A new web portal launched in Egypt says it is the first crowd funding service in the country that obeys the principles of Islamic finance. Crowd funding allows large numbers of investors to become shareholders in a project by contributing very small amounts of money, without going through a stock exchange.
“There are banks and financial institutions funding micro-projects and other large projects with more than a million dollars…but the projects that need between $50,000 and $300,000 do not find it,” said Shehab Marzban, one of the founders of shekra.com………………………………………..Full Article: Source

An indepth study, carried out by Ratings Intelligence, an organization that provides quality research resources for Islamic investors, has examined the quality of Shariah equity screening.
Authored jointly by CEO Dr. Mushtaq Shah, chairman Dr. Nabhan Al-Nabhan, and head of equity screening and audit Abdul Hadi Shaikh, the paper talks about how different results are obtained for a company under review by adopting different research approaches and how quality of Shariah screening can be improved………………………………………..Full Article: Source

RAM Ratings has reaffirmed the enhanced AAA(s) rating of KL International Airport’s (KLIA) MYR 4.06 billion Bai’ Bithaman Ajil Notes Issuance Facility (2003/2015) (KLIA Notes Facility), with a stable outlook.
The enhanced rating is premised on the unconditional and irrevocable guarantee by the Government of Malaysia (GoM) to repay all amounts due under the KLIA Notes Facility………………………………………..Full Article: Source

The product will allow NBD to earn Shari’ah-compliant profits on its account balances at Standard Chartered Bank Germany Branch in Frankfurt. NBD offers a broad spectrum of Shariah - compliant banking products and solutions for large corporate as well as individuals across all governorates of Egypt. The agreement was signed recently at SIBOS 2012, which was held in Osaka Japan.
The Standard Chartered Saadiq EUR Nostro Account utilises a Shariah-compliant account sweep facility. At the end of each business day, available EUR balance in NBD’s Saadiq clearing account will be invested using the Islamic finance mode of Murabaha. Profit generated from these transactions will be credited on a monthly basis………………………………………..Full Article: Source

The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C (ABG) announced that it has achieved a net income of $183 million in the first nine months of 2012, an increase of 10 percent on the net income achieved in the first nine months of 2011.
Similarly, the financial positions statement witnessed good increases. Total assets increased by seven percent, investments and financing portfolio by 13 percent, deposits by 7 percent and total equity by 7 percent as at the end of September 2012 as compared with the end of December 2011………………………………………..Full Article: Source

The Islamic Development Bank (IDB) has provided a loan amounting to $37.04 million to the Uzbek government for the project on modernization of oncological institutions of the country, a representative of the Minisrty Of Health said.
IDB funds granted for a period of 14 years including a four-year grace period. They will be used to purchase modern medical equipment. Total project cost - $83.2 million. The government will provide $46.18 million for its implementation, including 8.37 million - in the form of tax and other mandatory payments exemptions………………………………………..Full Article: Source

Despite continued global economic pressure and high fuel prices, the Group’s revenue and other operating income rose to 38.2 billion Dirhams ($ 10.4 billion) an increase of 16 per cent over the last year’s results. This constitutes the first time in the Group’s history that revenue surpassed the $ 10 billion mark in a six month period.
The Group’s cash position on 30th September 2012 remained strong at 15.2 billion Dirhams (US$ 4.1 billion), compared to 17.6 billion Dirhams (US$ 4.8 billion) as of March end 2012. The 2.4 billion Dirhams difference in the cash balance is primarily resulting from 2.0 billion Dirhams Sukuk bond repayment in June 2012………………………………………..Full Article: Source

Islamic financing continued to grow in 2011 and the first half of this year to more than $ 60 billion. The forecast for this year on the Sukuk is around $ 120 billion, creating a new record.
“I would like to encourage every private as well public sector to think seriously about using the Sukuk as a source of fund,” Abdulmohsen A. Al-Fares, managing director and chief executive officer of Saudi Arabia-based Alinma Bank said. “And we are seeing many issuance over the last three years. This will continue and will see more that will help the secondary market to develop so that the government issuance of Sukuk will set as a benchmark which is very important for secondary market development. This will be strong source of funding not only in Islamic world but also globally.”……………………………………….Full Article: Source

The Islamic finance industry’s leading certification institute, Ethica, today launched what may soon become the desktop reference of choice for the Islamic finance professional: a 700 page e-book packed with practical, usable information. Everything from sample Islamic finance contracts, over 1,000+ scholar-approved Q&As, the entire “Meezan Bank Guide to Islamic Banking,” study notes to Ethica’s award-winning Certified Islamic Finance Executive (CIFE) program, and much more. All organized with an easy-to-use subject index at the end.
Ethica is the first globally-recognized certification institute in Islamic finance to launch a comprehensive online guidebook for the industry. Ethica’s spokesperson said, “We wanted to create a handbook that empowers professionals with a usable, practical reference that goes beyond standard academic theory.” (Press Release)

Syarikat Takaful Malaysia Bhd (Takaful Malaysia) aims to end the financial year 2012 with 1,000-strong agency force.The Islamic insurance company in Malaysia, with 900 active agents, launched the “Be myAgent” campaign to share with the public the career and business opportunities that Takaful Malaysia has to offer.
The company would also offer a financing scheme to selected and qualified new agents or agency leaders to help them get a headstart in their career with Takaful Malaysia, it said in a statement………………………………………..Full Article: Source