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Tadhamon International Islamic Bank, a Sharia'a-compliant Bank licensed by the Central Bank of Yemen, has announced management changes in its investment arm in Bahrain, Tadhamon Capital BSC, by appointing Mr. Ahmed Hatam Sultan as its new Chief Executive Officer. In addition and as part of Tadhamon Capital's new changes, the company has appointed Mr. Hesham Al Gassab as the Executive Director of Investments overlooking the investment portfolio managed by the company and Mr. Maisarh Yaseen Omar as Director of the Treasury Department. Tadhamon Capital specializes in structuring and managing new investments and products across its business lines, consisting of Real Estate, Alternative Investments, Treasury & Capital Markets and Investor Relations.

The Sukuk market does not look like it will replicate the volume of issuance that was seen in 2012. However, there has been a healthy flow of new deals that come to market this year, particularly from debut issuers, according to a new comment released by BLME. 2014 not has been a landmark year for the Sukuk markets due mainly to the new entrants to the market, particularly the issues from outside of the GCC region and Malaysia. The UK, Luxembourg, Hong Kong and South Africa issue provided much needed diversification to the market, the comment noted. Besides, the sukuk market benefited from a shortfall in Sukuk supply and a large demand specifically for US$ denominated issuances in addition to the relatively strong fundamentals in the GCC.

The Arabia CSR Network has honored Huawei—a leading global ICT solutions provider—for its strong contribution and support of the organization’s annual Arabia CSR Forum & Awards Ceremony 2014 held in Dubai for the 7th consecutive year. During this year’s forum, Huawei connected with government and business leaders to discuss regional priorities such as stimulating public-private partnerships in the CSR field, embedding CSR into organizational practices, and creating regulatory frameworks that support sustainable growth of businesses in the Middle East. The company’s current Sustainability strategy focuses on pillars such as bridging the digital divide, ensuring stable & secure network operations, promoting environmental sustainability, and seeking win-win development with its industry partners.

Former finance minister Tun Daim Zainuddin expressed his support for the mega merger of CIMB Group Holdings, RHB Capital Bhd and Malaysia Building Society Bhd, saying when he was in office, he suggested that Malaysia only needs four banks. Banks need a large capital base to compete globally and this could be achieved through mergers, said Daim. Moreover, Daim said that he was confident that the Vision 2020 would be achieved, with proper planning and hard work. However, he said, a high income nation need not necessarily mean a developed nation. In order to become the latter, the country needs to prioritise quality education and technological advancements.

The IREF Summit 2014 will be taking place on the 16th-17th December 2014 in London. The theme 'Real Estate - The Asset Class of 2014 & Beyond: Sustainability & Innovation in an Ever-Changing Global Real Estate Market', is gathering speakers from the UK, Middle East & Asia. The session themes are focused and aimed at providing a platform to discourse the pertinent current themes and trends marking the sector, with a particular emphasis on the Islamic real estate finance market segment. On the evening of the first day of the IREF Summit, ICG will once again host the 2014 IREF ME Gala Dinner Awards Ceremony. For further information on the Summit, how to nominate and attend the Gala Dinner Awards Ceremony, please visit www.irefsummit.co.uk or contact info@icg-events.com.

Abu Dhabi Islamic Bank (ADIB) has announced earnings for the nine months to the end of September up 21.1 per cent with customer deposits up 18.2 per cent compared to the corresponding period last year. Profit reached AED1.34bn compared to AED1.11bn for the same period last year. The CEO of ADIB said that all customer-facing units, retail banking, private banking, community banking and wholesale banking continued to grow market share and as a consequence, ADIB’s customer financing assets increased 21.7 per cent year-on-year to AED71.6bn backed by an 18.2 per cent increase in customer deposits to AED82.9bn over the same period.

Turkish and international bankers convened at the IFN Turkey Forum 2014 in Istanbul on Thursday to discuss Turkey's growing Islamic banking sector. Professionals from Turkey, Malaysia, Qatar and the United Arab Emirates discussed a number of key issues pertaining to various markets, trends and strategies. The Islamic banking sector is booming in Turkey, according to Central Bank of Turkey Deputy Governor Murat Cetinkaya, who said that Islamic banks have doubled their market share in the past 10 years. According to Cetinkaya, Turkey's regulatory framework, in conjunction with the recent macroeconomic stability, has paved the way for the growth of the sector.

The chairman of Istanbul's Stock Exchange, ?brahim Turhan, has said that public offerings of debt instruments is increasing. He made the comments in response to questions from press members after the 11th Synergy Meeting held in Bursa by the Balkan and Rumelia Industry and Business Association (BALKANS?AD). He also announced for the first time that the Islamic Development Bank, of which the Turkish Treasury is also a shareholder, will be quoting non-interest bearing notes (sukuk) of $10 billion at Istanbul's Stock Exchange Market. He added that soon a major insurance company will be offered to the public, followed by an important bank due for a capital increase.

Dr. Hussein Hamed Hassan, Chairman of Shari’a Board for Dubai Islamic Bank (DIB), recently visited Pakistan to meet various Shari’a Scholars, Government Dignitaries, senior Islamic Bankers, State Bank of Pakistan officials, prominent Pakistani businessmen and Dubai Islamic Bank Pakistan (DIBPL) management. Dr. Hussein during his visit held various crucial meetings on Islamic Banking and Shari’a compliance with major stakeholders in the country. He is considered as one of the founding fathers of Islamic finance due to his contribution to developing structures for the day to day running of Islamic banks and financial institutions.

Islamic Bank of Britain (IBB) has announced the promotion of Matthew Glover to the newly created positon of Head of IT & Change. Mr Glover's remit is to manage the Bank's transformation programme as it enters a period of expansion. His is the third senior appointment this year, including Keith Leach as Chief Commercial Office and the confirmation of Sultan Choudhury as Chief Executive Officer. All three appointments have followed the Bank's acquisition, in early 2014, by Masraf Al Rayan (QSC). Since then, IBB's new parent has invested £100milion of capital to support the Bank's ambitious growth targets. IBB also recently announced that subject to formal shareholder approval, it will be changing its name from Islamic Bank of Britain to Al Rayan Bank, in December 2015.

Saudi Arabia's Kafala loan guarantee program proves to be a vital conduit between banks and smaller businesses, a report recently produced by the global publishing firm Oxford Business Group (OBG) revealed. The Report: "Saudi Arabia 2014" provides extensive coverage on the national drive to boost lending activity and facilitate growth in the Kingdom's small and medium-sized enterprises (SMEs). The report also looks in detail at the impact of e-banking and online services. Facing lengthy bureaucratic procedures and licensing is a big problem for SMEs. Another problem is accounting, as most SMEs are single proprietor companies, and the distinction between company and private assets is often hazy.

The adoption of good governance practices is beneficial to listed companies, unlisted companies, and family-owned enterprises. Good governance practices strengthen companies by building relationships among investors, boards of directors, managers, and employees. Implementing corporate governance guidelines allows businesses to obtain capital at lower cost, enhance business strategy, and attract the best human capital. Corporate governances also promotes competitiveness in the marketplace and is an antidote to corruption. CIPE partnered with the Pakistan Institute of Corporate Governance (PICG) and the Institute of Chartered Accountants of Pakistan to assess sectoral needs and develop the Corporate Governance Guide for Family-Owned Enterprises.

Not even a fatwa against National Commercial Bank’s initial public offering could derail the biggest-ever share sale in the Middle East. Saudi Arabia’s largest bank said in a statement today it attracted 311 billion riyals ($83 billion) of bids from about 1.26 million investors. While that pales by comparison with the almost 9 million who subscribed for Alinma Bank’s IPO in 2008, NCB’s offering to sell 300 million shares was 23-times oversubscribed, signaling investors pitched for larger blocs of shares. The IPO is considered un-Islamic, as criticism deepened over the bank’s non Shariah-compliant assets. To mitigate the controversy, NCB pledged to divest about $38 billion of assets to become fully Shariah-compliant in five years.

A series of German-funded studies and pilot projects aims to bridge the gap between Islamic finance and microcredit, to the benefit of communities in developing countries. Expanding the appeal of Islamic microfinance is crucial for an estimated 650 million Muslims who live on less than $2 a day, according to the Washington-based Consultative Group to Assist the Poor (CGAP). The German government's international development agency GIZ is helping to develop regulations, education and training for Islamic microfinance in developing countries. A study of Islamic microfinance products by GIZ and CGAP aims to identify ways to lower costs, while a separate GIZ study is exploring demand factors.

Nigeria’s aim to be a hub for Islamic finance is failing to materialise as a shortage of skilled and knowledgeable operators and lack of products combine to slow the sector’s take-off. There are very few professionals, such as lawyers and accountants who are conversant with Islamic Finance. Moreover, liquidity management in the country's industry is also a big problem, due to a lack of products. In 2013, the Nigerian Securities and Exchange Commission (SEC) established a Non-Interest Capital Market 10-year Masterplan Committee, to develop strategies to foster the Sharia compliant sector. Although there has been some progress, activities in the sector are way below potential.

Indonesia's Islamic insurance market will be reshaped over the next decade by a new law that requires conventional firms to spin off their syariah-compliant units, while encouraging more foreign investors to enter the market. The new law, which came in force last month, requires insurers to spin off their windows within 10 years. Moreover, the law maintains an 80 per cent limit to foreign ownership, which will keep the market open to new players, while closing some loopholes that allowed foreign firms to have full control of their operations. The rules will also require larger and better trained sales forces since the spin-offs will require separate agents for conventional and takaful products.

No doubt, the CBN guidelines on non-interest finance have been long awaited due to the fast growing scale and demand for Islamic banking globally. However, there is a need for a more codified regulatory framework and guidelines by the Securities and Exchange Commission aimed at promoting future sukuk issuance and protecting investors’ interest. The regulatory framework should also provide for increased but regulated licensing requirements for Islamic fund managers, provisions for corporate governance, enhanced operational standards, enterprise-wide risk management, accounting, audit and disclosure requirements, advisory council of experts requirement, rendition of periodical regulatory return on Shariah compliance and prudential guidelines relating to fund reserve, liquidity ratio and provision for asset losses.

The Islamic Financial Services Board (IFSB) issues two new Exposure Drafts (ED) for public consultation starting 31 October 2014 to 5 January 2015, and invites comments from regulatory and supervisory authorities, international organisations, market players, academics and other interested parties. The EDs are as follows:

• ED-17: Standard on Core Principles for Islamic Finance Regulation (Banking Segment)
• ED of GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management in Institutions Offering Islamic Financial Services [Excluding Islamic Insurance (Takaful) Institutions and Islamic Collective Investment Schemes].

The IFSB will also conduct two Public Hearings during the public consultation period. Accordingly, the IFSB Secretariat invites all interested parties, including the IFSB members, to send their comments on the EDs to the Secretariat at: ifsb_sec@ifsb.org latest by 5 January 2015.

The two EDs are available for download from the IFSB website at www.ifsb.org.

Dubai has repaid $1.93 billion raised from Islamic bonds and renewed its commitment to pay back billions of dollars worth of debt on time. Dubai reportedly repaid 2.5 billion dirhams ($68 million, 54 million euros) in dirham sukuk and $1.25 billion in dollar sukuk. It said both sukuk matured on Monday. Dubai has repaid or restructured billions of dollars of debt, as the emirate’s economy recovers from its 2009 debt emergency in the midst of the global financial crisis. The International Monetary Fund estimates that Dubai and its government-linked entities face a total maturing debt of around $80 billion.

UAE-based Aafaq has carried out its first transaction on the NASDAQ Dubai Murabaha Platform, which provides Islamic financing services to individual and institutional customers. Officially launched in April 2014 by NASDAQ Dubai jointly with Emirates Islamic, the platform has completed a total of more than AED 21 billion of transactions. The platform makes use of Shari’ah-compliant Certificates that have been developed for the underlying assets of the financing transactions. Islamic banks, Islamic windows of conventional banks, and Islamic finance companies and their clients can make use of the platform through trading Certificates.