The Jordanian government will cement the role of Islamic banking in the kingdom and establish a leading regional center for Islamic finance, especially after the rapid growth of Islamic banking in the country, due to laws that organize the work of takaful insurance and sukuk, KFH-Research said in a report recently.
The assets of the four Islamic banks operating in Jordan is $4.6 billion and forms 5 percent of total banking assets. They achieve annual growth of 13 percent and are better than traditional banks in growth of deposits and financing. This reflects high demand for transactions; especially that they offer various unique services and products………………………………………..Full Article: Source

As it seems, the Islamic banking legislation expected within the amendments added to the Banking Act comes in this context and they have taken a bountiful share of studies and discussions as a new experience in the Sultanate.
We all followed the progress in these legislation while moving between the relevant authorities for review and discussion in transparency and clarity. This made everyone interact with the issue, banks and the public alike, in addition to allowing the establishment of two banks working in accordance with Islamic law which are Nizwa Bank and Al Izz Bank. It was allowed also to commercial banks to open ports operating accordingly………………………………………..Full Article: Source

Following the merger of HSBC Middle East Ltd’s operations in Oman with Oman International Bank in June, HSBC Bank Oman SAOG announced the successful completion of the integration process in less than six months during a press briefing held at its head office in Al Khuwair.
This entailed bringing both entities onto a single systems platform and substantial investments in training and new technology infrastructure to ensure the efficient operation of the combined branch network………………………………………..Full Article: Source

The National Commercial Bank (NCB) has won the support of the General Council for Islamic Banks and Financial Institutions to become a council member following a meeting in Jeddah.
Dr. Omar Zuhair Hafiz, secretary-general of the council, said the organization’s general assembly has nominated NCB to become a member of the council’s board of directors. NCB is one of the leading commercial banks in the region and the products developed by NCB have contributed to the growth of Islamic banking and finance………………………………………..Full Article: Source

Dubai Islamic Bank (DIB) announced today the launch of SME Business Solutions, a Sharia-compliant suite of products and services specifically developed to support the growth of small and medium enterprises (SMEs), including through the provision of Business Finance up to AED 1.5 million per customer.
Launched on the eve of the 41st anniversary of the founding of the United Arab Emirates, the introduction of SME Business Solutions reflects the bank’s unique commitment to supporting the country’s economic development and diversification………………………………………..Full Article: Source

From a tax perspective,one of the major challenges confronting Non Interest Banking (NIB) internationally is that tax laws generally cater for conventional banking products, which involve the charging of interest on monies lent which is not the same with NIBs.
While many Islamic products are structured to replicate the economic effects of conventional financial products, the legal form of these products is very different from conventional products. This may lead to differences in tax treatment that may potentially place Islamic banks and their customers at a disadvantage compared to banks with conventional products………………………………………..Full Article: Source

The Shariah Supervisory Board (SSB) of Meezan Bank Limited has approved the concept for the first ever air-time based Sukuks to be issued in Pakistan, according to a statement issued on Friday. The board has also approved detailed guidelines for Islamic banks related to sharing of security with other banks for long-term Islamic projects and structured financing.
These decisions were taken during the 19th meeting of the SSB of Meezan Bank held at Darul Uloom Korangi, Karachi………………………………………..Full Article: Source

Recently, in October 2012, the Jordanian house of representatives has approved the sukuk law. According to this law, sukuk shall be tradable at the stock exchange. It is required by the state law that the owner of the sukuk shall have all rights, obligations and actions as decided by the Shariah concept.
The law has also provided a number of forms which can be used for sukuk issuances, such as, leasing, Mudarabah, Murabahah, Musharakah, Al-istisna’ and any other contract the commission approves of………………………………………..Full Article: Source

Danajamin Nasional Bhd, the country’s financial guarantee insurer, has provided guarantees for RM5.54bil worth of sukuk and bond programmes to date, including the latest guarantee for Bolton Bhd’s Islamic facilities.
Danajamin is guaranteeing Bolton’s seven year RM230mil Islamic Medium Term Notes (IMTN) programme, of which a total of RM150mil sukuk was issued in three tranches and fully subscribed………………………………………..Full Article: Source

RAM Ratings has reaffirmed the A1 long-term rating of Special Power Vehicle Berhad’s MYR 800 million Class A Islamic Medium-Term Notes Facility; the outlook on the long-term rating has been revised from stable to negative.
SPV is a special-purpose vehicle set up as a funding conduit to raise part of the funds required for the development of Jimah Energy Ventures Sdn Bhd’s JEV) coal-fired power plant (the Project or the Plant) - comprising 2 power-generating units, each with a capacity of 700 MW - in Port Dickson, Negeri Sembilan………………………………………..Full Article: Source

Idealratings and Mash Consulting Group (MCG) of Kenya have signed a partnership agreement to offer Shari’ah Services Cooperation (SSC) to the financial institutions in the sub Saharan African market. The new partnership will be offering Shari’ah advisory services through Mash Consulting expertise as well as IdealRatings’ Shari’ah screening and purification services.
Ali Ahmed Mohamed Said, Managing Director at MCG, said, “Sub Saharan Africa countries are frontier markets in the Islamic finance industry with an outstanding potential in the coming years………………………………………..Full Article: Source

In Islamic banking, deemed to have too many conference organiser/magazine awards, award winners, categories, etc., are the public, exiting and potential customers, influenced by the recipient’s award?
Islamic banks need to think outside the real estate box, and address something impactful that is local. For example, the GCC has a very large carbon foot print, hence, an opportunity to be part of environment, sustainability and governance (ESG). These are the ‘positive’ screens that build bridges to the ‘conventional’ ESG communities and movement………………………………………..Full Article: Source