Oman’s new Islamic banking rules could encourage the development of a larger pool of sharia scholars and ultimately help to raise operating standards for them around the world, according to bankers and scholars.
Last month, the sultanate’s central bank released an extensive Islamic banking rulebook which included provisions for sharia scholars, such as fit-and-proper criteria and term limits on scholars’ appointment to sharia boards, which decide whether products and activities obey Islamic principles………………………………………..Full Article: Source

Tamweel PJSC, the UAE Islamic home finance provider, on Wednesday announced that it has repaid in full a USD300 million five-year Sukuk, which matured in January 2013. This announcement follows the recent successful settlement by the company of its USD 210 million home finance asset-backed security issued in 2007.
In line with its long term funding strategy, Tamweel issued the Sukuk in early 2008. The proceeds were used for general Islamic financing and corporate purposes………………………………………..Full Article: Source

TH Heavy Engineering Bhd has appointed MIDF Amanah Investment Bank Bhd to assist in the proposal to establish an issuance of up to RM70mil in non-rated sukuk under the Sukuk Murabahah programme.
MIDF Amanah Investment is the principal adviser and lead arranger for the programme. In its filing with Bursa Malaysia, TH Heavy Engineering via its wholly-owned unit THHE Fabricators Sdn Bhd, said the Securities Commission (SC) had authorised the proposed Sukuk Murabahah programme in a letter dated Jan 25………………………………………..Full Article: Source

The retail sukuk issued to fund the construction of the country’s Sungai Buloh-Kajang mass rapid transit (SBK Line) has been oversubscribed by O.61 times, giving a small boost to the funding needs of the project.
This is the country’s first retail sukuk offering and was made by DanaInfra Nasional Bhd, a unit under the Finance Ministry set up in 2010 to facilitate the funding of the country’s biggest infrastructure development, the Sungai Buloh-Kajang mass rapid transit (SBK Line) project, with a total estimated cost of RM23bil………………………………………..Full Article: Source

Tharawat Investment House (Tharawat), an Islamic investment institution based in the Kingdom of Bahrain, announced 5.06% profit returns of Tharawat Sukuk Fund for the second half of 2012, achieving a total return of 9.44% in 2012, and a cumulative return of 21.98% since its inception in February 2010.
Tharawat will be distributing 4% for the period from July to December 2012, making it the 6th time of such distribution. Tharawat Sukuk Fund is Tharawat’s first open-ended Sharia’a compliant investment product based in the Kingdom of Bahrain. It invests over 70% of its liquidity in government- issued Sukuk and in well-established firms in the GCC, Middle East, North Africa, and Southeast Asia (MENASA) region. (Press Release)

Saudi Arabia’s massive industrialisation drive will increasingly rely on Islamic financing, said the treasurer of the country’s national oil company, as international banks are constrained from investing in projects in the region.
Saudi Aramco - the world’s largest oil company - has taken on many of the petrochemical and refining projects intended to diversify the national economy away from oil and provide jobs for Saudis. Satorp, a Saudi Aramco petrochemical joint venture with France’s Total, in 2011 launched a Sharia-compliant bond to fund the construction of a refinery………………………………………..Full Article: Source

Dubai is striving hard to become the global centre of Islamic Finance and taking bold steps by introducing initiatives in the industry to give it a tremendous boost. In latest of the initiatives, Bourse Dubai is all set to kick off a new wave of Sukuk activity.
The Chairman of Bourse Dubai, Essa Kazim, who owns the UAE’s biggest financial markets, is looking forward to a wave in sukuk activity as Dubai seeks to become a global centre for Islamic business………………………………………..Full Article: Source

Kingdom Holding, the international investment firm of Saudi billionaire Prince Alwaleed bin Talal, has formed a sharia board of prominent scholars in order to raise more of its funding through Islamic finance.
The decision by one of the most prominent investment firms from the Gulf is likely to be seen as a boost to the Islamic finance industry, which obeys religious principles such as bans on interest payments and pure monetary speculation………………………………………..Full Article: Source

Malaysian Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said, “Islamic economics places socio-economic justice as its primary objective. The principles of justice, fairness and equity are fundamental in Islamic economics.”
He added that Islamic economics has the ‘solution’ to the economic problems of Muslim communities globally but stressed that theories developed in Islamic economics must be linked to practical policies in providing solutions to real life situations………………………………………..Full Article: Source

JP Morgan has appointed industry veteran Mr Hussein Hassan to a newly-created role of global head of its Islamic finance unit as the investment bank seeks to expand its Shariah-compliant business.
“As we have observed a significant increase in the demand for sharia-compliant banking products, we have decided to invest in high-calibre people, systems and technology,” Mr Sjoerd Leenart, Senior Country Officer for the Middle East and North Africa at JP Morgan says………………………………………..Full Article: Source

The Agricultural Development Bank (ADB) is hoping to introduce Islamic banking services for its clients within one year. Jail Leladhasingh, corporate manager, business development at ADB made the announcement to the media on Monday when he introduced Dr Hatim El Tahir, director, Deloitte and Touche, Bahrain, and Bassel Nadim, senior manager and strategist, Deloitte and Touche, Dubai.
The ADB brought the duo into the country as consultants to educate the public about Islamic banking methods and strategies. Leladharsingh said the ADB is exploring the possibility of setting up the bank to offer this alternative service to farmers. He said the ADB’s Islamic banking facilities will be accessible to Muslims and non-Muslims………………………………………..Full Article: Source

Bahrain’s Al Salam Bank said on Wednesday it was in merger talks with an unnamed regional bank, almost a year after a tie-up with Bahrain Islamic Bank collapsed.
“We confirm the accuracy of the media reports that were published related to a potential merger of the bank with one of the banks in the region and the strategy for that,” Al Salam said in a statement to the Bahrain stock exchange………………………………………..Full Article: Source

The lender’s profits were boosted by higher interest income and Islamic financing. First Gulf Bank, the UAE’s second-largest lender by market value, on Wednesday beat analysts’ expectations with a 12-per cent rise in fourth-quarter net profit, boosted by higher interest income and Islamic financing.
The bank made a net profit of Dhs1.15 billion ($313.1 million) in the final three months of 2012, up from Dhs1.02 billion in the same period of 2011. Six analysts polled by Reuters forecast an average net profit of Dhs1.024 billion for the quarter………………………………………..Full Article: Source

Vision Investment Services has set a new trend by introducing the first Sharia-compliant fund in Oman. The Vision Al Khair GCC Fund (Sharia-compliant) is an investment vehicle, wherein all financial instruments of the fund are in compliance with acceptable Sharia principles and policies.
It is an investment programme, wherein the fund seeks investments in financial instruments of the Gulf Cooperation Council (GCC) economies to earn profits that are in conformity with the precepts of Sharia. ……………………………………….Full Article: Source