Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, is not expecting to issue more Islamic bonds before 2014, its chief executive said on Wednesday. “I don’t think it will be needed; there seems to be enough liquidity currently,” Bassel Gamal told reporters at a conference in the Qatari capital.
QIB, whose biggest shareholder is the country’s sovereign wealth fund, the Qatar Investment Authority, last tapped the market with a $750 million five-year sukuk in October as part of its $1.5 billion sukuk program………………………………………..Full Article: Source

The Russian republic of Tatarstan is preparing to make Russia’s first issue of Islamic bonds and will discuss ways to facilitate the growth of Islamic finance with authorities in Moscow, Tatarstan’s president said on Wednesday.
“We are getting ready - it all depends on the financial market,” Rustam Minnikhanov, speaking through a translator, said in an interview while on a visit to the United Arab Emirates, where he is seeking investment in Tatarstan………………………………………..Full Article: Source

HE Sheikh Abdullah bin Saoud al Thani, the Governor of Qatar Central Bank (QCB) has announced that the size of sukuk issued by the Islamic banks in Qatar amounted to approximately QR.8 billion at the end of the first quarter of this year, whereas the total volume of investments of the banks operating in Qatar in Islamic sukuk or bonds amounted to QR. 47 billion in the same date.
The QCB governor said the QCB on behalf of the Government of the State of Qatar issued Islamic bonds by about QR.39 billion in order to enhance the liquidity of the financial centers of the Islamic banks, in line with the requirements of the “Baza 3″, and out of the firm belief of the importance of Islamic financial instruments………………………………………..Full Article: Source

Sovereign Islamic bonds, or sukuk, could attract $15 billion in investments to Egypt annually from domestic and foreign investors, according to statements made by an advisor to the finance minister to the state-run MENA news agency.
Ahmed El-Naggar, who manages affairs related to Islamic bonds at the finance ministry, expects the government issue of Sharia compliant debt instruments to spur Egypt’s economic growth and employment figures………………………………………..Full Article: Source

Egypt’s Finance Ministry on Wednesday hailed the consent of Al-Azhar, the country’s highest Islamic reference, to the Islamic bonds (sukuk) draft law.
“The final unanimous approval of the sukuk bill among various members of the Shura Council (the upper house) and Al- Azhar represents a strong push to this new investment finance system in the country,” official news agency MENA quoted Ahmed al- Naggar, the finance minister’s adviser, as saying………………………………………..Full Article: Source

The passing of a new law that would legalize Islamic bonds by Egypt’s upper house a day ago could trigger an investment windfall for the highly indebted country, the chairman of Egypt’s stock exchange said here on Wednesday.
Mohammed Omran, at the ongoing two-day Africa Global Business Forum, said the underdeveloped bond market at the Nile would get a boost by the new law which increases certainty for foreign investors………………………………………..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

At a time when the world economy in general and the European economies in particular are deteriorating and their financial crises are far from over, scholars had better focus on Islamic economics as the best alternative to the ailing international financial order.
Khalid Hilal Alyahmadi, Chairman, Amjaad Development, said, “As the global economy continues to struggle amid one of the worst financial crises in recent history, the call for an alternative way of conducting financial activity has progressively become louder. In an interconnected world, the financial markets have become somewhat of an international casino for the elite, where millions are made and lost in a zero sum game, paying scant attention to the disastrous effects these speculative activities have on society”………………………………………..Full Article: Source

Raja Muda of Perak Raja Nazrin Shah, financial ambassador of the Malaysia International Islamic Financial Centre, addressed the audience at the Oman Islamic Economic Forum 2013 in Muscat yesterday.
This year marks the 30th year of official diplomatic relations between the Sultanate of Oman and Malaysia. Over this period, our bilateral relations have achieved significant development in a number of key areas including education, culture, business and trade. Bilateral trade between Oman and Malaysia stood at US$740 million in 2011, a very substantial increase from US$265 million in 2010………………………………………..Full Article: Source

Malaysia is looking forward to collaborating with Oman to address challenges in developing the Islamic finance industry, says the Regent of Perak Raja Nazrin Shah.
He said a potential area of collaboration and an issue faced by the industry today was human capital development, and Malaysia had established several institutions to provide training for Islamic finance professionals. “These institutions include the International Centre for Education in Islamic Finance, the Islamic Banking and Finance Institute of Malaysia and the Securities Industry Development Corp………………………………………..Full Article: Source

The Islamic Banking Division of United Arab Bank (UAB), the fastest growing bank in the UAE, has signed a memorandum of understanding (MoU) with Minhaj Advisory — one of the most prominent Shari’ah compliant consultancies in the region. The services extended by Minhaj Advisory will include introduction of Shari’ah compliant products, contracts, supervision, auditing and training.
Minhaj will form a Shari’ah Supervisory Board (SSB) with three reputable Islamic scholars at the helm to extend their guidance regarding provisions and principles of Shari’ah related to transactions and activities of the current and future Islamic products and services provided by UAB’s Islamic banking division………………………………………..Full Article: Source

The Islamic division of South Africa’s First National Bank has hired a new sharia advisory committee and aims to rebrand itself after a governance crisis in 2012 saw the previous board quit, denting investor confidence.
Under the new structure, the committee will no longer play a role in the day-to-day running of the business, removing the potential for conflicts like those which led to a public spat with management last year………………………………………..Full Article: Source

The services extended by Minhaj Advisory will include introduction of Shari’ah compliant products, contracts, supervision, auditing and training. Minhaj will form a Shari’ah Supervisory Board (SSB) with three Islamic scholars at the helm to extend their guidance regarding provisions and principles of Shari’ah related to transactions and activities of the current and future Islamic products and services provided by UAB’s Islamic banking division.
Sheikh Mohamed Al Nuaimi, Executive Vice-President, United Arab Bank said, “Being the fastest growing bank, we always strive to offer the full range of banking products and services to our valued customers. ……………………………………….Full Article: Source

The Bombay Stock Exchange (BSE) has launched an Islamic equity index based on the wide-measure S&P BSE 500 index, providing a new benchmark for Islamic investors in one of the world’s largest stock exchanges.
The new index comprises the largest 500 companies in the BSE, out of more than 5,000 listed, which fit Islamic finance principles such as bans on investing in alcohol, tobacco and gambling-related businesses………………………………………..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

The National Insurance Commission (NAICOM) has issued the guidelines for takaful as part of efforts to increase insurance penetration in Nigeria and boost the contribution of insurance to the national GDP.
According to a circular outlining the guidelines, all applicants seeking licences from the Commission to transact takaful business in Nigeria must possess the Certificate of Registration as a full-fledged takaful company in accordance with international best practice. In addition, such a company must have, as part of its name, words or terminologies that connote takaful operations………………………………………..Full Article: Source