IslamicFinance.de

The data from Capital Market and Financial Supervisory Agency shows that Indonesia’s Shariah-compliant insurance assets increased by 32 percent to 9.2 trillion rupiah ($1 billion) in 2011 comparing to the year before.
The agency stated that takaful has grown by 50 percent on average in the last five year.
Moreover, it seems that Mayban Ageas and Syarikat Takaful Malaysia Bhd. plan to develop in Indonesia to take advantage of the growth rate.

Bank Nizwa chose Path Solutions’ iMAL for its entire Islamic core banking solutions needs. The agreement was signed in Muscat between the Chairman of the Founding Committee of Bank Nizwa, Ahmed Saif Al Rawahi, and Path Solutions’ Group Chairman & CEO, Mohammed Kateeb. Witnesses at the ceremony were representatives of the founders of the Bank.
According to the agreement, Path Solutions will install at Bank Nizwa the state-of-the-art core banking system, iMAL which is an integrated, scalable and Sharia-compliant banking solution that helps financial institutions offer competitive Islamic products and unparalleled service to customers.

The MENA Private Equity Association has launched a VC legal documentation guide constructed to give entrepreneurs a practical understanding of the basic terms involved in a venture capital transaction.
The guide has the target on issues specific to the Middle East and North Africa, and also contains a standard term-sheet template format. Templates reduce transaction costs and time, whilst advertising fair legal norms throughout the industry.

The International Islamic Financial Market (IIFM) and the International Swaps and Derivatives Association, Inc. (ISDA) are pleased to announce the launch of the ISDA/IIFM Mubadalatul Arbaah (Profit Rate Swap) product standard to be used for Islamic hedging purposes.

The Mubadalatul Arbaah (MA) standard follows on from the “ISDA/IIFM Tahawwut (Hedging) Master Agreement” and provides the industry with a framework for Islamic risk mitigation. The launch of the Tahawwut Master Agreement as the template for Shari’ah-compliant risk management was officially announced at a press conference hosted by Central Bank of Bahrain in March 2010.

Masraf Al Rayan signed a partnership agreement with Qatar Red Crescent Society [QRCS] to launch its charity card to help people benefit from the services of QRCS. The card can be used only for Qatar Red Crescent activities.
Mr Adel Mustafawi, Group CEO of MAR, and Saleh Ali Al Mohannadi, Qatar Red Crescent Executive Director signed the agreement at the MAR Headquarters.
The agreement implies that MAR will launch the charity cards, which are convenient and easy to use within and beyond the State of Qatar.

Microfinance has delivered to the poor and unbanked, the availability of micro loans and micro-insurance in exchange for micro-savings. Although its results as a tool to fight against poverty are sometimes controversial, it probably still misses an absolutely necessary ingredient to successful entrepreneurship: "micro-equity".
Ashta, Khan and Otto had done some macro/sociological analysis of the relationship of microcredit with suicides and had noted that it is possible for some cause to exist for stress in the relationship between the credit agent who needs to show a 100% recovery and the borrower who cannot always ensure this. They had advised the development of microsavings to balance the relationship between the MFI and the borrower so that the agent is not only giving loans to the client.

Dubai Investments is in talks with investors and financial institutions to fund a second phase of the Mussafah manufacturing unit of Emirates Float Glass.
Sultan Bin Saeed Al Mansouri, Minister of Economy, officially inaugurated the upgraded Emirates Float Glass (EFG) factory, wholly-owned by Dubai Investments, at the Abu Dhabi Industrial City in Mussafah.

Simmons & Simmons has hired another partner from Berwin Leighton Paisner (BLP) in London. John Kelsey,recruitment of real estate specialist, took the number of partners the firm has hired from BLP to seven in less than a year. The hire follows the adding of six partners from BLP to its London office last year.
Also in the real estate space, Mayer Brown has switsched to rebuild its property practice with the hire of a partner from CMS Cameron McKenna. Chris Harvey, a salaried or gateway partner in CMS' London real estate group, will oversee Mayer Brown's City real estate investment team.

Potential for marketing Islamic funds cross-border in the Asia-Pacific and Asean is starting to be seen through the UCITS (undertakings for collective investment in transferable securities) platform. Despite the fact that it has already been used in Europe, it's the first time that it's being used in this region.
On January 16 2012 Kuala Lumpur-based CIMB declared the launch of three Islamic UCITS funds designed for cross-border distribution in Asia.
These funds will be registered and allocated in seven jurisdictions including the UK, Switzerland, Germany, Saudi Arabia, Bahrain, the United Arab Emirates and Singapore.

Despite the fact that Islamic finance has existed in Europe for more than forty years, in Italy results of the first experiments are only now starting to be seen.
In 2009, for example, Deloitte set up a sector dedicated to Islamic finance. Alberto Liotta, a director at the consultancy firm, stated that the main focus are conventional financing instruments, such as leasing.

Dr Jamil el Jaroudi was named chief executive officer at Bank Nizwa.
Ahmed Saif al Rawahi, chairman of the Bank Nizwa Founding Committee, announced with pleasure this appointment, adding that Dr Jamil el Jaroudi brings many years of commercial experience has strong credentials in both Islamic banking and banking start-ups.
Dr Jaroudi has an MBA from Columbia University, and a PhD in finance from Kellogg School, Northwestern University, US.

Arcapita Bank BSC categorized for bankruptcy in the U.S. after failing to reach an agreement with creditors. The bank and five affiliates chased Chapter 11 protection in U.S. Bankruptcy Court in Manhattan, listing assets of $3.06 billion and liabilities of $2.55 billion.
Arcapita was unsuccessful in reaching an agreement with creditors on a $1.1 billion syndicated shari’ah complaint loan due this month.

Al Hilal Islamic Bank and Kazpost JSC signed a general agreement on investment worth 1.5 billion tenge.
It seems that Al Hilal Bank wants to invest 1.5 billion tenge in Kazpost. This is the first contract of this kind in Kazakhstan.

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, has disclosed that the government cut off Dubai-based mortgage provider Amlak Finance’s debt by Dh4 billion.
The debt was reduced through delaying debt as well as through the sale of company's land and the restoration and recovery of other land owned by the company, as well as coming up with financial solutions with a number of third-party creditors.

Bahrain-based Capivest successfully closed $30m plus deal with Cemena Holding Company B.S.C. and now owns 9% of Naseej—a fully-integrated real estate and infrastructure Development Company to focus on mega projects in the Middle East and North Africa (MENA) region.
The deal that was closed last month and awarded Capivest cash in addition to the Naseej shares to settle the balance of the remaining dues from the sale of Falcon Cement Company to Cemena Holding Company in June 2008.

Malaysia’s biggest Islamic insurers plan to develop in Indonesia, taking advantage of industry growth that is almost three times the pace of their home market and ampplyfying the wealth in the world’s most populous Muslim country.
It seems that Mayban Ageas, the nation’s largest insurer, is thinking about an acquisition in Indonesia. Syarikat Takaful Malaysia, the second-biggest, forsees its Indonesian unit generating 50% of its profits, from less than 10% now.

The Islamic Development Bank (IDB) revealed some plans to invest $98 million for the implementation of bilingual education in Nigeria.
The funds will be used in supplying support for the integration of Quranic schools into western education. The bank’s decision is focused at improving enrolment in schools, most especially for the girl child.
Before stating its developmental plans for Nigeria, the president of the bank, Dr. Ahmad al-Madani, corrected the notion that the bank is a religious institution.

The European Union banished any kind of financial transactions with blacklisted Iranian financial firms, but U.S. officials made clear they would maintain the pressure for the EU to go further.
The Belgium-based Society for Worldwide Interbank Financial Telecommunication stated that it will comply. The measure will be published in the EU's Official Journal this week.
The U.S. Treasury has blacklisted 23 Iranian banks. But U.S. lawmakers note that Tehran is using more than 20 other banks to finance its nuclear program and support for regional militant groups.

The Tods Murray/Islamic Finance Council UK (IFC) ethical finance forum will analyze the practical challenges relating to marketing and distribution and talk about methods for measuring social returns.
Over the last few weeks, these discussions have reached more pertinent against the backdrop of constitutional reform. Scotland’s monetary system is being strongly debated.
IMF studies have shown Islamic banks are more stable than their conventional counterparts and it needs to be seen what we can learn from this to diminish systemic risk.

It seems that the Human Welfare Foundation will now provide loans in the form of interest-free microfinance to the poor across the country including Hyderabad.
Besides interest-free loans, a support system for human welfare containing a network of activities focusing on healthcare, protection of civil rights, women's empowerment, disaster management and encouraging strict adherence to ethics in professions such as medicine is the most needed thing at this point.