IslamicFinance.de

Neil Miller is the new global head of Islamic finance. He was hired by KPMG.
It seems that Miller is a specialist in Islamic finance since he moved to Bahrain in 1995. In a statement Miller said that the fact that KPMG’s global reach, vast client relationships and deep industry insights will provide him with an opportunity to identify services and products tailored to the Islamic Finance Industry added with the commitment of the senior partners in the firm to the development of Islamic finance helped him decide to join KPMG.

Engr. Mansur Ahmed, Director General of the Infrastructure Concession Regulatory Commission, points out that critical imperatives for the successful issuance of Sukuk in Nigeria will include the right regulatory and taxation framework, transparent transaction structure, credit rating, marketing, risk and mitigation measures, appropriate technical capacity and guarantees.
On the other hand, Nigerian newspaper Vanguard reports the West African Institute for Financial and Economic Management (WAIFEM) as saying Nigeria stands to benefit from over $1.4 trillion worth of assets being controlled by Islamic banks all over the world if the nation adopts the banking model.

Public Mutual wil launch two new Islamic funds, Public Islamic Treasures Growth Fund (PITGF) and Public Sukuk Fund (PSKF) on 19 July 2011.
The first one is an Islamic equity fund that wants to achieve capital growth over the medium- to long-term period by investing primarily in small and medium sized companies, which comply with Shariah principles.
PSKF on the other hand is an Islamic bond fund that has as purpose to provide annual income through investments in sukuk and Islamic money market instruments.

It seems that Al Hilal Bank sees double-digit growth in 2011 profits driven by its retail and corporate businesses. The lender is beginning to take in consideration the issuing of sukuk. Therefore it will look for a corporate rating before the sale.

It seems that Al Hilal Bank sees double-digit growth in 2011 profits driven by its retail and corporate businesses. The lender is beginning to take in consideration the issuing of sukuk. Therefore it will look for a corporate rating before the sale.

Dubai Investments has secured only a quarter so far of the Dh1.2 billion ($326.7 million) loan it wanted to raise. Because of the political unrest the conglomerate’s manufacturing business is facing setbacks.
In April, the firm said it was in bank talks for a Dh1.2 billion loan to expand its operations, which was to be finalised by May. The loan was going to be used for the expansion of Emirates Float Glass, its glass manufacturing unit in Abu Dhabi and to complete the last phase of its industrial development Dubai Investment Park.

In order to help mobilize funds for businesses around the world, Malaysia will launch a license for an Islamic “mega bank” in the third quarter of this year. The statement came from the country’s central bank governor.
It seems that in the same period, the Southeast Asian nation is also going to start a cross-border clearance platform for sukuk.

A recent study by Barclays Wealth shows that 80% of Saudi HNWIs view commodities as a safe investment proposition, a far greater proportion than any other market included in the 13th volume of the Wealth insights report titled “Risk and Rules: The Role of Control in Financial Decision Making.”
The report has its grounds on a global survey of more than 2,000 HNWIs, and furnishes an in-depth examination of wealthy investors from a behavioural finance perspective.

Fitch Ratings has announced that it has assigned FGB Sukuk Company Limited's $3.5 billion Trust Certificate Issuance Programme a Long-term rating of 'A+'.
Fitch underlines the fact that the rating is for the programme and not to the trust certificates issued under the programme.

A study made by AM Best shows that takaful will continue to be among the fastest growing sectors in the Gulf and Malaysia, with life insurance being the one who provides the greatest opportunity for profitability.
Although life insurance or family takaful offered higher margins and stability, it made up less than 25 % of the contributions received. General takaful, however, has seen varied profitability in the Gulf.

Durham University is going to have a leading UK centre for teaching Islamic finance and business with a new doctoral training centre.
The Durham Centre for Islamic Economics and Finance is in collaboration between the University’s Durham Business School and the School of Government and International Affairs.

The introduction this month of the revised “Islamic securities guidelines in conjunction with revised trust deeds guidelines has the aim of enhancing the Malaysian regulatory framework for fundraising and product regulation in the private debt securities and sukuk markets; to enhance the efficiency and competitiveness of the Malaysian sukuk market; and to promote greater connectivity between the Middle East and Asian Islamic capital market sectors.
The revised guidelines are effectively a continuum of a series of legal and regulatory developments in this space in Malaysia over the last year or more.

After securing approval for its debt restructuring by all lenders, Nakheel properties continue with the plans to issue Dh4.8 billion sukuk on time this month.
The Sharjah-based Arabic language daily Alkhaleej reported that sukuk would be launched and managed by the German Deutsche Bank. The source of the information remains unknown.

With the help of social accountability, citizens in the Arab world are holding public institutions accountable for delivering public services and improving the welfare of citizens. The citizens therefor work with governments in a productive, meaningful way by using evidence-based analysis and advocacy.
The World Bank and CARE Egypt helped organizing the Affiliated Network for Social Accountability (ANSA)-Arab World Regional Strategic Planning and Social Accountability Workshop in Amman, Jordan from June 5-9, 2011. At the the five-day workshop in Jordan there were over 40 representatives from government, CSOs, media, and private sector from seven Arab countries – Jordan, Egypt, Lebanon, Yemen, West Bank and Gaza, Morocco and Tunisia that attended.

Taipei, Taiwan based Sphinx Asia Wealth Management is going to organize a Conference on Islamic Wealth Management in Jakarta that will last two days. The dates will be announced in September.
The company revealed in a statement that the conference will explore key principles and avenues of Islamic wealth management, including Islamic wealth creation, accumulation, protection, distribution and purification in the wealth management cycle.

Microfinance is compatible to work with any model of icrofinance and it presents the alternative to all the products of conventional system.
Zubair Mughal, Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics Pakistan, underlined the fact that Islam has given the best system for poverty alleviation and both Muslims and non-Muslims will have the possiblity to benefit from it.

Gulf Ventures Corporation are initiating a survey for Omani investors to assess the interest among insurance customers in Oman for Takaful.
At the begining of the year, Omani authorities said that they would give licences to new Islamic financial services entities. The first licence will probably be granted soon for an Islamic bank. Potential investors are eager to create the first Islamic insurance firm.

ISLAMIC leaders have the whish that Australia recognises sharia banking practices so Muslims can get interest-free loans for religious reasons.
An Advertiser survey of the nation's Islamic leaders has also shown:
STRONG condemnation of MPs who criticise Muslim women for wearing the burqa/nijab.
CONCERN that ordinary Muslims are still being linked to terrorism.
DISGUST that innocent people in Muslim countries are being killed in the "war on terror".

The reason indices are important is because they symbolize the DNA of investing, be it conventional, ethical or faith based.
The three major functions of the indices are:
- they provide a pulse of the health of the market place (in theory),
- they are the basis of investable products and
- they allow investors to know how their fund, portfolio , stock, etc, behaved against the benchmarks, be it DJIA, S&P 500, FTSE 100, Russell 2000, TR-IR Islamic Indices.

Companies in Bahrain and Bangladesh can choose now to use either conventional or Shariah-compliant banking products and services from HSBC. HSBC Amanah has launched a range of products and services to meet the banking needs of corporates in these countries.
Begining with this December, the following HSBC Amanah corporate banking products are available in Bahrain:
- Business accounts: Funds deposited are used only in a Shariah-compliant manner and customers get related facilities such as cheque books, debit cards and internet banking
- Investment solutions: Meets investors’ short-term investment needs in a Shariah-compliant manner
- Working capital finance solutions: Short to medium-term financing solutions for working capital and liquidity needs based on goods or commodity Murabaha concepts
- Trade finance solutions: Meet the importer's trade and finance requirements based on Murabaha