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Qatar Islamic Bank (QIB), Generali and Beema have reached an agreement to assess the feasibility of the future launch of a joint venture in the Takaful business. The agreement aims at creating a partnership that will draw upon the insurance technical skills of the Generali Group combined with the market knowledge and distribution capabilities of QIB, together with the skills of Beema in the Takaful business.

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

The GCC Takaful report caters to investors looking for investment opportunities in the Gulf Cooperation Council (GCC) Takaful (Islamic Insurance) industry. The focus of the report is on opportunities and challenges for growth of the industry, industry trends, financial performance, valuations, stock liquidity and governance & transparency.

Alpen Capital expects the GCC Takaful industry:

• to grow at a CAGR of approximately 16.1% per annum in 2009 to 2012.

• to continue to grow faster than conventional insurance.

Full details of the findings are in the report for download at the below source.

An online survey by ReadiMinds has revealed that internal frauds in the banking sector remain a major source of concern in the Middle East region.

Turkmenistan, Central Asia's largest gas producer, is getting $1 billion loan from a group of state-run funds from the GCC countries and the Islamic Development Bank (IDB), to finance infrastructure projects in the country, Reuters reported.

NASDAQ Dubai welcomes the announcement made today by Dubai Financial Market (DFM), by which DFM has made an offer to acquire NASDAQ Dubai, subject to regulatory approvals. Under the new ownership structure, DFM and NASDAQ Dubai will develop closer operational links.

The World Bank plans to support standard-setting bodies of the Islamic finance industry in turning their voluntary standards into binding banking regulations, a bank official said.

Tamweel's short-term issuer rating was lowered to Baa3/P-3 from Baa1/P-2; negative outlook.

A subsidiary of Saad Group, a Saudi Arabian conglomerate, has said it is unable to meet repayments on a sukuk (Islamic bonds) issue worth $650 million, which matures in 2012.

A UN Food Agency is co-operating with Islamic Development Bank (IDB) to help advance agriculture in poor countries.

Gulf Finance House announced that the Board of Directors has reluctantly accepted Mr. Ahmed Fahour's resignation as a Board Member and Group CEO of the Bank. Mr Fahour has been appointed by the Australian Government as the Managing Director of Australia Post. Dr Janahi announced the departure of Ahmed Fahour and the appointment with immediate effect of Ted Pretty as Acting CEO of GFHGFH

Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank announced today that the Board has appointed Mr. Ted Pretty as Group Deputy CEO of the Bank.

The Government of Dubai announced that, with the backing of the Emirate of Abu Dhabi (AA/Stable/A-1+), it would be providing US$10 billion in financing to Dubai World and its subsidiaries, through its financial support fund.

King & Spalding published a briefing on the recent request by Dubai World that all its creditors agree to a standstill on any amounts payable to them until at least 30 May 2010 and the new law issued by the Ruler of Dubai, HH Sheikh Mohammed Bin Rashid Al Maktoum, setting out what will occur in the event that Dubai World or any of its subsidiaries are in an insolvency situation.

The briefing is authored by Michael Rainey and Sara Carmody of King & Spalding London and Dubai offices.

The Secretary-General of OIC, Professor Ekmeleddin Ihsanoglu has underscored the need for both inter-OIC cooperation and international partnership to enhance the popularization of knowledge-based economies in OIC countries.

Following recent events in Dubai, there has been a flurry of articles on sukuk defaults, with some commentators suggesting Islamic finance will wane. While many seem sure that defaults will occur, others have suggested sukuk holders’ rights and the resolution options available to them are no different from conventional bondholders’. Oliver Ali Agha and Claire Grainger offer a counter-argument to that perception.

Moody's Investors Service has today downgraded the ratings of three Dubai-based banks -- Emirates NBD,
Mashreqbank PSC and Dubai Islamic Bank PJSC. These ratings were placed under review in August 2009 in response to a weakening of economic conditions in Dubai.

Khalijia Invest as one of the recently established investment companies in the region, specializing in Corporate Finance and Asset Management, operating in compliance with Shari’ah guidelines announces the commencement of its operations, under its five licenses awarded by the Saudi Capital Market Authority.

The World Bank plans to support standard-setting bodies of the Islamic finance industry in turning their voluntary standards into binding banking regulations.

The leasing market in Kuwait is the most active in the Middle East and North Africa (MENA) region which abounds in companies leasing autos, furniture, and other goods but sees little activity in the sector