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Calling Islamic financial institutions to become member of the United Nations Finance Initiative

IslamicFinance.de is calling Islamic financial institutions to become member of the UNEP Finance Inititiave to learn and contribute to international best practice in ethical and faith based finance:

"UNEP FI is a global partnership between UNEP and the financial sector. Over 180 institutions, including banks, insurers and fund managers, work with UNEP to understand the impacts of environmental and social considerations on financial performance."

membership information package:
http://www.unepfi.org/fileadmin/forms/MembershipInformationPack.pdf

Ingress seeks extension for sukuk

Ingress Sukuk Bhd (ISB) has issued a notice to the holders of the sukuk convening a meeting of sukukholders on Jan 6, 2010 to consider an extraordinary resolution to extend the maturity date of the first tranche of the sukuk due on Jan 9, 2010 to July 9, 2010 to enable the company to finalise the restructuring plan for the sukuk.

Korea's Sukuk plan suffers setback

Korea's plan to tap into the Islamic finance market faces a setback as a parliamentary committee failed to approve a bill aimed at relieving tax burdens that have virtually blocked local companies from selling Sukuk. It will be discussed, however, in the February session.

Adoption of Shariah Standards Issued by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

In order to standardize and harmonize Shariah compliance mechanism in IBIs, it has been decided that above AAOIFI
Shariah Standards are adopted in Pakistan. In the first phase, AAOIFI’s Shariah Standards No.3 (Default in Payment by a Debtor), No.8 (Murabaha to the Purchase Orderer), No.9 (Ijarah & Ijarah Muntahia Bittamleek) and No.13 (Mudaraba) have been reviewed and are hereby adopted for IBIs in Pakistan. The adoption of these Standards shall, however, be subject to certain clarifications and amendments as given in the attached Appendix- A. IBIs are also advised to be prepared for adoption of other AAOIFI’s Shariah Standards in next phases.

CIMB launches Islamic commodities fund

CIMB-Principal Asset Management Bhd today launched it's CIMB Islamic Global Commodities Equity Fund, with a fund size of 600 million units, to tap into the tremendous growth opportunities in the commodities sector.

World Congress of Muslim Philanthropists - Haiti Emergency Cell

PRESS RELEASE

Oak Brook, Illinois, January 13, 2010: The World Congress of Muslim Philanthropists (WCMP) expresses its utmost sorrow on the massive devastation caused by the earthquake in Haiti, a Caribbean nation suffering with utter poverty. To ensure rapid and effective response to this tragedy, we have established an emergency cell that will closely monitor and assess the situation on ground, and will serve as the bridge between the global community of donors and partner humanitarian agencies. WCMP anticipates working closely with the Organization of Islamic Conference, United Nations, Red Crescent Societies, and other reputable agencies present or familiar with the region.

WCMP urges philanthropists, foundations, and corporations in general and of Muslim world in particular to join us in this multi-partner relief effort. Please direct your communications to the following address:

WCMP- Haiti Emergency Cell
Imtiaz Khan, MD
ikhan@thewcmp.org
+1-630-242-2792

With best regards,

WCMP Secretariat

Regulatory hurdles for facilitation of Islamic financial products in South Korea

Despite the postponement by South Korea's National Assembly's Strategy and Finance Committee of pushing through a vote to approve a bill aimed at facilitating tax neutrality for the issuance of sukuk at end December 2009, local supporters of the introduction of Islamic finance products are confident that the delay is a minor setback.

KFH: ‘No legally binding’ pact to buy YNH's RM920mil property

Kuwait Finance House (M) Bhd (KFH) has refuted YNH Property Bhd’s claim that it is in a legally binding agreement with the latter and can be made liable for backing out of a deal to purchase Menara YNH, a 45-storey office tower worth RM920mil.

REIT rights and wrongs

The Singapore stock exchange is poised to welcome the city state’s first Sharia-compliant REIT, in a move that could broaden the real estate investor base and develop the Islamic finance market there. However, it is not clear that the regulator is ready for the new asset class. Daniel Stanton reports.

Islamic Bank of Asia's CEO Vince Cook resigns

The Islamic Bank of Asia (IBA), a unit of DBS, said its CEO Vince Cook has quit for personal reasons and Friday is his last day with the bank.

India Housing Will Escape Dubai-Like Collapse

India’s property market, where prices have risen as much as 29 percent in major cities, will escape the kind of collapse that afflicted Dubai, the CEO of the Housing Development Finance Corp states.

Reuters Plans Islamic Finance Portal

The international financial services information company Thompson Reuters is planning to launch a news portal covering information about the Islamic financial industry in early 2010.

Brunei’s total sukuk issue tops $2 billion

THE Ministry of Finance issued $68 million worth of sukuk in two separate floats between November and December, bringing the total sold to more than $2 billion. The Ministry of Finance had completed the successful pricing of its 40th and 41st issuances of short-term Sukuk Al-Ijarah securities.

Full news of the about the issuance of the sukuk is available at the link given below.

Zawya Sukuk Report for Free Download

The Zawya Collaborative Sukuk Report covers the following issues:

  • What is the distribution of current and potential investors and what is their appetite?
  • What is the appetite of the Supply side and what drives their need to issue?
  • What are the challenges faced by the industry, what are the associated developments and what needs to be done to resolve them?

The download is free after providing contact details to Zawya:

Funds at Work analysed the Social Responsible Landscape

Funds at Work, the strategy consultants analysed the Social Responsible Investment industry with their network analysis. Previously the firm did analyse the Sharia Scholars and their board positions. The report regarding the sister industry of Islamic finance can be downloaded for free.

3rd World Congress of Muslim Philanthropists: Call for Submissions

“BUILDING A BETTER WORLD”

New Horizons - Sound Strategies

The Ritz Carlton – Doha, Qatar

March 21-22, 2010

CALL FOR SUBMISSIONS

Deadline: November 30, 2009

The annual conference of World Conference of Muslim Philanthropists, now recognized as the most prestigious forum on Muslim philanthropy worldwide, invites papers as well as proposals for sessions and workshops showcasing innovative, cutting-edge and experimental work.

THEME AND TOPICS

The conference will focus on how the integrated efforts of philanthropic, public and private sectors can effectively respond to the worsening global issues of hunger, poverty, disease, climate change and conflict. The forum will also host interactive roundtable discussions on Aid-effectiveness and Impediments to Building Capacity for Transformational Change. To further elucidate the theme “Building A Better World: New Horizons-Sound Strategies,” the conference will feature a special session on emerging markets philanthropy and global trends in giving.

WCMP Launches Multi-Donor Giving Circle to Combat Hunger and Poverty

PRESS RELEASE

Washington, DC, October 16, 2009

The World Congress of Muslim Philanthropists (WCMP) is launching its first multi-donor giving circle—the “Hasanah Fund”—to develop and implement new, sustainable programs to combat world hunger and poverty.

The Fund will secure $100 million from philanthropists, foundations, and corporations in the next five years to fund long-term hunger eradication and poverty alleviation in 20 countries facing the ongoing food crisis. Funded projects will address not just the aggregate quantity of food that must be produced and distributed, but also how food is produced and by whom.

Hasanah Fund will complement the exemplary work of the Kingdom of Saudi Arabia, the Organization of Islamic Conference and the Islamic Development Bank towards hunger, which is affecting over one billion people worldwide. “This initiative clearly demonstrates the enduring commitment of Muslim philanthropists to the social and economic upliftment of the poorest people,” says Dr. Tariq Cheema, CEO of WCMP.

SCBP, PQFTL and FWU AG sign agreement to provide Takaful products through their network!

Press Release

Karachi, October 7: Standard Chartered Bank Pakistan (SCBP), the largest international Bank in Pakistan, has signed a strategic cooperation agreement with Pak-Qatar Family Takaful, Pakistan’s first and largest family Takaful operator, and FWU AG, a global facilitator of bancatakaful.

This agreement will lay the foundation for Standard Chartered to launch Pakistan’s first Shariah compliant Bancassurance (BancaTakaful) products across its branch network. These products will provide Standard Chartered’s customers with Long term Savings plans specifically catered to fulfill their future financial needs. In addition, the Takaful cover, will offer financial protection to families for the fulfillment of the above obligations in case the breadwinner is unable to do so due to untimely death. All this without having to compromise on their beliefs.

Free Report: Islamic Investment Banking

Yasaar Media published a report about Islamic Investment Banking for free download, with the co-publishers Unicorn Investment Bank, Doha Islamic covering data and principles regarding Private Equity, Venture Capital, syndicated lending, real estate, asset management, fund manageement, liquidity management, treasury, trade finance and capital markets in an Islamic context.

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