IslamicFinance.de

It seems that there is the possibility that the UAE might be thinking to set up a pension or superannuation scheme for the 90% plus of its more than 8m strong population.
At this point, there is a system in operation whereby expatriates who come to the end of their working life in the UAE get paid a lump sum gratuity payment. The new system could be fairer and more equitable but, critically for the Islamic finance industry, might create a significant opportunity for Shari’ah compliant asset managers if the mooted pension system was structured in such a way that it was entirely – or largely – or even partly – Shari’ah compliant.

Zawya Investor lists 64 UAE domiciled Sukuk going back to the $100m Tabreed Sukuk issued in March 2004. Forty-six of these have been issued, with 17 Sukuk that have already reached maturity.
There are also six Sukuk that have been announced, but not yet issued, with the last one offering on the slab being the proposed Majid Al Futtaim Sukuk, which would partially or wholly replace a cancelled $2bn conventional issue slated earlier this year, but ultimately canned due to inopportune market conditions. Majid Al Futtaim stated that it had authorized Standard Chartered and HSBC to help arrange and place the issue.

It seems that Hong Kong’s government plans to go ahead with moves to transform the city into a “vibrant” centre for Islamic finance.
The government was currently working on legislation to make a level playing field for Sukuk and conventional bonds in Hong Kong, in terms of tax liabilities. Its purpose is to begin a second round of consultation with major market players on its proposals during the first quarter of next year.

Reuters published a report that stated that Dubai Group has not made any interest payments, worth hundreds of millions of dollars, on $10bn of its outstanding debt since August 2010. The report added that no financial support from Dubai authorities has been offered.
It seems that at this point, Dubai Group’s assets could be worth as little as $2.5-3bn.

It seems that the Government will continue working to establish Bermuda as a centre for Shariah-complaint finance.
Business Bermuda members have over the last few years been marketing Bermuda as a jurisdiction that can administer and manage Shariah-compliant funds, re/insurance and other types of financial/investment products, Shariah law frowns on alcohol, tobacco and gambling-related businesses and bans interest.

Having coem out from the global debt crisis relatively safe, the Islamic finance industry is looking to corporate business as the next big growth driver.
More than 70 Islamic banks and windows are now in operation across the GCC as both Muslim and non-Muslim, corporate and retail customers look to involve Islamic finance into their investment and funding mix.

Although Libya’s civil war destroyed its economy and banking system, it has created conditions for strong growth of an industry which made little headway under former Gaddafi: Islamic finance.
The head of the new government promoted Islamic finance, which prohibited the lending of money for interest and other practices violating religious principles.

It seems that the Autoriti Monetari Brunei Darussalam (AMBD) has gathered $691 million from nine syariah-compliant bond issuances.
AMBD stated that it has drifted sukuk nine times between April 21 and October 13 this year. The statement revealed that the nine sukuk issuances from April 21 2011 to October 13, 2011 carried a rental rate of between 0.10 per cent and 0.35 per cent.

UNESCO works in education, the sciences, culture and communication and information. Recently it lost a substantial portion of funding as the newspapers reported (see for details: http://www.bbc.co.uk/news/world-middle-east-15527534 ). It is worth considering how to support the UNESCO and their goals:

"UNESCO works to create the conditions for dialogue among civilizations, cultures and peoples, based upon respect for commonly shared values. It is through this dialogue that the world can achieve global visions of sustainable development encompassing observance of human rights, mutual respect and the alleviation of poverty, all of which are at the heart of UNESCO’S mission and activities.

The broad goals and concrete objectives of the international community – as set out in the internationally agreed development goals, including the Millennium Development Goals (MDGs) – underpin all UNESCO’s strategies and activities. Thus UNESCO’s unique competencies in education, the sciences, culture and communication and information contribute towards the realization of those goals.

Although Libya is Africa's biggest oil producer, it will still have to borrow money for the reconstruction of its infrastructure and one source the new government is considering to be the Islamic capital markets.
Bloomberg stated that the financial regulator has, under instruction from the interim government, arranged a committee with the country's leading banks to change the financial laws to grant permission to the issue of Sukuk.

Investors in Aldar Properties' $ 1.1 billion sukuk are gambling on the fact that the indebted developer will repay the issue even if it means more aid from Abu Dhabi which the company out this year.
The sukuk was established as an exchangeable bond by National Bank of Abu Dhabi, Barclays Capital and Credit Suisse, at a conversion price of $ 1.55 or 5.69 dirhams.

A strong demand for a sukuk launched by Turkish bank Kuveyt Turk last month underlines how Turkey has the chance to become a major source of Islamic bonds for Gulf investors who are looking to diversify geographically.
The $350 million sukuk was only the second sukuk issued from Turkey.
Although until now Gulf investors have not focused on bonds from Turkey, the relatively comfortable way in which Turkey's economy is coping with global weakness may change their mind.

Overly-complex Islamic finance structures such as the Nakheel sukuk jeopardize the potential for disruptive behavior.
Complex Islamic finance structures which look to replicate conventional products often need a large number of complex agreements, that can lead to a large number of legal challenges.

The Brunei Monetary Authority has successfully estimated nine Islamic sukuk series totalling B$691 million ($540.6 million). The sukuks were priced betwwn 0.1-0.35 percent.

DRB-HICOM Bhd will attempt an Islamic medium-term notes (sukuk) programme of up to RM1.8 billion.
Maybank Investment Bank Bhd was assigned principal adviser, lead arranger and lead manager for the programme.
The company stated that the proceeds from the programme would be used to finance working capital requirements; current and future projects; investments; capital expenditure; and, refinance borrowings.

The Muslim-majority region of Tatarstan seems to be an attractive investment destination for funds – for both Russian Muslims and foreign investors based in Muslim countries.
Two Islamic funds have recently launched operations in Tatarstan. On the one hand there is the Malaysian private equity firm AmanahRaya Capital Group, which has already launched several projects in the republic.
On the other hand there is the Foras International Investment Company, launching an investment vehicle with the newly established Tatarstan International Investment Company.

The Investment Dar K.S.C.C. has fulfilled the first payment to its Investors. All individual creditors holding stipulated judgments with payment dated for 31 December 2011 were invited to collect their cheques and sign the necessary documentation.

The Takaful industry in the UAE has had a remarkable growth over the last five years, with seven Takaful companies currently operating in the UAE and five new Takaful providers set to launch shortly.
Experts from the local Takaful industry discussed whether the rise of Takaful companies are improving or salvaging the local insurance market, at the 8th Middle East Insurex 2011.
The Middle East Insurex 2011 took place under the patronage of Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and Industry, U.A.E.

The Palestine Exchange (PEX) obtained the unaudited interim condensed financial statements from Palestine Islamic Bank( ISBK). Their disclosure has been published on the PEX website and contains: the Statement of Financial Position, the Income Statement, Changes in Equity Ownership, and the Statementof Cash Flows.
The company also presented information regarding management, issued shares, material changes and significant events that may have disturbed financial performances during the first nine months of the year.
Furthermore, ISBK has procured draft financials of the first half of 2011 that havenot been reviewed by their independent external auditor, and the Palestine Monetary Authority (PMA) has not approved them.

Sheikh Salman bin Isa Al Khalifa, executive director of banking operations at Bahrain's Central Bank, stated that Bahrain is still planning to sell sukuk.
It seems that Bahrain has hired Citigroup Inc., BNP Paribas SA and Standard Chartered Plc to counsel on the sale of US$1 billion in bonds in October.