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An Islamic financial institution is looking for an Investment Manager to join their team in Bahrain. The ideal candidate will be familiar with entire investment cycle and will be responsible for sourcing, evaluating and screening potential investment opportunities in the GCC, Middle East and other regions.

The Global Islamic Microfinance Forum in the UAE united MFI’s of 27 Countries to elaborate on the development of Islamic Microfinance. The event was marked by unanimity on the decision to work together for the advancement of Islamic Microfinance globally. The Forum took place on 8th-10th December 2012, in Dubai World Trade Centre, UAE. Among the delegates there were experts from countries such as UAE, Pakistan, India, UK, Bangladesh, USA, UK Bahrain, Yemen, Azerbaijan, Turkmenistan, Kirghizstan, Mauritius, Kenya, Canada, France, Egypt, Philippine, Uganda, Iraq, Nigeria, and Sudan. Key topics included bringing together the Islamic Microfinance Institutions on a single platform as well as the role of Islamic Microfinance in poverty alleviation. Furthermore, Shariah and related issues of Islamic Microfinance Institutions and their solutions were discussed.

? three-day Financial Literacy Training of Trainers course was organized and held by Silatech - a social enterprise aiming to to increase employment and entrepreneurship among youth in the Middle East and North Africa. 20 instructors from the Sudan Academy for Banking and Financial Sciences (SABFS) took part. After the training, they now can offer a four months long microfinance development program to approximately 1,000 credit officers in Sudan. The materials used in the training were developed by US-based Microfinance Opportunities.

The draft of Dubai Financial Market's 'Standard for Issuing, Acquiring, Trading Sukuk' has been published on DFM's website. Numerous Islamic finance professionals have been invited to counsel and feedback on the comprehensive standard. The consultation period will last until February 28, 2013. At the beginning of March, a hearing session will be held, eventually followed by the issuance itself later the same month. The Standard includes thorough explanations of different types of sukuk. Among them are Sukuk of ownership of tangible assets, Sukuk of usufructs, Sukuk of lease of services, Mudaraba, Musharaka and Salam Sukuk.

Editorial Note:
You can download the paper at: http://www.dfm.ae/Documents/gen/SukukStandards.pdf

• Provide an efficient Shariah Audit service, under the general guidance of the Manager, to all lines of business and the Bank’s operations, in a manner that will accomplish the Bank’s corporate objectives of Sharia Compliance in accordance with the Shariah Supervisory Board guidelines.
• Conducting financial, operational, process, information technology and compliance audit projects.
• Making best use of available information both in planning and executing assignments and working diligently to agreed objectives.

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- Carry the Sharia review for documents, contracts, products, manuals, marketing material, policies and procedures and all other bank documents under the direct supervision of the Manger Sharia Compliance and Audit.
- Maintaining a log system and incoming Sharia queries from different departments and the response of the Manager or the SSB to them.
- Maintaining database and record for all the Fatawa issued by the SSB.
- Organize and maintain the agenda and schedules of the compliance department tasks.
- Assist the head of department in organizing, maintaining the secretariat of the Sharia Supervisory Board.

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The economic committee of the Shura Council (SC) showed its support to the Islamic Research Academy of al-Azhar's decision to reject the bill of the ministry of finance on Islamic sukuk. It is said that the bill lacked legitimate aspects. Meanwhile, a new draft law over Islamic bonds has been made public by al-Azhar Grand Sheikh Ahmed el-Tayyeb.

Syarikat Prasarana Negara plans to sell sukuk worth up to RM6 billion this year in order to fund infrastructure projects. Moreover, it is set to list its rail unit, Rapid Rail Sdn Bhd, on the local bourse by 2018 to mark further expansion in the company. The unit will be listed as soon as the Mass Rapid Transit (MRT) rail project is completed, which is scheduled for 2017.

Over the years, Malaysia has become a leader in Islamic finance and the world’s most important Islamic-finance centre. A little more than a fifth of the country’s banking system in terms of assets is compliant to the principles of Sharia. Compared to that, in Muslim countries the average percentage is about 12% or even a lot less. On the global sukuk market, Malaysia occupies a dominating position. In the first three quarters of last year, the country was responsible for almost three-quarters of total global issuance. In addition, an international standard-setting body - the Islamic Financial Services Board - is situated in Malaysia.

Genghis Capital plans to launch Shariah-compliant unit trust in February aiming to raise stakes in the nascent market mainly tailored for Muslim investors. The unit trust is named Iman Fund and is part of a money markets, equity, diversified and bond unit trusts which the company intend to launch in the very near future. According to the Genghis Capital unit trust consultant, there are many Kenyan investors willing to invest in ventures considered socially responsible. However, so far their options have been limited because religious beliefs forbid most of what is on offer.

CIMB Group Holdings Bhd received its underwriting for global and local sukuk issuance fall in 2012. Meanwhile, the market share of HSBC Bank plc grew significantly during the same period. The total issuance for global sukuk of CIMB fell from US$7.77 billion in 2011 to US$6.21 billion (RM18.82 billion). As a result, its ranking dropped to second place and its market share eased to 12% from 17.7% in 2012. HSBC reached first place with total global issuance increasing to US$11.35 billion from US$4.88 billion in 2011. Its market share rosealmost double to 21.9% from 11.1% in 2011.

On Thursday , Dubai Islamic Bank announced its board's approval of the plans to fully acquire its mortgage unit Tamweel. The bank already holds 58.2% of the stakes. It further intends to make a tender offer to buy all shares off Tamweel's other shareholders. Every shareholder of Tamweel will be offered 10 DIB shares for every 18 Tamweel shares. As soon as the offer is closed, DIB will make an application to the regulator to delist Tamweel from the Dubai Financial Market.

To Review and conduct in-depth analysis of Credit Risk Proposals for FI/ Structure Finance/ Project Finance customers in order to maintain a healthy portfolio as well as to ensure compliance with the Bank Credit Policy.

· Provide full support to the team bankers in meeting client’s requirements and maintaining strong relationship with clients.
· Coordinate Group’s efforts in managing clients’ requirements
· Provide support to the Sector & Product Bankers and the Business Manager in Originating, structuring and executing Advisory deals.
· Liaise with other relevant departments in the bank to ensure completion of transaction to the satisfaction of the client.

Yesterday Qatar Exchange (QE) and Al Rayan Investment made an announcement about the launch of the QE Al Rayan Islamic index. The new index relies on QE listed stocks of minimum free float size and liquidity that are Shariah compliant. Its debut date is set on January 7th 2013. The goal of the index is to support the creation of Shariah-compliant exchange traded fund (ETF) by Al Rayan Investment. The issuance was carried out with a fatwa by its Shariah Board.

In 2012, Qatar’s banking sector was buttressed by high oil and gas prices and a large-scale infrastructure programme. The banking sector continuously benefits from substantial GDP growth in the economy of the country. Real GDP reached 19% in 2011. This increase was caused by strength in oil prices and the substantial increase in LNG production to 75mnt (from 55mnt). The latter was able to drive hydrocarbon sector GDP up by more than 30%. The output of the non-hydrocarbon sector continued its growth as well, sustaining a 9% rate due to ongoing capital expenditure on infrastructure development.

A meeting of financial regulators, experts, jurists, academics and stakeholders from all around the world is coming up, aiming to brainstorm on how to strategically promote growth and realign the practices of Islamic finance and economics with a view to opening new frontiers for the growth of the industry. The 4th Langkawi Islamic Finance and Economics (LIFE-4) Global Forum is organized by the Insaniah University, College, Malaysia, together with Deloitte, Islamic Development Bank, IBFIM-Malaysia and Rayyan Ventures Ltd. It will ensure a global platform for discussing key issues around the competitiveness, growth and sustainability of Islamic finance. The LIFE-4 Global Forum will take place mid-February 2013 at Sheraton Hotels and Towers, Langkawi Island, in Malaysia. The forum is titled 'Islamic Financial Planning and Wealth Management as the New Frontier for Global Islamic Banking and Finance Industry'.

2013 is the 38th year for the global Islamic banking industry in its contemporary phase. The start of the new year is filled with invigorated optimism, partly due to its continued proliferation in new markets, particularly in Oman and Arab Spring countries. Another reason for the optimistic attitude is the impressive momentum of the sukuk market. However, the Islamic finance industry tends to be beguiled by its own relative success largely because of the absence of independent evaluation of its performance and policy and architectural development.

The first edition of the Qatar CSR Report 2012 has been released. The central part of the report are the most recent developments in CSR from both government and private institutions. Reviewed developments include Qatar National Vision 2030, National Development Strategy 2011-16, Qatar 2022, National Day, and National Sports Day. In addition, the Millennium Development Goals are described in detail. The United Nation's ten principles on climate change in Qatar, and strategies carried out by the respective public and private sector entities to implement it in the country are incorporated in the report.

According to a report by Kuwait Finance House (KFH), over a period of five years Hong Kong managed to establish Islamic Shariah compliant organizations, authorities, products and services. There is high potential for Islamic banking in Hong Kong due to Hong Kong's high liquidity, free economy, strong presence of foreign banks and simple taxes' system. Thus, it is a great candidate to become a major Islamic financial hub.