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Bank Islam Malaysia has allocated RM 200,000 in order to effectuate various welfare programmes fulfilling its commitment to corporate social responsibility (CSR) for Ramadan this year.

Mercer plans to integrate its environmental, social and governance (ESG) ratings accros all of its manager-search and performance data. This should not only encourage reporting on ESG but also offer an objective approach that applies across wide range of strategies and so enable smaller clients to benefit from their service.

ONIC Holding negotiates with Royal and Sun Alliance to mutually promote takaful insurance company in Oman. ONIC Holding has already obtained an approval from the Oman's Capital Market Authority, after the government decision to allow Islamic banks. However, ONIC has to wait for announcing of a separate set of rules for Sharia-compliant insurance firms, as these are still waiting to be defined by the Capital Market Authority.

The GCC countries expect a record year for sukuk issuances in 2012. Already the first half of the year was marked by explosively growing sukuk issuances that reached to US $12.8 billion compared to US$1.9 billion issuead in the same period last year. The sukuk market shall continue growing at the current pace, due to a strong appetite of investors that are demanding Shariah-compliant products.

The Islamic Development Bank has closed an service agreement with Misys that shall enhance the capacity and efficiency of the Treasury and Investment functions within the bank as well as improve the quality of serving clients. The Misys will provide the IDB Group with a single platfrom solution that shall automate IDB's internal processes and manage treasury and investment operations more efficiently.

UK-based asset manager Aberdeen has launched its plans to arise two Syariah compliant unit trust funds to get onto the malaysian local retail market. According to the newest informations, the application process is in advanced stage. As industry sources familiar with the process claimed it would be an important addition to the Malaysia's Islamic financial landscape. Aberdeen Asset Management would be absolutely first fund manager to get a domestic asset management licence in Malaysia.

Two Islamic Finance institutions, QIB and QIIB, have agreed to financing package for the Qatar Gas Transport Company. The joint arrangement is a big step in enhancing co-operation between both financial institutions and shall cover the increasingly growing market demand for Sharia'-compliant financial solutions.

Indonesian central bank plans to strengthen payments on housing and automotive loans at Shariah banks. New requirements will be similar to those of conventional lenders for housing and vehicle loans issued on March 15. Due to new regulation, which took effect on June 15, it will be necessary to pay 25 percent for two-wheeled vehicles and 30 percent for four-wheeled vehicles as down payment.

Redefinition of the banking landscape, especially with regards to the community and environment, will be the main topic of the 2012 Festival of Spirituality and Peace. Top-quality speakers will discuss on how to reestablish the connection between the money economy, local needs and productive activity in order to find new balance.

Syarikat Takaful's profit soars to RM22.58mil. This is mainly due to higher sales generated by family products and improved investment income. The company's outlook for the current year is encouraging despite increasing competition on the market.

Somali Ambassador Idd Mohamed wishes to establish a stock exchange in neighbouring Kenya in order to allow other east Africans access to companies in Kenya. This should encourage priavate capital to develop across the continent.

Malaysia was invited by Sudan in order to provide support in the country's efforts to set up Islamic banks on their territory. It shall help Sudan to facilitate trade and to ease investment financing between both countries. This move is considered as a sign of recognition of Malaysia as Islamic financial centre.

NBC shall provide the first Islamically structured Airport financing which is primarly based on Shari'ah-compliant financing model. According to that critical infrastrucutre will be essentially owned by gevernments.

Dr. Natalie Schoon became a new member of the Board of Directors at Noriba Investing - the world's first online Halal Investing broker. Mrs. Schoon belongs to the Islamic Finance industry's most capable practitioners, due to her vast experience in various board leadershiop roles with some of the largest brands in the world.

According to a Saudi study, nearly 98 per cent of the companies operating in Gulf oil producers are held by families. This means that they could collapse unless they are turned into joint stock companies. The study, authored by Saleh al Sarei, a member of the trade panel at the Jeddah Chamber of Commerce and Industry, said that although some of the GCC companies were successful, they were suffering from a high degree of courtesy, which was affecting their performance.

Today Bank Islam Malaysia Bhd presented to the Sabah Tithe Centre business tithe of RM120,979 for distribution to deserving recipients. Last year the bank also registered a pre-tax and pre-tithe profit amounting to RM470.1 million.

New takaful rules have been introduced by Pakistan's regulator. They were designed to boost competition and to lift the sector's market share by allowing the entry of conventional players. Consequently, Pakistan became the second country after Indonesia to officially allow takaful windows. Since the introduction of the first rules in 2005, Takaful has operated without conventional competitors in Pakistan. However, those rules allowed windows after a five-year period. As the securities commission said last month, conventional insurance firms could serve a vaster share of the takaful market.

In July 2007 Bank of London and The Middle East ("BLME") celebrated its fifth anniversary of receiving FSA authorisation. Throughout these years BLME has successfully constituted and developed its business platform, providing various wholesale banking and wealth management services. Humphrey Percy, CEO of BLME, said that despite the challenges in the global economical turmoil, BLME had achieved key successes in the growth of their Wealth Management business and Corporate Banking divisions. BLME’s success is due to reliance upon traditional banking values of trust, fairness and integrity. Thus it provides clients with ethical corporate banking, treasury and wealth management services across Europe and the GCC.

Islamic International Rating Agency has assigned a national scale long-term rating of A+ to ABC Islamic Bank (E.C). The short-term rating is A-1 and the international ratings - A-/A-2. There is a "Stable" outlook on the ratings. The fiduciary score has been assessed to be in the range of (75-80), and points to strong fiduciary capacity and a well developed governance structure, in which the rights of the stakeholders are well defined and protected.

Reforms in the Malaysian pension system aiming to liberalise Malaysia’s pensions market have been announced. One of the newly introduced items is the voluntary Private Retirement Scheme (PRS). It will allow Malaysians to purchase a wide variety of products from private fund management firms, thus making it easier for them to focus on Islamic investment. The expected result of this move is a notable stimulation of the Islamic finance market. However, in order to bolster investor confidence in the sector, greater regulatory oversight will be necessary.