Malaysia is in the final stages of introducing a new legislation for Islamic banking and takaful products, the country’s central bank governor said on Wednesday, which gives a stronger legal basis to contracts devised by financial institutions.
Governor Zeti Akhtar Aziz did not give a time frame for launch of the legal framework. She said the legislation will help the Malaysian central bank better regulate and supervise the Islamic finance industry, which globally is valued at $1.3 trillion (800 billion pounds)………………………………………..Full Article: Source

Oman’s central bank took a strict approach to regulating Islamic banking in rules for the sector which it released on Wednesday, setting higher standards for the industry than many other countries.
The sultanate announced last year that it would introduce Islamic finance, becoming the last country in the six-nation Gulf Cooperation Council to do so. Business activity is expected to start early next year………………………………………..Full Article: Source

Deliberately marginalised in Egypt for decades, Islamic finance is finally receiving attention, partly because of the changing political landscape and a new-found will to expand the sector.
Most recently, draft legislation for an Islamic bond, or sukuk, was finalised and presented to the prime minister as well as the president, Mohamed Morsi. There are also plans to introduce sovereign sukuk………………………………………..Full Article: Source

Dubai Electricity and Water Authority (DEWA) is targeting a $1bn Islamic bond in the first quarter of next year. The emirate’s state-owned utility is planning the move as part of a AED4.5bn ($1.23bn) issuance plan for refinancing existing debt and new investments, Saeed Mohammad Al Tayer, managing director and CEO, said.
“The sukuk will be in the first quarter of next year… The majority of the amount will be sukuk, and the rest will be a mix to be issued in due time,” he was quoted as saying………………………………………..Full Article: Source

Malaysia Airlines (MAS) is in no rush to issue the third tranche of its sukuk programme, says Chairman Tan Sri Md Nor Yusof. “We don’t need the funding for now,” he said during the visit of International Trade and Industry Minister Datuk Seri Mustapa Mohamed to MAS-GMR Aerospace Engineering Company Ltd’s maintenance, repair and overhaul facility in Hyderabad, India.
The recovery plans are in place already and going on well. “We will do it when the need arises,” he said when asked when MAS would issue its next sukuk………………………………………..Full Article: Source

At least three Omani companies, including Tilal Development Company (TDC), are planning to float Islamic debt instruments or sukuks next year. “We have given initial approvals for Tilal Development Company and an institution to float sukuks,” said Abdullah bin Salem bin Abdullah Al Salmi, Executive President of the Capital Market Authority (CMA).
He was talking to the media on the sidelines of an interactive session organised by the CMA. TDC earlier said that it is planning to float a RO50 million issue, which is seen by the end of January next year. Al Madina Financial and Investment Services is the lead arrangers of sukuk issue for TDC, which will use the proceeds of the issue for funding the expansion of its complex at Bausher………………………………………..Full Article: Source

The draft law for Islamic insurance or takaful firms and amendments in Capital Market Law for accommodating Sharia compliant debt instrument or sukuk have been finalised. This will be enacted after it completes the routine regulatory approvals from different government entities, said Abdullah bin Salem bin Abdullah Al Salmi, Executive President of the Capital Market Authority (CMA).
“The draft law has been finalised. It will go to the cabinet and then to the Ministry of Legal Affairs and to Majlis A’Shura and Majlis Adawla. We hope that this process will not take long,” the CMA chief added………………………………………..Full Article: Source

RAM Ratings has received confirmation that Adventa Berhad (”Adventa”) has made an early redemption of the outstanding notes under its RM150 million Islamic Commercial Papers/Islamic Medium-Term Notes Programme (2011/2018) (”ICP/IMTN”).
The redemption had been effected through a sukuk swap exercise with Aspion Sdn Bhd’s (”Aspion”) RM150 million Islamic Commercial Papers/Islamic Medium-Term Notes Programme (2012/2018) (”debt instrument”). Aspion is a special-purpose company incorporated in July 2012, to take over the majority of Adventa’s assets and liabilities………………………………………..Full Article: Source

Kuwait China Investment Co. (KCIC), part owned by the Persian Gulf nation’s sovereign-wealth fund, wants to tap what it says is Asia’s $2 trillion trade finance market with an Islamic fund to give commodity producers access to cash.
The fund, set up this month with Singapore-based EuroFin Asia Group, will help fill a gap left by European banks that scaled back their business in Asia, Managing Director Ahmad al- Hamad said in an interview. Producers and traders of agricultural and energy products in India, Singapore, Malaysia, Indonesia and Thailand can draw on the facility, he said………………………………………..Full Article: Source

Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower in Dubai, obtained a $500 million loan from a group of banks to develop a mixed-use project in Turkey, its second such venture in the country.
Emaar raised $500 million in July from the sale of seven- year Islamic bonds at a profit rate of 6.4 percent, according to data compiled by Bloomberg. The bonds traded at a yield of 4.898 percent today, according to the data………………………………………..Full Article: Source

Ajmal Ahammed is not a familiar name in the venture capital (VC) sector in India. Still, the VC entity where he’s operations head, while still in his late 20s, has launched its second fund in a short time.
What makes this fund different is its investors — they want to comply with Islamic law, as detailed in the Shariah. Secura India Real Estate Fund is India’s first ever shariah-compliant VC fund, owned by Kozhikode-based Secura Investment Managers………………………………………..Full Article: Source

The Australian federal government has welcomed news of the nation’s first superannuation option compliant with Islamic doctrine, launched by Sydney-based Crescent Wealth this week.
In a statement released on 17 December, federal minister for immigration and citizenship Chris Bowen said the launch will help to cement the international standing of Australia’s financial services industry. “The federal government is committed to promoting Australia as a major financial services hub in Asia, which is home to around two thirds of the world’s Muslim population,” Bowen said………………………………………..Full Article: Source

After years of lagging behind other markets in the region, Islamic finance is gaining traction in Egypt. The latest addition to the scene is a company aiming to lure investors to the country’s capital market.
Ridge Islamic Capital is offering sharia-compliant investment banking, asset management and wealth management services………………………………………..Full Article: Source

Noor Takaful, the Islamic insurance arm of Noor Investment Group, has been named the ‘Best Takaful Operator in the Middle East’, at the CPI Islamic Business and Finance Awards. The prestigious award was presented to Parvaiz Siddiq, Noor Takaful’s CEO by Saleh Al Akrabi, Chairman, CPI Financial at a gala ceremony held in Dubai. Noor Takaful has won the award for the third time in four years.
Dr. Ahmed Al Janahi, Managing Director, Noor Takaful, said: “We are honoured to have won this prestigious award once again. In selecting Noor Takaful for the award, industry peers have acknowledged the brand’s contemporary approach. We will continue to offer enhanced products and services to our customers to build on our success in the Takaful space.” (Press Release)

Governor of Bank Indonesia Darmin Nasution said that apart from being run by Sharia principles, the Islamic (Sharia) banking and finance system should be able to withstand turbulence and economic pressures.
“Islamic banking and finance should not only be based on Sharia principles and standards of Islamic banks, but must also withstand turbulence and economic pressure,” Darmin said here Wednesday………………………………………..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 and standards and educate the investor community on key issues………………………………………..Full Article: Source