IslamicFinance.de

After completing its share-subscription exercise that gives the group a 20% stake in bank, it seems that Bank Islam Malaysia Bhd is now the single largest shareholder in Sri Lanka.
Based on the statement of managing director Datuk Seri Zukri Samat the total cost investment for the 20% stake in Amana Bank is RM22.6mil.

The statement of Iqbal Belath, Deputy Governor, Bank of Mauritius, points out the fact that the bank has already given licences to two banks to launch Islamic banking services. The statement was given at the International Conference on Islamic Banking and Finance organised by AlHuda Centre of Islamic Banking and Economics Pakistan in Mauritius.
The prpose of organising the conference was to promote Islamic banking in Mauritius and other African countries.

The central bank of Uganda (BoU) announced that it is in the proccess of developing a new national Islamic finance institution, the National Islamic Bank of Uganda. The only thing that stops it for now is the fact that only in early 2012 the country's lawmakers will pass the legislation to authorize Islamc banking.
They say that first existing commercial banks will be able to open up Islamic windows and second new investors will be able to set up standalone Islamic banks.

Following the partnership between Sesame and Islamic Bank of Britain for Islamic mortgage alternative, Sesame Network members will have the opportunity to access the full range of IBB’s Sharia compliant mortgage alternative, the Home Purchase Plan.
IBB has an intermediary helpline (0121 456 7842) and the only dedicated intermediary Islamic finance website (www.ibbintermediaries.com) in the UK. Furthermore, brokers will be supported by the Bank’s intermediary team in earning ompetitive procuration fees.

Malaysia's Bank Islam has a plan to acquire a stake in Indonesian lender PT Bank Muamalat.
Some sources say that Bank Islam decided against a bid as it was deemed too expensive.

Despite of the global crisis, islamic banking is growing rapidly.
An export expressed the oppinion that Turkey could help the nation in its decision how to proceed. Khalid Ferdaus Howladar, the vice president and senior credit officer of Moody’s in the Middle East, advised that Turkish Central Bank take the lead in establishing a global standard that would help Islamic banking become more transparent.

Reuters found out that the Philippines government wants Middle East investors to take a risk in the country's sole sharia lender and help kickstart its Islamic banking industry.
The main idea is that gulf investors have the needed capital for Al-Amanah Islamic Bank, who wants to to accelerate the socio-economic development of the Autonomous Region of Muslim Mindanao.

Al Baraka Bank Tunisia stated that it had good results in 2010, increasing the net operating profit of the Bank with 4%, assets by 12% financing by 7%, deposits by 13% and shareholders equity by 8%. The reason for this good results are the many activities in the Bank's financing and investment in 2010.
For the future, Al Baraka Tunisia plans to leverage its new state-of-the-art core banking systems, the aim being to intensify the banking services offered to its customers, including e-banking.

Mauritius' first fully-fledged Islamic bank launched operations on Thursday, as the Indian Ocean island seeks to become a regional Islamic banking hub.
Hesham Shokry is the chairman of Century Bank. He points out that its first two to three years would focus on wholesale banking and treasury and wealth management, which would comprise debt and equity capital markets and fund management.

The implementation of iMAL modules has been achieved ahead of schedule and budget allowing MIB to go live within 2 months time. It is one of the market benchmarks with regards to core banking implementations.

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.

A first fully Shariah-compliant insurance cover initiative has been launched in Kenya. The Takaful Insurance of Africa Limited has introduced an insurance package grounded in Islamic Muamalat, the Islamic Banking Principles espoused in Islamic law and aims at serving all Kenyans across religious faiths. The Vice President called for a through study into principles that guide various insurance systems with a view to instilling best practices in the industry.

The slow rate of reforms on laws governing Islamic banking is holding back the sector’s growth potential in the region and its contribution to the economy.
As a result, Kenya risks losing investment to Uganda that has fully revised its banking rules and regulations to cater for Islamic financial institution needs. The country has attracted the attention of investors from as far as the Middle East who are now eyeing establishing banks in the neighbouring country.

Abu Dhabi Commercial Bank appointed Amr Saad Al Menhali as the new Head of Islamic Banking for the Bank.
In addition to his business role, Amr is also a nominated board member by ADCB for Abu Dhabi Finance (ADF) and Abu Dhabi Commercial Islamic Finance Company (ADCIF).

India may soon get its first foreign Islamic bank with the Reserve Bank of India (RBI) seeking government approval to allow Turkey's Bank Asya to offer Shariah-compliant lending in the country. Bank Asya is keen to start its Indian operations through a representative office in Mumbai.
RBI has requested the government to consider the Turkish bank's application within 45 days.

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.

Bank Islam Brunei Darussalam (BIBD) has sold an undisclosed minority stake to Dubai-based Islamic investment firm Fajr Capital as the Asian bank bids to extend its international reach.
Brunei's government has a 45 percent stake in the bank, while the Sultan of Brunei's charitable foundation owns a 25 percent stake.
Javed Ahmad, managing director at BIBD, declined to comment on the exact size of the deal or its value, but when talk surfaced last June that a stake sale might be in the offing,

Wasim Akhtar Saifi, Global Head of Islamic Banking for its Consumer Banking business will arrive in Dhaka today (Tuesday) for a two-day official visit.
He will be meeting various stakeholders of the bank during his visit.

Top organizations representing Sri Lanka's lawyers and accountants have brought together experts in Islamic finance to broaden understanding of one of the faster growing niches in the financial sector.
The Chartered Institute of Management Accountants (CIMA) Sri Lanka Division and the Bar Association of Sri Lanka (BASL) said they are hosting program on Islamic Finance and Banking on March 28.
Islamic finance is compliant with Shariah or Islamic law which prohibits charging of interest, speculating with derivatives or options or investing in firms that produce pork or pornography.

Turkish Islamic lender Bank Asya has appointed ABC Islamic Bank, National Bank of Abu Dhabi, Noor Islamic Bank and Standard Chartered Bank as initial mandated lead arrangers and bookrunners for a US$150m syndicated dual currency murabaha financing.