that had shown the most innovation in the past 12 months at a regional level………………………………………..Full Article: Source

Takaful “ the Islamic alternative to conventional insurance “ represents a radical new insurance business model that is firing a potentially very big emerging market in the MEA.
The MEA insurance market is characterised by a large number of players in a limited market. With a majority of these being unregulated, there exists a cut-throat price war; demanding a need to set up effective regulations that will see the desired consolidation and fuel commercial growth. Takaful “ the Islamic alternative to conventional insurance “ represents a radical new insurance business model that is firing a potentially very big emerging market in the MEA………………………………………..Full Article: Source

More than 50 Islamic countries launched a comprehensive strategy a bid to enhance economic and commercial cooperation at an OIC ministerial meeting here on Wednesday. The strategy highlighted six cooperation areas of trade, transport, tourism, agriculture, poverty alleviation and finance.
It has a vision to build a prosperous Islamic Ummah based on solidarity and interdependence, enhanced mobility and good governance………………………………………..Full Article: Source

The Middle East’s financial services industry is likely to see an increase in entrepreneurship as a result of the Arab Spring and the financial crisis, according to a panel of experts at London Business School’s latest thought leadership forum in Dubai.
Katie Sumpton, Principal at Booz & Company, said, “The financial services landscape has changed dramatically in the last few years following the financial crisis and the Arab Spring. Key trends, including the importance of entrepreneurship as a means to employment, the growth in Shari’ah-compliant banking, and large scale development programs in countries like Libya and Iraq are giving rise to significant opportunities in the financial sector and are forcing leaders to rethink traditional ways of doing business.”……………………………………….Full Article: Source

Industry and Trade Minister Hatem Saleh called on the businessmen participating in the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC) conference in Turkey to invest in the Egyptian market.
The minister said in a press release issued Wednesday that Egypt has promising investment opportunities and an ideal geographic location, including the Suez Canal, “the most important strategic corridor linking the East and West.” Production costs in Egypt are also low, the statement added………………………………………..Full Article: Source

The long-awaited opening of Saudi Arabia’s equity market to direct ownership by foreigners may take time as regulators sort out what conditions and qualifications should apply to people who are allowed to invest, according to a senior executive at Deutsche Securities Saudi Arabia.
Saudi Arabia — the largest, most liquid and yet least accessible stock market in the Arab world — is considering opening its stock market to foreign investors in a move that could help turn the local market into a regional trading hub. But when the kingdom will make its final decision on this proposal, which could earn Saudi Arabia the much-coveted MSCI emerging market status, remains uncertain………………………………………..Full Article: Source