IslamicFinance.de

The central bank governor of Tunisian Central Bank has announced country's plan to issue Islamic bonds early 2013. Tunisian government is currently working on an Islamic finance law that should constitute Islamic banking in Tunisia, where at the moment only two Islamic banks exist. The law is going to be prepared within two weeks, after which the Government of Tunisia will decide whether to legislate it or not.

See more under: http://english.ahram.org.eg/NewsContent/3/12/54296/Business/Economy/Tuni...

Sudan and South Sudan have agreed, as a part of peace discussions, to cooperate on banking and monetary policy, which could help boost trade between both countries after decades of civil war. According to the official statements, any commercial bank will have access to other country's banking market through foreign bank license, and also both central banks will cooperate more tightly in order to stabilize monetary policy and keep inflation under control.

See more under: http://english.ahram.org.eg/NewsContent/3/12/54350/Business/Economy/Suda...

International Islamic Trade Finance has granted a credit to Egypt worth USD 235m. This financial package should help to the state-run Egyptian General Petroleum Corp. to secure country's commodity supply. The Egyptian Ministry of Finance will assume responsibility for paying back the credit, in case if the Egyptian General Petroleum Corp. cannot perform obligations under the contract.

See more under: http://www.kuna.net.kw/ArticleDetails.aspx?id=2265517&language=en

The committee of Prince Mohammad Al-Faisal Prize has officially announced new nominations for the annual prize 2012. The prize has an important role in promoting Islamic economics and should contribute to foster creativity among young researchers. The winning research work on Islamic economics will be granted a SR100,000 cash prize.

See more under: http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20...

DRB-Hicom wants to sell 30% of its 70% stake at the Bank Muamalat Malaysia that is partly owend by the Malaysian state. Malaysia's central bank has allowed AFFIN Holdings to enter talks with DRB-Hicom in order to reduce its stake to a maximum of 40%. Should the deal be successful, AFFIN would become the forth-largest Islamic bank measured by assets.

See more under: http://in.reuters.com/article/2012/09/20/malaysia-drbhicom-bank-idINL4E8...

The First Investor GCC Equity Opportunities Fund is name of a new 100% Shariah compliant investment scheme, launched by the Barwa Bank. The bank's first Shariah compliant fund will be managed by the investment subsidiary of the bank. The fund's investment goal is to achieve long-term capital growth based on investments in a diversified portfolio of equities that are listed on exchanges of the Gulf Co-operation Council countries. According to the head of Asset Management it is possible to achieve more than 12% growth a year, as their selections have consistently outperformed the market.

MAA Takaful's CEO had proclaimed the confidence of the group to maintain the market leadership in the segment of investment-linked business. As he said, it is not the size of agency staff but rather its professionalism and productivity that should move the investment-linked segments forward. This is why the group is going to double its agents' productivity in upcoming years.

See more under: http://biz.thestar.com.my/news/story.asp?file=/2012/10/1/business/120750...

Kuwait Finance House has issued $1.5 bln sukuk for Turkey in cooperation with Citigroup and HSBC. It is the first issuance of this kind for the Government of Turkey. The expectations of the financing are high due to high amount of potential investors (altogether 250) that have been attracted by newly-issued sukuk. This fact confirms not only the great confidence of investors to Turkish economy, but also the confidence of global markets in sukuk products.

See more under: http://www.zawya.com/story/KFH_issues_15b_sukuk_for_Turkey-ZAWYA20120930...

The promotion of creativity and innovation to drive change through social investment and the empowerment of women, were the main topics of the 8th Annual Clinton Global Initiative that was concluded on September 26 in New York. As a result of discussions more than 150 new commitments to alleviate global poverty, create a cleaner environment and increase access to health care were announced. In the course of the conference, the former US president Bill Clinton had awarded six personalities for their outstanding contribution to solving global problems.

See more under: http://www.microcapital.org/microcapital-brief-8th-annual-clinton-global...

FAB has been working with volunteers from Credit Suisse who helped dig deeper into the assumptions behind FAB and identify cutting-edge research on child and youth finance. The Financial Access at Birth initiative's aim is to equip every child in the world with a funded savings account at birth.

More on: http://cfi-blog.org/2012/09/27/child-and-youth-finance-governments-step-in/

On Monday Movement for Islamic Culture and Awareness donated a set of orthopedic surgical equipments to the department surgery, Lagos State University Teaching Hospital.

The items are automatic, used for most open reduction/internal fixation and implant procedures, for deformity correction procedures and others.

More on: http://www.ngrguardiannews.com/index.php?option=com_content&view=article...

The Global Islamic Microfinance Forum on Islamic microfinance will be held in the UAE on December 8, in which delegates from more than 30 countries will participate. The forum's purpose is to introduce Islamic microfinance on the global canvas as an effective tool for poverty alleviation and social development. It also aims to develop Islamic microfinance internationally and to have a dialogue with the international donor and development agencies and corporate entities for sustainable development.

More on: http://www.thenews.com.pk/Todays-News-3-134149-Global-Islamic-Microfinan...

Despite the recent global economic crisis, the Islamic finance industry has continued pushing forward strongly. The industry increased its total assets by 23.8 per cent by the end of 2011. This comprised a hefty 22.4 per cent of the total assets of the banking system. As evidenced by The Banker Magazine’s 2011 rankings of top Islamic financial institutions,global recognition has not been in short supply either.

More on: http://www.nst.com.my/red/cover-story-strong-legal-framework-needed-for-...

Prime Minister Manmohan Singh has been urged by The Jeddah-based Indian Forum for Interest-Free Banking to clear huddles for granting license for Shariah-compliant banks and financial institutions to operate in India.

In a petition submitted to the prime minister at the Emerging Kerala Global Connect they said it would open floodgates infrastructural funding for India.

More on: http://india.nydailynews.com/politicsarticle/cec9a20cf6a8ec24c8b2ccffbed...

According to a new report published by Standard & Poor's, supportive socio-political factors and economic incentives should accelerate the growth of Islamic banking activities in North Africa from current low levels.

Islamic banking started its emergence in North Africa in the 1970s. However, the sector is still branded as a niche market in the region, with an overall market share well below 5% of total banking assets. As the report says, the change in political landscape following the Arab Spring should rekindle the development of Islamic banking in the region.

More on: http://in.reuters.com/article/2012/09/27/idINWNA625620120927

On Thursday Turkish Islamic lender Bank Asya said it had mandated investment bank Is Yatirim for a sukuk issue worth up to 150 million lira with a one-year maturity.

More on: http://in.reuters.com/article/2012/09/27/bankasya-sukuk-idINL5E8KRCSF201...

According to Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz, there is more renminbi financing in the pipeline after the two issuances of offshore yuan sukuk out of Malaysia and a yuan bond issuance by Malaysian corporations. She said that the reason for this was that there was greater potential to raise funds in the currency, especially investments in China.

More on: http://biz.thestar.com.my/news/story.asp?file=/2012/9/28/business/120915...

Since the enactment of the Islamic Banking Act in 1983 Malaysia has been operating with both conventional and Islamic banking systems. According to Islamic principles money lending and investing in businesses that are considered haram are prohibited. Islamic finance is all about accumulating all the available resources and providing financing based on pre-determined profits rather than dealing with interest.

More on: http://www.nst.com.my/red/cover-story-should-you-get-an-islamic-mortgage...

On Tuesday Dubai Islamic Bank (DIB) announcedthe launch of its new investment product, Al Islami Aurum+ 1 Dirham Certificate. It is an innovative investment product providing strategic exposure to the commodity markets while, at the same time, assuring a high level of capital protection. The Certificate is developed by the Royal Bank of Scotland (RBS). Its aim is to generate returns in any market environment by the means of taking exposure and switching between oil and gold.

More on: http://gulfnews.com/business/banking/dib-announces-new-investment-produc...

After Oman allowed sharia-compliant lending last year, new Islamic banks are bolstering their balance sheets in order to challenge the sultanate's larger conventional lenders. Al Izz Islamic bank recently enabled subscription for its initial public offering of 40 per cent of the lender and reports strong interest. In addition, in June 2012 Bank Nizwa attracted 681m rials ($1.77bn) of bids in a successful share sale, which exceeds the necessary amount 11 times. However, competition is not to be underestimated.

More on: http://www.zawya.com/story/Markets_watch_new_Oman_banks_flex_muscles-ftc...