Amanie Advisors, the global Islamic capital markets advisory firm, has set up an Irish operation. The move is seen as a further boost to Ireland’s growing Islamic finance sector, and will facilitate both Irish and European companies access funding through the Islamic capital markets.
Dr Daud Bakar, group chairman of Amanie, said it chose Ireland due to its “growing reputation as a hub for Islamic finance operations”. Amanie has a base in Luxembourg but, according to Noel Lourdes, who will head up its new operation, Dublin will act as the hub for originating and structuring Islamic bond deals………………………………………..Full Article: Source

The Bank of Ghana (BoG) has hinted it may later consider introducing Islamic Banking in Ghana if the prospects are positive. Industry players have argued that Islamic Banking has the potential of solving the high interest rates challenges for the private sector.
The Acting Governor of the BoG, Dr. Henry Wampah at last week’s Monetary Policy Committee press conference stated that it may consider that banking concept soon………………………………………..Full Article: Source

High capital levels and a prohibition on more exotic forms of funding should leave Islamic banks well placed under Basel III. But a lack of high quality sharia-compliant instruments leaves the sector facing issues over liquidity requirements
Basel III has prompted a large amount of discussion among the Islamic financial sector. At first glance, the new regime should be positive: Islamic banks should easily already clear most of the new requirements for capital and adequacy ratios without needing to raise substantial amounts of new capital - unlike their conventional banking peers. This should effectively level the playing field between the two schools of finance………………………………………..Full Article: Source

There is a need for a strategy to ensure a sustainable and stable growth of the Islamic Finance Industry across Asia.Executive Director and Chief Executive Officer of CIMB Islamic Bank, Badlisyah Abdul Ghani said the basic requirements for an effective integration of Islamic Finance across the region are certainty in Islamic Finance activity, regulatory and legal certainty; Shariah credibility and regional Shariah harmony.
“In Asia in general, people are not sure whether Islamic Finance in Asia has stability and integrity,” he said………………………………………..Full Article: Source

Islamic Finance House Pvt. JSC, (IFH) has announced the grand opening of its new main branch, which is located at the heart of the Capital city, Abu Dhabi. Committing to grow across the UAE and serve customers’ seeking Shari’a compliant financial services through its wide and diversified portfolio of Shari’a compliant products including, personal and business finance in addition to investments, IFH aims to enrich its customers’ financial experience through adopting a customer-centric approach.
Eisa Alqubaisi, Chairman of Islamic Finance House said: “We at Islamic Finance House offer innovative Shari’a compliant personal and business Islamic finance products, with a clear objective to become the preferred financial institution in the UAE”(Press Release)

Dubai Islamic Bank (DIB) has welcomed the second batch of its 2012 Emarati Programme in cooperation with Majid bin Mohammed UAE Nationals Training Initiative. The 20 male UAE Nationals will now commence a six-month long customised training course to enhance their skills and knowledge of the banking industry.
The first batch of graduates, a group of 20 female UAE Nationals followed the same course at the bank earlier this year. The programme was developed following the the signing of a Memorandum of Understanding (MoU) between DIB and the Private Office of His Highness Sheikh Majid Bin Mohamed Bin Rashid Al Maktoum………………………………………..Full Article: Source

Malaysia will continue to be the global leader in developing and promoting Islamic banking systems, according to Roland Berger Strategy Consultants. Its senior partner for Southeast Asia, Markus Bohme said Malaysia will face competition from member countries of the Gulf Cooperation Council (GCC).
He said there will be an automatic connection with the GCC countries and at the same time competition, but Malaysia is probably set for that in Asia………………………………………..Full Article: Source

South-East Asia is expected to be a hotspot for growth for global investment banks while more consolidation is expected to reduce the number of major players to around 10 or less within the next three to five years, from the current 14.
In terms of Islamic finance, he said that the country would continue to lead in developing and promoting Islamic banking systems. However, Malaysia will continue to face competition from the Middle East. While there is competition, there will also be an automatic connection with Middle Eastern countries, according to Roland Berger Strategy Consultants senior partner Markus Boehme………………………………………..Full Article: Source

The State Bank of Pakistan (SBP) has issued detailed instructions for Profit and Loss Distribution and Pool Management in Islamic Banking Institutions (IBIs) in order to improve transparency and disclosures and bring standardisation in IBIs’ profit and loss distribution policies and practices.
Instructions are applicable with immediate effect and Para IV of annexure-II of IBD circular 2 of 2008 stands withdrawn. Provisions of BPRD circular 7 of 2008 regarding minimum rate of return on savings deposits as amended from time to time shall no more be applicable on IBIs………………………………………..Full Article: Source

All the Islamic Banks are advised to maintain transparency in Profit & Loss Distribution and Pool Management in order to improve standardization in Islamic Banking Institution’s (IBIs’) profit and loss distribution policies and practices.
The State Bank of Pakistan has issued these instructions to the IBI, which are applicable with immediate effect. Failure to comply with SBP instructions shall invoke penal action under the provisions of Banking Companies Ordinance, conveyed to the Presidents/Chief Executives of all Islamic banks and all conventional banks having Islamic banking branches ………………………………………..Full Article: Source

“Bank of Khyber (BoK) was committed to cater the banking requirements of all segments of society. BOK is providing Islamic Banking & Financial requirements as well as conventional in a befitting manner to encourage the economic developmental activities in the region.”
BoK Managing Director Bilal Mustafa said this while speaking at the formal inauguration of BoK Raast Islamic Banking Branch at Main Bazaar Topi, District Swabi on Monday in a ceremony. The inaugural ceremony was also attended by notables of the area and business community………………………………………..Full Article: Source

Ithmaar Bank, a Bahrain-based Islamic retail bank, reported today (ed note: 13/11/12) overall growth in core business for the year but reported a net loss after recognizing prudent impairment provisions. The announcement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Mohamed Al Faisal, followed the review and approval, by the Board of Directors, of the Bank’s consolidated financial results for the nine month period ended 30 September 2012.
The results show a net loss of $15.6 million for the nine month period as compared to a net profit of $6.7 million for the same period last year. This is despite operating income increasing 14.21 per cent to $161.9 million for the period.(Press Release)

Malaysian Rating Corp Bhd (MARC) has put Senai-Desaru Expressway Bhd’s (SDEB) RM1.89bil nominal value senior sukuk ijarah medium term notes programme and its RM3.69bil nominal value junior sukuk ijarah medium term notes programme on MARCWatch negative.
SDEB is the concession holder for the Senai-Pasir Gudang-Desaru Expressway, with the highway codename E22. MARC said in a press release that the MARCWatch Negative placement is due to the E22’s weak traffic performance since commencing full operations after the opening of Package 3 in July 2011………………………………………..Full Article: Source

A senior Indonesian official said on Monday that government is scheduled to issue Islamic global bond on Wednesday, aimed at seeking some 1 billion U.S. dollars of funds to finance state budget this year.
Debt Management Director General at the Financial Ministry Robert Pakpahan said that the would-be issued bond offers 3.3 percent returns rate with service period of 10 years. The ministry also planned to issue sovereign for Japanese investors, called Samurai Bond, on Thursday, worth 60 billion Yen. The bond offers 1.13 percent returns rate, has 10 years of service period, the largest news portal detik.com reported………………………………………..Full Article: Source