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The Thomson Reuters Global Sukuk Index is at 117.04371 points, down from 117.25342 at the end of last month but up from 115.79726 at the end of last year. The Thomson Reuters Investment Grade Sukuk Index is at 115.22131 points against 115.35741 at end-November and 113.69014 at end-2014. Some of the sukuk in the pipeline are: Qatar's Barwa Bank has listed a $2 billion Islamic bond programme on the Irish Stock Exchange. A unit of Malaysia's Ahmad Zaki Resources signed a guaranteed sukuk murabaha facility agreement with Bank Pembangunan Malaysia and Maybank Investment Bank for a guaranteed Islamic medium-term note facility of up to 1 billion ringgit ($238 million). Malaysia's Scientex said in early December that a unit had resistered with the Securities Commission a 15-year sukuk murabaha programme with a value of up to 500 million ringgit.

The collapse in the price of oil, which began in June 2014, came as a surprise to industry analysts and insiders. They were quick to place blame on OPEC, for its perceived high production, and on China for slowing demand. The truth includes some of these elements but it is not the entire story. Much of the blame for the fall in the price of oil can be traced back to the U.S. Federal Reserve and financialization of the market. Shale producers are now stuck. Many were not profitable at $100 per barrel and are now faced with bankruptcy unless they can continue to refinance their debt and get new funding, which is highly unlikely at this stage.

Nigerian financial operators have identified Sukuk Islamic bond as a major tool that can be used in closing the country’s gap on infrastructural deficit. Raising from the two days 2nd international conference on Islamic Finance which opened on the 30th Nov and closed 1st of Dec 2015 in Abuja, financial experts from the country’s public and private sector having exhaustively deliberated with their international global counter parts, resolved to urgently turn up the volume on enlightenment campaigns so as to create the required awareness to investors and operators on the potentials of Sukuk.

Under the benefaction of AlHuda Center of Islamic Banking and Economics (AlHuda-CIBE) and Akhuwat, the 5th Global Islamic Microfinance forum (GIMF) was held in Kuala Lumpur, Malaysia. The forum had their focus on financial inclusion, outreach strategies of Islamic Microfinance, Innovation and sustainable operational strategies with emphasis on linkages, institutional support, cross boarder knowledge sharing with practical experiences and donor linkages for the development of the Industry. The Guest of Honor at the Forum, Dr. Azeema Adam, Governor, Maldives Monetary Authority (Central Bank), Maldives, gave detailed overview of Maldives Monetary Authority for the development of Islamic Microfinance and other Islamic Financial components.

Timothy Lyman of CGAP (Consultative Group to Assist the Poor) discussed the interactions among financial inclusion, financial stability, financial integrity (anti-crime) and consumer protection (I-SIP). Referring to previous work by the International Monetary Fund, he said the idea that financial inclusion supports the other three long-term and vice versa is supported by a growing body of research. On the other hand, the message is decidedly not that financial inclusion equals stability. The reality is highly nuanced. Adalbert Winkler of the Frankfurt School of Finance & Management shared his research, which also revealed mixed signals regarding whether financial inclusion supports financial stability.

For financial service providers trying to garner new clients in the developing world, illiteracy awareness is extremely important. Many countries around the developing world still have high rates of illiteracy, and most financial services are not designed well for illiterate users. This means that tens of millions of people around the world cannot be effectively reached with financial services. The Helix Institute is working with financial service providers to help them earn new clients and increase profits. Part of this equation is understanding how products and services can better serve those who cannot read.

Peer-to-peer (P2P) is the capacity that we now have to connect to each other, to create value together and to organise ourselves. It cuts out the middle man, and instead adopts a model of decentralised peer production, whereby value is delivered back to the place where it largely came from in the first place — the commons. In capital markets, labour is viewed as a commodity to be bought and sold. Within peer production labour is viewed as a shared resource for the community. People bring their own skills and services — teaching people, facilitating the transfer of data or goods, and creating value-added products.

Nigerian financial operators have identified Sukuk Islamic bond as a major tool that can be used in closing the country's gap on infrastructural deficit. Raising from the two days 2nd international conference on Islamic Finance which opened on the 30th Nov and closed 1st of Dec 2015 in Abuja, financial experts from the country's public and private sector having exhaustively deliberated with their international global counter parts, resolved to urgently turn up the volume on enlightenment campaigns so as to create the required awareness to investors and operators on the potentials of Sukuk. The conference also recognized and appreciated individuals whom have contributed immensely in Islamic banking in Nigeria and globally.

The Wall Street Journal (WSJ), in continuing to pursue the story on the 1MDB controversy, has reported that there’s unprecedented attention on a number of Swiss banks and Zurich-based Falcon Private Bank AG, a small wealth manager snapped up by an Abu Dhabi investor during the financial crisis. The Swiss authorities, according to WSJ, are probing suspected money laundering and possible corruption of “foreign officials”. The investigations have landed Falcon in the middle of the controversy around 1MDB. Falcon, which so far hasn’t been accused of any wrongdoing, said the bank was legally barred from answering questions about its clients.

The UAE's Islamic finance sector has continued to outpace the UAE's conventional banking sector's growth in 2015, according to ratings agency Fitch. The agency said in a statement that it expects demand for UAE Islamic banks' lending to continue to grow, supported by wider acceptance and an expanding customer base. Fitch added that Islamic banks have managed to reduce exposure to the real estate sector, which was historically higher than for conventional banks. Moreover, UAE Islamic banks will benefit from the central bank's decision this year to include sharia-compliant securities in the range of instruments it accepts as collateral for accessing liquidity.

President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, led a high-level delegation to the “United Nations Framework Convention on Climate Change (UNFCCC)’s 21st Session of the Conference of the Parties (COP21)” under way in Paris, France. Addressing a side event dubbed: “Climate Change: Financing and Capacity Building Challenges”, Dr. Ali expressed his pleasure to see 51 of IDB Group member countries had submitted their Intended Nationally Determined Contributions (INDCs). According to Dr. Ali, the IDB Group, in 2014, launched its Renewable Energy for Poverty Reduction Program to address the energy challenges of its member countries via application of renewable energy resources.

A new Sharia benchmark for the use of gold in financial transactions could be ready as early as the first quarter of 2016. This follows the World Gold Council and Amanie Advisors, a specialist consultancy, opening up submissions from industry participants on what the standard should be. Submissions need to be made by December 31. The ‘Standard will provide guidance from a Sharia perspective on the usage of gold in financial and investment transactions for Islamic financial institutions and participants,’ the WGC states on its website. ‘The Standard also aims to increase transparency and harmonisation regarding the use of gold in various market practices.’

Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj has made a renewed call to Bahraini Islamic banks to merge or acquire other institutions. In his keynote address at the opening of the 22nd Annual World Islamic Banking Conference (WIBC), he said given a tougher regulatory environment, challenges to their business model and increased competition from Islamic as well as conventional competitors, the preferred path, particularly for Islamic investment banks, was to merge in order to create institutions of size. Earlier this year, the CBB launched a new Sharia-compliant Wakala liquidity management tool aimed at absorbing excess liquidity of local Islamic retail banks. Mr Al Maraj also said the CBB is introducing a centralised Sharia Board with a broad mandate.

President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, led a high-level delegation to the "United Nations Framework Convention on Climate Change (UNFCCC)'s 21st Session of the Conference of the Parties (COP21)" underway in Paris, France. Addressing a side event dubbed: "Climate Change: Financing and Capacity Building Challenges", Dr. Ali expressed his pleasure to see 51 of IDB Group member countries amongst the more than 180 countries had submitted their Intended Nationally Determined Contributions (INDCs). The IDB Group President, stated that financing and capacity building featured prominently in the INDCs as two major areas for preserving environment.

Qatar's Barwa Bank has listed a $2 billion Islamic bonds programme on the Irish Stock Exchange, taking the lender a step closer to tapping the sukuk market for the first time. Rating agencies Moody's and Fitch assigned ratings of A2 and A+ respectively to the sukuk programme. Barwa Bank hasn't specified a timeframe or size for its potential debut deal. Barwa is classified as a systemically important bank, with 53 percent of its share capital owned by the Qatari government through Qatari Holding LLC and other government funds. Barwa's sukuk programme uses an agency-based structure known as wakala. The transaction is being arranged by Citigroup.

International Finance Corporation (IFC) and Al Baraka Bank are cooperating to expand the availability of trade finance for Egyptian importers to help spur economic growth and create jobs. Under this agreement, Al Baraka Bank becomes the third Egyptian bank, and the first Islamic bank in the country, to join IFC's Global Trade Finance Programme (GTFP). IFC guarantees will help Al Baraka Bank clients import commodities that are critical to the local market, including raw materials, pharmaceuticals, fertilizers and spare parts that will support different manufacturing sectors. In fiscal 2015, IFC's GTFP committed over $1 billion in the Middle East and North Africa region and over $6 billion around the world.

Facebook cofounder and CEO Mark Zuckerberg is celebrating the birth of his new daughter by pledging to give away 99% of his Facebook shares. Money from the shares, currently valued at $45 billion, will go to projects and charities that advance human potential and promote equality. The donations will take place over their lifetime, and the exact worth of the shares will likely change. Zuckerberg will not give away more than $1 billion in stock a year during the next three years, according to a filing with the SEC. He will keep his majority stake in Facebook, and thus voting control, for the foreseeable future.

Thomson Reuters and the Toronto Financial Services Alliance (TFSA) have unveiled a major study, the Canada Islamic Finance Outlook 2016, during the World Islamic Banking Conference (WIBC) held in Bahrain. Canada is looking to position itself as the regional hub for Islamic finance in North America. Its main competitor in the region, the United States, is a much larger market overall, but Canada has a proportionately larger Muslim population. This advantage is coupled with an arguably more favourable federal regulatory regime and an outward looking orientation that is potentially more favourable and conducive to the growth of Islamic finance.

Industrial packaging and property-based Scientex Bhd has proposed to set up a Sukuk Murabahah programme to issue up to RM500mil and it will have a tenure of up to 15 years. Its unit Scientex Quatari Sdn Bhd has lodged with the Securities Commission all the required information and relevant documents. The programme would enable Scientex Quatari the flexibility to raise funds via the issuance of Sukuk Murabahah from time to time which can be used to finance or to repay land and property investments. Other plans for the programme are to fund working capital requirements and to refinance existing bank borrowings. RHB Investment Bank Bhd is the principal adviser, lead arranger, lead manager and facility agent for the programme.

Islamic Crowdfunding has the potential to help us change our world for the better. There is an immense variety and scope of applications for crowdfunding. Crowdfunding continues to evolve and in recent years made strides into the investment world. Real Estate Crowdfunding is one of the fastest-growing segments of this booming industry worldwide. The low-entry capital makes it especially accessible to the middle income and small-medium business owners. Islamic Crowdfunding has the unique ability to empower the masses to create and re-create products, lifestyles and communities independent of capitalist corporations or bureaucratic governments.