IslamicFinance.de

Al Madina Insurance Company is the first one to be granted a Takaful license by Oman.
The new firm will give Life, Medial and non-Life Takaful in the Sultanate.
Mohammed al-Barwani, the firm's chairman, presented his desire to become a publically-listed company.
Al Madina stated that it will be arranging its own in-house Shari'ah board to govern its operations and will chase a hybrid version of a Wakala contract for its insurance products and a Mudarabah model for its investment functions.

Although FCB Capital, Kenya's first Shari'ah compliant Islamic investment bank, has carried out a modest amount of business in its first year of operations, it has prooved that East Africa has an appetite for Islamic finance.
The bank's results for the first six months show that it has only just begun receiving income in the last six months, mostly in administration and advisory fees. Their total income was $144,400.

BIMB Holdings has listed RM62.84m ($21m) in net profit on revenue of RM502.26m ($168m) in general because of its aspirations in the Islamic finance realm and Takaful market in particular through its subsidiary Takaful Malaysia.
Johan Abdullah, BIMB's group CEO, stated that growth in the group's net income was accomplished by higher profit from the continued growth in financing, higher non-fund based income and improved asset quality in Bank Islam, as well as higher profit generated from Takaful businesses

Meezan Bank from Pakistan has accomplished the country's first short-term Sukuk deal.
The PKR1.5bn ($17.3m) Sukuk was launched by KAPCO (Kot Addu Power Company Ltd), Pakistan's largest power company. It means a six month Musharakah and a Shari'ah compliant alternative to conventional short-term paper.

It appears that US is supporting Indonesia's oldest Islamic bank, Bank Muamalat Indonesia. The US Embassy in Indonesia and the US Agency for International Development (USAid) signed an agreement with the bank to provide financial guarantees for $1.15bn in microloans to low-income women in Indonesia.

The three largest ratings agencies are still in trouble from the financial crisis, where they may have given higher ratings to mortgage-backed securities than was justified.

It seems that Nigeria has turn into a battleground for Islamic finance. Some lines from the recent newspapers are:
Islamic Banking: Muslims Ready to go to War
Islamic Banking: Insult to Nigeria — Cleric
Stop Islamic Banking in Nigeria
Christian groups oppose establishment of Islamic Banking
Islamic Banking: Christian groups may apply for own licence

Saudi Aramco Total Refining and Petrochemical (Satrop) has chosen three banks to arrange for its Islamic bond, that will help to finance the construction of a large refinery complex at Jubail on the Persian Gulf coast, Saudi Arabia. The three banks are: Deutsche Securities Saudi Arabia, Samba Capital and Saudi Fransi Capital.
The company's proposal is to construct a refinery worth $10bn.

The private Iraqi bank sector seems mature for investment and consolidation, therefor foreign banks are hunting for stakes. But it appears that local banks are unwilling to take partners, fearing a loss of control.
Because Iraqi is rebuilding its vast oilfields and battered infrastructure eight years after the U.S.-led invasion, the country is seen as fertile ground for investment.
It is stated that France's Societe Generale (SOGN.PA) and the Bank of Abu Dhabi in the United Arab Emirates have developed interest.

Stocks in Ajman Bank fell 1.19 per cent to 83 fils a share. The bank's stocks have, however, gone up 4.2 per cent since the start of the year.
The bank's profits are also revealing the first solid growth for some time.
The bank has also showed a desire to concentrate on women's banking and spread out its network with up to four new branches.

It appears that the Justice Department has agreed to stop its investigation into an international financial network with ties to the Muslim Brotherhood and a Saudi prince in a settlement in excess of $30 million.
A comment or the release a copy of the settlement was declined by DOJ.

Because some banks were mixing up their traditional and Islamic banking operations, Qatar's banking regulator communicated conventional banks to close their Islamic operations.
A study conducted by a Qatar University student prooves the assertions by the Qatar Central Bank (QCB) that it directed commercial banks to wind up their Shariah-compliant operations by the year-end since some banks did not keep their two operations separate.

Arcapita Bank gave up its remaining stake in Caribou Coffee.
The sale is anticipated to close on August 23 and is priced at $14.25, below its recent high of more than $17.

The local press stated that the Central Bank of Oman has licensed the Sultanate's second Islamic bank.
Al Izz International Bank has been given the designation to operate as a fully-fledged Islamic bank once it is set up.
The license was granted after CBO decided to authorize Islamic banking after years of prohibition in an attempt to keep the assets of Omani investors wanting to invest in a Shari'ah compliant manner in the Omani economy.

Meezan Bank had a huge influx of funds this year and Muhammad Asad, executive vice president and chief investment officer of Al Meezan Investment Management, stated that it is because of the Government of Pakistan's Sukuk program, which has enjoyed enormous local demand. He added that the sukuk enjoyed high levels of demand because it is tradable and offers competitive returns to the investors.
At this point Al Meezan is Pakistan's largest private sector asset management company.

First Community Bank of Kenya had an after tax profit of $155,500 in the first half of this year, compared to a loss of $763,300 in the same period last year.
The statements proove that the bank is heavily involved in Tawarruq deals with local banking partners.
Local East African banks are using Tawarruq to create liquidity, until other financial instruments like Sukuk will be authorized.

Kenya Reinsurance Corporation is searching to raise its revenue growth to more than the 13% it enjoyed in the first half of this year by diversifying into the Islamic space.
The fact that in East Africa a Shari'ah compliant reTakaful operation will be launched, should let Kenya Re trap the business of Kenya's Takaful Insurance of Africa, as well as that of conventional insurers that have opened up Islamic windows, such as Canon Assurance.

It is possible that the departure of Moammar Gadhafi will help Islamic banking in Libya.
It seems that Gadhafi refused to develop the banking industry without having a reason. He was central bank governor before he ran out of Libya.
The regulator gave Doha-based Qatar Islamic Bank the only license to operate a Shariah-compliant bank a month before the start of the fighting.

The Islamic bank looks to to launch at least US$1 billion (Dh3.67bn) of sukuk before the end of the year. The bank is hoping that this will help it to build a track record among international credit markets for future bond sales.
Details were not revealed, therefor it is not know where the sukuk might be listed or which will be the total size of the sukuk programme.

In July 2011 Norton Rose LLP published a paper on "Protections against unauthorized use of Shariah-compliant financial methods and structures" which lifts a few issues relating to copyright and intellectual property especially with regards to the Shariah structures.
These issues are emerging in the context of the contemporary Islamic finance movement, which only started in the mid-1970s. Questions were raised and some critics still keep these.
Islamic Financial Services Board published the "Guiding Principles on Shariah Governance Systems for Institutions Offering Islamic Financial Services" that helps people to understand Shariah adviseries and structures and confidentiality better.