IslamicFinance.de

CIMB-Principal Asset Management Bhd today launched it's CIMB Islamic Global Commodities Equity Fund, with a fund size of 600 million units, to tap into the tremendous growth opportunities in the commodities sector.

PRESS RELEASE

Oak Brook, Illinois, January 13, 2010: The World Congress of Muslim Philanthropists (WCMP) expresses its utmost sorrow on the massive devastation caused by the earthquake in Haiti, a Caribbean nation suffering with utter poverty. To ensure rapid and effective response to this tragedy, we have established an emergency cell that will closely monitor and assess the situation on ground, and will serve as the bridge between the global community of donors and partner humanitarian agencies. WCMP anticipates working closely with the Organization of Islamic Conference, United Nations, Red Crescent Societies, and other reputable agencies present or familiar with the region.

WCMP urges philanthropists, foundations, and corporations in general and of Muslim world in particular to join us in this multi-partner relief effort. Please direct your communications to the following address:

WCMP- Haiti Emergency Cell
Imtiaz Khan, MD
ikhan@thewcmp.org
+1-630-242-2792

With best regards,

WCMP Secretariat

Despite the postponement by South Korea's National Assembly's Strategy and Finance Committee of pushing through a vote to approve a bill aimed at facilitating tax neutrality for the issuance of sukuk at end December 2009, local supporters of the introduction of Islamic finance products are confident that the delay is a minor setback.

Kuwait Finance House (M) Bhd (KFH) has refuted YNH Property Bhd’s claim that it is in a legally binding agreement with the latter and can be made liable for backing out of a deal to purchase Menara YNH, a 45-storey office tower worth RM920mil.

The Singapore stock exchange is poised to welcome the city state’s first Sharia-compliant REIT, in a move that could broaden the real estate investor base and develop the Islamic finance market there. However, it is not clear that the regulator is ready for the new asset class. Daniel Stanton reports.

The Islamic Bank of Asia (IBA), a unit of DBS, said its CEO Vince Cook has quit for personal reasons and Friday is his last day with the bank.

India’s property market, where prices have risen as much as 29 percent in major cities, will escape the kind of collapse that afflicted Dubai, the CEO of the Housing Development Finance Corp states.

The international financial services information company Thompson Reuters is planning to launch a news portal covering information about the Islamic financial industry in early 2010.

THE Ministry of Finance issued $68 million worth of sukuk in two separate floats between November and December, bringing the total sold to more than $2 billion. The Ministry of Finance had completed the successful pricing of its 40th and 41st issuances of short-term Sukuk Al-Ijarah securities.

Full news of the about the issuance of the sukuk is available at the link given below.

The Zawya Collaborative Sukuk Report covers the following issues:

• What is the distribution of current and potential investors and what is their appetite?

• What is the appetite of the Supply side and what drives their need to issue?

• What are the challenges faced by the industry, what are the associated developments and what needs to be done to resolve them?

The download is free after providing contact details to Zawya:

Funds at Work, the strategy consultants analysed the Social Responsible Investment industry with their network analysis. Previously the firm did analyse the Sharia Scholars and their board positions. The report regarding the sister industry of Islamic finance can be downloaded for free.

The Financial Times produced a special looking into the Future of Islamic Finance.

The download is free of charge.

“BUILDING A BETTER WORLD”

New Horizons - Sound Strategies

The Ritz Carlton – Doha, Qatar

March 21-22, 2010

CALL FOR SUBMISSIONS

Deadline: November 30, 2009

The annual conference of World Conference of Muslim Philanthropists, now recognized as the most prestigious forum on Muslim philanthropy worldwide, invites papers as well as proposals for sessions and workshops showcasing innovative, cutting-edge and experimental work.

THEME AND TOPICS

The conference will focus on how the integrated efforts of philanthropic, public and private sectors can effectively respond to the worsening global issues of hunger, poverty, disease, climate change and conflict. The forum will also host interactive roundtable discussions on Aid-effectiveness and Impediments to Building Capacity for Transformational Change. To further elucidate the theme “Building A Better World: New Horizons-Sound Strategies,” the conference will feature a special session on emerging markets philanthropy and global trends in giving.

PRESS RELEASE

Washington, DC, October 16, 2009

The World Congress of Muslim Philanthropists (WCMP) is launching its first multi-donor giving circle—the “Hasanah Fund”—to develop and implement new, sustainable programs to combat world hunger and poverty.

The Fund will secure $100 million from philanthropists, foundations, and corporations in the next five years to fund long-term hunger eradication and poverty alleviation in 20 countries facing the ongoing food crisis. Funded projects will address not just the aggregate quantity of food that must be produced and distributed, but also how food is produced and by whom.

Hasanah Fund will complement the exemplary work of the Kingdom of Saudi Arabia, the Organization of Islamic Conference and the Islamic Development Bank towards hunger, which is affecting over one billion people worldwide. “This initiative clearly demonstrates the enduring commitment of Muslim philanthropists to the social and economic upliftment of the poorest people,” says Dr. Tariq Cheema, CEO of WCMP.

Press Release

Karachi, October 7: Standard Chartered Bank Pakistan (SCBP), the largest international Bank in Pakistan, has signed a strategic cooperation agreement with Pak-Qatar Family Takaful, Pakistan’s first and largest family Takaful operator, and FWU AG, a global facilitator of bancatakaful.

This agreement will lay the foundation for Standard Chartered to launch Pakistan’s first Shariah compliant Bancassurance (BancaTakaful) products across its branch network. These products will provide Standard Chartered’s customers with Long term Savings plans specifically catered to fulfill their future financial needs. In addition, the Takaful cover, will offer financial protection to families for the fulfillment of the above obligations in case the breadwinner is unable to do so due to untimely death. All this without having to compromise on their beliefs.

Yasaar Media published a report about Islamic Investment Banking for free download, with the co-publishers Unicorn Investment Bank, Doha Islamic covering data and principles regarding Private Equity, Venture Capital, syndicated lending, real estate, asset management, fund manageement, liquidity management, treasury, trade finance and capital markets in an Islamic context.

The International Journal of Islamic & Middle Eastern Finance and Management has decided to publish a special issue of the journal, focusing on the latest financial crisis, and how this has related to Islamic financial institutions.

Other relevant points include:

• Proposed title of the special issue: Islamic Financial Institutions and the Global Financial Crisis 2008/09.

• Deadline for receiving papers: Friday, February 12th, 2010

• Date of publication: fourth issue of Volume 3 (2010).

• Papers will be reviewed in the normal fashion.

• Technical notes will also be acceptable, and they will be assessed in the usual manner.

• We are likely to have a total of five articles in the issue.

• Books relevant to this major event can also be reviewed for the issue.

• All branches of the Islamic financial services sector can be covered in materials within this issue, including banking, insurance (i.e. takaful), fund management, investment portfolios, business management etc.

The research think tank of Deutsche Bank published recently a research study with the title:

"The global food equation"

stating the challenge for future food security. DB Research believes that still believes that the growing population can be fed, provided the recommended actions are taken, requiring innovation, and a change in the system of production and distribution along with sustained productivity growth in an environmental and socially sustainable manner.

The report can be downloaded for free.

6.10.2010: Report is update and again free for download

3.9.2009:
Funds at Work, a strategy consultant for the fund industry, updated its analysis on Shariah scholars' engagement in financial service organisations in the GCC countries and now internationally covering companies with 956 (498) Sharia Board positions and 180 (121) scholars.

The study shows that the Top 5 scholars make up at least 30.15 % of the entire univese of almost 956 board positions. The Top 5 scholars internationally (ex GCC) out of 70 scholars active beyond the GCC - make 58.21 % of all positions (201 board positions).

The detailed summary of the study is free for download.

Press Release

PARIS, September 2, 2009--New issuance of sukuk (bonds compliant with Islamic law) topped $9.3 billion in the first seven months of 2009 compared with $11.1 billion during the same period in 2008, said Standard & Poor's Ratings Services in a report published today, "The Sukuk Market Has Continued To Progress In 2009 Despite Some Roadblocks."

"The smaller amount of issuance was due not only to the still-challenging market conditions and drying up of liquidity, but also to the less-supportive economic environment in the Gulf Cooperation Council countries, particularly in the United Arab Emirates," said Standard & Poor's credit analyst Mohamed Damak. "The medium-term outlook for the sukuk market remains positive, though, in our view, given the strong pipeline--with sukuk announced or being talked about in the market estimated at about $50 billion--and efforts to resolve the major difficulties impeding sukuk market development."