Malaysia’s bond yields, which have been near record low of late, could see a slight spike in the second half of this year, according to analysts.
They reckoned the improvement in the global economy would trigger some inflationary pressure resulting in possible monetary intervention that could push bond yields higher………………………………………..Full Article: Source

The Chairman of Egyptian Islamic Finance Association, Dr. Mohamed El-Beltagy, has revealed that the volume of global Islamic banking has reached US$ 1.500 trillion at the end of last March, citing statistics from international financial institutions.
El-Beltagy expected Islamic banking to significantly grow in the upcoming period as many countries have started to invest in Sharia-compliant financial instruments such as sukuk (Islamic bonds). The Egyptian Islamic Finance Association will organize a conference next month to discuss sukuk applications after approving the law and setting the executive regulation, he told Amwal Al Ghad………………………………………..Full Article: Source

Gulf Finance House (GFH), the Bahrain based Islamic investment bank, announced its financial results for the first quarter ended March 31, 2013 recording another period of sound results and profitability.
GFH reported a net profit of US$1.5 million for the quarter compared with US$ 1 million during the same quarter in previous year, an increase of 50%. Total income for the period was at US$11.1 million compared to US$12.9 million during the first quarter of 2012…………………………………….Full Article: Source

Ajman Bank posted a profit of AED 12.3 million for the first quarter of 2013, compared to a first quarter 2012 profit of AED. 4.5 million, a 171 per cent increase.
His Highness Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said, “The outstanding results Ajman Bank has achieved demonstrate our clear vision and strategy and the efficiency of our business model. Risk management is embedded at the centre of our business strategy and it has enabled the Bank to position itself appropriately for any upcoming challenges. ……………………………………Full Article: Source

Amana Bank Limited, Tanzania’s first fully Sharia compliant bank has announced its audited financial results for the financial year ended 31 December 2012, reflecting strong growth in financing and deposits. This is the bank’s first full year of trading having commenced operations in November 2011. The bank started financing in April 2012 and by December 2012, the bank had disbursed total financing facilities amounting to TZS26 Billion.
The bank recorded TZS1.2 billion income from financing activities and TZS1 billion from non-funded income. The Bank closed the year with total mobilised deposits of TZS 34 billion. Total assets of the bank grew by 100% to TZS52 billion………………………………………..Full Article: Source

The Abu Dhabi Islamic Bank (ADIB) Group posted a 10.7 per cent increase in net profit of AED 340.1 million for Q1 2013, after taking provisions and impairments of AED 185.5 million.
Net customer financing increased 8.9 per cent to AED 54.0 billion and total assets increased 15.9 per cent to AED 88.7 billion………………………………………..Full Article: Source

UNB’s Private Banking Division announced that the performance of both ‘Al Itihad and Al Samaha Islamic’ Funds was steady and consistent with the relevant benchmarks during the last year. Their performance since inception was commendable compared to other funds in the same category.
Al Itihad Fund achieved an impressive +18.2% net returns for 2012 and +33.8% in 2013 up to 25th April. The Fund was launched with an objective to achieve long-term capital growth by investing in publicly traded companies. The fund’s prime focus is on UAE markets and to a lesser extent on other GCC markets………………………………………..Full Article: Source

Emirates Islamic Bank (EIB), on Sunday, reported a 101 per cent increase in first quarter net profit as compared to the previous year. The net profit for the period reached Dhs33.2 million, noting a sharp incline from the Dhs16.5 million in the first quarter in 2012. The total income for the three months, that ended March 31, 2013, rose up by 42 per cent to reach Dhs443 million.
The bank reported a 42 per cent increase in operating profit before an impairment of Dhs195 million in the first quarter………………………………………..Full Article: Source

The size of Islamic financial assets is forecast to reach $1.8 trillion in 2016, while the financing and investment activities are expected to accelerate, especially in the Islamic capital markets as emerging economies embark on infrastructure spending.
This was stated by an expert at the two-day Oman Islamic Economic Forum 2013, which is organised by Amjad Development at Al Bustan Palace Hotel under the auspices of Dr Yahya bin Mahfoudh al Mantheri, Chairman of the State Council………………………………………..Full Article: Source

Syarikat Takaful Ma­laysia Bhd (Takaful Malaysia) an­nounced that it had recorded stel­lar results for 2012, underpinned by higher sales generated by the family and takaful business.
According to a press statement, Takaful Malaysia’s profit after tax and zakat (PATZ) surged by 31 per cent to RM100.1 million from RM76.4 million in the previous financial year, while its operat­ing revenue grew by 19 per cent to RM1.61 billion, and total asset size increased by nine per cent to RM6.4 billion………………………………………..Full Article: Source

Islamic Bank of Britain (IBB), the UK’s only wholly Shari’ah-compliant retail bank, reported a loss of GBP 6.99 million for 2012, a GBP 2.01m improvement on 2011 (loss of GBP 9.00m). Operating expenses (excluding restructuring costs) reduced by GBP 0.9m to GBP 9.4m.
Total customer financing increased by 86 per cent to GBP 129m (GBP 69m in 2011) with HPP (home) financing increasing by 92 per cent to GBP 117m (GBP 61m in 2011). Retail deposits increased by 22 per cent to GBP 238m (GBP 195.2m in 2011); and as a result of the internet enhancements delivered in the year, 14 per cent of long term deposits raised in 2012 were sourced from the online channel (2011: nil)………………………………………..Full Article: Source

Noor Islamic Bank on Monday said its net profit rose Dh26.4 million, or 54 per cent, to Dh75.5 million in 2012 year-on-year.Based on the significant progress made in 2012, the shareholders have underlined their confidence in the bank’s future performance, approving a capital injection of Dh150 million. Currently, Noor Islamic Bank’s capital adequacy ratio stands at 19.54 per cent, with the tier-1 ratio at 14.1 per cent.
Hussain Al Qemzi, Chief Executive Officer of Noor Islamic Bank and Group CEO Noor Investment Group, said: “In line with our strategic road map, building a healthy balance sheet and diversifying core revenue generation capabilities remain our key priorities………………………………………..Full Article: Source

Emirates NBD’s Chief Executive Officer Rick Pudner, said, “Emirates NBD has once again delivered a robust set of results with a net profit of AED 837 million in the first quarter of 2013, up 31 per cent in comparison with the same quarter in the previous year. While the global economic climate continues to remain uncertain, with our strong financial performance, we aim to continue building on our solid foundations to drive the bank forward while achieving our strategic objectives.”
Emirates NBD’s Chief Financial Officer Surya Subramanian, said, “Pre-provision operating profit, a core strength for the bank, shows signs of growth after a few resilient quarters last year. The Retail business and Islamic franchise have been a key driver for this growth. Our balance sheet is well managed and we continue to de-risk the book.”……………………………………….Full Article: Source

Operating income was up 7.43 per cent to OMR 22.2 million. Operating expenses rose 22.3 per cent to OMR 10.6 million, including OMR 590,000 in start-up and pre-opening expenses for Maisarah Islamic Banking.
Total assets were up 14.81 per cent to OMR 2.34 billion. Net loans and advances to customers were up 8.4 per cent to 1.71 billion while deposits from customers rose 14.9 per cent to OMR 1.79 billion.Total shareholder equity was up 19.46 per cent to OMR 277.3 million………………………………………..Full Article: Source

Prudential BSN Takaful Bhd (PruBSN) received multiple awards at the Malaysian Takaful Association’s Takaful Starnite 2013 recently.
In a statement Thursday, the company said PruBSN’s Direct Agency and Prudential Assurance Malaysia Bhd’s Agency brought home a total of 14 awards out of six categories namely Top Rookie, Top Agent, Top Unit Manager, Top Agency Manager (Direct), Top Agency Manager (Group) and Top Recruiter (Leader) awards………………………………………..Full Article: Source

Excluding this non-recurring gain, AUB reported a 12.2 per cent increase in its net profit, which increased from $86.4 million in Q1/2012 to $96.9 million. This also represents a 23.3 per cent improvement over the Q4-2012 trailing quarter reported profit of $78.6 million. The Basic Earnings per Share was 5.7 cents, compared to 1.6 cents achieved in Q1/2012. The resultant adjusted Operating Basic Earnings per share was 1.8 cents after deducting exceptional gain.
The key drivers to these results was the increase in the operating income of the Group from $214.5 million to $224.2 million (+ 4.5 per cent) and the rise in net interest income by 11.0 per cent to $167.4 million (Q1/2012: $150.8 million)………………………………………..Full Article: Source

Net interest income plus net profit from Islamic financing grew by six per cent compared to 31 March 2012 to AED 570.6 million. Non-interest income, which stood at AED 181.8 million by the end of the first quarter of 2013, climbed by 18 per cent compared to the same period last year. This increase is due to several streams of fee income stemming particularly from auto loans, mortgages, Bancassurance, and foreign exchange services. In addition, investment income grew by 50 per cent compared to same period last year as the bank continued to invest in quoted debt instruments.
Operating costs on the other hand, despite increasing by 5.2 per cent for the year, were well below total income growth of 8.6 per cent, indicating an improving profitability. “……………………………………….Full Article: Source

Higher income from investments and fees helped National Bank of Abu Dhabi, the United Arab Emirates’ largest lender by market value, to a 35.5 per cent jump in first-quarter net profit, the bank said on Tuesday.
The bank posted net profit of Dhs1.41 billion ($384 million) in the first three months of 2013, beating the average forecast of Dhs1.09 billion in a Reuters poll of analysts.Impairment charges for the first quarter of this year were Dhs322 million, up three per cent higher on the corresponding period last year………………………………………..Full Article: Source

Barwa Bank, which recently launched the private banking proposition and debt capital markets, also increased its investment portfolio by 14% to QR7.6bn, while total shareholders’ equity was QR5.3bn at the end of March 31.
“Our strong financial performance for the first quarter of the year is a validation of our strategy and represents progress on our journey to becoming Qatar’s most recommended Shariah-compliant banking group,” Barwa Bank chairman and managing director Sheikh Mohamed bin Hamad bin Jassim al-Thani said………………………………………..Full Article: Source

The volume of sukuk (Islamic bonds) issued by end of the first quarter of 2013 reached $34.2 billion, increasing on a quarterly based rate at 21.5 percent, after an abundant year that witnessed a 54 percent increase in issuance, Kuwait Finance House (KFH)-Research said Sunday.
Sovereign issuances continue to dominate sukuk issuance, followed by issuances of corporates, then sub-sovereign authorities. The sukuk issuance is expected to reach $275 billion by the end of the year, it said………………………………………..Full Article: Source

It is the largest corporate Islamic bond issued by the Emirate of Dubai since 2007. Several factors boosted demand for the Sukuk, most importantly the credit rating of BBB from Standard & Poor’s, which confirmed the rating reflects the strong financial and operational performance of DEWA, and its significant liquid assets, in the credit rating, said a media release
HE Saeed Mohammed Al Tayer, MD & CEO of DEWA received the award from a delegation from NASDAQ Dubai, which was led by Hamed Ali, Acting Chief Executive of NASDAQ Dubai, and included Craig Hewett, Senior Vice President and Head of Business Development, Philippe Chalu, Business Development Manager, attended by Nasser Abbas, Senior Director-Treasury at DEWA………………………………………..Full Article: Source

Bank Sohar’s total assets grew from OMR 1,559.28 million in 2012 to OMR 1,789.62 million, a growth of 14.8 per cent, according to a media statement.
Net Loans and advances grew by 9.4 per cent to OMR 1,155.56mn in comparison to OMR 1,055.8 million in 2012. A similar rise was seen in the bank’s deposits which stood at OMR 1,310.48 million by the end of March 2013, a growth of 10.03 per cent over last year. The total shareholder equity increased to OMR 157.23 million an increase of 23.6 per cent over last year. This figure also includes the rights issue of 10 million raised during the quarter for the Islamic Banking Window………………………………………..Full Article: Source

International Islamic (QIIB) has recorded a net profit of QR185.3m for the first quarter that ended on March 31, 2013. Announcing the Q1 results, bank Chairman and Managing Director Sheikh Dr Khalid bin Thani Al Thani said the first quarter net profit showed an increase of 5.6 percent compared with the corresponding period in 2012.
The results attest the fact that International Islamic improved its position, both in the local market and abroad. The bank has gained significantly from the Qatari economy, which is on an upswing thanks to the wise leadership and policies being pursued by the Emir and the Heir Apparent, he noted………………………………………..Full Article: Source

Salam International Investment (SIIL) has reported a 58% plunge in January-March net profit to QR11.61mn despite registering gross profit and tripled investment income.
An about 2% fall in operating income to QR498.92mn was made up by a 4% cut in operating cost, thereby helping the SIIL report a 6% gain in gross profit to QR144.75mn, according to its financial statement………………………………………..Full Article: Source

The number of takaful operators worldwide has increased to 200, with four additional companies entering the segment compared to 196 the previous year, latest figures in 7th World Islamic Insurance Directory (WIID) have shown.
The four new takaful companies originated from North Africa, with the recent socio-political changes in the region proving positive for the nascent development of Islamic finance. Overall, the GCC continues to lead the way with 77 operators followed the Far East with 40. The WIID also shows that global Islamic insurance contributions, including Iran, grew 24.2% to reach US$17.4 billion as at end 2011…………………………………….Full Article: Source

Bank Muscat, the flagship financial institution in the Sultanate, posted a net profit of RO 25 million in the first quarter of 2013 compared to RO 33.4 million reported during the same period in 2012.
Announcing the preliminary Q1 results, the bank said an exceptional operating loss provision of RO 15 million relating to the Prepaid Travel Card fraud incident (as disclosed to the market on 25 and 26 February 2013) has been considered in the first quarter accounts in accordance with IFRS. The bank is working on various channels to recover the loss arising from this exposure, it added……………………………………Full Article: Source

Dubai Islamic Bank Group (DIB) announced its financial results for the three months ended March 31, 2013, registering strong growth across all areas of the bank. In the first three months of 2013, DIB reported a net profit of AED 301.7 million, compared to AED 258.5 million in the same period of 2012, an increase of 17 per cent.
DIB’s total assets in the first quarter of 2013 grew by a substantial 22 per cent to reach AED 120.6 billion, compared with AED 98.7 billion as at December 31, 2012. As of March 31, 2013, customer deposits stood at AED 88.3 billion, compared to AED 66.7 billion as at December 31, 2012, an increase of 32 per cent………………………………………..Full Article: Source

Dubai Islamic Bank has kicked off earnings season for commercial lenders with a sharp increase in net profits for the quarter, as investors bet on bumper profits for banks.
Bank shares have surged as banks repay government life support extended to cover the financial damage from the Dubai property crash of 2009. Money set aside by banks to cover bad loans is widely expected to have peaked………………………………………..Full Article: Source

Bahrain-headquartered global Islamic banking major, Al Baraka Banking Group (ABG), announced the dividends distribution, to shareholders as of AGM date 19 March 2013, amounting to $69.3 million represent cash and stock dividends of the financial year 2012 as approved by shareholders in the Annual General Assembly.
The stock dividends amounting to $33.8 million, equal to 1 bonus share for every existing 30 shares (3.33% of issued capital) has been added to shareholders accounts, while Cash dividends amounting to $ 35.5 million equal to 3.5 Cent per share (3.5% of issued capital) will be paid value Monday 29 April 2013. The official Share Registrar (Fakhro Karvy) has been authorized to handle the distributions………………………………………..Full Article: Source

GCC’s sukuk issuances are set to reach around $35 bn in 2013 according to estimates by Global Islamic Finance Magazine. According to recent Kuwait Financial House report Saudi Arabia issued $10.5bn in sukuk in 2012, a 278% increase over 2011.
This volume of Sukuk Issuing put the country at the second position in 2012 after Malaysia. Meanwhile issuing of sukuk was followed by $4bn General Authority for Civil Aviation offering, the first government-backed sharia-compliant bond issue, and the single-largest sukuk anywhere to date………………………………………..Full Article: Source

Al Rajhi Bank, Saudi Arabia’s largest listed lender, posted a 2% increase in its first-quarter net profit yesterday, helped by a jump in both lending and customer deposits portfolio. The bank made a net profit of 2.05bn riyals ($546.6mn) in the three months ending March 31, compared with 2.01bn riyals in the same period a year earlier, it said in a statement to the Saudi bourse.
Nine analysts surveyed by Reuters expected the bank to post, on average, 2.03bn riyals for the first quarter. Two other Saudi lenders, Saudi Hollandi Bank and Saudi British Bank (SABB) beat estimates for first-quarter net profit on Monday………………………………………..Full Article: Source

Jordan Islamic Bank (JIB) announced that it has achieved distinguished financial results during 2012. The Bank’s net profits before tax reached $72.21m at end of financial year 2012 with an increase of $16.22m and with a growth of 28.9% compared to $55.99m at the end 2011, whereas its net profits after tax reached $51.48m compared to $39.92m at the end 2011 and with an increase of $11.57m and with a growth of 28.7%.
The Bank’s Board of Directors recommended the Ordinary General Assembly to distribute cash dividends to shareholders at 15% of the Bank’s capital………………………………………..Full Article: Source

Tamweel, a Dubai-based Islamic home financing firm, posted Wednesday a 13.5% year-on-year rise in first-quarter net profit as it prepares for a full takeover by Dubai Islamic Bank.
Tamweel’s quarterly net profit reached Dh20.5 million ($5.6 million), up from Dh18 million in the same period last year, according to financial statements posted on the Dubai bourse website………………………………………..Full Article: Source

Islamic Holding Group disclosed its financial results for the period ended on March 31 following the meeting of the Company’s Board of Directors on April 8 under the chairmanship of Dr Yousuf Ahmad Al Nama, Chairman and Managing Director.
The results showed that the net profit of the Group amounted to QR2.106m, compared with QR1.941m for the same period in 2012………………………………………..Full Article: Source

Islamic banks posted growth in their profits last year as the faith-based banking concept becomes entrenched in Kenya’s financial sector. There are two fully-fledged Islamic banks — Gulf African Bank and First Community Bank — which were established in 2007 after the Banking Act was amended to bring the unbanked population into the fold. The pair was able to break even in a fairly short time — Gulf African in two years and First Community in three years.
Last year, Gulf African registered 154 per cent after-tax profit growth to Sh242 million for the year ended December 31 compared to Sh95 million registered in similar period in 2011………………………………………..Full Article: Source

The year 2012 was an exceptional one for Bank Sohar as it continued to evolve and make its mark on the banking and financial landscape of Oman. Building on the previous year’s outstanding performance, the bank garnered key gains in a number of core areas of its business in 2012 — the result of an unswerving focus on achieving sustainable growth.
Boosted by its strong operating performance, Bank Sohar registered an impressive net profit of RO 23.011 million for the year 2012 which translates to a growth of 58.73 per cent year-on-year; the highest percentage growth within the banking sector………………………………………..Full Article: Source

The Tilal Fund, Oman’s first real estate investment fund has achieved a total return of 126 per cent during its 6-year tenure, an average of 21 per cent per annum. Tilal Fund was established in October 2006 with an initial capital of RO 5.54 million as the first Real Estate Investment Fund accredited by the Capital Market Authority (CMA) of Oman.
The goal of Al Madina Financial and Investment Services Co (AMFIS), the company behind the establishment of the Fund, was to contribute capital to the development of the Tilal Complex project………………………………………..Full Article: Source

Jordan Islamic Bank (JIB – part of Al Baraka Banking Group) reports net profits before tax of $72.21 million at end of financial year 2012 with an increase of $16.22 million and with a growth of 28.9 per cent compared to $55.99 million at the end 2011. Net profits after tax reached $51.48 million compared to $39.92 million at the end 2011, up 28.7 per cent.
JIB’s Board of Directors is recommending the Ordinary General Assembly to distribute cash dividends to shareholders at 15 per cent of the Bank’s capital………………………………………..Full Article: Source

Islamic banking assets with commercial banks in the GCC reached $445 billion at the end of last year, up from $390bn in 2011, according to recent estimates by Ernst & Young’s Global Islamic Banking Centre. Reports indicate that in 2012, the Islamic banking industry in the GCC registered a 14 per cent year-on-year growth, which represents a slight deceleration in the average growth rate over the past five years of 19pc.
Reports also indicate that profitability now looks to be stabilising in major Islamic banking markets though Islamic banks have experienced a mixed recovery across markets………………………………………..Full Article: Source

Sadara Chemical Company (Sadara) announced the successful closing of the sukuk issued through its subsidiary Sadara Basic Services Company (SBSC). The sukuk has received strong investor demand, resulting in 2.6 times oversubscription based on the initial offering size of SR 5.25 billion. In keeping with this demand, Sadara has up-sized the issuance to SR 7.5 billion.
The sukuk have a floating rate and will have a tenor of approximately 16 years. The sukuk investors will receive an expected return of 6 month SAIBOR plus 95 basis points per annum, to be distributed semi-annually………………………………………..Full Article: Source

Absa Islamic Banking has been awarded Best Islamic Bank in South Africa for the fourth successive year, the Barclays-owned South African bank revealed at the weekend. This was announced at a prestigious ceremony in Dubai last week.
Afzal Seedat, Head of Absa Islamic Banking, said this was a “vote of confidence” from the bank’s clients, stakeholders and industry peers globally. “The award provides us with the impetus to become the ‘Go-To’ bank in Shari’ah compliant finance for our customers,” Seedat said in a statement………………………………………..Full Article: Source

The Abu Dhabi Islamic Bank (ADIB), UAE’s biggest Sharia-compliant bank by market value, has recommended paying cash dividend at 25.4 per cent, equivalent to 50 per cent of 2012 net profit to shareholders, the bank said.
ADIB Group reported end of December 2012 Dh1.2 billion net profit, an increase of 4 per cent over the previous year, according to Abu Dhabi Securities Exchange (ADX). The net revenues for 2012 were Dh3.6 billion, and the expenses hiked by 8.1 per cent year on year. The total assets stood at Dh85.7 billion at the end of 2012, up 15.2 per cent on the same point of the previous year………………………………………..Full Article: Source

Malaysia is dominating global sales of sukuk in 2013 and Standard & Poor’s forecasts the trend will continue this year even as national elections loom. Issuance in the Southeast Asian currency may account for more than 74 per cent of worldwide offerings, compared with 49 per cent in 2008, Rajiv Vishwanathan, associate director for corporate and infrastructure ratings at S&P in Singapore, said in a interview.
Global sales of syariah-compliant notes, including government securities, may exceed US$100 billion (RM309 billion) in 2013 after rising 64 per cent to US$138 billion last year, according to a report from the company……………………………………….Full Article: Source

Islamic banking assets with commercial banks in the Gulf Cooperation Council region leapt 14% in 2012, paced by Qatar, according to Ernst & Young’s Global Islamic Banking Center.
During the same period, conventional assets held in these banks grew by just 8.1%, the data, contained in a report on the E&YGIBC website, shows, although the pace of the growth of the Islamic banking assets was below that of the five-year average rate for the region, of 19%………………………………………..Full Article: Source

The Islamic Banking Industry (IBI) continued to post a healthy growth, touching for the first time a share of 10 percent in the banking industry at the end of the Calendar Year 2012 (CY12). With a substantial growth of 35.5 percent or Rs 185 billion, IBI deposits surged to Rs 706 billion by the end of CY12 against Rs 521 billion at the end of CY11.
According to the State Bank of Pakistan, IBI posted a healthy growth as far as deposit base was concerned during the period under review. IBI’s share in the entire banking industry increased from 8.4 percent in CY11 to 9.7 percent by the end of CY12. IBI’s asset base also continued to expend, touching Rs 837 billion by the end of CY12, up from Rs 641 billion in CY11, depicting an increase of 30 percent or Rs 196 billion in a single year………………………………………..Full Article: Source

The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD18 million issue, which carries a maturity of 91 days, has been oversubscribed by 246%.
The expected return on the issue, which begins on 27 March 2013 and matures on 26 June 2013, is 0.81% compared with 0.90% for the previous issue. The securities are issued by the CBB on behalf of the Government of the Kingdom of Bahrain………………………………………..Full Article: Source

Barwa Bank Group, Qatar’s fastest growing Shari’ah compliant banking service provider has announced its financial results for the year ended December 31, 2012. The Group recorded strong growth in both balance sheet and profitability, with Net Income for 2012 up by 41% at QAR345mn compared to QAR 244mn in 2011.
Total assets increased by 32% to reach QAR25.3bn, a result of 66% growth in the financing portfolio from QAR 9.2bn to QR 15.3bn, with customer deposits rising from QAR 10.1bn to QR 14.8bn during 2012. (Press Release)

Bank Syariah Mandiri, the Islamic unit of Bank Mandiri, the country’s largest lender by assets, is targeting its profit to increase 50 percent this year as it seeks to boost its branches across Indonesia.
Yuslam Fauzi, president director of BSM, said in Bogor on Thursday that the lender aims to reach profit of Rp 1.2 trillion ($123.7 million) this year from Rp 800 billion last year. Yuslam was speaking in Bogor during a signing ceremony between postal service Pos Indonesia and BSM. Yuslam said that as profit rose last year, its assets also increased to Rp 55 trillion………………………………………..Full Article: Source

Sheikh Ahmed bin Saeed Al-Maktoum, chairman and CEO of Emirates Airline and Group, yesterday rang the opening bell at Dubai Financial Market (DFM) during the listing ceremony of a sukuk issued by Emirates Airline on Nasdaq Dubai, the Middle East’s international financial exchange.
The listing of the $ 1 billion sukuk supports Dubai’s intensive efforts in this regard after the launch of (Dubai the Center of Sukuk) initiative by Sheikh Mohammed bin Rashid Al-Maktoum, UAE Vice President, Prime Minster and Ruler of Dubai and in line with his vision to position Dubai as the capital of Islamic economy globally………………………………………..Full Article: Source

Qatar has been ranked as the country where Islamic banking assets grew fastest in 2012. The country’s Islamic banking assets were estimated to have grown by more than 23 percent during last year. Qatar’s regulatory clarity has helped its Islamic banks to achieve the high growth rate, said the report by the Ernst & Young Global Islamic Banking Center.
There is potential for a strong Islamic capital market play in Qatar in future. Barring the conventional industry leader, Islamic banks are comparable in size to conventional peers. Large infrastructure spend will fuel continued profitable growth for the banking industry, the report noted………………………………………..Full Article: Source