IslamicFinance.de

Changes are planned in the financial regulations of Senegal, Kenya, Nigeria and South Africa. These will permit a launch of Sukuk and are allocated to deliver a rebound in the international Sukuk market, a market that has been declining since 2008.
The latest Global Sukuk Market report released by the International Islamic Financial Market (IIFM) shows that Africa accounted for only 0.3% of global Sukuk launches in the decade ending December 2010, all of which came from Sudan with some miniscule activity in The Gambia.
The report also adds that issuance trend displays that Islamic countries will continue to be the main drivers of the Sukuk market in the coming years while others from Europe, Africa, Central Asian Republics and the Far East may join if they see opportunity and advantage in issuing Sukuk.

Moody’s has downgraded Arcapita from B2 to B3 as the retailer’s sales stumbled and the significant leverage involved in the deal weighs on the company’s earnings. The outlook on the rating seems to be negative.
Moody’s re-rating comes after a similar downgrade from S&P in September, which dropped its rating on the loan from a B to a CCC with a negative outlook based on the risk that the company will breach its debt covenants.

London-based Advanced Global Trading (AGT) is settling a deal that would make it become the first carbon brokerage to offer Islamic services in the region. If all goes like planned Muslim investors could tap into what is now the fastest growing traded commodity by the beginning of November.
The idea is that each Shari’ah carbon credit acquired finances a project that attests it will reduce greenhouse gas emissions. Although there are few homegrown carbon- credit producing projects, the Middle East has witnessed growing demand.

Ahmad Hizzad Baharuddin is the new director general of the Labuan Financial Services Authority at Bank Negara Malaysia. He has been appointed to the role for a three year term, effective from October 3, 2011.

Recent regulatory changes in Kuwait and Qatar, retail client preferences for Shariah-compliant banking products, and stronger balance sheets and funding positions, provide better growth prospects for Islamic banks compared with conventional peers.
It seems that the brokerage gave Saudi Arabia's Alinma Bank and Qatar Islamic Bank 'overweight'.
The brokerage downgraded Abu Dhabi Commerical Bank to 'neutral' from 'overweight' expressing the fact that slowing private sector activity, rising foreign exchange refinancing costs and a flattening US yield curve will blow net interest margins in the long term.

In its new publication, Islamic Banking and Finance in North Africa, the African Development Bank assesses the state of Islamic banking in the region and explains why its use has been limited. The report considers the future potential of Islamic finance, including its possible alignment with North Africa’s development goals, particularly its ability to increase the diversification of funding sources.

The report takes into consideration the effect of Islamic banking’s focus on the equitable distribution of risk and returns between suppliers and users of funds. Islamic Banking and Finance in North Africa goes further by exploring whether Islamic-style finance contracts could contribute to the development objectives of North African countries.

full report for free download: http://www.afdb.org/fileadmin/uploads/afdb/Documents/Project-and-Operati...

The Vatican called for an overhaul of the world’s financial systems, and again proposed establishment of a supranational authority, reported the New York Times.

Original in wording in Italian:
http://press.catholica.va/news_services/bulletin/news/28264.php?index=28...

The Bahrain Bourse decreased a quarter percent and closed at 1,144.29 points.
Islamic Bank Al Baraka Banking Group underlined that it has not yet got a license to organize a private bank in Libya and the public and shareholders will subsequently be notified once the license is obtained.

The $100 million sukuk for the Building Materials Company has been successfully resolved and paid for in full on its maturity date on October 18.
The statement was given by the arrangers and lead managers, Kuwait Finance House (KFH), Liquidity Management Centre, Gulf International Bank, and Standard Bank.

Goldman Sachs has recorded a $2 billion Islamic bond programme, contributing with further evidence of conventional borrowers looking to sharia-complaint funding sources as market volatility makes raising debt finance more difficult.
The investment bank has set up the Cayman Islands-registered Global Sukuk Company Limited special purpose vehicle to launch murabaha-structured sukuk.
The sharia adviser of the programme is Dar Al Istithmar Limited.

On the one hand the rise in Islamic capital markets will be charged by more cross-border deals but on the other hand, the disparity in tax and legal framework across jurisdictions needs to be directed to.
A common platform for cross-border transactions as would collaboration among countries will be offered if there will be increased harmonisation in sharia interpretation and more guidelines from global industry bodies.
However, growth of Islamic capital markets was slowed down by limited distribution channels for sharia financial products and disparity in the legal, regulatory and tax frameworks.

Gaurdian Investment House (GIH) together with Capital Trust Securities (Pvt) Ltd. (CTS), has outlined a public trading platform that adheres to Shariah values.
The platform was named 'The Islamic Securities Account' (ISA) and has been given the full support of the GIH's Shariah Advisory & Supervisory Board.

Etqaan Shariah Capital Partners is closing its first Etqaan Shariah Fund. TNI and KAMCO are managing the Fund with $20m, and will persist to fundraise in regional and international markets, subject to country specific regulatory approvals.
The Fund will invest between $20m and $40m in six to eight portfolio companies in the Middle East and North Africa (MENA) region, and will look to primarily take majority stakes in leading regional businesses.
Legal counsel was given by Dewey and LeBoeuf LLP during the formation of the Fund. Fund administrator will be Deutsche Bank (Cayman) Limited.

Hansonwade’s Summit on scalable business models for Islamic Microfinance will take place from January 30 to February 1, 2012 in Istanbul, Turkey.

The focal point of the summit will be on identifying the potential business models available and their challenges. At the summit Tijara, USAID, Akhuwat, Al-Amal Microfinance Bank, Tanzania eco-Volunteerism and CWCD will share their projects.

Event Website:
http://islamicmicrofinance-summit.com/

Mr Fola Daniel, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), has asked insurance brokers to investigated opportunities in micro and takaful insurances to broaden the insurance market.
He added that part of the commission’s efforts at growing the insurance market is the introduction of the Market Development and Restructuring Initiative (MDRI) in 2009, but was dissappointed that the brokers have not brought sufficient energy into the initiative.

Pakistan has an incredibly active civil society, with 200,000 people volunteering their skills full-time in 2004. Studies also prooved that individuals donate significant contributions to non-governmental organizations. South Asian cultural values of responsibility for family and community could also account for a high number of donations to individuals. Other factors such as anonymity also elucidate why most estimations underpredict the total amount of donations given by Pakistanis each year.
Zakat, the fourth of the five pillars of Islam, asks Muslims to donate a certain percentage of their savings to a charity of their choice. The rule only engages to individuals/families with savings greater than 2.5% of their annual income after all lawful expenses have been met, and only funds that have been saved for a year or longer are counted.

Path Solutions and Banque Islamique de Mauritanie (BIM) presented the successful Go Live of iMAL Islamic banking solution at BIM main branch in Nouakchott, Mauritania, on Sunday the 2nd of October.
Path Solutions gives complete end-to-end solutions for the Islamic finance sector which allow its clients to have a 'one-stop shop' for all their needs. The AAOIFI-certified iMAL has reached an unprecedented success by continuing to offer superior performance, flexibility and ease-of-use.

African Development Bank presents in a report the reason why the use of Islamic banking in the region has been limited. First, it takes into consideration the effect of Islamic banking's focus on the equitable distribution of risk and returns between suppliers and users of funds and the future potential of Islamic finance, including its possible alignment with North Africa's development goals, particularly its ability to increase the diversification of funding sources.

I seems that the assets of Islamic financial institutions in Qatar have traversed the QR100bn mark.
After this, many of the European banks and international financial institutions have decided to open Islamic banking windows to collect the benefits and advantages of Islamic banking system.
Barwa Bank will register in Qatar Exchange after the bank completes the pre-requisites and other necessary formalities as it is waiting for the approvals from the concerned authorities for this. The statement came from Sheikh Mohammed bin Hamad bin Jassim Al Thani, Chairman of the bank.

KSB Capital Group is searching investors in an open-ended Shariah-compliant investment fund targeting shares listed on the Qatari bourse.
Qatar is a promising market for investment as 90% of the companies listed there are paying out dividends to their shareholders. The statement came from Ibrahim al-Olwan, the company’s deputy chief executive.