Islamic Bank of Britain, the UK’s only wholly Sharia compliant retail bank, has lowered the rental rate for its Sharia compliant Buy to Let Purchase Plan product range.
The new variable rental rate of 4.89% will apply to both IBB BTLPP products, i.e.: 1. Rent and acquisition BTLPP which requires a deposit of 25% (75% finance to value)……………………………………….Full Article: Source

Australia is a growth market for Islamic financial services including insurance, Parliamentary Secretary to the Treasurer Bernie Ripoll says. “Islamic finance is a rapidly expanding market, with annual global growth estimated at about 15% to 20%,” he told the Amanie Australia Islamic Finance Forum in Melbourne.
“Some projections suggest the Islamic finance market will be worth $US2 trillion ($1.9 trillion) within the next three to four years.”……………………………………….Full Article: Source

While continuing to focus on Egypt, Saudi Arabia, UAE and Qatar, as markets for growth and more recently, Oman as one which offers big opportunities, the key focus for HSBC’s regional strategy going forward would be in the areas of infrastructure finance and Islamic debt capital market, according to Simon Cooper, chief executive officer of HSBC Middle East.
“The continued growth in infrastructure investment is going to be the key theme in the region and that theme is going to be developed further as well into being an enabler… of capital markets,” said Cooper during the annual company presentation……………………………………….Full Article: Source

While continuing to focus on Egypt, Saudi Arabia, UAE and Qatar, as markets for growth and more recently, Oman as one which offers big opportunities, the key focus for HSBC’s regional strategy going forward would be in the areas of infrastructure finance and Islamic debt capital market, according to Simon Cooper, chief executive officer of HSBC Middle East.
“The continued growth in infrastructure investment is going to be the key theme in the region and that theme is going to be developed further as well into being an enabler… of capital markets,” said Cooper during the annual company presentation……………………………………….Full Article: Source

Perwaja Steel Sdn Bhd’s weak financial risk profile has prompted Malaysian Rating Corporation Bhd (MARC) to lower its rating on the steelmaker’s RM400mil Islamic debt notes.
MARC said on Wednesday it lowered the Murabahah medium term notes (MMTN) programme to BBB-ID from A-ID. “Concurrently, MARC has placed the rating on MARCWatch Negative. The rating actions affect RM110mil of current outstanding notes,” it said…………………………………….Full Article: Source

Qatar is set to become a “key international distribution hub” for Shariah-compliant products as the Islamic finance market continues to emerge, a new report has shown. While infrastructure projects will feed new alternative fund structures and boost public-private partnerships, Qatar also has a long-term interest in developing as a centre for Islamic finance, said Qatar Financial Centre Authority in its first ‘Mena Asset Management Barometer’.
Currently, almost 50% of the funds located in the country are Shariah-compliant vehicles, marking it out — along with Saudi Arabia — as one of the region’s most important fund centres for Islamic finance………………………………………..Full Article: Source

Investment products that adhere to syariah or Islamic principles are slowly growing in popularity in Singapore. Franklin Templeton has launched another three syariah-compliant funds, as the asset manager recognises the growth of Islamic finance. The three funds are the Franklin Templeton Global Sukuk Fund, Templeton Shariah Global Equity Fund and Templeton Shariah Asian Growth Fund, and will be made available to retail investors.
A syariah-compliant product is one that operates in accordance with the religious beliefs of Islam. For example, syariah-compliant funds are not allowed to invest in businesses associated with activities barred by Islam, such as gambling or alcohol………………………………………..Full Article: Source

Ahlibank’s Al Hilal Islamic Banking Services has become one of the first Islamic bank’s in Oman to introduce a chip-based debit card for its customers.
The new Sharia-compliant debit card can be used worldwide for withdrawing cash as well as at merchant outlets Based on international banking standards, the Al Hilal debit card is tailored to meet the need of Islamic banking customers and has been developed in strict accordance with the values of the Islamic faith, a press release said………………………………………..Full Article: Source

Corporate and infrastructure issuers in the Gulf countries are benefitting from sustained positive macroeconomic fundamentals and strong appetite from regional and international investors for high credit quality paper, according to a latest report by Standard & Poor’s.
The issuers also took the advantage of historically low borrowing cost during the first quarter of 2013, the report added. Marking the first sovereign Islamic bond sale in the Gulf Cooperation Council (GCC) this year, Dubai launched a $1.25 billion two-part conventional and Islamic bond sale in January………………………………………..Full Article: Source

Emirates Islamic Bank announced today the launch of the new Emirates Islamic Bank Rewards Credit Card, which is designed for customers looking to manage their day to day expenses. The new, fully Shari’ah compliant Rewards card offers flexibility and a range of benefits to its customers, and is available in Classic, Gold Platinum, as well as Infinite.
In addition to the wide array of features and benefits, the Rewards Card also offers card holders the ability to earn Choice Points on all purchases. Customers accumulate points at an accelerated rate – getting two points for every dirham spent, which can then be redeemed at a range of high profile retail partners, including Sharaf DG, Damas, Joyalukkas, Abu Dhabi Mall Carrefour, Spinneys and Home Center………………………………………..Full Article: Source

Saudi Arabia’s bond market is taking off as local companies rush to issue debt — though low returns are keeping foreign investors on the sidelines. Traditionally, Saudi companies and other entities have relied on bank loans and retained earnings to finance their expansion. For debt market traders, that has made the Arab world’s biggest economy a case of unfulfilled potential.
In recent months, that pattern has started to change as companies become more familiar with bonds, a wide range of investors demand them, and banks bump up against the limits of how much they can lend to individual companies. This has caused a burst of riyal-denominated debt issuance. In Saudi Arabia, such issuance is entirely in the form of Islamic bonds, or sukuk, which are structured to obey Islam’s ban on interest and instead pay returns on assets………………………………………..Full Article: Source

Maybank Singapore Islamic Banking on Thursday launched two new Shariah-compliant banking products for buyers in Singapore to finance residential as well as commercial and industrial properties in Johor, Melaka, Kuala Lumpur and Penang.
The products, Islamic Home Financing and Islamic Commercial and Industrial Property Financing, were introduced by Maybank President and Chief Executive Officer (CEO) Abdul Wahid Omar at a media briefing. Both products are available for owner-occupied or investment properties, and come with a minimum financing of $100,000………………………………………..Full Article: Source

Morocco’s government expects to decide in June or July whether to issue a conventional bond or a sukuk (Islamic bond) in the international market to help finance its budget deficit this year, the finance minister said on Tuesday.
“We will have an idea in June or July, something like that. We are working on it now,” Nizar Baraka told reporters at a meeting of Arab finance ministers and central bankers in Dubai………………………………………..Full Article: Source

Bank Islam Malaysia Bhd (Bank Islam) targets to have 1.9 million Visa Debit cardholders by year-end. Business development director Khairul Kamarudin said the response from the public to the bank’s Visa Debit Card, launched in March 2011, was really good.
“With the good response to this card, we can see many people migrating to online payment using the card,” he told reporters after the launch of ‘Thanks A Million Visa Debit Card-i Celebration’………………………………………..Full Article: Source

The government mulls floating of special bonds in the fiscal year (FY) 2012-13 to help the state-owned Bangladesh Petroleum Corporation (BPC) pay off its overdue bank loans, a top official said.
“We intend to settle the BPC’s subsidy-related loans with the state-owned commercial banks (SoBs) by issuing the special bonds in the FY ‘13,” the Ministry of Finance (MoF) stated in its memorandum of economic and financial policies submitted to the International Monetary Fund (IMF) recently………………………………………..Full Article: Source

Mashreq Al Islami , the Islamic banking division of Mashreq, one of the UAE’s leading financial institutions announced the official launch of Islamic Gold proposition. The new product underlines the Bank’s commitment towards its customers and continuous product innovation. The Premium banking segment can now avail Sharia’h Compliant Islamic Gold offering with customized financial solutions.
The launch event was attended by customers and senior officials from the Bank to engage in an informative session. Mashreq representatives comprised Tooran Asif - Head of Personal Banking, Momin Hyat - Manager, Sharia’h Covernance & Compliance, Caetano Fernandes - Head of Mashreq Gold and Ali Moosa - Regional Manager Distribution…………………………………….Full Article: Source

Albaraka Turk mandated four banks to secure a $200 million subordinated loan from international sukuk markets, the bank said in a statement on Friday.
Albaraka Turk is the Turkish subsidiary of Bahraini lender Al Baraka Bank………………………………………..Full Article: Source

After the successful launch of five branches of Al Hilal Islamic Banking Services from Ahlibank, the leading Islamic Banking services provider in the Sultanate, recently announced the launch of its Sharia Compliant term deposit account.
Abdullah Al Jabry, Head of Al Hilal Islamic Banking Services, highlighted the characteristics of the product “The Term Deposit Account makes both long term and short term investment opportunities available to our clients. By Investing funds with Al Hilal Term Deposit account our customers can benefit from attractive Sharia permissible returns.”……………………………………….Full Article: Source

Last year, banks in the Gulf Cooperation Council (GCC) were able to capitalize on investors’ global search for higher yields, and their issuance volumes were substantially higher than in 2011. In an article published Monday titled “Low Interest Rates Should Keep Gulf Banks’ Debt Issuance Levels Strong In 2013,” Standard & Poor’s Ratings Services gives reasons why it expects Gulf banks’ issuance levels to remain high this year.
“We noted a sharp rebound in Gulf banks’ activity in debt capital markets in 2012 as they took the opportunity to issue long-term debt at healthy prices under the favorable market conditions,” said Standard & Poor’s credit analyst Timucin Engin………………………………………..Full Article: Source

Al Jaber Group, a family-owned industrial group in Abu Dhabi, reached a deal with creditors including HSBC Holdings Plc (HSBA) to restructure about $4 billion of debt, according to two people familiar with the matter.
The company agreed with its five main lenders on terms, including loan repayments over five years, according to the people, who asked not to be identified because the information is private. The debt, which includes both conventional and Islamic facilities, will pay annual interest of between 300 basis points, or 3 percentage points, to 400 basis points over the London Interbank Offered Rate, one of the people said………………………………………..Full Article: Source

Bank Nizwa, which is purportedly Oman’s first dedicated Islamic bank, introduced its home-finance solution, which will enable its customers to own their own homes.
Addressing a press conference held here yesterday to announce the launch of Bank Nizwa’s home-finance solutions, Dr. Jamil El Jaroudi, CEO of Bank Nizwa, said, “Home finance with a maximum ceiling of OMR450,000 per person will be offered to our customers as part of Bank Nizwa’s strategy to offer to the people of Oman a versatile and wide-ranging product portfolio that is compatible with Islamic Sharia law.”……………………………………….Full Article: Source

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, yesterday launched the first-of-its-kind Sharia compliant car finance product in the Sultanate based on the Islamic financing mode of Murabaha.
Sulaiman Al Harthy, Group General Manager (Islamic Banking), said: “Meethaq is proud to launch the innovative car finance as part of its focus to take the lead in offering a suite of banking products, which combine traditional values with modernity. Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which will protect customers and complement the Islamic banking industry………………………………………..Full Article: Source

Saudi Arabia issued final regulations on real-estate financing, leasing and supervision of financial companies as the kingdom works to ease a housing shortage by opening up its mortgage market and enacting the country’s first home-loans law.
The regulations outlining three of the five laws that make up the package of changes were posted today on the website of the Saudi Arabian Monetary Agency. Rules on the enforcement of foreclosures and mortgage registrations have yet to be completed………………………………………..Full Article: Source

Developer Nakheel is in talks to extend 8 billion dirhams ($2.18 billion) in loans due in 2015, the indebted company’s chairman was quoted as saying in a local newspaper on Sunday.
Ali Rashid Lootah dismissed concerns over Nakheel’s ability to repay its debts, which also include a 3.8-billion dirham sukuk, or Islamic bond, due in August 2016, Abu Dhabi-based newspaper, The National, reported………………………………………..Full Article: Source

Dubai Electricity and Water Authority (Dewa) will probably pay almost 50 per cent less to sell debt than it did almost three years ago after borrowing costs plunged four times more than global peers amid a pick up in power demand.
The state-owned company hired six banks to raise as much as US$1 billion from the sale of Islamic bonds, a banker familiar with the deal said January 31. Dewa, which has investment-grade ratings at Moody’s Investors Service and Standard & Poor’s, will probably pay about 4 per cent on 10-year bonds, according to Commerzbank and Mashreq Capital DIFC, which are not involved in the sale. It sold similar-maturity notes in October 2010 at 7.375 per cent………………………………………..Full Article: Source

Kashf Foundation is one of the biggest specialised non-profit microfinance institutions in the country pioneering innovative practices to empower women, men and their dependents with the means for entrepreneurship and sustainable growth opportunities. It was founded in 1996 by Roshaneh Zafar who was awarded the Tamgha-i-Imtiaz for her contributions to the development sector.
We are planning to bring in Shariah-compliant products as part of our strategy of focusing on Khyber Pakhtunkhwa. While others in Pakistan have dabbled in this domain, we are looking to make it affordable and scale it up. We are looking to ramp up our focus on the education sector and reach out to 450 schools over the next 3 years that could use improvement in their administration and management………………………………………..Full Article: Source

Dubai Group, a unit of the emirate’s ruler’s personal investment firm currently restructuring US$6bn in debt, saw an offer of 18.5 cents for every dollar rejected in favour of full repayment over a 12-year period by around 20 banks, Bloomberg reported.
The 20 banks were part of a group of lenders that had provided the investment firm a US$1.5bn Islamic murabaha loan in 2008. The offer was extended to the banks after earlier being accepted by a separate group of four lenders, including Royal Bank of Scotland and Standard Chartered, which recently dropped arbitration proceedings against Dubai Group…………………………………..Full Article: Source

Shariah-compliant small and medium-sized enterprises (SMEs) Financing Scheme (SSFS) and Commercialisation Innovation Fund (CIF) are set to provide further aid to the growing SME sector in Malaysia.
To note, in an effort to provide further support to SMEs, the Malaysian government in its 2012 budget, allocated RM2 billion for the establishment of SSFS and RM500 million for CIF. According to Oxford Business Group (OBG) in its Malaysia Report 2012, SMEs represent a significant part of the economy, a fact acknowledged early on by the government………………………………………..Full Article: Source

The Dubai property developer Nakheel dismissed concerns over its debt burden as it unveiled a Dh2.02 billion (US$549 million) profit for last year. The company, which restructured debt and received financial assistance from the Dubai Government following the property crash four years ago, said profits were 57 per cent higher than the previous year.
Revenues stood at Dh7.8bn, up 91 per cent on the previous year. The developer disclosed its financial results the day after Exotix, a boutique investment bank with offices in Dubai, cut its rating on Nakheel’s sukuk bonds to “sell”. It warned in an advisory note that the bond was no longer pricing in the risk of a default………………………………………..Full Article: Source

As financial services adhering to Islamic principles continue to gain popularity in Asia, Japanese financial institutions have started offering such products in Muslim countries in the region. Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking have organized a syndicated loan of $184 million dollars for a maritme shipping company affiliated with the Brunei government.
The funds will be used to expand the company’s liquefied-natural-gas carrier fleet. But to comply with Sharia law, which prohibits the charging of interest, the loan will be made to a special-purpose company that will purchase LNG carriers and lease them to the shipping company. Instead of interest, the lenders will receive leasing fees………………………………………..Full Article: Source

Dubai-based property lender Amlak Finance is in talks with creditors to restructure debts of around AED7bn (US$1.9bn), in the latest attempt to resurrect a victim of Dubai’s property crash.
The sharia-compliant mortgage lender is negotiating with a creditor committee of six members, which includes two government-owned funds as well as Dubai’s largest lender and its biggest Islamic bank, two sources with knowledge of the matter said. They spoke on condition of anonymity as the information is not public………………………………………..Full Article: Source

Emirates NBD PJSC’s (EMIRATES) Islamic banking unit expects to double profit in 2013 as individuals and small businesses take out more loans amid Dubai’s economic revival, the chief executive officer said.
Emirates Islamic Bank PJSC, wholly owned by the biggest United Arab Emirates lender by assets, will seek to boost net income to 150 million dirhams ($41 million) this year from about 80 million in 2012, Jamal Bin Ghalaita said in an interview. The lender said last month it would raise capital by 63 percent to 3.9 billion dirhams through a rights issue………………………………………..Full Article: Source

The Bank for the Financing of Small and Medium Enterprises (Bfpme) and the Islamic Corporation for the Development of the Private Sector Development (Isdb) signed on January 2nd three agreements to boost the development of Islamic finance in Tunisia.
The first agreement relates to a 350,000 dinars grant (around €170,000) from the Isdb to the Bfpme for the introduction of new Islamic banking products and services targeting Tunisian SMEs. The second agreement focuses on technical assistance provided by experts of the Bfpme, La Presse newspaper reports………………………………………..Full Article: Source

Amlak Finance PJSC, the Islamic mortgage company part-owned by Emaar Properties PJSC (EMAAR), is in talks with creditors to restructure about $2 billion of bank and government debt, two bankers familiar with the matter said.
The company is negotiating with a committee of five banks representing creditors, said the people, declining to be identified because the matter is private. PricewaterhouseCoopers LLP is advising Amlak on the talks, according to the people………………………………………..Full Article: Source

Pinehill Pacific Bhd (Pinepac) says its unit Pinehill Plantations (M) Sdn Bhd (PPM) has secured a RM200 million Islamic loan from Export-Import Bank Of Malaysia Bhd (Exim Bank).
The loan will be used to redeem all PPM’s outstanding loan with Bank Kerjasama Rakyat Malaysia Bhd, Pinepac said. It is also to part finance the working capital requirement of PPM’s Indonesian subsidiaries to secure land titles as well as develop and manage the oil palm activities there………………………………………..Full Article: Source

Dhaka Bank Ltd (DBL) Monday launched three new Islamic deposit products as the brand name ‘Tawfeer’ under its Islamic Banking Division. The new products are: Tawfeer Mudaraba Savings Bond Account, Tawfeer Mudaraba Deposit Pension Scheme, Tawfeer Mudaraba Foreign Remittance Account.
Prof Moulana Muhammad Salahuddin, Khatib of Baitul Mukarram National Mosque, M Azizul Huq, chairman of Dhaka Bank Shariah Supervisory Committee, and Khondker Fazle Rashid, Managing Director of the bank together launched the products at a city hotel………………………………………..Full Article: Source

Meezan Bank conducted a comprehensive 3 day training on Islamic Banking products for the management team of Amana Bank, Sri Lanka. The training session held at the Amana Bank head office in Colombo, covered 24 products for financing, liability, treasury, trade finance as well as other Shariah-compliant products.
Meezan Bank’s representatives, Mr. Ahmed Ali Siddiqui – Head of Product Development and Shariah Compliance and Mr. Asim Hameed Khan- Islamic Advisory, conducted the trainings which were attended by the Senior management, middle management and nationwide branch staff of Amana Bank, Sri Lanka………………………………………..Full Article: Source

When pricing their products, Islamic banks will have to consider various factors, viz. rate-ceilings imposed by the Central Bank; cost of funding; operating costs; volume of transactions and competitive conditions in the banking industry.
Rate-ceilings imposed by the Central Bank apply to both conventional and Islamic Banks, hence this factor cannot influence the pricing of Islamic bank’s loan favourably or unfavorably. Cost of funding for an Islamic bank is likely to be higher than a conventional bank which may have been in existence for a longer period, has a network of branches and a large customer base………………………………………..Full Article: Source

Meezan Bank, Pakistan’s first and largest Islamic bank, has become the first Islamic bank in Pakistan to provide Shariah-compliant Agricultural financing by extending a Shariah-compliant financing facility in the agriculturally rich Central region of Pakistan.
A statement here on Thursday said that under the financing arrangement, Meezan Bank will sell DAP, urea, pesticides and seeds to its clients on a Murabaha basis………………………………………..Full Article: Source

Independent power producer Teknologi Tenaga Perlis Consortium Sdn Bhd’s (TTPC) proposed sukuk murabahah of up to RM835mil in nominal value (2012/2023) has been assigned a preliminary AA1 long-term rating with a stable outlook.
TTPC owns and operates a 650-MW combined-cycle, gas-turbine power plant in Kuala Sungai Baru, Perlis under a power purchase agreement (PPA) with Tenaga Nasional Bhd (TNB) in which the former would sell generating capacity and electrical energy to the latter for 21 years from March 31, 2003 to March 31, 2024………………………………………..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

Saudi Electricity Company’s Islamic debt has returned 50 per cent more than global peers since its debut almost nine months ago, boosted by the scarcity of corporate-bond investments in the region’s biggest economy.
The state-controlled utility’s dollar-denominated 2022 notes have handed investors 10 per cent since their sale at the end of March, according to data compiled by Bloomberg. The Bank of America Merrill Lynch Global Utility Index returned 6.8 per cent over the same period……………………………………….Full Article: Source

Ajman Bank , the award-winning Islamic financial services institution committed to transforming the experience of Islamic banking, announce a new Home Finance offer with an unprecedented profit rate starting from 2.99%.
The move comes as part of the bank’s commitment to further support the growth of the booming real estate sector in the country and, following the Bank’s signing of an MOU with Sheikh Zayed Housing Programme in August earlier this year, is also aimed to address the housing needs of customers and families in the UAE to acquire their dream homes at most affordable rates. (Press Release)

Saudi Arabia will probably boost its dollar-denominated debt sales next year amid more than $500 billion of expansion projects in the largest Arab economy, Deutsche Bank AG said.
Less than 30 per cent, or $2.5bn, of the kingdom’s record issuance Islamic bond sales this year were denominated in the US currency, data compiled by Bloomberg show. In the UAE, the second-largest Arab economy, the majority of sukuk offerings this year were denominated in dollars as Gulf yields drop to a record, the data show………………………………………..Full Article: Source

Tourism Development ‘&’ Investment Company (TDIC), the master developer of major tourism, cultural and residential destinations in Abu Dhabi, has signed an exclusive home finance deal with Abu Dhabi Islamic Bank (ADIB).
The deal means that potential buyers of villas at its newly-developed Saadiyat Beach Villas will be offered home finance worth up to 100% of the value of a property - to a maximum level of $8.2m (AED: 30m)………………………………………..Full Article: Source

Tourism Development & Investment Company (TDIC), master developer of tourism, cultural and residential destinations in Abu Dhabi, and Abu Dhabi Islamic Bank (ADIB), have launched an exclusive home finance scheme for high-end residential communities on Saadiyat island.
This scheme, which applies to purchases of the luxury Saadiyat Beach Villas, offers a simple home finance package for potential Saadiyat island residents that includes 100 per cent finance up to AED 30 million repayable over a period of 25 years with a competitive profit rate starting from 4.99 per cent………………………………………..Full Article: Source

Tourism Development & Investment Company (TDIC), master developer of major tourism, cultural and residential destinations in Abu Dhabi, and Abu Dhabi Islamic Bank (ADIB), launched an exclusive home finance scheme for high-end residential communities on Saadiyat island.
This scheme, which applies to purchases of the luxury Saadiyat Beach Villas, will offer a unique and simple home finance package for potential Saadiyat island residents that includes 100% finance up to Dhs30m repayable over a period of 25 years with a competitive profit rate starting from 4.99%………………………………………..Full Article: Source

Cagamas Berhad, the Malaysian National Mortgage Corporation announced a 76 per cent increase in debt securities issuance to MYR 5.0 billion for 2012 following the successful sale of MYR 1.45 billion Sukuk comprising MYR 250 million Sukuk Wakalah bil Istithmar and MYR 1.2 billion Sukuk Commodity Murabahah.
The Sukuk are in three-month, one, two, three, four and five-year tenures and will be issued at 3.21 per cent, 3.30 per cent, 3.40 per cent, 3.50 per cent, 3.58 per cent and 3.66 per cent respectively………………………………………..Full Article: Source

Following the extraordinary general meeting held on 5 December, Savola Group reports that the EGM approved the proposed amendment to the company’s by-laws, giving it the green light to issue debt instruments.
The company may now issue any type of tradable debt instruments such as bonds or Sukuk whether within or outside the Kingdom of Saudi Arabia in accordance with the applicable laws and regulations, and the General Assembly (GA) has the right, pursuant to a resolution issued by it, to delegate to the Board the authority to issue such debt instruments including bonds or Sukuk ……………………………………….Full Article: Source

Islamic products and services are currently in the process of being rolled out to the markets by respective Islamic banks and windows, pending the promulgation of Islamic Finance Regulatory Framework (IBRF). Islamic banking is indeed ‘Riba-free’ because Riba is Haram in Islam. However, it is a misconception that Islamic banking is free of any costs to the borrowing clients.
There are both the ‘operating costs’ and ‘profits’ charged by the banks providing Islamic products and services to their customers. These charges are roughly the same as those charged by the conventional banks for their products and services………………………………………..Full Article: Source