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London-based Islamic finance advisory firm, Edbiz Consulting, has partnered with Labuan International Business and Financial Centre (Labuan IBFC) to produce an Islamic Wealth Management Report (IWMR) to be published in the last quarter of 2015. The report will explore the growth and Islamic wealth, highlighting its concentration in different regions, providing crucial business intelligence to supply-side leaders and potential clients of the Islamic wealth management industry. In addition, different Islamic wealth management solutions will be analysed, with a focus on Islamic philanthropy and social responsibility.

The Thomson Reuters Global Sukuk Index is at 118.42537 points, down from 118.50812 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 117.32893 against 117.54139 at end-April and 113.69014 at end-2014. Some of the sukuk in the pipeline are: The Turkish Treasury said in late May it would issue local currency sukuk in August with volume of 1.5 billion lira ($563 million). Saudi Binladin Group began marketing a 364-day sukuk issue to local investors in the kingdom which could raise up to 1 billion riyals ($265 million). Abu Dhabi Islamic Bank will ask shareholders on June 21 to approve an increase in the size of its Tier 1 sukuk programme to $3 billion from $2 billion.

The International Shari'ah Research Academy for Islamic Finance (ISRA) and the Securities Commission Malaysia (SC) have launched a joint publication on "Islamic Capital Markets: Principles and Practices." The textbook serves as a vital source of reference to academicians, students and practitioners on the key principles underlying the Islamic capital market operations and its practices. It covers a variety of topics related to Islamic capital markets, including Shari'ah, regulatory and corporate governance frameworks, risk management, accounting and taxation, sukuk, the equity market, unit trust funds, ETFs, REITs, private equity and venture capital, derivatives and structured products. As the co-publisher and co-sponsor of the textbook, the SC is confident that the textbook will enhance the skills of the Islamic capital market talent pool.

The Islamic Development Bank 's total funding portfolio for Egypt has reached US$12.5 billion, including US$3.1 billion in 2014, director country department Mohammad Al-Saati said. The IDB official has referred that his bank had signed financing agreements for important projects in Egypt, including US$450 million for South Helwan power station, US$460 million for Sharm El-Sheikh Airport, and US$220 million for Egyptian-Saudi electricity grid linkage project. Towards bolstering its partnership with Egypt, IDB will sign within the third quarter of this year a new agreement to launch a representative office in the North African country, Al-Saati noted.

Bahrain-based Seera Investment Bank B.S.C. has announced the successful completion of a new transaction in the UK Dementia Care sector. The transaction comprises a Shari'a compliant equity investment in a dementia care focused housing development in London, United Kingdom. The development, the first of its kind, when completed will provide circa 115 housing units providing specialized care to dementia sufferers. The project will be developed over a 3 to 4 year period. The units are expected to be sold over the development period with distribution of substantially all the originally invested capital in the 4th year of investment together with a part of the profits. Upon completion of the development the project will then be held to benefit from the ongoing care revenues.

Bahrain's Khaleeji Commercial Bank (KHCB) launched a new corporate financing product, I'teman Financing, at a Press Conference that was held on Tuesday, the 12th of May 2015. I'teman Financing is a new product that is compatible with the provisions of Islamic Sharia and acts as a substitute for overdraft accounts. This product entitles the customers to cover operating expenses or financial overheads. Corporate institutions can apply for the credit line and can benefit from the availability of liquidity to do cash withdrawals, Telex Transfers and Demand Drafts, in addition to other financial transactions. The new banking product is Sharia'a compliant and targets corporate entities both inside the Kingdom of Bahrain and abroad in order to facilitate their flow of liquid funds.

With China showing growing interest to participate in the global Islamic finance market, the country is working on establishing hubs for Shariah banking within its borders. The first such centre to emerge will undoubtedly be the southern metropolis of Hong Kong which is very serious about becoming an East Asian hub for Islamic finance with a side glance on its regional competitor Singapore. But many eyes are also on China's majority-Muslim autonomous province of Ningxia in the northwestern part of the country. Ningxia plans a $1.5bn debut sukuk sale as early as this year. The deal, managed by Nanchang-based AVIC Securities, will be China's first local-government overseas bond issuance and the first Islamic bond issued by a province.

More than 200 angel investors, start-ups from the MENA region and members of the local media gathered in Bahrain for the commencement of the second MENA Angel Investors Summit 2015. The event was organised by Tenmou, Bahrain's First 'Business Angels, in strategic partnership with the Economic Development Board (EDB). 45 fast-growth start-ups from Bahrain, Saudi Arabia, UAE, Lebanon, Morocco, Palestine, Egypt, and Jordan presented their business pitches to the angel investors in attendance in hopes of procuring more funding to take their businesses to the next level. The highlight of the summit was the launch of the region's first networking association, the MENA Angel Investor Network (MAIN).

The Thomson Reuters Global Sukuk Index is at 118.26569 points, down from 118.50812 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 117.25281 against 117.54139 at end-April and 113.69014 at end-2014. Some of the sukuk in the pipeline are: Saudi British Bank plans to sell a riyal-denominated sukuk that will boost its capital reserves. Saudi Arabia's Najran Cement plans to meet fixed income investors starting on May 10 for a riyal-denominated sukuk issue. National Shipping Company of Saudi Arabia (Bahri) plans to make a debut sukuk issue worth up to 3.9 billion riyals ($1.04 billion) this quarter.

London-based Gatehouse Bank plc has announced the acquisition of Fountainbridge, a student accommodation property located in Edinburgh, United Kingdom, from Rockspring Property Investment Managers LLP UK Value fund for £20.0 million. The property is a modern, purpose-built student accommodation asset with a total of 331 bedrooms, centrally located to the University of Edinburgh, Herriot-Watt, Napier and Queen Margaret universities. The investment follows the firm's successful realisation of four investments comprising over 1,600 beds with a combined value in excess of £100 million, completed last year. The firm is currently considering other investments in the UK student accommodation sector.

Alkhabeer Capital , an asset management and investment firm based in Saudi Arabia, announced the launch of its "Waqf" (endowment) program, intended to provide advisory services for structuring Waqf entities and managing its assets. Through its Waqf program, Alkhabeer is targeting educational and charitable institutions, family offices, high net worth individuals and other philanthropists who aspire to establish Waqf entities. The program addresses the challenges of traditional Waqf by providing Waqf structures in compliance with best standards of governance, disclosure and independent supervision to ensure the management of the Waqf affairs in accordance withterms of the Waqif (Waqf founder).

The Waqf Fund held its 8th Roundtable Discussion on "Venture Capital - Building the Next Phase of Economic Development in Bahrain". The half-day session was attended by a group of 39 senior professionals. Some of the key takeaways from the Roundtable are as follows: Venture capital is an important industry. An ecosystem is needed to create a vibrant venture capital industry. There is a strong case for the government to kick start the venture capital industry. A change of mindset is required among capital owners of the region. The conclusions reached and recommendations provided by the Roundtable Discussion will be compiled by the Waqf Fund for further consideration of the relevant authorities.

SEDCO Holding Group, a Shariah-compliant private wealth management organization, has acquired a 50% stake in Mektebim Okullari, a company operating in the private education sector in Turkey. Anees Moumina, CEO of SEDCO Holding Group, and Ümit Kalko, Mektebim's founder and Chairman, signed the accord. Under a partnership agreement with the Turkish company which currently operates 17 schools from pre-school to high school levels, SEDCO Holding Group will own 50% of the company's shares and play an active part in the company's growth strategy in the region. The schools currently have over 4,000 students and Mektebim Okullari will add 8 more schools this year to its portfolio and has many other projects under consideration.

The confluence of two strongly expanding industries, microfinance and Islamic finance, has seen rapid growth in the past years on the grounds that, according to banking studies, an estimated 70% of people living in Muslim-majority countries do not use formal financial services. As a result, Islamic microfinance is becoming an important instrument to fight the poverty among Muslims, especially in rural areas, and improve access to financial services. Islamic microfinance is expected to grow fast at a rate of 19.7% annually over the period 2014 to 2018. But so far, Islamic microfinance is centred on just a few countries. However, in the recent past demand has also grown in countries such as Jordan, Algeria, Syria, Sudan, Somalia, Yemen among others.

The CMA announced on Monday rules allowing foreign institutions to begin investing directly in the stock market, subject to restrictions such as a 10 percent cap on combined foreign ownership of the market. On the other hand, foreigners will be allowed to buy directly into initial public offers of shares in Saudi Arabian companies on a case-by-case basis. IPOs are a special matter because they are usually priced in Saudi Arabia well below market value, as a way to spread the kingdom's oil wealth among its citizens. Letting foreign investors buy directly into the offers could be politically sensitive.

Fajr Capital has been recognised as the Middle East's "Private Equity Firm of the Year" at the Global M&A Network's Atlas EMEA Awards 2015. The company also collected the "Middle East Deal of the Year" award for leading a consortium of investors to acquire the Dubai-based oilfield services company, National Petroleum Services. Headquartered in the Dubai International Financial Centre, Fajr Capital has a portfolio consisting of companies operating across a range of demographic-driven sectors, including: financial services, infrastructure, education, manufacturing and renewable energy, among others.

Gatehouse Bank plc has announced the completion of terms to provide £17.92 million of senior financing following the recent acquisition of a UK industrial estate by Saudi Arabia's SEDCO Capital. Palmer Capital is acting as the Investment Manager to SEDCO Capital which through this venture intends to deploy £100 million into UK real estate over the next 12 months through this venture. This transaction is the first such transaction for this programme, which will target the recovering office and industrial real estate market in the UK. The funding supports the acquisition of Blakelands Industrial Estate, an industrial estate in Milton Keynes.

The Asian Development Bank (ADB) and the Islamic Financial Services Board (IFSB) have announced the launch of a joint ADB-IFSB publication called "Islamic Finance for Asia: Development, Prospects, and Inclusive Growth". The book was launched by ADB Vice President, Stephen Groff during an ADB-IFSB panel discussion on "How Islamic Finance Can Contribute to Sustainable Growth in Asia", which took place on 4 May 2015 in Baku, Azerbaijan, during the ADB Annual Meeting 2015. The publication is a resource for better understanding the Islamic financial services industry in Asia, and a reference for jurisdictions in other regions that aim to understand, introduce and develop Islamic finance.

The Thomson Reuters Global Sukuk Index is at 118.42809 points, down from 118.50812 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 117.39660 against 117.54139 at end-April and 113.69014 at end-2014. Sukuk in the pipeline include: Egypt hopes to issue ijara-structured sukuk, the country's first sovereign sukuk issue, at the beginning of the 2015/2016 fiscal year starting in July. Malaysia's CIMB Group Holdings plans to establish a new 6 billion ringgit ($1.69 billion) conventional and Islamic bond programme. Senegalese President Macky Sall said in early April that he had asked the Islamic Development Bank to help his country conduct a second sovereign sukuk issue. He gave no details.

The Gulf Bond and Sukuk Association (GBSA), the trade association representing the Arabian Gulf fixed income market, moderated a panel at the World Green Energy Summit in Dubai titled 'The Race for Green Finance/Green Funds and Bonds.' The session connected senior figures from government institutions with global energy players and highlighted the need for financial innovation in green energy funding. Panelists included Abdul Nasser Abbas, Senior Director of Treasury at Dubai Electricity and Water Authority (DEWA), Annette Eberhard, CEO of Denmark's Export Credit Fund, Sean Kidney, CEO of Climate Bonds, Jarett Carson, Managing Director of EnerTech Capital, and Ben Cotton, Partner at Earth Capital Partners.