IslamicFinance.de

The government hired CIMB Investment Bank Bhd., a Kuala Lumpur-based unit of CIMB Group Holdings Bhd. as a lead manager to sell between $1 billion and $1.5 billion of the securities.
This sell won't however appeal to most local funds unless the emirate obtains a rating.
Dubai is tapping international debt markets to raise funds as the government and state-controlled companies grapple to service borrowings that Barclays Capital estimated in a September report at about $112 billion.

Ajman Bank has signed a cooperation agreement with Ajman Real Estate Regulatory Agency (ARRA) to offer real estate financing to end users, purchasing properties in Ajman. Ajman Bank will offer up to 60% finance-to-value to end users purchasing residential properties in ARRA-approved projects in Ajman.

With an initial public offering of $3bn, the world's biggest Islamic bank is set for official launch before the end of the year by Sheikh Saleh Kamel, chairman of Al Baraka Banking Group.
The mega bank announced last year will have an initial capital of $10bn through a number of initial public offerings and private stock options.

Although Singapore has the stated ambition of developing the island-state into a global hub for Islamic capital markets products, the only other regulatory development of note has been the consultation on the proposal of the Monetary Authority of Singapore (MAS), the central bank, to amend the country’s Deposit Insurance Act to allow MAS to prescribe products as insured deposits, and to prescribe Murabaha as an insured deposit.
MAS launched the public consultation on Feb. 25, 2010 as part of its review with the Singapore Deposit Insurance Corporation (SDIC), on whether to amend and enhance various features of the Deposit Insurance Scheme in Singapore.

After a dispute over a restructuring plan Kuwait's Investment Dar has announced that the panel representing most of its creditors has resigned. The coordinating committee of debtors wanted the firm to give up 90% of the company in return for less than half of the debt.

The government sold 3 billion ringgit ($952 million) of Shariah-compliant notes due 2020 at an average yield of 3.998 percent, Bank Negara Malaysia announced on its website. Demand exceeded the amount of debt offered by 2.46 times.
It can be seen more demand arising from more Islamic banks operating in Malaysia, as well as a spillover from foreign investors.

Press Release:

On November 19, 2010 Halal Industrial Park Baltach (HIP "Baltach") was
officialy launched in Tatarstan. This is the first project in Russia, aimed
at developing of small and medium-sized businesses in the Halal industry.
The aim of the project is deep processing of agricultural products grown by
private holdings, farmers, and creation of conditions and opportunities for
small and medium-sized businesses for production of agricultural products -
and as a result increase in added value and provision of budgetary tax
revenues.

The main advantage of Halal Industrial Park "Baltach" is to optimize the
costs for small and medium-sized businesses on the maintenance of a common
infrastructure. Halal Industrial Park "Baltach" provides its residents with
an outsourcing services: distribution of finished products, consultations
on all matters, housekeeping services, engineering, logistics, transport
maintenance, accounting, legal services as well as 24 security services for
the producers - residents of the park, to concentrate on their businesses
growth. Thus, on the costs of the common scales of the project

An expert in Islamic financing has warned that some Sharia-compliant products in Europe do not actually comply with the strict teachings.
Shebab Marzban, product development officer for Egypt-based Ideal Ratings, said that many western fund managers fail to carry out correct due diligence on Islamic finance products.
Many holdings for Sharia funds do not adhere to strict rules of not investing in firms that make a profit from using interest or selling pork or alcohol-related products.

The Central Bank of Bahrain wants to reinvent Islamic finance as it suggests that smaller players may be squeezed out of the US$1tn market as regulatory standards tighten.
Governor Rasheed Al-Maraj told the 17th annual World Islamic Banking Conference in Bahrain that Sharia compliant institutions must rethink their business model as credit and growth levels enjoyed prior to the 2007-8 crisis are unlikely return.

The Islamic finance assets base is likely to reach $1.5 trillion by 2012 with bright future growth prospects.
ICD has recently undergone a substantial shift in its operational strategy to address current market failures and expedite certain developmental targets set under the Millennium Development Goals.

In recent years Guernsey has seen an increase in Shariah-compliant investment funds.
Guernsey has become an attractive jurisdiction for Middle East and Islamic investment business because of:
a.) Regulation - Guernsey is a well-regulated jurisdiction and does not offer unregulated funds structures, which means that it generally one of the best regarded jurisdictions for governance;
b.) Service providers - Guernsey has high quality service providers, who are able to provide legal, accounting, valuation, registrar, company secretarial and audit services for the structuring, launch and ongoing administration of funds with a Middle East and/or Islamic focus.
c.) Structural flexibility - Guernsey funds structures range from companies (including protected cell companies) to unit trusts and limited partnerships, providing a number of options for Middle East and Islamic clients to structure their product to suit its needs and to take advantage of efficiencies, such as those provided in respect of protected cell companies

GFH shareholders approved plans to raise up to $500 million through a convertible Murabaha to strengthen capital base and fund growth strategy, a 4:1 share consolidation and other capital reduction measures, and an increase in GFH’s stake in Khaleeji Commercial Bank.
The GFH growth strategy will focus on the creation, development and management of Islamic financial institutions offering a range of financial products and services to corporate and retail clients, enabling a more stable business model of recurring revenues.

His Excellency Ahmed Humaid Al Tayer, Chairman of Emirates NBD officiated the launch.
A focus of the bank's Singapore branch will be on wealth management, targeting High Net Worth Individuals (HNWI) from the Middle East who would like to base part of their offshore assets in Singapore. The branch will promote MENA (Middle East North Africa) investments to Asian High Net Worth Individuals who are currently under-weighted in their MENA exposure.

Masraf Al Rayan is to provide QR2bn funding to Al Meera Consumer Goods Company for financing its development and expansion plans.
Al Meera expressed its pleasure in implementing the development and expansion plans through the establishment of new branches as part of its strategy to meet the aspirations of its consumers and stakeholders, in line with country's economic progress.

BMI Bank and Tamkeen have launched a new Sharia-compliant financing scheme for enterprises within the local private sector to bolster the segment within the country.
As part of the agreement, Tamkeen will guarantee 50% of the total financing amount as well as subsidize 50% of the profit payments due from customers.
The scheme offers a range of trade finance products such as letters of credit and guarantee, Murabaha financing which covers working capital, auto and equipment financing.

The Organization of the Islamic Conference based in Jeddah hired Standard & Poor’s to start an index of about 50 of the most-traded stocks in the first quarter of 2011.
The index, which will track listed equities that comply with Islam’s ban on alcohol, gaming and tobacco, aims to target exchange-traded funds.

SCC has teamed up with AmIslamic Banking Bhd that will provide a RM100mil Islamic banking facility in the form of a revolving credit scheme and term financing with the underlying contract, Bai’ Inah.
Chief Minister Datuk Musa Aman launched the i-Executive financing facility. With the introduction of i-Executive, they will be operating a dual financing system.

An Islamic trade body has been set up in the UK to promote Islamic finance and to campaign for a sterling-based Sharia bond.
The group consists of bankers, accountants, lawyers, and educational bodies that want to lobby the government to launch a Sukuk (Islamic bond) to enable the UK's five Islamic banks to get funds, based on Sharia principles, that would allow them to widen their pool of lending.

Dubai's government has hired CIMB Investment Bank Bhd as a lead arranger to help sell Islamic bonds in Malaysia. The plan is still being discussed and timing of the sale hasn't been decided.

Royal London 360° has increased the fund range of three of its regular premium products to give clients more choice.
Nine fund management groups and seven sectors have also been added across the three ranges. The company has added Asian bond funds, three new currency/money market funds, four new Islamic funds, a Russian fund and one within the Equity Middle East and North Africa sector.