Tunisia plans to provide Islamic financing to small and medium-sized enterprises (SMEs) via a tie-up between the public and private sectors, which could serve as a model for other Arab states trying to repair their economies after political turmoil.
The Tunis-based Bank of Financing Small and Medium Enterprises (BFPME) has agreed with the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), a private investment arm of the Islamic Development Bank, to aid smaller companies in Tunisia………………………………………..Full Article: Source

Despite thriving and affluent Islamic communities across Europe and North America, Muslims living in these regions have traditionally been underserved when it comes to investment. The reason for this is that managing investments according to Shariah principles (the moral code and religious law of Islam) can be incredibly time consuming since the vast majority of investment decisions need to be pre-approved by Islamic scholars.
Shariah-compliant exchange-traded funds (ETFs), which provide low-cost exposure to conventional equity markets while strictly adhering to Shariah investment principles, provide a much-needed solution to this problem………………………………………..Full Article: Source

A senior Islamic Bank of Thailand (IBank) executive has affirmed that the bank’s financial status and liquidity are strong as ever despite its rocketing non-performing loans (NPLs) at Bt39 billion, 20 per cent of its total lending.
Thanin Angsuwarangsi, IBank manager, said Bt24.3 billion debts are being negotiated by the bank and debtors while the bank’s liquidity is normal………………………………………..Full Article: Source

Good news for sales executives in the UAE – there are a number of jobs on offer at one of Dubai’s major Islamic banks and an electronics retailer. Following Dubai-based Emirates NBD bank’s Open Day earlier this week to hire sales staff, this time it is Emirates Islamic Bank that has announced openings for sales executives dealing in credit cards, SME finance, SME deposits and telesales executives.
The bank prefers bilingual candidates – English and Arabic speaking – and must possess experience for the required positions………………………………………..Full Article: Source

Standard Chartered has been awarded ‘Best International Islamic Bank’ in the Euromoney Islamic Finance Awards 2013, one of the highest accolades in the publication’s annual event that recognises excellence across the Islamic Finance industry globally.
Standard Chartered Saadiq, the Bank’s global Islamic banking arm, was also awarded ‘Best Structured Products House’ and ‘Deal of the Year’ for arranging a USD1.85 billion refinancing for Jebel Ali Free Zone (JAFZA) in the UAE………………………………………..Full Article: Source

It had been reported that Muhammad Zubair Mughal, Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics met with Ikram Ibragimov, the chairman of supervisory board of Hamkor Bank in Uzbekistan’s capital, Tashkent.
During the meeting, they had a detailed discussion on affairs of their mutual interest for the advancement of Islamic banking in Uzbekistan. According to Mr. Ikram Ibragimov, Hamkor Bank is the only bank is Uzbekistan which is working in collaboration with international organisation e.g. World Bank, Islamic Development Bank, Asian Development Bank, European Bank, KFW, Triple Jump and others………………………………………..Full Article: Source

Pakistani consultants will aid Uzbekistan in instituting Islamic banking practices. Muhammad Zubair Mughal, CEO of the Lahore-based AlHuda Centre of Islamic Banking and Economics (AlHuda CIBE), recently conferred with Ikram Ibragimov, board chairman of the Tashkent-based Hamkor Bank.
“We are happy to announce that AlHuda CIBE Pakistan will be our advisor for Islamic banking,” Ibragimov said. AlHuda CIBE will consult, advise on Sharia law and help develop personnel, he said………………………………………..Full Article: Source

Malaysia’s eight-year dollar sukuk rose to 3%, a level not seen since August, as an improving global economic outlook attracted investors to stocks.
The yield on the 4.646% notes due July 2021 has climbed 36 basis points this year after falling 116 basis points in 2012, according to data compiled by Bloomberg. The Bloomberg Malaysian Sukuk Ex-MYR Index of global Islamic debt declined 0.2%, while the MSCI Asia Pacific Index of equities rallied 3.3%………………………………………..Full Article: Source

More than 70 mutual funds were launched in the MENA region in 2012, raising total assets under management to USD 60 billion, according to Zawya’s MENA mutual funds quarterly bulletin for 4Q-2012. This constitutes a 20% increase from the 58 funds launched in 2011 but a 7% decrease from 2011’s AUM.
The majority of these funds invested their assets in fixed income instruments as investors are shifting towards safe-haven investments to hedge against market volatility. This rising demand led to an increased supply of bonds and sukuk instruments. According to data compiled by Zawya Bonds and Sukuk monitors, MENA issuance increased from last year by 7% in bonds and 18% in sukuk………………………………………..Full Article: Source

KPMG has been named ‘Best Islamic Assurance and Advisory Services Provider’ in the 2012 Euromoney Islamic finance awards. This marks the sixth consecutive year KPMG has taken the top prize, which is unequalled in the assurance and advisory category.
Now in their eleventh year, the awards are widely regarded as the benchmark awards for the global Islamic finance industry. Euromoney again highlighted KPMG’s active role in promoting and supporting the development of the Islamic finance industry around the world especially in new markets………………………………………..Full Article: Source

Australian businesses and fund managers will find accessing capital from countries within the Gulf Cooperation Council (GCC) easier with the establishment of global Islamic finance experts Amanie Advisors in Australia.
With enormous multi-billion dollar pools of capital forming from within the GCC’s combined economies of Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the UAE, there is expected activity of approximately $1.5 trillion in 2013, this representing a huge opportunity for Australian businesses and fund managers to grow………………………………………..Full Article: Source

JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the IFS rating of Pak Qatar Family Takaful Limited (PQFTL) from ‘A-’ (Single A Minus) to ‘A’ (Single A). Outlook on the rating is ‘Stable’.
The upgrade reflects PQFTL’s increasing presence in the Family Takaful (Life Insurance) market. PQFTL has witnessed significant growth in contributions through distribution of unit linked Individual Family products. Business generated through the Bancatakaful channel has been another key driver of growth in contributions. Productivity indicators of dedicated agency sales force have improved significantly………………………………………..Full Article: Source