IslamicFinance.de

Governments in the Middle East were called by Dubai Asset managers in the region to unite their regulations governing the financial services industry.
Top executives stated that each GCC country — the UAE, Qatar, Oman, Bahrain, Kuwait and Saudi Arabia — posesses its own set of rules, which sometimes don’t conform to each other and make it difficult for them to sell products.

At the International Conference on Islamic Microfinance, held in June in Islamabad, Pakistan participated over 500 industry experts, practitioners and stakeholders from 20 countries trying to promote Islamic Microfinance and chart its future growth.
Mr. Ahmad, Chief Executive Officer of Pakistan’s Microfinance Network, presented the challenges facing the industry and offered plausible solutions.
Mr. Christopher Candland, Associate Professor Department of Political Science and Director South Asia Studies Program, Wellesely College, USA, revealed that major researches on commercial microfinance show how the growth of microfinance has far defeated its effective alleviation of poverty.

"Best Bank in Sudan Award for 2010" was given by Global Finance Magazine to Al-Salam Sudan Bank Sudan. Through this award there are recognized the bank's continuous achievements, for the distinguished services it offers to its customers and for its capability to achieve growth in its financial assets and profits.
Osman Mukhtar Ahmed, the general manager of the bank, received the award.
The Bank is seen as one of the biggest banks listed in the Khartoum Stock Exchange.

It appears that the Public Investment Fund (PIF) authorized SR4 billion financing facility for the Qasr Khozam development project of Dar Al-Arkan Real-Estate Development Company.
Tadawul website stated that this funding will contribute to the project by increasing the speed of the development operations and pushing ahead to the next phase of sending evacuation notifications, the compensation and transfer of ownership of the properties located in the project area.

Alkhair International Islamic Bank Malaysia is asking approval from Bank Negara Malaysia to begin talks to obtain a Malaysian bank. The reason seems to be the fact that this will permit them to affirm into the ringgit business.
Alkhair International posesses a licence to carry out Islamic banking business in non-ringgit currencies.

Saleh Abdullah Lootah, Managing Director of Al Islami Foods, stated that the $1 trillion (AED3.68 trillion) global Islamic finance industry finds itself in the process of developing a road-map to gather $651 billion (AED2.4 trillion) halal market.
The statement was given during the 8th Kuala Lumpur Islamic Finance Forum 2011 (KLIFF), organized by the Centre for Research and Training (CERT), where Al Islami was the only halal food company from the Middle East invited to the international event.

One of the important issues to appear from the second annual meeting of the Aman Union is the increased request for political risk insurance especially insuring risks in post-conflict countries and those undergoing economic and political transformation. The meeting was held in Istanbul under the aegis of the Turk Eximbank.
Turk Eximbank signed a Memorandum of Understanding (MoU) with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Abdel Rahman El-Tayeb Taha, the chief executive officer of ICIEC, and Hayrettin Kaplan, the general manager of Turk Eximbank were the one that signed the MoU.
The two companies have the purpose to help Turkish investors and contractors doing business in the member countries of the Organization of Islamic Cooperation's (OIC). ICIEC, specifically aims to supply political risk insurance (PRI) to Turkish companies doing business in ICIEC member countries.

Saudi Aramco Total Refining and Petrochemicals Company stated that it has gathered $1 billion for its 400,000 barrel per day refinery project by selling an Islamic bond.
It added that sukuk is 3.5 times oversubscribed and matures in about 14 years.

A report shows that at least seven renminbi funds for international investors have been launched in the past year.
The funds are adressed to at non-mainland Chinese wishing to add renminbi-denominated bonds to their portfolios and contain products launched by AllianceBernstein, Barclays, BEA Union Investment, Guinness Atkinson and Bosera.
Renmibi funds are still trusted, as the currency remains a better bet than many other investment choices.

The Budget of 2012 will promote furthermore the comprehensive development of conventional and Islamic banking, insurance and takaful, investment banking and other financial services in terms of the range and offerings of products and services.
Datuk Seri Abdul Wahid Omar stated that it showed the Government’s effort to strike a balance between dealing with people, cyclical and structural issues.

AmIslamic Bank has launched the first tranche of its proposed RM2bn ($627m) subordinated Sukuk program, the notes being launched under a Musharakah contract.
The Sukuk program has been assigned a long-term rating of A1 by Malaysian-based RAM Rating Services.

Junaid Ahmed, President & CEO Dubai Islamic Bank Pakistan Limited, revealed the prospects of finding shari’a compliant solutions in the banking industry in an interview given to Profit.
He stated that DIBPL has always looked for its strength in its slogan and being the first Islamic Bank of the world and having a global presence in the UAE, Jordan, Turkey, Sudan and Bosnia, the bank is in a position to present the best mix of banking services to their customers.

BankMuscat wa sthe host of an introductory seminar on Islamic banking services in the Sultanate under the support of Sheikh Abdullah bin Salim bin Abdullah A'Salmi, Deputy-Chairman of the Capital Market Authority.
The lecture included some of the products that could be presented by the Islamic banks, such as Mudharaba, Eejar, Murabaha and Islamic bonds.

It is possible for Islamic pension funds to move from being a “hygiene factor” to a mainstream option as auto-enrolment changes the pensions landscape.
National Employment Savings Trust was the one that chose the firm's Amanah fund to supply its Shariah option this year where it will be one of six investment choices.

A company official stated that Malaysia's stock exchange operator has the purpose to double the daily average trades on its murabaha platform from 1 billion ringgit ($313 million) next year as it develops its Islamic finance products in overseas markets.
One of the key challenges to the emerging Islamic finance industry is the lack of liquidity tools. The sharia banks being held back partly because of the limited range of products they can invest in.
Bursa Malaysia will develop its business in Middle Eastern countries such as the United Arab Emirates, Saudi Arabia, Kuwait, Qatar and Jordan. The statement was given by Norfadelizan Abdul Rahman, the exchange's Islamic markets' acting global head.

The Australian National Imams Council (ANIC) has chosen Dr. Ibrahim Abu Mohamed as the new grand mufti of Australiaon. Is seems that ANIC General Assembly Members and the Fatwa Committee members unanimously agreed to appoint Mohamed as the new Grand Mufti of Australia.

The Islamic Bank of Thailand is awaiting clarification from government regulators on tax breaks for Shariah-compliant bonds before advancing with the country’s first sale of baht-denominated sukuk.
Thailand’s only Islamic bank originally calculated to sell 5 billion baht ($161 million) of sukuk, which pay returns on assets to follow the Islam’s ban on interest, in the third quarter.
Furthermore, the lender plans to sell $150 million of sukuk in the Southeast Asian nation’s first global offering once the baht issue has been closed.

Oman’s corporate sector is anticipated to come out with sukuk or Islamic bond issues to carry out their funding requirements, once the market watchdog Capital Market Authority (CMA) issues regulations.
Ahmed bin Saleh Al Marhoon, director-general of the Muscat Securities Market (MSM), stated that Al Madina Real Estate Company had approached CMA for floating sukuk last year, but because of the fact that sukuk was not permitted at that time, they didn't get the acceptance.

The process of opening Australia to Islamic investment was started by a Muslim wealth manager. The first Shariah compliant equity fund was launched in Australia. The fund is being advertised to local investors as a socially-responsible option.
The aim of Crescent Wealth is to appoint a raft of investment products, including superannuation, that will offer Australians access to the previously untapped $1.4 trillion Islamic investment market.

Datuk Seri Ahmad Husni Hanadzlah, Second Finance Minister, stated that Islamic finance practitioners should explore joint ventures and synergistic collaboration with formed global brands in private equity and asset management industries.
Furthermore, his oppinion is that this would be the most efficient way to evolve as local players have significant value proposition to develop such alliances attractive to their foreign counterparts.
Private equity, worldwide, has raised US$184 billion via Islamic financing, until this point.