An Egyptian association plans to launch a list of sharia-compliant equities next week as part of its efforts to raise awareness of Islamic finance in the country.
The list will filter out companies which fail to meet religious guidelines, such as avoiding excessive levels of debt and steering clear of industries that are deemed unethical, including alcohol and gambling………………………………………..Full Article: Source

The Islamic finance market is having arguably its best year ever. After a catalogue of breakthroughs, the industry has plenty to celebrate and every reason to look forward to an even better 2013. So why is it so downbeat?
There was a oddly sombre mood at the Kuala Lumpur Islamic Finance Forum last week — odd because 2011’s event had been so upbeat and because the industry is enjoying such a successful 2012………………………………………..Full Article: Source

Kuwait Finance House (KFH), the Gulf state’s largest Islamic lender, appointed veteran board member Mohammed Al-Khodairi as its new chairman, replacing Sameer al-Nafisi who has resigned, KFH said in a bourse statement.
KFH also said it accepted the resignation of Al-Nafisi from the board membership and appointed Hamad Al-Omairi as a board member………………………………………..Full Article: Source

The Qatar Faculty of Islamic Studies (QFIS), a member of the Hamad bin Khalifa University, recently participated in the Joint Qatar Foundation Annual Research Forum and Arab Expatriate Scientists Network Symposium at the Qatar National Convention Centre.
Four researchers from different QFIS research centres presented papers on the Qatar National Research Strategy, taking into consideration Qatar’s national priorities and in line with the renaissance and reform movement in Qatar………………………………………..Full Article: Source

With less than a week until maturity, Dana Gas sukuks are trading at a significant discount to face value as negotiations continue on what would be the UAE’s first ever restructuring of an Islamic bond.
On Tuesday, the sukuk was trading at a 21 per cent discount, undermined by worries about the company’s cash position. In its first-half financial statements, the Sharjah-based energy company reported a cash balance of $164m, a fraction of the funds required to repay the debt………………………………………..Full Article: Source

Amana Bank, has introduced mobile banking services that would enable customers to carry out banking transactions through mobile phones. “The service offers convenience of accessing banking services anytime, anywhere. It will enable customers to perform transactions at their fingertips,” says Amana Bank’s Head of Business, Mr Sudi Marungu.
Amana Bank is a wholly owned Tanzanian bank, providing a full range of Sharia compliant banking services. Marungu explains that Amana mobile banking comprises mobile banking and internet banking. While mobile banking will be done through cellular phones, internet banking will be conducted through computers with access to internet………………………………………..Full Article: Source

The Awqaf and Religious Affairs has referred to the importance of improving and developing methods of endowment investments through scientific studies and take advantage of Islamic banks in the Sultanate to find new funding sources consistent with the Islamic law and open partnership with other government agencies to develop endowments to benefit everybody.
HE Sheikh Abdullah Bin Mohammad Al Salmi, Minister of Awqaf and Religious Affairs, said new ways have to be found to invest endowments to ensure high dividends and not merely follow old formulas. He also said that legitimate aspects should also be taken into account………………………………………..Full Article: Source

Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) recorded a net profit before Zakat of SAR 3,994 thousand for the 3rd quarter of 2012, compared to a net loss before Zakat of SAR 18,364 thousand for the corresponding quarter of 2011, and compared to net loss before Zakat of SAR 6,031 thousand for the previous quarter of 2012.
The Net profit after Zakat is SAR 3,294 thousand for the 3rd quarter compared to a net loss after Zakat SAR 18,364 thousand for the corresponding quarter of previous year and compared to net loss after Zakat SAR 6,141 thousand for the previous quarter 2012………………………………………..Full Article: Source

After a sojourn of circa two centuries, socio-political Islam is coming back to dominate a rapidly increasing number of societies. Almost all elections, that could credibly be described as free, that took place in the Arab world since the onset of ‘the Arab Spring’, resulted in impressive showings by political parties or groups with conspicuous Islamic backgrounds.
In Iran, Pakistan, and to some extent, Indonesia, political Islam has been the dominant force in local politics for decades. Political Islam has also been on the ascendancy in the past decade in Turkey, Nigeria, as well as in the large Muslim communities in Europe and the US………………………………………..Full Article: Source