IslamicFinance.de

The issuance of the first tranche of TSH Sukuk Musyarakah Sdn Bhd's 11-year RM100 million Islamic Medium Term Notes programme was declared by Danajamin Nasional Bhd.

World Halal Forum (WHF) supports the fact that the Socially Acceptable Market Investments (SAMI) Halal Food is thought to become bigger than the Dow Jones Islamic Index (DJII) in terms of size, branding and spin-off products.
Sime Darby Bhd, Nestle (M) Bhd and Genting Plantations Bhd. are the biggest Malaysian stocks on the SAMI index.

The Cayman Islands Monetary Authority and the Dubai Financial Services Authority made an understanding through a memorandum of understanding. The MOU was signed by Cindy Scotland, CIMA’s Managing Director.
This MOU adds to a list of other 20 existing MOUs and will help the cooperation and the exchange of information between the organisations.

Al-Madina gave a report in which was stated that Finance and Investment Company KSCC lost 8.2 million Kuwaiti dinars, 22.2 Kuwaiti fils per share, for the period ending Dec. 31, 2010.
The company performs as contractor, and handels consumer goods through the Shariaa-compliant Murabaha system and monetary and operational lease.

The Islamic financial sector in Indonesia relies on a combination from infrastructure projects and regulatory reforms to convince the sharia-compliant lenders to go on with the rapid expansion.
One of the reform sugested by Bank Indonesia is is to cut taxes payable by banks and clients on income from Islamic finance accounts. Bank Indonesia is also trying to bring together a committee of experts in order to generate an approval process for new products that is efficient.

In the annual report of Dubai Islamic Bank there was stated that while UAE's biggest Islamic lender tried to push mortgage financing in Dubai, the lender paid $102m in order to buy a controlling stake in Tamweel. This information was given by Bloomberg.

Rasheed Al Maraj led a high profile team from the Central Bank of Bahrain on a visit to the Bahrain Financial Exchange as part of a series of visits they will be making to key businesses of the Kingdom's economy.
The meeting discussed the current position of the economy and the business environment, and the Governor reassured the Bahrain Financial Exchange of the CBB's readiness to ensure the continuity of all of Bahrain's economic sectors.

Norton Rose (Middle East) LLP has advised Citibank as arranger in relation to a US$300,000,000 dual tranche Murabaha syndicated facility for Turkiye Finans Kat?l?m Bankas? A.S., an Islamic bank in Turkey 60% owned by the National Commercial Bank of Saudi Arabia. It is the largest Islamic syndication in Turkey to date.
The initial transaction size was increased to US$300,000,000 due to high interest from banks in Europe, Middle East and Asia.

Kuwait Finance House appointed Dr Ojail Al-Nashmi as Head of the Fatwa and Shariah Supervisory Authority after Sheikh Ahmed Al-Yasseen retired. The authority's general assembly elected Al-Nashmi, Dr Khaled Al-Mazkour, Dr Mohammed Al-Tabtabaie, Dr Anwar Abdul Salam, and Dr Mubarak Al-Harbi.

The oppinion of Prime Minister Najib Razak is that the government may sell ringgit-denominated Islamic bonds to help finance construction of a mass railway system in Kuala Lumpur. The project will be the country’s single biggest infrastructure development.

Nakheel has made payments of Dh4.6 billion to its trade creditors so far. The statement also announced that the property developer is expecting to finalise its restructuring before the end of first half of 2011.

KFH Bahrain announced that the Board of Directors of Kuwait Finance House - Bahrain agreed in a meeting to build around 2,500 crafted affordable housing units within its flagship real estate project, DIYAR AL MUHARRAQ.
The investment is a further indication of the resolve and commitment of KFH Bahrain to invest in the Kingdom of Bahrain and of the confidence it places in the country's growth and prosperity.

Rage at Bahrain’s Sunni ruler, King Hamad Bin Isa Al Khalifa, permeated the March 22 funeral of the first woman killed after his crackdown against the opposition a week earlier. The slogans show how protesters have been radicalized by the violence against them: When Shiites started rallying in February they were asking King Hamad for rights, jobs and Cabinet changes, not demanding his overthrow.
The Al Khalifa family’s decision was to quell the protests, arrest their leaders and invite a Saudi-led force to help restore order may backfire on the island nation’s economy.

Islamic finance has been given the boost it needed in the Gulf by a Qatari ban on conventional banks offering sharia-compliant services.
Qatar’s move last month draws a line in the sand between Islamic banks and their conventional peers, which control 83 percent of the region’s banking assets.
Even before Qatar’s shock decision, the Islamic finance industry was expected to grow by between 15 to 20 percent a year.

Kuveyt Turk Participation Bank (KTPB) has set the tone by venturing abroad into Germany, Dubai, Bahrain and Kazakhstan and by pioneering new products based on physical gold and exporting them to markets in Malaysia and elsewhere through the global network of KFH. These include gold-backed exchange traded funds (ETFs), gold-backed banking accounts and sukuk. Ufuk Uyan, CEO of Kuveyt Turk Participation Bank has been at the forefront of the expansion of KTPB, taking it to the top 10 tier of Turkish banks. Here Ufuk Uyan discusses with Arab News the state of the participation banking sector in Turkey, the performance of KTPB in 2010 and the prospects and challenges for the industry in 2011 and beyond.

The last and final day of JEF 2011 included a prolific discussion on Islamic banking and finance with Sheikh Saleh Kamel, as a keynote speaker. Governor of SAGIA HE Amr Al Dabbagh shed light on what Saudi's Investment plans for the next 5 years.
Sheikh Saleh called for the unification of Fatwa Authorities at banks. He highlighted the importance of a managing entity to ensure that Islamic transactions are viably controlled and stressed need for proper understanding of its true meaning for proper application of Islamic Finance.

Bahrain's economy remains on target to reach 4.5 percent growth, as banking operations in the country return to normal.
Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa confirmed that the country's economic outlook is bright despite recent events. Shaikh Ahmed shared positive economic indicators with the attending senior officials, including Central Bank of Bahrain Governor Rasheed Al Maraj, and stated that the economy has proven stable throughout recent events and is poised for further growth.

The government acquires 49% of its shares, while 51% were offered for public subscription with a capital of KD 10 million. KFH has been keen to prioritize its clients, since they have exerted sterling efforts to set it up, and have continued to support it at a time when many people doubted that it will continue.
Moreover, KFH introduced Shariah compliant banking services and products that are used by people daily, where they are now familiar with terms such as Ijarah, Murabaha, Istisnaa, and speculations.
Regarding KFH’s social responsibility role, it spent last year more than KD 8 million for social issues, and has also financed several major developmental projects in Kuwait and the world.

Kuwait Investment Authority will establish a 1 billion dinar ($3.6 billion) portfolio to invest in Kuwait's real estate market to take advantage of lower property prices.
The portfolio will be managed initially by Kuwait Finance House, with the possibility of assigning two other managers.

A British businessman on Wednesday claimed in court that he repaid Dubai Islamic Bank (DIB) double the Dh1.8 billion he is charged, along with six others, with embezzling.
DIB's former financing department manager 39-year-old Pakistani, U.H., and his 50-year-old compatriot deputy, R.U., denied helping four of the suspects.