Saudi Hollandi Bank (SHB), the oldest banking franchise in Saudi Arabia, has completed a SR1.4 billion ($373.3 million) Islamic bond issue. The subordinated sukuk, which will boost the bank’s Tier two capital ratio, has a seven-year maturity but can be redeemed by the issuer after the end of the fifth year, the statement said.
The sukuk priced at 1.15 percent over the six-month Saudi interbank offered rate, it added. Shareholders approved the issue of the sukuk in early October………………………………………..Full Article: Source

It has been reported that Hong Kong’s bill to facilitate the issuance of sukuk, or Islamic bonds, is expected to be ready early next year but initially at least, it may attract little interest among issuers. In March, the government asked for industry feedback on the subject and this month, it said it aimed to introduce a bill in early 2013.
A draft bill could take three months to prepare and then be passed quickly into law provided there is no controversy, said Marcellus Wong, co-chairman of the taxation policy committee at the Taxation Institute of Hong Kong, an association of tax professionals………………………………………..Full Article: Source

The GCC foreign bonds have grown at an annual rate of 21 percent since Q1 2007. The rapid growth has happened partly to compensate for the decline in international syndicated loans, which fell from $112bn in 2007 to $32bn in 2011 and just $8bn in the first half of 2012.
The decline in the international loans is most probably a result of global banks, reducing their international exposure following the 2008 financial crisis. The governments and corporations in the GCC are increasingly looking to the bond markets as an alternative source of financing for the substantial projects and corporate expansions underway in the region………………………………………..Full Article: Source

Iranian Oil minister Rostam Qasemi has said that the National Iranian Oil Company will start selling oil bonds in the near future. According to the national budget law, the Oil Ministry’s subsidiaries are obliged to sell bonds totally to the ceiling of $5 billion in the current Iranian calendar year, which ends on March 20, 2013.
On November 7, Iranian Offshore Oil Company’s Managing Director Mahmoud Zirakchianzadeh said the company will issue $500 million worth of bonds to finance oil projects in the current Iranian calendar year, which ends on March 20, 2013………………………………………..Full Article: Source

The rapid global growth in Islamic finance means that action must be taken to ensure that the way in which it is reported financially is harmonised and made more consistent, a report, based on a series of high level international roundtables, by KPMG and ACCA (the Association of Chartered Certified Accountants) has concluded.
The report calls on the International Accounting Standards Board (IASB) and the Islamic Finance industry to work together to develop guidance, standards and educate the investor community on key issues. The IASB should consider issuing guidance on the application of International Financial Reporting Standards (IFRS) when accounting for certain Islamic financial products which are offered by Islamic financial institutions and conventional banks………………………………………..Full Article: Source

HSBC Amanah Malaysia Bhd (HSBC Amanah) is set to complete its footprint in Malaysia ahead of schedule with plans to open three more branches in Melaka, Seremban and Kelantan by the end of the year after the launch of its Kuching branch.
According to HSBC Amanah chief executive officer (CEO), Rafe Haneef, “We were given a time frame by Bank Negara when we first started in 2007 to open 26 branches by 2013. “Given the overwhelming response from our customers and the business community, we have been able to complete the 26 branches ahead of time………………………………………..Full Article: Source

Sharjah Islamic Bank (SIB) has allocated a Dh1 billion to finance all small-scale corporations that run small and medium size enterprises in the country. The move came after the signing of an agreement between SIB and Ruwad Establishment. The agreement was signed by Mohammad Abdullah, SIB Chief Executive, and Ahmad Mohammad Al Medfa, Ruwad Board Chairman.
Under the agreement, SIB will finance all enterprises carried out by Ruwad Establishment due to the growth witnessed by the small and medium size enterprises (SME) sector as well as the great attention it enjoys on the international level………………………………………..Full Article: Source

Public Bank Bhd’s unit Public Mutual Bhd, has launched six private retirement scheme (PRS) funds comprising conventional and shariah-based series to help individuals accumulate savings for retirement.
Public Mutual said the funds under the conventional series were PRS Growth Fund, PRS Moderate Fund and PRS Conservative Fund. The shariah-based funds comprise PRS Islamic Growth Fund, PRS Islamic Moderate Fund and PRS Islamic Conservative Fund………………………………………..Full Article: Source

The Islamic fi nance sector is growing faster than the supply of talent. Professionals highly qualifi ed in Islamic fi nance are in short supply. This shortage of qualifi ed professionals is slowing product development and preventing the industry from growing at an even faster rate.
As an industry we need to come together to collectively discuss how to close this supply-demand gap and how academic and professional programs can deliver specific skill sets, such as legal documentation, financial engineering, shari’a audit, risk management, treasury and liquidity management………………………………………..Full Article: Source

It has been reported that the Minister for Jobs, Enterprise and Innovation, Richard Bruton, today announced that a global advisory firm in Islamic Finance, Amanie Advisors is to establish an operation in Dublin.
The move by Amanie into Ireland is significant for Ireland’s financial services sector as it will enable Irish and European companies to access a relatively new source of funding through the Islamic Capital Markets. The investment is supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland………………………………………..Full Article: Source

The opening up of new markets and launch of new products are driving the $1 trillion global Islamic finance & Islamic cosmetics industry to new heights, and the growth prospects of the industry will be the highlight of an upcoming industry event in Sharjah.
The increasing recognition of its value propositions has made Islamic finance more widely accepted in many countries, including the UK, Singapore, Germany and Central Asia, and new markets such as China and other emerging countries………………………………………..Full Article: Source

Syarikat Takaful Malaysia Berhad (Takaful Malaysia) continuously delivering its brand promise with RM20,000.00 death claim benefit payment to the beneficiary of its agent. This death claim benefit payment fulfils the Company’s brand promise ‘We Protect, We Care and We Share’ as it symbolizes the Company’s apprehension towards its departed agent’s family.
The cheque was presented to the beneficiary following the Business Opportunity Sharing Session (BOSS) at De Palma Hotel, Shah Alam by Takaful Malaysia s Retail Agency General Manager, Encik Mohd. Suhaimi Ahmad………………………………………..Full Article: Source