IslamicFinance.de

Deutsche Bank claims the GCC bond sales will remain strong as companies in these countries look for alternative financial sources as those of European banks that are continuously declining. CEO for the Middle East believes that the GCC region relies a lot on bank loans, which are going to be less and less accessible.

See more under: http://www.bloomberg.com/news/2012-09-30/deutsche-bank-s-aram-says-gulf-...

The committee of Prince Mohammad Al-Faisal Prize has officially announced new nominations for the annual prize 2012. The prize has an important role in promoting Islamic economics and should contribute to foster creativity among young researchers. The winning research work on Islamic economics will be granted a SR100,000 cash prize.

See more under: http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20...

The First Investor GCC Equity Opportunities Fund is name of a new 100% Shariah compliant investment scheme, launched by the Barwa Bank. The bank's first Shariah compliant fund will be managed by the investment subsidiary of the bank. The fund's investment goal is to achieve long-term capital growth based on investments in a diversified portfolio of equities that are listed on exchanges of the Gulf Co-operation Council countries. According to the head of Asset Management it is possible to achieve more than 12% growth a year, as their selections have consistently outperformed the market.

Kuwait Finance House has issued $1.5 bln sukuk for Turkey in cooperation with Citigroup and HSBC. It is the first issuance of this kind for the Government of Turkey. The expectations of the financing are high due to high amount of potential investors (altogether 250) that have been attracted by newly-issued sukuk. This fact confirms not only the great confidence of investors to Turkish economy, but also the confidence of global markets in sukuk products.

See more under: http://www.zawya.com/story/KFH_issues_15b_sukuk_for_Turkey-ZAWYA20120930...

On Tuesday Dubai Islamic Bank (DIB) announcedthe launch of its new investment product, Al Islami Aurum+ 1 Dirham Certificate. It is an innovative investment product providing strategic exposure to the commodity markets while, at the same time, assuring a high level of capital protection. The Certificate is developed by the Royal Bank of Scotland (RBS). Its aim is to generate returns in any market environment by the means of taking exposure and switching between oil and gold.

More on: http://gulfnews.com/business/banking/dib-announces-new-investment-produc...

After Oman allowed sharia-compliant lending last year, new Islamic banks are bolstering their balance sheets in order to challenge the sultanate's larger conventional lenders. Al Izz Islamic bank recently enabled subscription for its initial public offering of 40 per cent of the lender and reports strong interest. In addition, in June 2012 Bank Nizwa attracted 681m rials ($1.77bn) of bids in a successful share sale, which exceeds the necessary amount 11 times. However, competition is not to be underestimated.

More on: http://www.zawya.com/story/Markets_watch_new_Oman_banks_flex_muscles-ftc...

After a ranking of the top 50 banks in the Middle East by assets for the period H1 2011 it became clear that Saudi banks are leaders in profitability. Throughout the period they have been maintaining strong asset quality and adapting adequate lending practices and underwriting standards. As the main reason for the success of Saudi banks the traditional conservative fiscal polices together with the billion-dollar government budget are pointed out.

More on: http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20...

The Waqf Fund, which purpose is to support Islamic finance training, education and research, has expanded its scope of activity and started supporting the industry in various ways during the last year. According to a statement by Khalid Hamad, fund chairman and Central Bank of Bahrain executive director of banking supervision, the fund is supporting Bahrain University in their Bachelor of Arts in Sharia for banking and finance as well as Shaikh Isa Library.

More on: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=338524

KFH conducted a study which states thath the global sukuk market has experiences a significant boost during the last six years. The growth of sukuk is as high as 28.3% which makes the total value of sukuk issuance worldwide during the first half of the current year USD 210.8 billion. It is expected that next year, 2013, will bring further rise in profit and expansion.

More on: http://www.kuna.net.kw/ArticleDetails.aspx?id=2263268&Language=en

The central bank of Bahrain has given its confirmation to the merge of Capivest, Elaf Bank and Capital Management House (CMH). The three Islamic lenders will merge into a $400m asset base and $350m shareholder equity entity will get underway before the end of 2012. Ratification of the decision of the three banks by the apex lender and the industry and commerce ministry is expected in June.

More on: http://www.ameinfo.com/bahraini-islamic-banks-merger-2012-end-313053

Wealth fund Mumtalakat, Bahrain, has priced a 300 million ringgit ($97.7m) five-year sukuk on September 7. Standard Chartered and CIMB Islamic helped pricing the Islamic bond. The murabaha-structured deal has been issued as part of the company's three billion ringgit sukuk programme. The issuance itself is due October 4.

More on: http://www.ameinfo.com/mumtalakat-issue-977m-islamic-bond-313070

According to an announcement by Al Baraka Islamic Bank, Abdul Rahman Abdullah Mohammed has joined the bank's board. This was made possible by Central Bank of Bahrain's approval. Abdul Rahman Abdullah Mohammed is an expert in banking business with over 36 years experience in numerous institutions including NBB banking group where he was general manager until recently.

More on: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=338525

In order to exit bankruptcy, Arcapita has designed a long-term business plan which is to be combined with a previously approved incentive plan with employees. According to the latter plan, terminated employees and such, who remained with the company through November, will have the opportunity to settle the amounts they owed Arcapita from an incentive plan that allowed them to co-invest with Arcapita in portfolio companies. The incentive was made possible by an affiliate of Arcapita which loans the company money in order for Arcapita to invest in its deals.

More on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

GFH Capital discusses the takeover of the English football club Leeds United and has considerably advanced in its negotiations. Even though a football club is not typical for a bank's business, GFH Capital has discussed logistic and other issues at length and it is possible for the investment operation to be finalized by the end of the year.

More on: http://www.ameinfo.com/gfh-capital-talks-takeover-leeds-united-312875

The principles of Shariah are a key factor in family enterprises in the Gulf region. Since enterprise and trade go hand in hand to contribute to the development of a progressive, prosperous ummah as well as to create wealth and provide exchange opportunities, Shariah has its way to support it. Thus, employment and economic growth are stimulated. This is why Shariah does not accept the concept of hoarding and, instead, places an obligation upon Muslims to spend in the way of society through acts of charity, entrepreneurship and investment.

More on: http://www.mondaq.com/x/197730/Economic+Analysis/Growth+Of+Family+Enterp...

Standard and Poor’s is concerned about profitability in long term of Gulf takaful providers because they consider the investment strategies highly risky. On the other hand, according to forecasts, takaful contributions in the GCC region will grow much larger than premiums in the local conventional insurance industry in the following 12-18 months. Still, Standard and Poor's claims that it is not known for sure how many of the companies involved will maintain their long-term profitability.

More on: http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=533485...

The move to stipulate a minimum RO10 million capital for takaful firms aroused serious concern among Oman insurance companies. Reason therefore is that such a move will most probably pose a major entry barrier for local companies. That is why insurance companies prefer window operations in takaful business like the proposed regulation in banking sector. The proposal by Capital Market Authority (CMA) concerns a minimum envisaged capital of RO10 million and a three-member board for standalone companies for Sharia-compliant takaful insurance business. Feedback from insurance companies is expected within two week's tima.

More on: http://www.zawya.com/story/Oman_Insurers_upset_over_norms_for_takaful_fi...

Boeing Capital Corporation pointed out that strategical investment into new aircraft is necessary. Also, the growth of Islamic financing’s position in commercial airplane deliveries shows its results. Due to their mobile nature and asset attractiveness, airplanes are considered ideal for lending under Shariah law. During the last two years, numerous financial institutions and airlines in the Middle East havelargly increased their investments in new Boeing commercial airplanes. Thus, they were able to realize substantial rewards for their investors because of the growing demand.

More on: http://www.traveldailymedia.com/138359/aircraft-investment-islamic-finan...

It is expected that by 2015 global Islamic financial assets will double their amount and reach the mark of $3tn. These expectations are based on the fact that demand for the securities in the Gulf Co-operation Council and Malaysia lures issuers to the market. A classic imbalance between demand and offer in the Islamic finance can be observed, which is driven by demand. Yields on sukuk and paying returns on assets have reached a record low in the current month.

More on: http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=533484...

The date for the Global Islamic Microfinance Forum on Islamic Microfinance is set: 8th December, 2012. Representatives from over 30 countries will gather in the UAE for the forum in order to exchange experience and expertise. The forum aims to introduce Islamic Microfinance to the global public and to present it as an effective tool for poverty alleviation and social development. Furthermore, it will try to develop Islamic Microfinance internationally and to have a dialogue with International Donor/Development agencies and corporate entities for sustainable development.

More on: http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/bu...