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BankDhofar plans to launch 'Maisarah' Islamic banking services, according to the study that was carried out to ensure clients best in class Islamic banking experience. Maisarah Islamic banking services are subject to the Central Bank of Oman (CBO) approval.

FWU AG Group had recently issued a US$55,000,000 Sukuk which is the first ever Sukukissuance made by a German financial services company. It is also the first Sukuk used for intellectual property rights under an Ijara structure. FWU is primarily offering Takaful solutions in both Europe and the Middle East. The issuance represents its first entry to the market for purely Islamic finance.

Maximizing the Arab world's gains from energy resources is possible through cross-border collaboration. Since a large number of opportunities are currently available, energy resources can be piped and distributed across the region through a regional energy grid. 60% of the world’s proven oil and 40% of gas reserves are held by the region. The energy demand in the Middle East and North Africa (Mena) region has grown 500% over the last 30 years, thus representing a highly beneficial target for energy trade.

The project Sarajevo City Center in Bosnia worth €130,000,000 has recently reached 60% completion. The project is conducted in partnership between International Investment Bank (IIB) and Al Shiddi Group. It is a hybrid complex which includes a number of main interconnecting features. A shopping mall is the central building of the complex together with an entertainment complex on 5 levels that cover an area of 49,500 square meters.

The draft of the sukuk law aiming to regulate the trading of bonds in a manner compliant with Islamic law was finished by the Egyptian Financial Supervisory Authority (EFSA). In a statement, EFSA explained that the draft was created following a detailed study of international experiences in such regulations. Topics included in the draft are activities which can be financed by sukuk and the various kinds of financing instruments available. Before issuance, the bill stipulates the approval of a committee of three Islamic finance scholars on any sukuk offering.

Gatehouse Bank's acquisition of a diverse industrial portfolio of 19 operationally critical properties all over the USA has been competed. The properties are leased to 16 tenants, whereby the remaining lease term is 14 years in average. The portfolio is stabilised at 100% occupancy. The acquisition worth $178 million was carried out in partnership with the Brennan Investment Group (BIG).

In conclusion of a detailed and extensive selection process, Bank Dhofar chose IFS as the Consultancy and product implementation partner for Shariah compliant products for their corporate as well as individual customers. In IFS, Bank Dhofar found a trusted partner with the necessary knowledge and expertise to make offering suitable Shariah compliant products possible. According to the recently signed agreement, IFS will provide Sharia complaint products to the bank. The project consists of two phases. The first will include products for individuals while the second will include products directed towards corporates and individuals.

According to a recent statement, Saudi Hollandi Bank has completed a SR1.4 billion ($373.3 million) sukuk issue. It is further said that despite the seven-year maturity of the subordinated sukuk, it can be redeemed by the issuer after the end of the fifth year. The price of the Islamic bond 1.15% higher than the six-month Saudi interbank offered rate. The issuance was marketed to Saudi investors, among which were government funds, banks, insurance companies, corporates and sophisticated investors.

Shariyah Review Bureau and Ahmad Lootah & Associates will cooperate in future in order to better serve the growing demands of UAE clients that are seeking advisory on sharia investments. The strategic relationship marks the commitment of both companies to certifying businesses and their transactions from the view of sharia investors.

According to a statement of Al Izz Islamic Bank, they have elected members of the board. The elections have taken place a month after the initial public offer of the bank's shares. The chairman, who is to lead a board of six members, is Taimur Bin As'ad Al Said. Last month, the bank sold 40% of its capital through a month-long IPO and thus managed to raise 40 million rials ($104 million). Moreover, Al Izz will list on the Muscat Securities Market on December 3rd.

The long awaited regulations on real estate financing, leasing and supervision of financial companies are now eventually being issued by the Saudi Arabian Monetary Agency (SAMA). Meanwhile, Saudi Arabia is getting ready to open up its mortgage market. The public now has to review the draft regulations. Comments and observations are to be submitted within 30 days of its publication. The regulations can be found on SAMA's website. The executive vice president of Capitas Group International - Nasser Nubani - explains that the draft mortgage regulations are a clear indication of SAMA's careful approach and striving to defend against problems due to lax regulation standards.

Total assets under management reached USD 59.5 billion at the end of the third quarter of this year. A huge part of the assets - more than a half - are invested in money market and Saudi trade finance funds. Further 25% is invested in equities. The remaining assets are allocated among fixed income securities, IPOs, protected or guaranteed funds, and many other types. The distribution of the assets in terms of number of funds however shows different figures. 40% in equities, 19% in fixed income and sukuk, and 14% in money market and Saudi trade finance are the percentages according to this aspect of distribution.

According to an announcement by alizz islamic bank SAOG, the Initial Public Offering worth RO 40.8 million had great success and was oversubscribed. Investors from category 1 had applied for up to 100,000 shares and received all of their application amounts. Category 2 investors had applied for more than 100,100 shares. They have been allotted 83.95% of their application amounts. It is planned for the constitutive general meeting of the bank to be held on November 20, 2012.

Ratings Intelligence conducted an indepth study on the quality of Shariah equity screening. The authors of the paper are Dr. Mushtaq Shah (CEO), Dr. Nabhan Al-Nabhan (chairman) and Abdul Hadi Shaikh (head of equity screening and audit). It discusses the different ways results are obtained for a company under review by adopting different research approaches. A further topic are possibilities and ways to improve the quality of Shariah screening. An interactive, knowledge-based and Shariah board guided approach to Shariah equity screening is advocated by the research.

Significant growth in the Islamic asset management industry was observed over the past ten years. Starting with structuring and launching of funds, it has developed to a more comprehensive wealth management service. However, the industry has not set its focus on the definition of a suitable asset allocation framework for Islamic investments yet. With the increase of the allocation to sukuk, the selected use of Shariah-compliant derivatives and a risk parity approach to asset allocation can become the foundation for a more effective Islamic portfolio management.

An update on the status of Dana Gas' $1bn Sukuk-al-Mudarabah is made known, the maturity of which was on 31th October at midnight. The discussions with an Ad-hoc Committee of Sukuk holders about amendment terms and extension of the Sukuk are still going on. The desire of amendment and extension is due to the recent liquidity challenges which have resulted from challenging external macro-economic and political circumstances in the region. So far, the company has not paid all of the money due on the maturity date to its Sukuk holders.

Read more on: http://www.zawya.com/story/Dana_Gas_provides_update_on_the_USD1bn_sukuk_...

The plans of the Oman government for the near future include an amendment to the current tax legislation. The goal of the amendment is accommodation of Islamic banking products and services as well as the creation of a level playing field with its conventional counterparts. The Ministry of Finance gave KPMG the project of recommendations on amending the tax legislation. Due to the different procedure regarding entering transactions, it is currently possible that the profit becomes liable to tax in the first year. This way, Islamic banks are likely to be considered disadvantageous in comparison with conventional banks.

Read more on: http://www.zawya.com/story/Oman_set_for_changes_in_tax_laws_to_suit_Isla...

Dubai Bank sent a letter to Skycourts unit owners financed by the bank, informing them about their intention of partial fee refund consistent with the principles of Shariah. According to a detailed review of the service fees paid against the financed unit with Dubai Bank, a resolution for additional benefit to Skycourts customers was made. The fee refunded takes into account the period from the moment the bank took the possession of the unit from the developer until the moment when a notice of delivery was sent to the customer by the bank.

Read more on: http://www.zawya.com/story/Dubai_Bank_refunds_overpaid_service_charges_t...

The new chairman of Kuwait Finance House (KFH) was introduced to the public. After the board's election, Mohammed Al Khudairi will take over the position of former chairman Sameer Al Nafeesi. The latter resigned earlier with the intention to engage in other activities.

Read more on: http://www.zawya.com/story/Kuwait_Finance_House_names_Mohammed_Al_Khudai...

On Saturday, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the National Commercial Bank (NCB) signed a Memorandum of Understanding (MOU) at the Jeddah Chamber of Commerce and Industry (JCCI). The purpose of the Memorandum is to encourage the export in small and medium enterprises (SMEs) in Saudi Arabia. According to the agreement, the signatories are to cooperate on finding solutions for the funding problems of SMEs. The agreement was signed under the auspices of JCCI's Chairman, Sheikh Saleh Abdullah Kamel.