Islamic banking is growing at more than double the pace of conventional banking in Kuwait and strong demand is expected throughout the Arab region, the chairman of Boubyan Bank said on Wednesday.
Credit volumes at Islamic banks in Kuwait reached 11.1 billion Kuwaiti dinars ($39.3 billion) in the first nine months of 2012, up 13.2 percent on last year, Boubyan Chairman and Managing Director Adel Abdul Wahab al-Majed said………………………………………..Full Article: Source

Pakistan’s central bank has issued new rules for Islamic bank deposits backed by asset pools using mudaraba, a form of investment partnership that is common in Islamic finance.
The pools will have to maintain at least 20 percent of their assets in liquid securities, though this level can be reduced to 10 percent with the approval of sharia scholars. The rules allow banks to aggregate pools to help them manage liquidity in the short-term money market………………………………………..Full Article: Source

State Bank of Pakistan Deputy Governor Abdul Muktadir has said true spirit of Islamic financial system is the way forward that may help the global financial system to recover and regain the lost trust of stakeholders. ‘The Islamic banking industry is expected to grow considerably to play its critical role towards the economic growth in any economy.
He said that we need to deliberate on sustaining growth in the New Economic Order and enhancing cooperation through trade and capital inflows among the D-8 countries. Kazi outlined four key aspects for D-8 central banks’ cooperation for promoting inclusive economic growth amongst the D-8 countries………………………………………..Full Article: Source

One of the main conditions of Islamic finance is a Shariah Council every Islamic financial institution. On principles of Islamic financing in an exclusive interview with the Agency BNews.kz told Deputy Chairman of the National Bank of Kazakhstan Daniyar Akishev.
“It is one of the first conditions, the existence of principles of Islamic financing, the so-called Shariah Council every Islamic financial institution, and, in fact, the Islamic financial transaction. The Shariah Council exists in order to decide whether the activities and operations carried out, the principles of Islamic financing, i.e., whether they are first of all the precepts of Islam, “said Akishev………………………………………..Full Article: Source

Bolton Bhd has inked two agreements to raise fresh funds amounting to RM370mil to expand its business where the property outfit is now well poised to expand its landbank in areas where property, especially residential is in high demand.
The funds were made up of RM230mil Islamic medium-terms notes programme guaranteed by Danajamin Nasional Bhd and a RM140mil revolving credit facility by Affin Bank Bhd. The proceeds of Bolton’s inaugural sukuk issuance will be largely utilised to finance land acquisitions while the five-year revolving credit facility would be used mainly for project financing………………………………………..Full Article: Source

Attijari Al Islami, Commercial Bank of Dubai’s Islamic banking department, has introduced an improved version of its Ijarah home products. The Islamic mortgage products, which include new features, were launched to address the UAE’s growing demand for Shari’ah-compliant financial instruments.
CBD’s Ijarah Home products offer transparent and competitive rates that guarantee great value to our clients. The products are meant for UAE nationals and salaried expats between the age of 21 to 65 (or retirement age); a minimum monthly income of AED 20,000; and a minimum employment of two years………………………………………..Full Article: Source

Secura India Real Estate Fund, the first Sharia compliant venture capital fund has launched its second scheme of real estate fund with a size of Rs 50 crore. It is promoted by Kozhikode based by Secura Investment Management (India) Pvt. Ltd.
MA Mehaboob, managing director of the Secura Investment Management, said the fund seeks to make investments in privately negotiated equity and equity linked investments in unlisted or listed companies in sectors related to real estate activities in Kozhikode and Kochi primarily………………………………………..Full Article: Source

Fitch Ratings has affirmed HSBC Amanah Takaful (Malaysia) Sdn Bhd’s (HSBCAT) Insurer Financial Strength (IFS) rating at ‘A-’ with Stable Outlook.
The rating reflects the important role HSBCAT plays in the insurance franchise of HSBC group. The rating also reflects HSBC group’s franchise value, distribution channel and management support. HSBCAT benefits from its parent’s widely recognised brand name, product and distribution capabilities, as well as other management resources………………………………………..Full Article: Source

SABB Takaful Company has received an award for their Takaful protection and savings at the INSUREX conference held in Dubai. SABB Takaful was competing with prestigious names in global insurance like Friends Provident International and Zurich as well as regional firms from 11 Middle Eastern countries.
Nonetheless, SABB Takaful was named the winner for this year’s award. It is worth mentioning that the INSUREX conference this year is the 7th of its kind to be held with the organization of of Policy Magazine - one of the most important publishers specializing in the insurance field in the Middle East; in an aim to highlight the excellence of leading insurance companies in the region………………………………………..Full Article: Source

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC and the European insurer Garant Versicherungs-AG signed a cooperation agreement to insure and reinsure trade and investments flows to and from Arab and Islamic countries members of ICIEC.
The agreement was signed on the side lines of the 3rd Annual Meeting of Aman Union, a group of Arab and Islamic Export Credit Agencies which is being held in Kuala Lumpur 21st and 22nd October 2012. The Agreement was signed by Dr. Abdel Rahman El-Tayeb Taha, the Chief Executive Officer of ICIEC and Mr. Louis Habib-Deloncle, Chairman of the Managing Board of Garant………………………………………..Full Article: Source

Malaysian Airline System Bhd (MAS) has entered into an Islamic financing scheme of up to RM5.3 billion to fund the purchase of eight aircraft. The national carrier had executed a master facility for a Bai’ Bithaman Ajil Islamic financing arrangement with Turus Pesawat Sdn Bhd, a special purpose company owned by the Ministry of Finance (MoF), to provide financing facilities.
The current facility will be used to finance the purchase of six Airbus A380-800, one Airbus A330- 200F and one Airbus A330-300 and other related expenses, MAS said in a filing to the exchange………………………………………..Full Article: Source