IslamicFinance.de

Although there is growing interest in Shari'ah compliant investment funds in Italy, the economic climate has seen investors bunker down into conservative assets. This information was given by Roberto Demartini, fund analyst for S&P. He explained that the typical Italian investor is very conservative and volatility averse and hence the perception is that Islamic funds would not fit this outlook.

IDB Group President Ahmad Mohamed Ali has invited the business communities from IDB member countries to take part in the Sarajevo Business Forum 2011 in Sarajevo, Bosnia and Herzegovina.
The forum will offer businessmen an opportunity to network and establish business relations with their counterparts in Bosnia & Herzegovina, Croatia, Serbia, Slovenia, Montenegro and Macedonia, Ali told a press conference organized on the sidelines of Jeddah Economic Forum at the Jeddah Hilton on Monday.

Alberto Brugnoni, ASSAIF, will moderate the Session on 'Finance and philanthropy' at the “4th World Congress of Muslim Philanthropists - Defining the Roadmap for the Next Decade” that will convene at the Shangri-La Hotel in Dubai on March 23-24, 2011

Muslim Philanthropy is at a crossroad, challenged to build new models of giving while simultaneously refining old methods embedded in vibrant Islamic tradition. The foremost challenge in the field is to promote strategic and accountable philanthropy that complements and enhances the generations-old conventional charity, which is often personal and spontaneous

The Session will examine within a common framework the failure of zakat to achieve most of its socio-economic objectives, the stagnation of waqf institutions in performing their designated social functions and the growing divergence between the aspirations of Islamic economics and the realities of the Islamic finance industry. It will also offer actionable programme plans for zakat and innovative ways of using the institution of waqf to establish social enterprises, as possible common solutions

The not-for-profit Jersey Finance opens Abu Dhabi office to tap Gulf wealth from family offices and high networth individuals even as currency fluctuations erode values.
Jersey is a self-governing British Crown Dependency where financial services are the largest industry. Jersey Finance, a not-for-profit organization that is tasked with promoting Jersey as an International Financial Center, has opened a representative office in Abu Dhabi, close on the heels of another in Mumbai, India. It sees a significant outflow of investment from the UAE to offshore jurisdictions.

The Islamic Bank of Britain is being acquired by the Qatari International Islamic Bank in an unconditional cash offer.
Under the terms of the deal, shareholders in the Islamic Bank of Britain can receive one penny in cash for each share. The Offer represents a 70.4% discount to the closing price of 3.38p per share last night.
The directors of the Islamic Bank of Britain have said that the terms of the offer are fair and reasonable.

Qatar International Islamic Bank (QIIB) has agreed to buy full control of the Islamic Bank of Britain (IBB) as part of QIIB’s plans to develop an international banking business compliant with Shariah laws.
QIIB is offering one pence a share, representing a discount of 70 percent to IBB’s closing share price of 3.38 pence on March 15.

The Securities Commission Malaysia (SC) and the Oxford Centre for Islamic Studies convened a two-day closed door Roundtable on Islamic Finance in Oxfordshire, England, over the weekend.
A select group of key industry practitioners, senior academicians, Shariah scholars, standard setters and regulators from around the world discussed three topics under the theme "Islamic Finance and the Public Good".

Qatar Islamic Bank (QIBK) acting CEO Ahmad Meshari declined to comment on a report in Haberturk newspaper on March 10 that the bank plans to buy 25 % of Asya Katilim.

AssetCo Plc rejected what it called an opportunistic takeover approach from Islamic investment firm Arcapita , and said it received a new loan from its principal bank.
AssetCo, which is valued at 14 million pounds, is the only company to have a fully outsourced fire and rescue service in the Middle East.

EIGHTH INTERNATIONAL CONFERENCE ON ISLAMIC ECONOMICS AND FINANCE

SUSTAINABLE GROWTH AND INCLUSIVE ECONOMIC DEVELOPMENT FROM AN ISLAMIC PERSPECTIVE

Doha, Qatar - December 25-27, 2011

CALL FOR PAPERS

The global economy continues to face the perennial problems of poverty, persistent youth unemployment, excessive inequalities of income and wealth, high levels of inflation, large macroeconomic and budgetary imbalances, exorbitant debt-servicing burdens, inadequate and aging public utilities and infrastructure, skyrocketing energy prices, and growing food insecurity. The reoccurring regional and global financial crises further intensify and magnify these problems particularly for the underprivileged segments of the world population. As a result, many countries are at the risk of failing to achieve the Millennium Development Goals (MDGs) set by the United Nations. However, some countries also present optimistic experiences to share, and from which useful lessons can be drawn for shaping the future economic scene in other countries.

AssetCo, the troubled firm that owns London's fire engines, has rejected a takeover approach from an Islamic investment fund.
Shares in the emergency services company jumped by a fifth yesterday as it revealed that the board had rebuffed an 'opportunistic' cash offer from Bahrain-based private equity firm Arcapita.
Arcapita said the approach had been supported by AssetCo chief executive and largest shareholder John Shannon and it was 'still considering its options'.

Many women have and are still contributing to the development of the contemporary Islamic finance movement, and yet their contribution, except in countries such as Malaysia, has largely been marginalized by an industry that is still dominated by middle class men.
The issue of gender equality and empowerment is one that affects all societies whether in the West or East. The issue of unequal payment for the same jobs in the City of London, one of the world's largest financial centers, is still entrenched. The number of women on the boards of FTSE 100 companies is still woefully low.

The following stocks may be active in Turkey:
- Anadolu Anonim Turk Sigorta Sirketi (ANSGR TI)
- Asya Katilim Bankasi AS (ASYAB)
- Aygaz AS (AYGAZ)
- Turkiye Vakiflar Bankasi TAO (VAKBN)

Buoyed by the response for its real estate mezzanine funding, QIB (UK) is showcasing the product at the annual MIPIM real estate conference that begins today in France. The product was introduced during 2010 and is focused upon the 60%-80% tranche within the capital stack.

The International Islamic Liquidity Management Corporation (IILM) is expected to issue the first Shariah-compliant financial instruments by year-end.
The minimum size of the instruments could be US$300 million depending on the market demand.
The IILM was established on October 2010 with 14 founding shareholders, comprising the 12 central banks of Indonesia, Iran, Kuwait, Luxembourg, Malaysia,Mauritius, Nigeria, Qatar, Saudi Arabia, Sudan, Turkey, and the United Arab Emirates (UAE), as well as two multi-lateral institutions, the Islamic Development Bank and the Islamic Corporation for the Development of the Private Sector.

Kuwait Finance House's (KFH) Turkish unit will launch a 500 million US dollar Islamic bond by the end of the year.
Mohammed Al-Omar said the Islamic lender will issue the benchmark Sukuk following the success of Turkey's first Islamic bond offering, from lender Kuveyt Turk in August.
Al-Omar noted that the law is a significant step forward that reveals a great desire by many Turkish companies that have good assets but lack the suitable financing to expand locally and overseas to benefit from this new financing instrument; especially after those companies realized the numerous benefits of Sukuk, which include providing financing through Sukuk while neither hindering projects nor exhausting their budgets.

Jim O'Neill, chairman of the massive Goldman Sachs Asset Management arm, said he believed that the Arab world could emerge as the fifth Bric, joining the booming economies of Brazil, Russia, India and China.
Emerging markets fund manager Charlemagne Capital is launching a new fund to exploit opportunities in the Middle East and North Africa (Mena) as a result of the political tensions across the region.

Almost unnoticed, the Turkish National Assembly in Ankara passed the Finance Bill 2011 in February 2011 which includes tax neutrality measures for Sukuk Al-Ijara (leasing certificates) thus paving the way for a spate of corporate Sukuk issuances in the country.
The Istanbul Stock Exchange also launched the first Participation Bank Index paving the way for Islamic equity funds and products to be launched in the Turkish market.

Islamic bonds, led by securities in the Arabian Gulf, underperformed emerging-market debt in February as spreading unrest across the Middle East caused the biggest monthly rise in yields since May.
Investors are shunning Middle East assets as protests expanded to Oman, Bahrain, Yemen and Libya, holder of the largest proven oil reserves in Africa. Moody’s Investors Service and Abu Dhabi Commercial Bank say Islamic bonds aren’t likely to recover unless demonstrations that have toppled Tunisia’s and Egypt’s rulers and killed hundreds end soon.

Bank Asya, one of Turkey’s four Islamic banks, has mandated ABC Islamic Bank, National Bank of Abu Dhabi and Standard Chartered to arrange its $150m dual currency one year murabaha loan.