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Iraq will seek up to $500 million in loans from the Jeddah-based Islamic Development Bank (IDB) to help cover its projected deficit, complementing the country's return to the international debt market, according to the bond's prospectus. Baghdad wants to raise up to $6 billion in a series of dollar-denominated bonds, Iraq's first in nine years, to fund salaries as well as infrastructure projects in the oil and gas, electricity and transportation sectors.

Chief Executive of Al Baraka Banking Group Adnan Ahmed Yousif has revealed that the bank has completed the procedures for obtaining the necessary licenses to operate in the Moroccan market. It already has operations in Libya, Tunisia and Algeria. He added that the bank has also obtained the necessary approvals for the opening of 20 new branches, and plans to open 25 branches by 2020. Al Baraka is also planning to establish a software company in partnership with European investors and Indians with capital of $15 million under the name Al Baraka Banking Software. The Islamic bank also plans to expand into India and Indonesia. It already has a representative office in Indonesia but sold out of an investment company in India.

Middle East Payment Services (MEPS) - a consortium of local and regional banks that serves as a payment services provider in the Middle East - has signed a partnership agreement with Cihan Bank for Islamic Investment and Finance. This step corresponds with the Bank’s goals to expand the range of banking products and services it offers in Iraq by adding new services in the electronic payment field. By virtue of the agreement, MEPS will provide various services comprising call centers and operating MasterCard point-of-sale (POS) devices. In addition, MEPS will issue the Bank’s payment cards at all its branches across Iraq, as Cihan Bank strives to provide all types of MasterCard including debit, credit and prepaid cards.

The public and private banks in Syria have worked on developing their products despite of the current crisis as they have continued to fund the imports and the economic processes according to the needs of the national economy during the current stage. Some 20 banks are operating in Syria, six of which are private and 14 are public, while three of those banks are Islamic. Contrary to most of the economic sectors in Syria, the profits of the private banks have witnessed a significant development reaching SYP 45 billion by the end of the first half of the current year with an increase of 80.3 percent in comparison with 2014 while between the years 2013 and 2014 they were increased by 65.5 percent.

Egypt is planning to introduce sukuk and revisit the international capital market to help finance its $36bn financing gap during fiscal year (FY) 2015/2016, Minister of Finance Hany Kadry Dimian said. In June, the Egyptian government sold 10-year international bonds worth $1.5bn, with revenue of 6%. Dimian added that the best bet to bridge the financing gap is to continue reforming the economy. The Suez Canal Zone that was entirely a military zone now is opening to everyone, Dimian added. The oil sector is also opening up to new private investors, Dimian noted. Moreover, having a fully fledged VAT system will increase competitiveness, he added, highlighting that competitiveness will help stabilise the pound.

Ratings assigned to Jordan Islamic Bank derive strength from the institution’s strong franchise as the largest retail Islamic bank operating in the Hashemite Kingdom of Jordan. The bank’s financial risk profile is also healthy, with strong and improving asset quality indicators, sufficient profitability position, and sizable liquid reserves. Leverage indicators of the institution are at a comfortable level. Jordan’s macroeconomic environment, however, remains challenging against the backdrop of regional instability. The bank has been proactive in incorporating changes in the code of corporate governance for Islamic banks issued by the Central Bank of Jordan.

The Tripoli-based Libyan Audit Bureau has confirmed that Jordan based Al Baraka bank has returned a transfer from Libya for being ‘‘suspicious’’ and for ‘‘funding terrorism’’. The transfer originating from the Central Bank of Libya (CBL) were intended to cover Libyan student scholarships in Jordan. The Audit Bureau revealed that it had, in cooperation with the Ministry of Higher Education and the CBL, opened an independent bank account for the Cultural Attaché at its Amman embassy specifically for scholarship funds. However, the Audit Bureau admitted that the Libyan embassy broke procedures and regulations and an agreement by using the funds on other spending rather than for student scholarships.

The Egypt part of the Bahraini Al Baraka Group plans to pump one billion Egyptian pounds (US$127.8 million) into mega projects in the country. According to Ashraf El Ghamrawy - CEO of Al Baraka Bank Egypt, the bank intends to invest in the Suez Canal Corridor Area as well as East Port Said (Tafreeaa) Port projects. The Suez Canal Corridor Area project's aim is to increase the role of the Suez Canal region in international trading and to develop the three canal cities: Suez, Ismailia, and Port Said. Al Baraka Bank Egypt has allocated around 250 million Egyptian pounds to invest in one of the logistics projects in Suez Canal, however, no details were given until an agreement is reached.

Faisal Islamic Bank of Egypt is currently negotiating with four real estate investment firms to take part in the central bank's social housing initiative, Product Manager-Mortgage Unit Mahmoud Idris said. Idris stated that the bank is to sign a protocol with one of those companies this week. He refused to reveal the names of the four firms before finishing the agreements. In 2014, Egypt's Central Bank (CBE) launched a new initiative worth 10 billion Egyptian pounds (US$1.4 billion) to stimulate the mortgage sector.

Kuwait-based Wethaq Takaful Insurance Company intends to sell its stake in the Egyptian unit, Wethaq Takaful Egypt for KWD1.3 million (US$4.3 million). The board of the Kuwaiti insurer had given Wednesday the go-ahead to sell its stake in the Egyptian unit in favour of a buyer whose name was not mentioned in the company's statement to the Kuwaiti Stock Exchange. The Shareholders' structure in Wethaq Egypt includes: Wethaq Takaful Insurance Company of Kuwait (60%), Kuwait-based Adeem Investment and Wealth Management Company (39.9%), and Kuwaiti investor Najeeb Al-Humaidhi (0.1%).

Syria now has one of the lowest education rates in the world. A 2015 Save the Children report estimates that 2.8 million Syrian children are not attending school and a quarter of school buildings have been damaged or destroyed. Many youth must forego education and work to help their families survive. Yet what often gets lost in this picture is the resilience shown by many young Syrians and their determination to play a role in building a better Syria. The Syrian Economic Forum (SEF) is helping Syria’s youth to play an active role in society through a CIPE-supported course for recent high school graduates that provides an immersion in entrepreneurship, leadership, and civic skills.

The Egyptian Islamic Finance Association (EIFA) obtained the licence from Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), EIFA's Chairman Mohamed Al-Beltagy said. By this licence, the association is capable of conducting accreditation tests for bankers and auditors of Islamic banking on behalf of AAOIFI in Egypt, the chairman stated. A number of bankers have already applied to conduct the accreditation tests, he added. The Bahraini organization will provide the necessary training for the bankers and auditors before conducting the test. Passing the accreditation tests is considered as an international accreditation for those who work in the field of Islamic banking.

Al Barak Bank Egypt's total cash and due from Central Bank of Egypt reached around EGP 3.656 billion (US$ 229.8 million) at the end of June 2015 versus EGP 1.850 billion at the end of December 2014. The financial lists showed that bank's investments in governmental notes recorded 5.319 billion Egyptian pounds at the end of June 2015 opposed to 3.604 billion Egyptian pounds at the end of 2014, making EGP 1.71 billion increase. According to the lists, Al Baraka Bank Egypt 's total volume of Murabaha, Mudaraba and Musharka for customers hit EGP8.534 billion at the end of June 2015 compared to EGP8.462 billion at the end of 2014.

HM Queen Noor Al Hussein officially launched Ethmar, Jordan’s first Shari’ah-compliant microfinance institution on 8 August. Ethmar is an affiliate of the King Hussein Foundation, which promotes social equity and economic empowerment in Jordan. Jordan News Agency Petra reported Ethmar Chairman Faris Sharaf as saying three Shari’ah-compliant products would be launched in collaboration with public and private organizations in the country.

Tunisian firms are preparing to issue Islamic bonds as the government finalises rules covering the sector, creating a new funding option for companies in an economy buffeted by labour unrest and militant attacks. Best Lease aims to raise up to 30 million dinars ($15.6 million) to finance its growth, with Banque Zitouna and El Wifack Leasing also considering sukuk issues. State-owned electricity and water utilities may follow suit, while national carrier Tunisair could tap the market later after clearing legislative hurdles. The government is also preparing to issue its first sovereign sukuk this year. Meanwhile, the IDB is helping to establish an Islamic microfinance institution in Tunisia.

The MENA Private Equity Association has launched its ninth “MENA Private Equity & Venture Capital” Annual Report. According to the Report, 2014 was a significant year for the industry and has demonstrated the highest levels since 2008 in investment values and fund raisings. 2014 has also seen growth in investment and divestment volumes compared to 2013. The year was characterised by some of the largest private equity deals seen in the region. Fund managers had demonstrable success in assembling and working with consortium partners, including international private equity investors, to close major transactions. Overall, there was a sense of returning confidence and increased opportunities as the region continued to emerge from the impact of the Arab Spring.

An estimated 20 percent of Libya’s $67bn-plus sovereign wealth fund, the Libyan Investment Authority (LIA), has yet to be fully traced since the death of Colonel Gaddafi. The LIA appointed Deloitte in 2012 to conduct an audit of all of its assets – many of which are tied up in investments outside the country. The auditor’s report was sent to the LIA in 2013 but has never been made public. The only detail the LIA released was the fund’s total value, estimated by Deloitte to be around $67 billion. The audit involved sourcing, verifying and valuing the assets of a fund its chairman Hassan Bouhadi describes as a “big black hole” whose contents are unknown to all but a few.

Abu Dhabi Islamic Bank (ADIB) CEO Tirad Mahmoud said the bank was seeking to invest in Islamic banking in Morocco. ADIB has applied for approval from the Morrocan Central Bank for approval to invest in participatory banking in Morocco by 2016. Back in March this year, Abdellatif Jouahri, Governor of Bank Al Maghrib, had announced 2016 as the year of commencement of operations of the first participation banks in the Kingdom. ADIB has also filed applications for licenses in Algeria, Libya and Tunisia, said Tirad Mahmoud. Emirates Islamic has also filed an application with the Central Bank while Bahrain-based Al Baraka Banking Group is working in a joint venture with BMCE Bank to offer Shari’ah-compliant financial solutions.

Jordan said last month it was going to issue its first ever sovereign sukuk soon. The long anticipated issuance is expected to rake in some JD400 million to finance real estate projects. The sovereign issuance is expected to be a dinar-dominated offering. Though Jordan passed the Islamic Finance Sukuk Law in 2012, allowing both public and private entities to issue sukuk, it was only in April that the government vetted the Islamic Corporation for the Development of the Private Sector to support the country’s maiden security bonds issuance. Only one corporate sukuk had been issued in the Kingdom before: a seven-year JD85 million security launched by Al Rahji Cement in 2011.

Faisal Islamic Bank of Egypt (FAIT) has achieved profits volume of 387.1 million Egyptian pounds (US$49.4 million) within the first half of 2015 versus EGP 351.48 million in the same period of 2014 marking 10% increase. The bank's revenues has been increased to 2.15 billion Egyptian pounds in six months opposed to 1.81 billion within the first half of 2014 registering 19% increase. The volume of bank's total assets also has been boosted to EGP 53.2 billion at the end of June 2015 compared to EGP 49.05 billion at the end of 2014 with 8.5% increase. The business volume of Faisal Islamic Bank of Egypt has recorded EGP 53.2 billion. Moreover, the number of accounts managed by the bank has been increased from 1.083 million at the end of June 2014 to 1.086 million at the end of June 2015.