IslamicFinance.de

The ultimate aim ao ethical investment is in all cases the same: how can investors combine a desire for returns with a concern for social, environmental and ethical issues?
First, if you have a fund manager settling which firms follow the right ethical standards, you may find that your understanding of these standards differs. To ease up the process, ethical funds are often referred to as different shades of green; the darkest green funds have the strictest ethical positioning and a greater number of, or more stringent, negative screens.
Although ethical funds often underperform other investments, this doesn't mean such funds cannot give back decent returns, or cannot work well in a defensive portfolio, particularly as many green funds steer clear of the banks.

It seems that Saudi Arabian Mining Co signed with 13 local and international banks a 3.7 billion riyal ($991.5 million) facility for the construction of the second phase of Maaden and Alcoa Inc 's $10.8 billion integrated smelter and rolling mill complex.
The cost is estimated at 13.4 billion riyals, of which 5.4 billion riyals will be financed by the project partners on a pro-rata basis.

It appears that Mashreq Bank is the process of structuring a number of UAE-dirham denominated benchmark Sukuk. Masreq al Islami, the bank's Islamic window's CEO, Moinuddin Malim, stated that the bank was colaborating with three clients, from both the government and private sector who were searching to raise finance in the UAE market.

It is possible that the Commonwealth of Independent States will become the next frontier for Islamic finance. At this point, six Muslim republics of the former Soviet Union, Azerbaijan, Kazakhstan, Uzbekistan, Turkmenistan, Kirgizstan and Tajikistan are members of the CIS. Moreover, Russia has also 20m indigenous Muslims in Russia, mostly concentrated in the semi-autonomous Caucasus provinces of Chechnya, Ingushetia, Dagestan, Tatarstan and Bashkortostan.
Although the relationship between Russia and its Muslims wasn't very good, it has started to make concerted efforts to reach out to Turkey, Iran and the Arab nations to the south and Pakistan, Malaysia and the Islamic democracies of South East Asia.

It seems that Almarai Co is to going to look for shareholder approval of its plan to launch sukuk at a general assembly meeting on Nov. 19.
Shareholders will be asked to accept the company's bond issue programme, and to certify its board of directors to launch the sukuk, once all regualtory approvals are in place.

It seems that Malaysia's central bank is thinking about allowing a more flexible cap on foreign shareholdings in banks.
An unnamed source stated that Bank Negara Malaysia has been in talks with the country's financial services industry, to supply feedback for the government in drawing up its second 10-year Financial Sector Master Plan blueprint expected to be disclosed by the end of the year.

Standard & Poor's Ratings Services stated that Asia's solid economic growth and surging population will urge for significant developments and upgrades of its infrastructure.
It appears that Asian economies need US$8 trillion over the next decade to fully address the region's basic infrastructure needs, including developments in areas such as water, transportation, and energy.

Abu Dhabi National Energy Company (TAQA) preparing up a RM3.5 billion sukuk program to mix funding sources, but it seems that the launch process is likely to take much longer given the prevailing changeable market conditions as a result of the fallout of the euro zone sovereign debt crisis and the downgrading of the US credit rating by Moody's Investors Service.
Mohammed Mubaideen, investor relations manager, TAQA, approved this statement.

Bank Alkhair is looking for small boutique banks in Malaysia to acquire, so that it can expand its presence in south east Asia and to win ringgit exposure.
The bank operates in Saudi Arabia, Malaysia and Turkey, primarily in the Islamic investment banking field.
Ikbal Daredia, CEO of its Malaysian operation, stated that Alkhair has put a target on some small institutions as takeovers, but underlined that nothing was going in the near future.

According to sources of the monthly magazin Bilan, a French language business monthly, the 'Islamic Bank of Switzerland' is seeking a license to operate out of Zurich, Switzerland. Investors are supposed to be from Qatar.

Majid Al Futtaim Holding is going to issue a Sukuk program. It seems that the move has been implied as the firm finds it difficult to raise finance through the conventional route as market volatility and uncertainty abounds.
The company had tried to gather $2bn in a conventional medium-term notes program earlier in the year, but despite undertaking a roadshow to advertise the bond, had withdrawn the notes before launch because of poor market conditions.

The fact that Bank Emirates NBD takes over Dubai Bank is more likely not ot have an impact in the Gulf Arab region. Although it's not a common merger, it is a handover arranged by the state.
Although seen as overbanked, the UAE takes rare steps towards consolidation. Emirates NBD is the result of a merger dating back to 2007 between Emirates Bank International and National Bank of Dubai. This was the last time when a bank in in the Gulf state bought a competitor or merged with one of its rival.

Dubai Bank was saved by Emirates NBD under instructions from Sheikh Mohammed Bin Rashid Al Maktoum, Dubai’s ruler. Dubai Bank is owned by the government, which also has a 55% stake in Emirates NBD.
Rick Pudner, CEO of ENBD, stated that Dubai Bank will be capitalized by ENBD to the extent considered necessary.

BIC/MENA and civil society representatives from Egypt, Lebanon, Tunisia, and Yemen among others successfully engaged the World Bank at the 2011 Civil Society Policy Forum of the World Bank/IMF Annual Meetings.
Egyptian civil society representatives met with Egypt’s World Bank country director, David Craig. Tunisian civil society representatives have insisted for engagement with Bank in first meeting with ED, Mr. Javed Talat. Civil society representatives met the Bank’s new Yemen country manager, Wael Zakout.

Kuveyt Türk Participation Bank has assigned HSBC, Kuwait’s Liquidity Management House and Standard Chartered Bank to arrange a series of fixed income investor meetings.

Malaysia’s 2012 Budget is to provide incentives increases Islamic finance, extending tax breaks on Sukuk issuance for a further three-year period.
Prime Minister Datuk Seri Najib Tun Razak stated that a tax deduction on expenses incurred for Sukuk Wakala will be offered for a three-year period from 2012 to encourage more Sukuk launches.

Mashreq Al Islami stated that it is in discussions with three entities including corporates and government related entities to establish sukuk programmes.
Moinuddin Malim, Chief Executive of Mashreq Al Islamic, stated that there is enough liquidity in the market and therefor they are trying hard to establish a local currency denominated sukuk market. They are talking at this point with three entities who have the potential for benchmark-sized ($500 million upwards) sukuk issuance.

It seems that Citi has led the first ever exchange, tender and consent solicitation ever executed in the Sukuk market. It has also led the first Islamic deal ever done in Turkey, that was a US$100 million issue. The statement came from The Banker.

It appears that Elaf Bank has accessed sharia-compliant bond mandates worth at least $1.5 billion from three Malaysian firms. The sukuk is being planned for the first quarter of 2012.

One of the strategic tasks supported by the Government within the Islamic finance development road map contains the development of the Islamic finance in Kazakhstan. A way to increase public and business' awareness of the Islamic finance in Kazakhstan are holding relevant forums and conferences.
An example is the Second Islamic finance forum held in the Kazakh capital at Rixos President Astana hotel on 20 September 2011.
Prospects of attracting foreign investments by means of Islamic financing, its basic tools and mechanism such as sukuk for corporative and public sectors at the Forum were discussed