IslamicFinance.de

It appears that after the update of Rating Sukuk criteria by Fitch Ratings the changes are not significant and therefor it will have no impact on existing ratings. The report outlines Fitch's approach to rating Sukuk.
Fitch analyses the structure of the underlying transaction(s) to comprehend and analyze the contractual cash flows.
While the report focuses on Fitch's recent experience, Islamic finance is in continuing its evolution.

Amrahbank and Turkapital Holding BSC signed a Memorandum of Understanding. The reason is to set up a cooperative working partnership in areas of common interest, the purpose being to encourage cooperation between the parties in the areas of direct investment opportunities in Azerbaijan and Turkey.
Mr. Fawaz Al-Issa, Chief Executive Officer of Turkapital and Mr. Emil Mammadov, Chairman of the Management Board of Amrahbank signed the agreement.

Indonesia is seen as a natural fit with Islamic banking, finance and insurance. Indonesian Vice President Boediono states that the mobilization of domestic savings through Islamic banking is expected to help drive the growth of the Indonesian banking industry.
Gov. Darmin Nasution of the Bank of Indonesia predicted Islamic banking deposits in Indonesia to grow steadily over the next few years.

Oman's central bank has given Al Izz International Bank a license to operate as a fully-fledged Islamic bank. The Sultanate is trying to open doors to Islamic finance through this measure.

It seems that International Bank of Qatar has sold off its Islamic unit to Barwa Bank.
There are no reports about what the other conventional banks, mainly giants like the Qatar National Bank (QNB), are doing with their Islamic operations.
Someone familiar with the mather said, however, that acquisitions of Islamic units of commercial banks are expected to follow Al Yusr's buyout by Barwa Bank.

Indonesia is expected to to have a natural fit with Islamic banking, finance and insurance, especially because of the mobilization of domestic savings through Islamic banking.
But it seems that the latest statistics on the sector demonstrate that Indonesia has a long way to go in emulating the success of its neighbor, Malaysia.
For Indonesia, the global sukuk market in particular evolved into an alternative source of funding for infrastructure and other investments. The latest incursion of the Indonesian Ministry of Finance into the Islamic capital market is planned for August 2011 when the government is due to launch 1 trillion rupiah of debut Islamic treasury bills with a six-month tenor.

Hamood bin Sangour al Zadjali, Executive President of the Central Bank of Oman (CBO), stated that a team of experts is analyzing the legislative requirements to bring forward integrated legislation for Islamic banking and make necessary adjustments to the provisions of the current banking law.
He added the fact that the introduction of Islamic banks in the country has become a reality since the issuance of approval by His Majesty for the practice of Islamic banking in the Sultanate to the CBO.

UNEP FI is greeting registrations to the upcoming 2011 Global Roundtable. The conference will bring 600 plus sustainable finance and responsible investment leaders together in Washington for an intensive, two-day dialogue.
The theme of this year is 'The Tipping Point: Sustained stability in the next economy.'

Dar Al-Arkan Real Estate Development Company paid on time, 16th of August 2011, USD 24.2 million due as semiannual payment for its Sukuk IV issuance maturing in 2015.

Bahrain Islamic Bank (BISB) and Al Salam Bank have appointed KPMG Fakhro for their planned mega merger.
The proposed merger between the two is considered a litmus test for the Gulf region after the last attempted merger, between two Qatari banks, failed.
If this will result in a success, it would be the first for two Gulf-based Islamic banks.

Bank Asya is arranging a small acquisition of between $10-20 million in a Balkan country in partnership with the Islamic Development Bank.
hief Executive Abdullah Celik stated that Bank Asya itself was always drawing attention of bid offers but these were well below the bank's potential.

Dr Shariq Nisar is the architect of India’s Shariah Index teaches Islamic Banking and Finance at Aligarh Muslim University, BS Abdur Rahman University, Chennai, Al-Jamia Al Islamiya, Kerala and at many other institutes and Madarsas in the country.
Regarding the recent fall in the stock market and its correlation with Islamic indices the world, he states that their performance during financial crises is generally better due to the fact that scrips connected to interest-based activities are excluded from Islamic indices.
His oppinion about the future of the crisis is that a new set of countries may emerge which will replace the old developed world as the economic powerhouses of the world.

It appears that ICD has adopted IFC's Master Cooperation Agreement. This will help the collaboration between the two on private sector investments in the Middle East and North Africa and in emerging markets worldwide.
The Master Cooperation Agreement standardizes steps that lenders take when joining IFC to co-finance projects, increasing efficiencies and cutting costs to borrowers and lenders throughout the loan period.

It appears that International Islamic Trade Finance Corporation (ITFC) and HSBS signed MoU to implement Shari’ah-compliant trade financing.
The MoU was signed by Dr Waleed Al-Wohaib, Chief Executive Officer, International Islamic Trade Finance Corporation HSBC. In conclusion, customers will be able to use HSBC’s services to facilitate the issuance of Letters of Credit on behalf of ITFC for customers who import or export goods.

It appears that Axis Global Islamic REIT posponed its initial share sale aspiring at raising up to $650 million due to adverse market conditions.
The Shariah-compliant industrial real estate investment trust was targeting a mid-August listing, after it posponed an earlier-planned July debut on Malaysia's stock exchange.
One of the people familiar with the matter stated that the delay is because they want to see what happens in the U.S.

Amlak had a larger net loss as income from its core business fell and impairments more than doubled. The net loss of the second quarter was Dh52.2 million (US$14.2m), compared with Dh597,000 in the same period last year.
Jaap Meijer, a senior analyst at AlembicHC in Dubai, stated that Amlak would need significant impairments on its property investment portfolio.

Sukuk launched last July worldwide amounted to about $5 billion, down 37 percent from the previous month. The statement came from Kuwait Finance House (KFH).
It appears that the value of sukuk issued in the first half of this year has amounted to some $47 billion, exceeding the record high reached last year of $45 billion.

Bahrain Islamic Bank wants to merger with Alsalam Bank. The main reason is to become the largest Shari'ah-compliant bank in the Kingdom.

Standard Bank wants to begin haria-compliant banking in Nigeria this year to benefit from the needs of Africa’s largest Muslim population.
The west African country has as competitors Senegal, Egypt and South Africa, all looking to expand in the $1 trillion (R7.1 trillion) Islamic finance industry.
Central bank governor Lamido Sanusi stated in June that Nigeria wanted to be a “hub” for sharia-compliant finance in the region and planned to sell its first sukuk, or Islamic bond, within 18 months.

Capinnova Investment Bank reported a net profit of $806,000 for the 3 months ended 30th June 2011 as compared to a net profit of $159,000 for the same period in 2010. Moreover, the bank had a growth of 24.3% in net profit for the 6 months ended 30th June 2011 compared to the same period during the previous year.
Capinnova's aim is to be a world class Islamic investment bank offering a range of high quality Shari'a compliant products and services to a diverse clientele including financial institutions, companies & establishments, high-net-worth-individuals and family businesses, regionally and globally.