IslamicFinance.de

Maybank Islamic Bhd anticipates its contribution from asset financing to the Maybank Group in the current financial year to be consistent with the previous year.
At this point 27 per cent of Maybank Group's total loan and advances come from Islamic banking.

Emirates NBD is taking into consideration the opening of a representative offices in China and a number of Asia Pacific countries and the expantion of its Islamic banking operations in the region, joining an increasing number of Middle Eastern lenders looking for a larger presence in some of the world’s fastest-growing economies.
Emirates NBD already opened a branch in Singapore where it gives the opportunity of wholesale banking, treasury and wealth management services to take advantage of increasing trade flows between South East Asia and the Middle East.

The State Bank of Pakistan (SBP) has accentuated upon the Islamic banks to mix their investment portfolios by enhancing financing to Small and Medium Enterprises (SMEs), agriculture, housing finance and microfinance sectors of the economy.
The deputy governor stated with concern that the overall financing by Islamic banking industry in agriculture is still below three percent. Muhammad Kamran Shahzad added that in order to encourage the industry and to venture into participatory modes of financing, the central bank has formed a task force having representation of Islamic banks, business community, academia and accounting professionals to develop an incentive framework for promotion of such products.

Panel of international Islamic finance experts stated that Oman’s banking and finance sector can learn from other countries’ experiences in Islamic banking, which is a new field here.
Experts gave advice to local members of the finance industry at a seminar hosted by Deloitte at the Intercontinental Hotel. They underlined the fact that Oman can use existing models, thus develop the sector quickly.

Islamic Development Bank (IDB) is enthusiastic to evolve Waqf properties in India and the two sides have investigated ways to cooperate in different fields including launching of Islamic banking in the country.
It seems that the bank has agreed to finance not only Waqf properties in India but also to develop seven Rubaats (Haj shelters) in Makkah for pilgrims' accommodation.

Ernst & Young was chosen to advise the Central Bank of Oman on formulating a separate set of rules and regulations for Islamic banking institutions. Ernst & Young Islamic banking professionals have already shown up in Muscat and started working on the project.

The 2nd Quarter 2011 issue of the Malaysian ICM quarterly bulletin published by the Securities Commission Malaysia (SC) is now available online at:
http://www.sc.com.my/eng/html/icm/11_2Q_msianicm.pdf

Mohammad Yahya Maroufi, secretary general of Economic Cooperation Organization (ECO), revealed that his organization has agreed to certify a bank to promote economic cooperation with banks in the Islamic countries.
He added that the plans include to open a trade market for its member states.
The ECO curent members are: Islamic Republic of Iran, Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan.

It seems that Islamic banking has increased UAE bourses of nearly 29.3 % in their net income in the first half of 2011 while their total assets and deposits also recorded growth.
The five listed Shariah-compliant banks that were included in the report are: The Abu Dhabi Islamic Bank (ADIB), Dubai Islamic Bank (DIB), Emirates Islamic Bank (EIB), Sharjah Islamic Bank (SIB) and Ajman Bank. The report was published in the semi official daily 'Al Ittihad' and prooves the fact that the banks had strong results in the second quarter of 2011.

Standard & Poor’s Ratings Service (S&P) has the strong oppinion that Turkey's Islamic banks could persist recent strong growth if they can cultivate stronger ties with their international owners and create a sustainable brand image.
Besides the growth of the total sector assets accounting for about five % of total system assets, this sector has also encountered other developments like: A law conferring tax neutrality on Sukuk products;A $100 million debut Sukuk by Kuveyt Türk (not rated); the launch of several Shari’ah-compliant funds; and The creation of a domestic index of Shari’ah-compliant banks and companies by the Istanbul Stock Exchange.

The economic growth in many Gulf countries has signified that an ever increasing number of Muslims and non-Muslims are looking to invest their wealth in a Shariah compliant manner.
Noticing the need for more and more awareness about these principles, universities and institutions in Dubai have introduced various courses to cater to the increasing demand.
The Canadian University of Dubai (CUD) is issuing an MBA in Islamic Banking – the only UAE accredited university degree of its kind to exist in the Middle East — this year at NAJAH Education and Careers exhibition in Abu Dhabi that will take place from October 18 to 20.

Mizuho Financial Group Inc. applied for an Islamic banking permit in Malaysia.
The bank is beginning the business with 61 bankers in Kuala Lumpur and wants to hire more as the operation expands. The statement came from Keizo Ohashi, chairman of the subsidiary.
Malaysia is giving out nine financial services licenses to overseas companies as it tries to boost banking industry competition amid record economic gains.

It seems that Nigeria has turn into a battleground for Islamic finance. Some lines from the recent newspapers are:
Islamic Banking: Muslims Ready to go to War
Islamic Banking: Insult to Nigeria — Cleric
Stop Islamic Banking in Nigeria
Christian groups oppose establishment of Islamic Banking
Islamic Banking: Christian groups may apply for own licence

The local press stated that the Central Bank of Oman has licensed the Sultanate's second Islamic bank.
Al Izz International Bank has been given the designation to operate as a fully-fledged Islamic bank once it is set up.
The license was granted after CBO decided to authorize Islamic banking after years of prohibition in an attempt to keep the assets of Omani investors wanting to invest in a Shari'ah compliant manner in the Omani economy.

It is possible that the departure of Moammar Gadhafi will help Islamic banking in Libya.
It seems that Gadhafi refused to develop the banking industry without having a reason. He was central bank governor before he ran out of Libya.
The regulator gave Doha-based Qatar Islamic Bank the only license to operate a Shariah-compliant bank a month before the start of the fighting.

BIMB Holdings Bhd had RM62.84mil in net profit on revenue of RM502.26mil mainly because of higher operating results registered by the Islamic financial services group’s subsidiaries – Bank Islam Malaysia Bhd and Syarikat Takaful Malaysia Bhd.
Johan Abdullah, BIMB’s group managing director and chief executive officer, stated that growth in net income was encouraged by higher profit from the continued growth in financing, higher non-fund based income and improved asset quality in Bank Islam, as well as higher profit generated from takaful businesses.

Nowadays, most of the giant international banks provide either an Islamic Commercial Bank (ICB) or an Islamic Business Unit (IBU).
A report named “Islamic Banking Statistics April 2011”, which was launched by Bank Indonesia (BI) on June 15, 2011, found that ICB increased from only three banks with 304 offices in 2005 — when Islamic banking was born — to 11 banks with 1,215 offices by December 2010.
The number of IBU became larger, from 19 units with 154 offices in December 2009 to 23 units with 262 offices in December 2010. The current total of IBU remains unchanged at 23 units.

Barwa Bank was advised by Eversheds to procure Al Yusr.
This is the first purchase of an Islamic finance window by an Islamic bank in Qatar, and also the first deal of its kind in the region.
The development is now that Barwa Bank is able to accelerate its growth and expansion plans in the local market to position itself as one of the leading Islamic banks in Qatar.

Alhaji Sani Aminu Dutsinma is a financial analyst and politician and the former State Co-ordinator of poverty eradication programme in Katsina State. He gives his strong oppinion about Islamic banking and other issues related to Nigeria's economic policies.
He states that non-interest banking is a universal concept of banking which has been introduced for more than six to seven decades ago. He also underlined the fact that there were some few obstacles within the Banking and Other Financial Institutions (BOFI) Act then which restricted naming a bank Islamic, Christian, biblical or Qur'anic. He affirms that the idea was to build a bank that is in conformity with what is being practiced in USA, UK, Saudi Arabia and South Africa and over 75 countries around the world today.

Central Bank of Oman is in the action of composing a central national committee for determining the legal regulations and standards for Islamic banking in the country.
H E Hamoud al Zadjali, CBO executive president, stated that coordination with Grand Mufti's Office has already begun. He added that the bank will pursue efforts for crystallising the Islamic banking sector within a legal regulatory environment.