Dubai-based Emirates District Cooling (Emicool), a joint venture between Dubai Investments and Union Properties, signed a Dh793 million ($216 million) Islamic loan guaranteed by both the parent companies, a recent statement said.
Structured in a sharia-compliant manner, the facility runs for 10 years, according to the statement from Mashreq, one of the banks providing finance. The cash will be used to refinance a Dh668 million bridge loan and other facilities raised with banks on an individual basis, which funded construction of cooling plants in the Motor City and Dubai Investment Park areas of the emirate………………………………………..Full Article: Source

Brunei has priced its 80th issuance of short-term Islamic bonds, or sukuk, at a rental rate of 0.16 per cent, to bring its total issuance so far to $4.85 billion dollars, the Autoriti Monetari Brunei Darussalam (AMBD) said.
The US$100 million 90-day issuance matures in January. AMBD, a statutory body acting as the country’s central bank, launched its first issuance in 2006………………………………………..Full Article: Source

Indonesian government planned to sell five series of Islamic bonds at an indicative value of 500 billion rupiah (about $52 million) next Tuesday, and proceeds from the bond sales would be used to finance 2012 state budget, a statement released by the finance ministry said on Thursday.
According to the statement one of the Islamic bonds scheduled for sale next Tuesday is a brand new one while the remaining four batches were resale programs………………………………………..Full Article: Source

Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported a 33 per cent increase in third-quarter net profit on Wednesday, beating analyst estimates.
Net profit rose to 33.7 million Kuwaiti dinars, or US$119.9 million (RM365.7 million), from 25.3 million dinars in the same period a year ago, according to a statement carried by state news agency KUNA………………………………………..Full Article: Source

Boubyan Bank Chairman and Managing Director Adel Abdul-Wahab Al-Majed stressed that the Bank’s positive financial indicators for the first nine months of this year ‘manifest the continuing success achieved by the bank on all levels, especially with regard to its market share and competitiveness, both among Islamic banks in particular, and the local banking sector in general’.
“Based on the indicators of the first nine months of this year, we expect that year 2012 will be another distinguished year in the Bank’s march, namely started in the second half of year 2009, when it adopted a new strategy focused on strong return to the core activities of the banking business,” said Al-Majed………………………………………..Full Article: Source

Mashreq, one of the UAE’s leading financial institutions, has announced a 28.3 per cent increase in Net Profit for the first nine months of 2012 reaching AED970 million compared to AED756 million for the same period last year, on operating income of AED 2,937 million.
Loans & Advances grew over the last nine months by 7.5 per cent to reach AED40.5 billion as of September 2012, compared to AED37.7 billion at the end of 2011………………………………………..Full Article: Source

The Bank of China (BOC) denied Thursday reported allegations that it helped funnel millions of dollars to Palestinian group Hamas.
“The Bank of China has always strictly followed the UN’s anti-money laundering and anti-terrorist financing requirements and regulations in China and other judicial areas where we operate,” the bank said on its website………………………………………..Full Article: Source

Banking is the need of time. Modern era banking has brought much convenience and ease to a customer. What used to be in past, hardly seems to be present today. The banking system has progressed by leaps and bounds.
It has been among the major contributors of the economy. With the timely intervention of RBI, the banking sector in India emerged largely unscathed from the global financial crisis of 2007-08, but faced a slowdown in the momentum of growth due to the weakening of trade, finance and confidence channels. It is time banks should seriously consider upgrading their system and migrating to advanced approaches………………………………………..Full Article: Source

In the second episode of “Faith in Finance” Malaysia is in the spotlight as a global center of Islamic Finance.……………………………………….Full Article: Source

The medical card from AIA AFG Takaful Bhd, AMedik, recently won “The Most Outstanding Takaful Product” award at the 9th Kuala Lumpur Islamic Finance Forum. Noted for its family plan benefit, the A-Medik standalone card allows the customers to extend medical and hospitalisation benefits to their spouse and a maximum of four children in one comprehensive plan.
Customers can cover their medical and hospitalisation charges when they seek treatment at panel hospitals. Further, customers are eligible for daily cash allowance benefit when they seek treatment at local government and overseas hospitals………………………………………..Full Article: Source