IslamicFinance.de

While waiting for parliamentary authorisation to utilize a set of state-controlled underlying assets to guarantee the issue, Indonesia's finance ministry delayed the sell of sukuk that was programmed on the 10th May.
The Ministry has not revealed the size of the offering.

New Secretary-General Jaseem Ahmed, summit host, Yves Mersch, Gov. Banque centrale du Luxembourg and Faris Sharaf, the chairman of the IFSB governing council and governor of the Central Bank of Jordan were very happy about the good results of the global Islamic financial services industry, considering the challenging environment presented by the recent international financial crisis.
For Islamic finance in particular, the pressing issue is the need to assure that the regulatory and supervisory framework for Islamic finance is consistent with ongoing global regulatory and supervisory reforms. This is particularly important since Islamic finance is rapidly being conventionalized and increasingly integrated into global financial markets.

The statement of Yves Mersch, governor of the Banque Centrale de Luxembourg, revealed the fact that the Luxembourg government is in no hurry to issue a sukuk because there are currently no serious reasons for doing so.
The government doesn't need to borrow at this point, so no sukuk will be sold.
But Ernst & Young, Theisen Law and Lux Global Trust Services organized summit on "Islamic Finance in Luxembourg" and if he had participated, he may have a had different oppinion.

Qatar Islamic Bank (QIBK) aims to increase its workforce by as much as 7 percent this year.
Ahmad Meshari, Acting Chief Executive Officer, stated that there will be no layoffs and further hiring is planned, after another 50 people were hired recently.
Qatar Islamic recently also hired Booze & Co. as a strategic adviser.

In order to reduce debt payments, Qatar Islamic Bank is going to sell sukuk this year. The sukuk will have a maturity for over 5 years.
Qatar’s central bank cut interest rates last month for the first time in eight months after a slowdown in credit growth.The bank lowered the benchmark overnight lending rate by 50 basis points to five percent and the deposit rate by the same amount to one percent.

In order to try to raise liquidity and widen the investor base amid a growing interest in equities in the world’s biggest Muslim-majority country, Indonesia Stock Exchange (IDX) opened a new equities index.
Indonesia Stock Exchange (IDX) gives investors permission to buy stocks without violating Islamic investment guidelines which have been screened by the Indonesia Ulema Council (MUI).

PT Bank Syariah Mandiri's alternative plan to adding capital besides capital injection by the parent company is to issue a subordinated sharia bond worth IDR200 billion at minimum.
Yuslam Fauzi, President Director of PT Bank Syariah Mandiri (BSM), stated that subdebt will be released as PT Bank Mandiri Tbk, the parent company, does not meet all capital requirement along the year.

Chronicle of Philanthropy listed Islamic Relief USA (IRUSA) as one of the top 25 largest online fundraising organizations in the United States in 2010. It seems that these nonprofit organisations raised more than $1.1 billion online in 2010.
IRUSA raised more than $147 million for charity in its 2009 fiscal year, doubling its earnings from the year before.

The GRI Year In Review Report for 2009/2010 shows:
The GRI has made considerable progress as the only global comprehensive sustainability reporting framework available, translated into 25 languages and increasing in uptake year on year.
It opens up with an introduction by Elaine Cohen and ollows with an overview of updates to the GRI Framework undertaken in 2009/2010 leading up to the GRI 3.1 update and a review of sector supplements.
It outlines the strides made in sustainability reporting and how reporting has been a catalyst for performance improvement in many companies, as well as the developing technology focus to support more efficient reporting processes.

Al Baraka Banking Group announced an increase of 11% in the first quarter of 2011 compared to the net income achieved in the first quarter of 2010. Total assets increased by 3%, total financing and investments by 1%, deposits including equity of investment accountholders by 2% as at the end of March 2011 as compared with the end of December 2010.
Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, stated that the operations of banks were affected because a number of Arab countries have witnessed during the first quarter of 2011 large political and social shifts that have had temporary implications on the environment of the banking sector in those countries.

Majesty Sultan Qaboos approved the creation of a new Islamic bank as well as the ability of conventional banks to open branches dedicated to Islamic financing. There has been multiple desires within the Omani and international community to do business in Oman in a Shari'ah compliant way. The announcement is seen as a significant milestone in promoting interstate investment and financing by the business community of Oman and the GCC member countries.
This development is important because a series of guidelines to be released by the Central Bank of Oman (CBO), outlining the change in policy towards Islamic financing is expected. This development will enable both local and international players to tap into new business opportunities.

Indonesia’s first sharia-compliant equities index was finally set in motion by Indonesia Stock Exchange (IDX). IDX president director Ito Warsito and MUI deputy chairman Ma'ruf Amin were the officials that took part.
The ISSI comprises 214 Indonesian stocks that account for 43.6 percent of the bourse's overall market capitalization.

The KFH Cash Management Solutions (CMS) was opened by Kuwait Finance House (KFH) Malaysia. CMS is an online portal designed specifically to manage business banking transactions.
Its services are available seven days a week for convenience. CMS is offering the following type of banking services: account management, cheque management, payable management, bulk payments, salary services, trade services and investment account.

The FTSE Physical Industrial Metals Index Series was opened by FTSE Group together with Global Commodity Finance and Merit Commodity Partners.
The index series was made to enlarge the range of investment and diversification opportunities open to investors, who are looking for Shariah compliant products.

In order to further ride on the high demand for Shariah-based products in the country, HSBC Bank Malaysia Bhd will underline more the focus for Islamic banking.
Jonathan Addis, executive director and deputy chief executive officer, stated that HSBC Malaysia will continue to invest in the country by opening new branches while more Islamic-based offerings will be rolled out to cater to the growing demand for Shariah-based products.

Lahore Stock Exchange (G) Limited authorised the applications for formal listing and quotation of the units of HBL (Habib Bank Limited)-Islamic Money Market Fund and HBL-Islamic Stock Fund (Open end Funds managed by HBL Asset Management Limited).
The investment objective of the HBL-Islamic Money Market Fund is to find high liquidity, competitive return and maximum possible preservation of Capital for investors by investing in low risk Shariah Compliant securities.

Islamic finance is evolving very fast, being one of the most rapidly evolving sectors. There are estimated to be over 430 Islamic banks and financial institutions operating in more than 75 countries, and around 191 conventional banks that have Islamic banking windows.
At the Asia Summit (WIBC Asia 2011) there will be determined the future steps of the future development of Islamic finance by bringing together industry leaders to explore and capitalize on exciting new opportunities in Asia.

Mr. Oscar Silva was appointed Chief Executive Officer by Global Banking Corporation (GBCORP).
Before GBCORP, Mr. Silva worked with some of the leading banks in the region and also worked in international financial institutions in Toronto, New York, Tokyo and London.

National Takaful Company "Watania" was advised by Allen & Overy on its Initial Public Offering (IPO).
The date of the public launch was 18 April 2011 and corresponded 55% of the total share capital of Dhs150m.
Ibrahim Mubaydeen, managing partner of the Abu Dhabi office and Eyad Mahadeen, senior associate, were the ones that led the team.

The Annual General Meeting (AGM) of Gulf Finance House was held on 8th May 2011 at the bank's offices on the 28th floor of the Bahrain Financial Harbour's East Tower. Updates were given to shareholders on how the bank acted during 2010 in relation to market conditions, along with the measures the Bank had taken to adapt to the economic environment and return to profitability and growth.
They also discussed decisions about the future Board of Directors for the bank for the next three years (2011-2014).