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The IFSB-IRTI-IDB publishes report on Islamic Finance: Global Financial Stability

A report on Global Financial Stability was launched at the Inaugural Financial Stability Forum organised by the Islamic Financial Services Board (IFSB) on Tuesday, 6th April in Khartoum. The report examines the intrinsic strength of the Islamic finance model, the state of the Islamic financial services industry and challenges and strategies for strengthening financial stability in the Islamic financial services industry.

New UK secretariat faces acid test to meet objectives

The launch of the UK Islamic Finance Secretariat (UKIFS) by the lord mayor of the City of London, Alderman Nick Anstee, at a reception at Mansion House on March 31, marks the establishment of the first Islamic finance trade body in Britain.

Malaysia’s 2010 Growth Can Exceed Current Forecast, Najib Says

Gross domestic product can expand by 1 percent to 2 percent more than the central bank’s March forecast of 4.5 percent to 5.5 percent, Najib told the Foreign Correspondents Association in Singapore yesterday. Measures including developing the Islamic finance industry will aid growth, he said, adding that the government will probably sell Shariah-compliant global bonds denominated in dollars.

Saudi-Luxembourg cooperation in Islamic finance

The signing in Alkhobar of a strategic cooperation and alliance agreement between Saudi Arabia's Mohammed Hamad Al-Soaib Law Firm and the Luxembourg-based Lux Global Trust Services and Theisen Advocates recently is set to increase the use of the Duchy as a trust and tax domicile for Saudi investment products; investment vehicles such as special purpose vehicles (SPVs) used in the issuance of sukuk for instance; and the registration of investment funds, especially for UCITs (Undertakings for Collective Investment Trusts) of which Luxembourg is the world leader.

Global Islamic Finance Magazine Features Banker’s Academy’s Dr. Linda Eagle as Islamic Finance Expert

The Edcomm Group Banker’s Academy’s President and cofounder, Dr. Linda Eagle, was recently featured in the January issue of Global Islamic Finance Magazine as an expert on Islamic finance. With 23+ years of experience in the global financial services industry, Dr. Linda Eagle was chosen to answer a series of questions addressing prevalent issues facing Islamic banking today.

Kuwait Finance Malaysia to trim bad loans

The Malaysian unit of Kuwait Finance House, the Gulf state's top Islamic lender, will cut its bad loans to the industry average within 5 years as it finances stronger names, its chief said on Thursday.

Islamic Finance players urged to explore equity-based financing

Islamic finance players should explore opportunities in equity-based financing in making the industry more attractive. Making this call, Bank Negara Malaysia's Deputy Governor Datuk Muhammad Ibrahim said through equity-based financing, industry players could move away from mimicking conventional products and operate truly on syariah compliance.

Malaysia-Market factors to watch April 6

Following is a list of events in Malaysia as well as news stories and press reports which may influence financial markets.

Indonesia: Embracing the growth of Islamic finance

Indonesia is seeking to further develop its Islamic banking sector, looking to tap into the growing market for sharia-compliant financial instruments, though it still has some way to go before being able to match the major players in the segment.

Bank Negara To Host Global Islamic Finance Forum 2010

Bank Negara Malaysia will host the Second Global Islamic Finance Forum (GIFF 2010) from Oct 25 to 28 with the theme "Islamic Finance: Opportunities for Tomorrow".

Muslims disconnected from retail banking

The demand for Islamic financial instruments certainly exists. But beyond holding basic accounts, observant Muslims in Canada find themselves disconnected from retail banking

Finmin wants NBFCs to start Islamic banking

The finance ministry is considering a new category of non-banking finance companies (NBFCs) that will offer Islamic banking products in India.

Islamic Finance Revitalising Asia And Middle East Economic Ties

Islamic finance has revitalised the economic ties and strengthened the financial linkages between Asia and the Middle East, says Bank Negara Governor, Tan Sri Dr Zeti Akhtar Aziz.

Islamic Markets Fret as Regulators Revamp Bank Rules

Islamic financial markets heaved a sigh of relief after dodging the securitisation crisis which hit traditional banks, but the fallout may spark a global regulatory overhaul that could stifle the $1 trillion industry.

Restructuring at Malaysia's Labuan

Malaysia's offshore financial center in Labuan i.e. the Labuan Offshore Financial Services Authority (Labuan FSA) has been put in the "white listing" by the Organization for Economic Cooperation and Development (OECD) due to compliance with its standards for transparency and exchange of information between countries. This is a significant contribution of Labuan FSA in supporting the Malaysian government's agenda toward promoting Malaysia as a major hub for international Islamic finance.

Islamic finance to flourish in Kingdom

As Islamic finance is growing very rapidly in the United States, the US-based Florentez Investment Management Inc. (ShariahShares ETF) is set to launch a family of Shariah-compliant exchange traded funds (ETFs) on the NYSE (New York Stock Exchange).

Reforming Credit Rating Agencies in Islamic Banking

The Islamic Financial Services Board has issued a guideline to credit rating agencies on how to recognise, and classify or treat the Islamic products.

Potential for Islamic finance in Canada is huge

There is huge potential for islamic finance in Canada as as mentioned by a speaker at a conference in Toronto.

Bahrain's Gulf Finance to set up $326 million Syrian unit

Bahrain's Gulf Finance House (GFH) said it was close to setting up a $326 million unit in Syria as the Islamic investment bank looks to boost revenues in a relatively untapped banking market.

World's Biggest Islamic Bank Planned

Bahrain will establish the world's biggest Islamic bank within the next 6 to 12 months. The creation of a planned Islamic investment megabank is in "fairly advanced stages" and it will likely be launched in the next 6 to 12 months, an executive at a firm advising on the project said this week, Barcelona News wrote.

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