IslamicFinance.de

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...

The RM240 million Sukuk Musyarakah medium-term notes programme of Alloy Properties Sdn Bhd received affirmation on its rating of 'AAIS' with a stable outlook by Malaysia Rating Corp Bhd (MARC). The rating is a reflection of the adequacy of cash flows for the sukuk coming from the three identified payment sources. These include rental income from the company's two buildings.

Read more on: http://www.bernama.com.my/bernama/v6/newsbusiness.php?id=703913

Islamic mortgage provider Tamweel registered a drop in the profit during the third quarter of the year. The drop is as high as 46,5%, which misses the forecasts of analysts by far. The 8.4 million dirhams ($2.3 million) net profit in Q3 of 2012 contrasts with 15.7 million dirhams in the same period last year. The forcasts by Arqaam Capital and EFG Hermes lied at a profit of 22 million dirhams.

Read more on: http://www.reuters.com/article/2012/10/22/emirates-tamweel-results-idUSL...

According to an official announcement, by the end of November 2012 Dubai Bank will be rebranded as Emirates Islamic Bank (EIB). By merging the two Islamic banking holdings of the Emirates NBD Group, a stronger, more resilient proposition for customers will be provided. With the completion of the alignment process, customers will be able to enjoy an expanded network of 50 branches, 100 ATMs and CDMs across the UAE. Also, there will be free access to over 700 ATMs and CDMs which are part of the Emirates NBD Group.

Read more on: http://www.emirates247.com/business/economy-finance/dubai-bank-to-be-reb...

Despite that since the collapse of the central government of Somalia in 1991 there has been no regular operation of financial institutions in the country, a new law was recently passed. It serves as a framework which enables privately owned institutions to open and operate banks in the region. After the approval of the regional parliament in September, on October 4th the President of Somaliland, Ahmed Mohamed Silanyo, signed the Islamic Banking Bill.

Read more on: http://sabahionline.com/en_GB/articles/hoa/articles/features/2012/10/22/...

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.

Lynn Stout's book, The Shareholder Value Myth, discusses the pervasiveness of the concept of “shareholder value”. Intellectual fashion and law as basis of the concept are examined. The controversial relationship between a corporation and its shareholders is an important topic in the book as well.

Read more on: http://blog.p2pfoundation.net/book-of-the-day-shareholder-value-myth/201...

Today there are a number of tech startups which can free us from unnecessary possessions by letting us share. Different items such as cars and dresses as well as hammers and wrenches can be shared. Moreover, this way money can be saved and waste can be reduced. In the article, 16 companies and services which offer shared goods are presented. Among the topics discussed are transportation, space, fashion, and stuff in the general sense of the word.

Read more on: http://tech.co/sharing-startups-save-money-reduce-consumption-2012-10

Islamic Finance Project
Islamic Legal Studies Program
Harvard Law School

Shari'a-Compliant Home Financing in the United States

A panel discussion featuring

Yusuf Talal DeLorenzo
Shari'a Consultant, Malfa Inc. Dubai, United Arab Emirates

Panelists:
Shahab Ahmed (Moderator)
Custodian of the Two Holy Mosques, Visiting Associate Professor of Islamic Legal Studies, Harvard Law School

Thomas Gainor
Senior Vice President and General Counsel, Guidance Residential, LLC, Reston, Virginia

David Loundy
Chairman of the Board of Directors, Devon Bank, Chicago, Illinois

Intisar A. Raab
Visiting Associate Professor of Islamic Legal Studies, Harvard Law School

Monday, October 29, 2012, 4:00 - 7:00 p.m.
Austin Hall North, Harvard Law School

For more information, contact Islamic Finance Project at
617-496-2296 or 617-496-2297 or ifp@law.harvard.edu

S. Nazim Ali, Ph.D.
Director, Islamic Finance Project &

A joint venture between Takaful Ikhlas Sdn Bhd and Islamic Aid Malaysia (IAM) provided the Darul Falah Ummi Aishah Orphanage in Kampung Behor Masjid with a library of 1,000 books in Bahasa Melayu and English. The donation worth RM33,000 by Takaful Ikhlas Sdn Bhd was part of its Orphanage Library programme and was aiming to finance the library and to purchase books and computers and book racks. Thus, the company is fulfilling its corporate social responsibility (CSR).

Read more on: http://www.bernama.com/bernama/v6/newsindex.php?id=703229

There is enough evidence that corporate governance and other research referred to as "extra-financial" is helpful for performance improvement of investment portfolios. For instance, in June this year Deutsche Bank released an extensive review examining the most recent academic literature regarding the relationship between environmental, social and corporate governance (ESG) factors and investment returns. Some of the most important conclusions were that academic research consistently finds a lower cost of debt and equity capital for companies with better ESG performance characteristics.

Read more on: http://www.ft.com/intl/cms/s/0/b22c49c8-06e8-11e2-92ef-00144feabdc0.html...

The new Chief Executive of International Islamic Liquidity Management Corp (IILM) wasrecently made known by the company. Professor Datuk Rifaat Ahmed Abdel Karim comes to replace Mahmoud Abu Shamma. Before that, Professor Datuk Rifaat served as inaugural Secretary General for both the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). Moreover, he was involved in the establishment of the IILM in October 2010.

Read more on: http://www.cpifinancial.net/news/post/16361/international-islamic-liquid...

Turkish oil refiner Tupras signed a one-year loan of $200 million with nine GCC banks. The deal was arranges by Qatar's QInvest. Further information on the purpose and pricing of the facility was not given. The loan was joined by Barwa Bank, Commercial Bank of Qatar, First Gulf Bank, Qatar Islamic Bank , Ahli United Bank, Al Hilal Bank, Doha Bank and Dubai Islamic Bank. Citigroup Inc and Deutsche Bank were mandated by Tupras to arrange a series of investor meetings concerning a potential bond issue.

Read more on: http://uk.reuters.com/article/2012/10/21/turkey-tupras-loan-idUKL5E8LL05...

Turkish refining company Türkiye Petrol Rafinerileri (Tüpra?) has signed a $200 million, one-year facility with a group of nine banks from the GCC region. The sole bookrunner and structuring advisor was Qatari investment bank QInvest. The list of GCC banks includes Qatar Islamic Bank, Barwa Bank, The Commercial Bank of Qatar and First Gulf Bank. The lead arrangers of the deal are Ahli United Bank, Al Hilal Bank, Doha Bank and Dubai Islamic Bank.

Read more on: http://www.tradearabia.com/news/OGN_224297.html

According to expectations, financing SMEs shall be a measure to deal with unemployment in the MENA region. Reports suggest rapid growth of the market share of Islamic banking in Egypt due to the change in public policy. Smaller markets such as Oman and Morocco are also considered important in this context. Observers point out that Islamic finance is a potential source of spurring economic growth in the countries which experienced the Arab Spring. However, it is highly doubtful whether Islamic finance can solve the unemployment issue especially among young people. The question is rather if it should make conscious efforts to contribute to dealing with unemployment as part of its business strategy instead of a byproduct of its activities.

The Islamic banking division of OSK Investment Bank Bhd (OSKIB) is taking action to unlock value in the Islamic finance realm as well as to address the challenges currently faced in the segment. The Islamic banking segment in Malaysia makes up 18% of of the overall banking sector’s RM1.78 trillion total assets as at the end of last year. The measures of OSKIB include shifting of focus on business development into more Islamic capital market activities.

Read more on: http://www.theborneopost.com/2012/10/22/oskib-aims-to-unlock-value-in-is...

According to an announcement by the Saudi Savola Group, its board is set to acquire the approval of shareholders on the matter of selling sukuk.

Read more on: http://www.reuters.com/article/2012/10/22/savola-brief-idUSWEA507120121022

In conjunction with 67th Session of UN General Assembly

Linking Muslim Giving to MDGs

November 2, 2012 10:00 a.m. - 1:00 p.m. UN Headquarters, NY

A convening of leading Muslim grantmakers and nonprofit organizations to critically examine the status of Millennium Development Goals (MDGs) in the Muslim countries as well as to discuss the potentials for developing strategic approaches in faith based giving to meet the financial resource gaps required to meet the MDGs in these countries. The event will also serve as a forum for initial dialogue among participants on how Muslim philanthropic organizations can engage in the formulation of the post 2015 framework; contributing both to the formulation process as well as in the implementation, monitoring and evaluation.

Participation by invitation only - Contact: info@thewcmp.org

The key outcomes of the event will be to provide increased focus to the importance of faith-based giving, which is crucial to accelerate the MDGs in OIC member countries.

The activity is expected to:

Call for Participation

Islamic Microfinance A Real Hope for Poor

Global Islamic Microfinance Forum

8th - 10th December, 12 at Dubai, U.A.E

AlHuda-Centre of Islamic Banking and Economics (CIBE) is a well known name in Islamic Banking and Finance sector which focuses on training, awareness, advisory and publications on Islamic Banking & Finance in order to promote the industry.

It is our pleasure to invite you and your team to participate in “Global Islamic Microfinance Forum” planned to be held on 8th - 10th December, 12, 2012 in Dubai U.A.E. We are in great need of Islamic microfinance as Islamic microfinance has the accurate substitution to cut down the global poverty due to its unique characteristics, its provides ample benefits & sustainable solutions to Microfinance institutions which can be utilized for poverty alleviation and social development in effective way.

For further details about the forum, please visit: www.alhudacibe.com/IMFC2012

Conventional microfinance has proven ineffective in alleviating poverty. Islamic finance is suggested as a better alternative. Relevant to the World Poverty Day, a seminar concerning the global issues of poverty and its solutions was held in Lahore. The event was organised by AlHuda Centre of Islamic Banking and Economics. Participants came from different financial areas such as Microfinance, Islamic Microfinance and the Banking sector. Leading topics of the seminar were issues related to poverty, current situation of poverty, socio-economic issues due to poverty and the strategies for the solution.

Read more on: http://www.cpifinancial.net/news/post/16341/islamic-microfinance-good-al...