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According to the investment banking analysis for the Middle East by Thomson Reuters for 2012 so far, M&A activity has reached US15.7 billion during this period. During the same period last year the activity was only half of this year's (US7.5 billion). Telecoms is said to be the most targeted industry in the Middle East. The leading country in activity are the United Arab Emirates.

Read more on: http://www.menafn.com/menafn/1093567713/Middle-East-M&A-activity-doubles...

KPMG's next seminar on "Islamic Finance — Lessons Learnt from other countries and challenges in Oman" will take place on October 15th. Its goal is to gather people involved with both the regulatory and operational aspects of Islamic Finance in Oman. The experience and approaches of other countries in implementing Islamic finance shall be discussed. Furthermore, challenges in this field in Oman shall be pointed out. As a whole, key objectives of KPMG Islamic Finance Advisory Services in Oman are to increase awareness about Islamic Finance, its issues, challenges and solutions.

Read more on: http://main.omanobserver.om/node/113831

In accordance with his tendency to use his fortune to solve global problems of the world’s underprivileged, Bill Gates has turned to Islamic Development Bank (IDB). The Bill and Melinda Gates Foundation has signed an MOU with IDB which aims to fight communicable disease and food insecurity in poor countries. In a five-year plan established by the MOU, projects concerning agricultural development, malaria prevention and elimination as well as polio eradication will be worked on. Third World countries included in the plan are Pakistan, Afghanistan and Nigeria.

Read more on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

An analysis by the Daily Telegraph shows that Gulf Finance House (GFH), which plans to buy Leeds United, is short of money. The investment-banking group held less than £4million in cash in June 2011, which is £800million less than the cash sum at the end of 2008. As a subordinate company to GFH, GFH Capital claims to have the money for the acquisition and not to be involved in the financial shortage of its parent company. However, further details on this issue are not revealed.

Read more on: http://www.telegraph.co.uk/sport/football/teams/leeds-united/9597049/Lee...

Together with a Malaysian Sovereign Wealth fund, London-based Gatehouse Bank has finished the £165 million acquisition of the offices of the law firm SJ Berwin. Gatehouse played the role of an investment and Sharia adviser for the deal. The investment of the Malaysian client is of major importance for its wider global investment strategy.

Read more on: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=339370

At this year's Oman Investment Forum 2012 the executive president of the Central Bank of Oman (CBO) announced that the regulatory framework for Islamic Banking has been finalised. Also, amendments to the Banking Law are being worked on. The local banks Bank Nizwa and Al Izz Islamic Bank received initial approvals to practice Islamic banking.

Read more on: http://www.zawya.com/story/Oman_finalises_Islamic_Banking_rules-GN_09102...

According to an announcement, Al Ansari Exchange and the Bill & Melinda Gates Foundation will sign a partnership of $10 million (Dh36.72 million). The partnership aims to support two significant health issues: polio eradication and treatment and prevention of neglected tropical diseases (NTDs). The agreement will start with an initial co-funded contribution of $4 million in support of polio eradication activities in Pakistan and Afghanistan. Prevention and treatment of NTDs in sub-Saharan Africa is planned as well. The partnership initiatives shall represent focused, strategic philanthropy and have a strong positive effect on the life of people in the poorest countries.

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

According to the latest study of strategic consultancy Insight Discovery, the number of advisers in the UAE is as high as 3,700. This is far beyond any expectations and indicates a surfeit of advisers. The total number constitutes of 1,050 independent financial advisers, 650 private bankers from international and local banks, and about 2,000 advisers from UAE banks. The study also stresses on the need to increase regulatory approval and supervision of advisers. The three largest independent adviser companies are said to be Nexus, de Vere’s, and Globaleye’s 80.

King & Spalding, Norton Rose and Jones Day have advised on Shariah-compliant financing of £400m which is to be used for the redevelopment of King's Reach Tower on London's South Bank. Investor company Mohammed Al Subeaei & Sons Investment Company (MASIC) from Saudi Arabia provided a £145m mezzanine tranche. The company was advised by a London team from King & Spalding.

Read more on: http://www.legalweek.com/legal-week/news/2215332/norton-rose-and-jones-d...

The week from October 7th to 14th will be internationally marked and celebrated as the Global Week of Action against Debt and IFIs. The initiative, which started in 2007, stands for denunciation of the injustice of foreign debt on peripheral states. Also multilateral agencies such as the International Monetary Fund or the World Bank, which impose submission policies on the states, are denounced. Due to the financial crisis caused by the huge housing problem, debt has become a major issue. Financial powers use the situation to impose overly liberal reforms. As a result, there is a significant capital transfer from low and middle class incomes to high ones.

Read more on: http://interoccupy.net/blog/pacd-manifest-global-week-of-action-against-...

GCC "Board Directors Institute" (BDI) is announced to be held in Riyadh for the second meeting of their GCC Roadshow programme on the 12th of September. The roadshow programme will focus on the significance of corporate governance and the effectiveness of Board of directors. Host of the event titled "Celebrating 5 Years of Corporate Governance Excellence in the GCC" will be The Savola Group.

Read more on: http://www.businessreviewusa.com/press_releases/the-savola-group-hosts-t...

The 2nd Corporate Governance Conference for SMEs was organised and opened in Dubai by Dubai SME. As part of the Department of Economic Development (DED), Dubai SME is occupied with with the development of the small and medium enterprise sector. The conference is held under the title 'Execution and Best Practices in Corporate Governance'. Its purpose is to promote implementation and exemplary practices of corporate governance as well as to focus on SMEs that have initiated corporate governance. At the corporate event, guide on effective execution of corporate governance and a case study on the implementation of it in Dubai SMEs will be made public.

Read more on: http://www.ameinfo.com/dubai-sme-organises-2nd-corporate-governance-314395

Bank Negara has given its consent on negotiations between BIMB Holdings Bhd on one side and Dubai Financial Group LLC (DFG) and Lembaga Tabung Haji (LTH) on the other on the topic of BIMB Holdings Bhd's proposal to acquire DFG's stake in Bank Islam Malaysia Bhd. The negotiations are to be competed no later than March 31, 2013. According to BIMB, all partiesfirst need to receive approval from the Minister of Finance before entering into any agreement.

Read more on: http://biz.thestar.com.my/news/story.asp?file=/2012/10/9/business/121436...

According to GFH Capital, it wants to buy the football club Leeds for itself and is not acting on behalf of a third party. The bank plans to acquire all 100% of Leeds City Holdings Limited's equity in an all-cash deal. In case of a successful bid, the chairman and owner of the club - Ken Bates - would sever all ties with the club. Even though discussions about the transaction have started about half a year ago, it is still not certain where the bank would find the cash to finance the deal. The sum is estimated at about $81m. The bank's parent - Gulf Finance House - claims to be short of finance.

Read more on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

The educational system provides numerous young specialists in Islamic finance, however, they are hardly able to find a job. According to a UAE senior Islamic banker, one of the main problems in the industry lies in the lack of suitable graduate training programmes and internships. Thus, it becomes very difficult to absorb the growing number of graduates. The solution to this issue is in the hands of the corresponding institutions themselves. Moreover, employers look for experienced employees and even prefer experienced candidates from the conventional banking sector.

After a period of silence, International Islamic Liquidity Management Corporation (IILM) announced that it was 85% ready to use between $300m and $500m for the issuance of US dollar Ijara Sukuk. The corporation is backed up by sovereign assets of its member countries. The issuance is expected in the very near future. According to plan, it will not be just one singular Sukuk but there will rather be a continuous supply of it. Up to $2bn is the expected amount in issuance per year.

Read more on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

Due to rapid growth and expansion of the Islamic financing sector, Germany is about to follow the example of some other European countries and launch an Islamic bank. Similar plans are discussed in Ireland as well. One of the reasons for the expansion is the growing demand for a more ethical financial system. However, the question remains whether Islamic finance can offer suitable solutions which reach beyond the Muslim world. Even though it is based on Muslim religious principles, it has some advantages like the lack of speculative activities and a possibility to create a more equitable financial system.

Affordable housing is a serious problem in the GCC countries since the population is growing. Already measures are being taken to address this problem. For example, amendments to the law on land and building regulations in Bahrain makes construction of additional houses on plots of land and the enlargement of small houses possible. The Diar Al-Muharraq project shall provide over 30,000 housing units. In Kuwait, a budget of 140 billion is designated to the cause of dealing with the urgent need for housing. The funding is part of the country's Five Year Plan 2010-14.

See more on: http://www.menafn.com/menafn/1093566568/Affordable-housing-GCC-National-...

A KFH research shows that sukuk have had a significant impact on the infrastructure sector during the last decade. Proceeds raised from issuances have been utilized for low as well as for high profile projects. The combination of sukuk's very nature and its flexibility makes a variety of structures possible. Thus, Islamic bonds have become a very attractive alternative financial instrument for corporate and sovereign entities. A huge amount of the money raised through sukuk funds has been used in projects of the infrastructure sector worldwide.

See more on: http://www.albawaba.com/business/sukuk-infrastructure-445240

Last week HSBC decided to close down its Islamic retail banking operations in six markets so that it will be present only in Malaysia, Saudi Arabia and, in shrunken form, Indonesia. This event underlined the contradictions of the broader sector. On one hand, Islamic banking is continuously reported to be growing at e very high rate - more than 20% a year. On the other hand, there is a huge difference between asset growth and revenues and profit. Poor performance in retail banking markets is the reason for HSBC's withdrawal as well as for the decrease of Barclays' and Deutsche Bank's Islamic banking teams in Dubai.

See more on: http://www.zawya.com/story/HSBCs_Islamic_closures_highlight_dilemma-2012...