IslamicFinance.de

The hope of selling Islamic bonds worth 765 million pounds is taking over Sudan, after the split from the south that is going to take place in July.
The African country relies on the domestic debt market as U.S. sanctions mostly deny access to international markets.
Azhari Eltayeb Elfaki stated that the demand is bigger than they thought it would be.

It seems that Arabian Gulf companies are arranging their first Shariah-compliant real-estate investment trusts.
The city-state’s Sabana Shariah Compliant Industrial REIT has advanced 2.2% to 94 Singapore cents since the shares reached a low of 92 cents on March 31.
Dubai' purpose is to list its REIT on the local exchange in less than a year, while two UAE companies plan offerings in Malaysia.

Over the next two years, State Bank of Pakistan (SBP)'s purpose will be to amplificate the share of Islamic banking system from the existing seven percent to 12 percent.
Saleem Ullah, the director of the islamic department at SBP stated this at a ceremony of unveiling logo of World Islamic Finance Summit 2011. The organisers of the summit are: Publicitas Pvt Limited, IBD, SBP.

As a result of Sharia compliant banking services spreading over the country, the banks are bringing flexible mortgage schemes in in order to back real estate projects.
Sharia principles prohibit charging interests or investing in businesses that provide goods or services considered contrary to its teachings.

Although bigger claims were asked, Amana Takaful lost less money in 2010. On the other hand, the company was hindered to generate more income because of the lack of compliant instruments.
In Sri Lanka the insurance industry in general is making endorsement losses and the bottom line is propped by investment income. Industry analysts gave a warning by saying that lower interest rates will hit the industry and general insurance premium may have rise.

In order to get on with the promovation of he sustainability agenda for corporate Malaysia, Bursa Malaysia Bhd hopes to open up a sustainability index next year.
Presenting a paper on Sustainability Agenda for Corporate Malaysia, Selvarany Rasiah, Chief Regulatory Officer, stated that the index will be a catalyst for attracting more Socially Responsible Investment (SRI) funds to Malaysia.

The newest purpose of Jordan is to submit a draft law helping the sale of sukuk to parliament in June. The statement was given by the country’s finance minister.
The kingdom sold $750 million of five-year bonds in November to help finance the budget gap.

In order to grow its Islamic banking franchise in the region, DBS Group appointed a new chief executive officer for its Singapore-based Islamic unit.
The new CEO is Toby O'Connor. Until now, thsi position was vacant.

The Indonesia Stock Exchange wants to launch its first index of Shariah-compliant companies next week. This is an efforts to diversify the country’s investor base and bring more investment from the Middle East.
The ISSI will consist of 214 stocks that are already listed on the IDX’s Jakarta Composite Index and which are considered Shariah-compliant.

Commercialbank is discussing with all islamic banks wether these are interested in procuring former’s Shariah-compliant investments.
The bank is in proccess of turning into the conventional style of banking. Clients that want to stay with Shariah-complaint banking, must go to other banks.

After the revolution in Egypt, people expect an answer regarding the possible opening of the Islamic banking.
Although Egypt accounts for nearly 10 per cent of the Arab world's gross domestic product (GDP) and its banking system is one of the largest in the region, the country hasn't been involved lately in Islamic banking.
Egypt's absence has been a loss for the Islamic finance industry as a whole. That's the one's that are interested in Islamic banking are hoping that the market will open their gates to Islamic banking.

The chief executive of Al Baraka bank announced that the bank wants to buy an Indonesian bank for around $100 million by year-end.
Adnan Yousif stated that they will send a delegation to seek the market.

UAE's Emirates Islamic Bank has admitted a net loss of $5.4m for the first quarter of 2011.
Dubai Financial Market posted that the bank's total income dropped 7.6% every year.

After an analisation of the banking industry in Oman, it seems that the industry can make profit from the potential of Islamic finance.
Together with the approval of Islamic finance products, now it is also allowed to set up an Islamic bank in the sultanate. The trick contains the fact that a new standalone Islamic bank in the sultanate can have success only after new regulations will be given.

It is well known that Egypt is considered the birthplace of islamic finance. But because of past corruption scandals, there was a time in which the previous government wanted a financial system that was more economic.
Now, after Hosni Mubarak and his government was brought down, Muslims are welcoming Islamic banking, giving Egypt the chance to be the center of Islamic finance.

It seems that Malaysia has a real succes in the takaful industry as it advanced from a sector with a single player with limited basic products to a viable sector that has been integrated into the mainstream financial system.
Zakariya Othman told RAM Rating Services Bhd that the main support of this success is the Government.

State Bank of Pakistan (SBP) must deposit the shortfall in principal amount of depositors of Islamic Investment Bank (IIB), has decided the Peshawar High Court (PHC). This amount will be used to return the deposited money to the IIB scam affectees.
Statements from people that were affected are very tragic. A woman tells how she sold her house and deposited all the money at IIB thinking about the future of her daughter. The lives of her daughters will be ruined without the money as their fiancÈs won't marrry them without the dowry.

The Overseas Investors Chamber of Commerce and Industry (OICCI) has chosen as President of the Chamber for the year 2011-2012 Mr Naved A Khan. They also nominated the new Managing Committee for 2011-2012 as it comes:
Vice President, Mr Humayun Bashir (Country General Manager – IBM) and eight other members namely Mr Asif Jooma (Managing Director – Abbott Laboratories), Mr Asad S Jafar (Chairman & CEO – Phillips Electrical Industries), Mr Azhar Ali Syed (Managing Director – Tetra Pak), Mr Kamal A Chinoy (Managing Director & CEO – Pakistan Cables Limited), Mr Khalid Rahman (Managing Director & CEO – Pakistan Petroleum), Mr Mohammad Zubair (Country Representative – Chevron Pakistan Limited), Mr Sirajuddin Aziz (Chief Executive Officer – Bank Alfalah Limited) and Mr Vincent R Harris OBE (Chief Executive – The Hub Power Company Limited).

The total income of Al Baraka Bank Tunisia increased by 3% last year. The reason for this increase is a remarkable growth in financing and investments coupled to an increase in fee income.
The new strategy of the bank is to offer advantage to its new banking systems to improve banking services offered to its customers, including e-banking.

It appears that Oman has finally decided to open the door for islamic banking.
Reuters received a statement from a central bank official that said that everything is ready for the beginning of Oman's first standalone Islamic bank.
In spite of this, the banks that already exist are not allowed to become islamic banks.