IslamicFinance.de

The Islamic Bank of Thailand is going to sell Bt5 billion of domestic sukuk and US$150 million of global sukuk. The statement was given by Dheerasak Suwannayos, the bank's president.
He added that the Shariah-compliant bonds, which will be denominated in the Thai baht, will probably be sold in third quarter of this year and the global issue will follow.

United Arab Bank (UAB) has initiated an innovative business loan initiative to support the development of Agriculture in the UAE and Abu Dhabi Emirate in particular.
The facility has been designed in collaboration with Abu Dhabi Food Authority (ADFA) with an aim to support young farmers develop their businesses and promote agricultural production in the UAE in general and Al Ain in particular.

After a landmark sharia REIT and local currency sukuk from Malaysia's Khazanah Nasional stirred the city-state's interest in wholesale Islamic banking, more Singapore companies are willing to raise Islamic financing.
Companies are looking for sukuk and Islamic private equity deals as an avenue to reach a broader class of investors, including those who can only put their money in assets that comply with religious principles. OCBC Al-Amin's chief executive, Syed Abdull Aziz Syed Kechik, added that these include Middle Eastern investors and government funds that invest according to Islamic tenets, such as Malaysia's Pilgrims Fund.

Nigeria plans to launch its first sovereign Sukuk within the next 18 months in an attempted move at boosting Islamic banking in West Africa's largest economy. The was no statement about how much sukuk will be issued.

MUSCAT Traditional banks can now adopt Islamic system. Professor Dr Ali Mohiuddin Al Qaradaghi states that the trend has started in many Gulf countries.
Speaking at the concluding session of the two-day orientation programme on Islamic banking and investment, Qaradaghi underlined the fact that there was a simple process of shifting the bank from traditional practices to the compliance of pure Islamic teaching.

Four months after Qatar ordered conventional banks to quit Islamic banking, there has been little to no progress by the conventional banks to dispose of their Islamic assets.
Although Commercial Bank of Qatar has opened talks on selling its Shari'ah compliant book of business, while Qatar Islamic Bank confirmed its interest in potential buyouts, it remains only paper talk.

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, has assigned Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum as the new chairman of the board of directors of Noor Islamic Bank.
On the other side, Sheikh Mohammed appointed Sheikh Ahmed bin Saeed Al Maktoum as the new chairman of the board of directors of EmiratesNBD bank.

The event date is June 28 to June 30, 2011 and will be held online. There is no fee to register. The Event Website is : http://microlinks.kdid.org/groups/speakers-corner/speakers-corner-44-isl...

Dar Al Sharia Legal & Financial Consultancy has signed a collaboration agreement with the German Institute of Islamic Banking and Finance (IFIBAF).
Dar Al Sharia and IFIBAF want to work more close especially in the field of capital market transaction for retail and institutional business. By bringing in local market expertise in legal and regulatory requirements combined with Sharia compliant product solutions, IFIBAF will benefit from the expertise of Dar Al Sharia, especially in the area of Sharia advisory and Sharia auditing.

Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria (CBN), disclosed plans by the apex bank to sell its first ‘sukuk’ within 18 months.
The banking sector regulator has the strong oppinion that this will help arouse interest in Islamic banking in the country.

A branch of Banque Populaire du Maroc offers French retail customers Islamic current accounts. More details on their website: http://www.chaabibank.fr/Harmonis/Harmonis.html

Source: http://www.al-kanz.org/2011/06/17/chaabi-bank-agence/

Banque Populaire du Maroc aims to convert 10 % of their 300.000 clients to the new account type. Further the bank plans to offer short term Islamic mortgages (4-5 years) towards end of the year and long term mortgages next year, reported AFP on 20 June.

Source: http://www.google.com/hostednews/afp/article/ALeqM5iX5kUdQ-c0SLwTFkJfm6x...

Banque Populaire du Maroc has a pan European strategy aiming for 40 branches throughout Europe it was announced during the opening in 2009 in the Netherlands.

Source: http://www.iamsterdam.com/en/business/news2009/december/banque-chaabi

Kuwait Finance House will focus on the retail banking services in its future expansion plans with a view to increase its activities and revenues.
As KFH Chief Executive Officer Mohammad Al-Omar stated, KHF’s excellence in the retail banking market and possession of an effective market share, are based on several strength factors, such as the legitimate platform where all KFH’s products and services are launched, which prompts clients to trust the Islamic bank.

Emirates Islamic Bank(EIB) has signed an agreement with the Higher Colleges of Technology (HCT) to start a chair in Islamic banking and to provide HCT students with opportunities to develop skills and careers in the growing UAE Islamic banking and finance sectors.
The agreement was signed by Shaikh Nahyan bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research and HCT Chancellor and EIB CEO Abdulla Showaiter.

Sri Lanka's Commercial Bank of Ceylon stated that it will start an alternative banking services compliant with Islamic Sharia law, with a three member committee of scholars to ensure compliance.
The Sharia board includes: M M A Mubarak, Fazil Farook and M M Murshid, from Sri Lanka's All Ceylon Jamiyyathul Ulama. As the bank underlined, the products operate on the Islamic principle of both the bank and the customer sharing returns as well as risks.

Saudi-based Islamic Development Bank (IDB) has announced that it has allocated $2.5bn for development projects in Egypt over the next three years to support its economy.

In Judaism, Christianity and Islam renting the use of money is forbidden. Riba or ribbit means the act of renting the use of money at a price called interest rate.
Islamic banking connects to a system of banking activity that is consistent with Islamic law (Sharia’h) principles, called fiqh muamalat (Islamic rules on transactions), and guided by Islamic economics. With the rapid growth of the worldwide economy along with the expanding economy in the Islamic countries, Islamic banking is evolving to play a vital role not only in the Muslim community alone but also in today’s global village.
Islamic law also disallows activities dealing with alcohol, pork, gambling, pornography and anything which Islamic law deems unlawful.

Four out of seven tenders submitted to the International Bank of Azerbaijan (IBA) came through stage one of the competition to land a consultancy contract on the provision of Islamic banking and financial services.
Among the finalists are: Ekvita & Islamic Finance Advisory Assurance Services, Ernst & Young with Baker McKenzie, PricewaterhouseCoopers, and consortium consisting of Salans, Pinsent Masons and KPMG.

International Turnkey Solutions (ITS) will be the host of its first Islamic banking conference in Oman at the Shangri-la’s Barr Al Jissah Resort and Spa on June 20. The event will present top Islamic banking experts discussing opportunities for Omani banks interested in taking advantage of this new opportunity.
The seminars will bring together industry experts and speakers from regional Islamic institutions who will debate the challenges involved in migrating to a Sharia-compliant structure. Those challenges include overhauling the IT infrastructure, training staff and integrating with the global banking system, elaborated Tarek Khalifa, SGR Area Manager of ITS.

Emirates Islamic Bank PJSC anticipates an increase by 5 percent to 10 percent this year of Islamic financing business. The rise will be driven by an increase in financing to small and medium-sized businesses and to large companies.

Abu Dhabi Islamic Bank (ADIB) launched of its Gold Priority Banking service that is designed to meet the needs of affluent customers.
Gold Priority Banking has been designed to deliver an exclusive and rewarding banking experience with a wide range of premium products, services and lifestyle benefits. ADIB Gold Priority Banking is accompanied by a valuable package of benefits developed exclusively for affluent customers.