IslamicFinance.de

It is expected that by 2015 global Islamic financial assets will double their amount and reach the mark of $3tn. These expectations are based on the fact that demand for the securities in the Gulf Co-operation Council and Malaysia lures issuers to the market. A classic imbalance between demand and offer in the Islamic finance can be observed, which is driven by demand. Yields on sukuk and paying returns on assets have reached a record low in the current month.

More on: http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=533484...

Brunei Darussalam strives to become a knowledge-based economy. Information and communications technology shall be a pillar for this ambition, which is why the country has been strongly supporting innovation in the industry and has benn investing in its infrastructure. However, Asian rivals make out huge competition in the field of software, which the Sultanate was hoping to boost its expert economy. In August, Authority for Info-communications Technology Industry informed about grants for the businesses as high as BN$250,000 ($197,930).

More on: http://www.oxfordbusinessgroup.com/economic_updates/brunei-darussalam-se...

The date for the Global Islamic Microfinance Forum on Islamic Microfinance is set: 8th December, 2012. Representatives from over 30 countries will gather in the UAE for the forum in order to exchange experience and expertise. The forum aims to introduce Islamic Microfinance to the global public and to present it as an effective tool for poverty alleviation and social development. Furthermore, it will try to develop Islamic Microfinance internationally and to have a dialogue with International Donor/Development agencies and corporate entities for sustainable development.

More on: http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/bu...

According to a study by Al Izz Islamic Bank, the assets of Islamic banks in Oman are expected to pass the mark of RO 2 billion by 2015. The assets of Islamic banks in the country represent 10% of the total banking assets. The study further points out several factors which stimulate Islamic monetary services the most. Among them are demographic indicators, since 72% of the Sultanate's population is aged between 15 and 80 and is mostly Muslim. The concept of Islamic financing is strongly supported by the population.

More on: http://www.zawya.com/story/Oman_Islamic_bank_assets_at_OMR2bn-ZAWYA20120...

Qatar Islamic Bank has made plans of issuing a sukuk in dollar denomination. The move will be part of the bank's sukuk issuance programme worth $1.5 billion. According to a document from the lead arrangers, the banks mandated for the sukuk are Deutsche Bank, HSBC, Standard Chartered and QInvest LLC. Further details on the size of the sukuk are not known yet. The plans include investor meetings in Asia, Middle East and Europe.

More on: http://in.reuters.com/article/2012/09/26/qatar-sukuk-banks-idINL5E8KQ08R...

Dubai Electricity and Water Authority (DEWA) considers the launch of a sukuk next year. The initiative shall be part of DEWA's refinancing plans. Other products in combination with the sukuk, such as securitisation, will also be included. The issuance is expected to lead to benefits from lower borrowing costs. The money gained is intended to be used for repayment instead of investment.

More on: http://in.reuters.com/article/2012/09/24/dewa-sukuk-idINL5E8KO12U20120924

In a seminar, organized by the Dubai Chamber of Commerce and Industry’s Centre for Responsible Business, the progress of the different groups from the Sustainability Network Task Groups and their promised deliverables and achievements were discussed with the business community. Since the launch in April this year, the aim of the groups was to provide initiatives and resources for the business community on Workplace Wellness, Community Investment, Employee Volunteering, Waste Management & Resource Efficiency, and Integrating CSR. Considerable progress of the groups was pointed out with the note that the task groups are doing a good job in providing businesses insight into strategical implementation of specific CSR and Sustainability practices in business.

More on: http://www.albawaba.com/business/pr/dubai-chamber-achievements-442971

The world economy has not changed much in the last at least 20 years. Just as Bill Clinton in 1992, Barack Obama faced the issue of economy in 2008 and does so in 2012 without the international economic situation being much improved. The reason for that are not the multiple shocks and crises economy went through themselves but rather the flaws of the conventional banking system. During the first two years of the last crisis over 200 US lenders experiences serious crashes. Experst support the opinion that as long as the system is based on greed instead of need, the situation will hardly change.

More on: http://gulfnews.com/business/features/greed-based-lending-should-be-repl...

Tamkeen's finance schemes with a funding of BD136 million favoured over 4,000 small- and medium-sized enterprises (SMEs). The provided money made growth and expansion through various Sharia-compliant financing solutions possible. A variety of sectors has benefited from the funding, among which 32% wholesale and retail trade, about 21% construction sector, 13% professional services, and 8% accommodation and food services. The last six months demonstrate continuity and stability in the growth of the financial schemes.

More on: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=338258

Nigaria's financial minister, Dr. Yerima Ngama, stated that it was necessary to assure greater sensitisation to create better awareness on Islamic banking option in the country. Thus, people would gain some understanding about the operation principles of the system. The minister also pointed out that Islamic financing was not addressed to Muslims only and that therefore the goal is to carry non-Muslims along.

More on: http://allafrica.com/stories/201209190982.html

Barclays and Absa maintain their interest in Africa as a target for Islamic insurance. There are plans to introduce the Takaful offering to the African continent. With a Muslim population of over 500 million, Africa represents a very good market perspective. The experience of Barclays and Absa in Africa shall be used in order to provide financial products that are suitable for each country.

More on: http://www.iol.co.za/business/companies/absa-africa-target-for-islamic-i...

The Co-Lead Manager for the Republic of Turkey's debut $1.5 billion Sukuk is appointed to be Barwa Bank of Qatar. Also, a number of high profile arranger positions for the bank follow the appointment. What is more, Barwa Bank has received following ratings by Bloomberg: sixth in international Sukuk, tenth in global Sukuk, and eighth in MENA region bonds and Sukuk. Since Turkey is believed to be one of the most prestigious issuers in emerging markets, it is a further testament for the bank to be apointed by them.

More on: http://www.cpifinancial.net/news/post/15819/barwa-bank-appointed-co-mana...

A bourse filing says that Central Bank of Kuwait (CBK) intends to liquidate its investment unit. According to the bank, closing CBK Capital would not affect the bank's financial position in a negative way. It is said the bank has a capital of 15 million dinars ($53.5 million) and has undergone some restructuring. Activities have been reduced for a number of years.

More on: http://gulfbusiness.com/2012/09/kuwaits-commercial-bank-to-liquidate-inv...

Alhaji Mohammed Mustapha Bintube, the Managing Director of Jaiz Bank Plc, stated that even though the bank started on a low key, it has been making steady progress in terms of number of accounts opened, deposits, and numbers of proposals received every day. Of course, there are some challenges the bank is facing which it intends to adress by relying on several publicity initiatives. The goal of these initiatives is to teach Nigerian people confidence about the new kind of banking model.

More on: http://allafrica.com/stories/201209210292.html

The Savola Group will be host to the second meeting of the GCC "Board Directors Institute" (BDI) GCC Roadshow programme in Riyadh. The leading topic of the event is the importance of corporate governance and the effectiveness of Board of directors, which kicked off in May in Manama, Bahrain. The purpose of the roadshow is to promote healthy communication among BDI members in order to to share ideas and best practices.

More on: http://www.marketwatch.com/story/the-savola-group-hosts-the-second-bdi-m...

The products Bank Muamalat is planning to launch are intended to be competitive not only in terms of returns, but also in terms of corporate social responsibility. The bank wants to concentrate on products it can channel towards corporate social responsibility, what they call ethical banking. The reason therefor is that Islamic banking is pereived to be ethical banking in its core and Bank Muamalat believs there is a market for such products.

More on: http://www.cpifinancial.net/news/post/15773/bank-muamalat-to-issue-more-...

At a recent press conference, Ridge Islamic Capital announced its official inauguration and launch of its activities in the Egyptian market. The company plays the role of a moderate solution between modern investment banking and traditional Sharia compliant commercial banking. The launch will be a milestone in providing Sharia compliant solutions in the region and is expected to raise the company's revenues and its investors and shareholders' value.

More on: http://www.ameinfo.com/ridge-islamic-capital-announces-official-launch-3...

The home to most millionaires in the world changes from the US to the Asia-Pacific region. Already the millionaire population in the Middle East is 2.7% higher with 450,000. Wealth rose 0.7%, thus reaching $1.7 trillion. This information given by Capgemini and RBC Wealth Management is an indication of growth of the investable wealth of the region's high net worth individuals independent from the Middle East's vulnerability to protests and demonstrations.

More on: http://www.zawya.com/story/Middle_East_millionaires_get_wealthier_USD1tr...

The issuance of Turkey's first sovereign sukuk this week marks a shift in the government's policy. For ten long years Tayyip Erdogan's government backed away from Islamic finance in order to maintain state secularism. However, the sukuk will help the country to large amounts of money from Islamic investment funds and will become a benchmark for the pricing of future Islamic bond issues in the Turkish private sector. Further development in the offered Islamic financial products is expected.

More on: http://www.reuters.com/article/2012/09/19/turkey-islamic-finance-idUSL5E...

Offers for strategic partnerships with foreign investors in plantation projects have been put up by Indonesian Islamic banks among which Bank Mandiri. This way, the Islamic banking platform shall be strengthened. Loan syndication for the purpose of financing medium and large scale projects is proposed. This kind of cooperation would result in an increase in the efficiency and better risk management as well as stronger Islamic banking.

More on: http://www.btimes.com.my/Current_News/BTIMES/articles/20120919215900/Art...