The Maldives Capital Market Development Authority (CDMA) has signed a memorandum of understanding with the Ministry for Islamic Affairs to further develop an Islamic capital market in the country. Among the most prominent details of the agreement was a joint commitment to establish the ‘Maldives Centre for Islamic Capital Market and Finance’.
“This is going to help in promoting the various services available in Islamic financial services under one organisation,” says CDMA. Other features of the arrangement include the scheduling of meetings between the CDMA’s Capital Market Shariah Advisory Committee and the Ministry’s Fiqh academy, a program of training events on the practice, and the ministry’s endorsement of Shariah advisors registered with the CDMA………………………………………..Full Article: Source

The Hong Kong Government is finalising a bill that will provide a taxation framework for Sukuk, that it hopes to introduce to the Legislative Council in early 2013, the Financial Services & the Treasury Bureau said.
The bureau has released results of consultations on proposed amendments to the Inland Revenue Ordinance and the Stamp Duty Ordinance that aim to promote Islamic finance’s development in Hong Kong. They would provide a taxation framework for Sukuk on par with that for conventional bonds………………………………………..Full Article: Source

Abu Dhabi Islamic Bank , or ADIB, hired five banks to arrange investor meetings this week before the possible sale of Islamic bonds for the second-biggest Shariah- compliant lender in the UAE.
HSBC Holdings, Morgan Stanley, National Bank of Abu Dhabi, Standard Chartered and Abu Dhabi Islamic Bank will help organise meetings in Asia, the Middle East and Europe starting today, the bank said in a statement to the Abu Dhabi bourse on Tuesday………………………………………..Full Article: Source

Abu Dhabi Islamic Bank (ADIB) has begun its series of roadshows to market a benchmark Sukuk issuance planned to bolster the bank’s tier 1 capital. Abu Dhabi Islamic Bank (ADIB) said that a group of banks including ADIB itself, HSBC, Morgan Stanley, National Bank of Abu Dhabi and Standard Chartered Bank are conducting a series of investor meetings in Asia, the Middle East and Europe.
The bank said, “An offering of Hybrid Tier 1 perpetual USD denominated Shari’ah compliant instruments may follow, subject to market conditions.” Market talk suggests the issuance would be ‘benchmark’ size of at least $500 million………………………………………..Full Article: Source

Dana Gas PJSC (DANA) shares slumped the most in almost two years after the fuel producer failed to confirm whether it had reached a so-called standstill agreement with bondholders for $1 billion of sukuk due on Tuesday.
The shares tumbled 8.9 percent, the biggest decline since January 2011, to 41 fils at the close in Abu Dhabi. The stock fell 2.4 percent this month after surging 11 percent in September. Dana Gas was the most traded by volume and the biggest decliner on Abu Dhabi’s benchmark ADX General Index (ADSMI), which was little changed………………………………………..Full Article: Source

RAM Ratings has lifted the developing Rating Watch on Cerah Sama’s first issuance of MYR 380 million under the MYR 600 million Islamic Medium-Term Notes (Sukuk) programme, and reaffirmed its long-term AA3 rating with a stable outlook.
Cerah Sama is an investment-holding company that wholly owns Grand Saga (Grand Saga) – operator of the Cheras-Kajang Highway (the Highway)………………………………………..Full Article: Source

Islamic Development Bank (IDB) has expressed its dismay over massive rise in the cost of Neelum-Jhelum hydropower project from Rs 84 billion to Rs 274 billion and refused to extend loan of Rs 90 billion more, a senior official at Ministry of water and Power told Pakistan Observer.
“The bank said that it would provide Rs 45 billion only if the government generates the Rs 45 billion from its own resources. The bank said that Finance Ministry will have to come up with the guarantee that it would provide Rs 45 billion extra from its resources.”……………………………………….Full Article: Source

Abu Dhabi Islamic Bank (ADIB) is considering a sale to boost its core capital ratios ahead of an investors meeting on Wednesday. It’s the largest sharia-compliant lender by market value in Abu Dhabi and rarely issue sukuks. A source at an arranging bank claimed that the sukuk is likely to be benchmark-sized, which are bonds typically of $500 million or more in size.
ADIB itself, along with HSBC Holdings, Morgan Stanley Inc, National Bank of Abu Dhabi, and Standard Chartered Plc will arrange the road-shows that will be followed by a potential sale of tier one perpetual dollar-denominated sukuk, subject to market conditions………………………………………..Full Article: Source

Kuwait Finance House (KFH) CEO Mohammed Al-Omar asserted that the profits achieved by KFH at the end of Q3 are operative profits, and that its growth reflects solid business structure and optimum operative performance.
He added that this will foster growth during the coming period in light of an increase in revenues, decrease in provisions and expenses, and the activation of sustainable profit policy, with the possibility of an improvement in the operational environment in Kuwait and other markets. (Press Release)

Qatari banks are bulking up to play a role in funding the country’s massive infrastructure expansion. But in a country which is already overbanked by some measures, they may risk becoming too big.
Doha Bank, Qatar’s fifth-largest lender by market value and part-owned by the country’s sovereign wealth fund, announced plans in October to increase its share capital by 50% in the first quarter of next year, raising about $1.6bn………………………………………..Full Article: Source

Poverty has become a global problem. Due to the current Global Financial Crisis, even the Developed countries of world are also trying to fight against poverty whereas the solution of all the problems and issues related to poverty lies in Islamic Microfinance.
These thoughts were expressed by the Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics, Mr. Zubair Mughal in an International Microfinance Conference which was held in Yogyakarta, the city of Indonesia………………………………………..Full Article: Source

Etiqa Insurance & Takaful has appointed Ahmad Rizlan Azman as CEO of Etiqa Takaful Bhd from Nov 1, 2012. Rizlan, 45, will report to Etiqa Insurance & Takaful CEO Hans De Cuyper, who oversees the entire insurance and takaful group.
Rizlan will be responsible for driving the takaful business in Etiqa, overseeing the performance of Etiqa Takaful here and regionally. In his functional role, he will also be the head of life/family business as well as employee benefits………………………………………..Full Article: Source

The National Minorities Commission has asked the government to allow Islamic banking in India which is interest free, but critics say it goes against India’s secular fabric. Will it really open up a Pandora’s box?.………………………………………Full Article: Source