IslamicFinance.de

Kuwait’s AITanmya International Investment and Aswar Joint Real Estate have signed a 49-year lease for the Tat Towers, located in Istanbul’s central Zincirlikuyu neighborhood.
The investors aim to open the hotel by the start of 2012, investing $40 million.

Afghanistan's central bank expects an Islamic banking law to be enacted by September, drawing billions in deposits from citizens wary of the conventional banking system.
The central bank's sharia board will meet Sunday to finalize the law.
Of 17 banks in Afghanistan, six have Islamic banking windows. The central bank hopes to approve the creation of fully fledged Islamic banks after the law is passed.

Dubai Bank announced today the launch of its new 'Prestige' banking concept, comprising a bouquet of services specifically designed for affluent customers who are looking for exceptional value, convenience and consistent high-quality service delivery across all banking channels.
'Prestige' offers a unique bundle of services designed for individuals who transfer their monthly salaries of more than AED 20,000 to Dubai bank.

Kenya’s mid-sized banks have stepped up their expansion into East African to tap new opportunities arising from the regional trading bloc and increase their earnings.
Five of Kenya’s 15 mid-sized banks have announced plans to either set up shop or have already opened branches in Uganda and Tanzania over the last two months, following in the footsteps of top-tier banks such as KCB, Equity and Diamond Trust.
Imperial, ABC, Family, Gulf African banks and Bank of India are eyeing the growing list of firms and individuals with business interests in the East Africa Community (EAC), which is gearing for increased business with the formation of the common market.

Turkey with a population nearing 70 million is an untapped market for participation investment funds especially equities, exchange-traded funds (ETFs), exchange traded commodities (ETCs) and index-linked equity funds. These funds of course are not only aimed at Muslim investors but also at those interested in alternative ethical and socially-responsible investment products.
Following the introduction of the Banking Act 2007, the country’s four participation (Islamic) banks — Albaraka Turk, Kuveyt Turk, Turkiye Finans and Asya Finans Participation Banks — were brought under the same provisions of the above act, which meant that the regulatory regime was exactly the same as for the conventional banks.
According to Sungurlu, the Kuveyt Turk GoldPlus ETF is a major step by participation banks in the Islamic investment space.

Asset and fund managers have a new option in choosing a mutual or equity fund structure in UCITS IV (Undertakings for Collective Investments in Transferable Securities) which according to prominent finance industry lawyers is ideally suited for a new generation of Shariah-compliant unit trusts, mutual funds and equity funds and products.
Luxembourg became the first EU jurisdiction to adopt UCITS IV at the end of December 2010, and as a major domicile for both conventional and Islamic investment funds has a first mover advantage.

Dubai Group has set up two bank committees to speed up the process of restructuring.
A source close to the restructuring talks told Gulf News that the two committees are working closely with Dubai Group to reschedule the loans.

HSBC Holdings Plc is seeking clarification of an order by Qatar’s central bank requiring non- Islamic lenders in the nation to end services that comply with Shariah law.
HSBC Amanah is in discussions with the central bank “to find a workable solution”.

Qatar Central Bank has ordered conventional lenders operating in the gas-rich Gulf Arab state to shut down Islamic finance activities by the end of 2011, in a move that could curb an important source of income for many banks.
From the move will benefit players such as Masraf Al Rayan and Qatar Islamic Bank, whose shares rose 10% and 8.4% respectively.

Abu Dhabi Islamic Bank, or ADIB, has launched its 97 per cent capital protected BRIC Currencies Notes that provides an opportunity to small or large investors to invest in the four major emerging economies in the world.

This rating reflects IIRA's opinion that JIB conforms to very high level of standards of Shari'ah requirements in all aspects of Shari'ah quality analysis.
Islamic International Rating Agency (IIRA) has maintained its Shari'ah Quality Rating of AA (SQR) to Jordan Islamic Bank (JIB).
The rating maintained by IIRA is supported by the fact that JIB's Shari'ah Supervisory Board (SSB) consists of four highly qualified and experienced Shari'ah scholars who hold regular meetings and considers wide-ranging issues.

Al Khaleej Takaful Insurance and Reinsurance has reported a 7% growth in its 2010 net profit to QR72.84mn as total income grew much faster than expenses.
The company has suggested 30% cash dividend; which will have to be approved by shareholders at the annual general assembly scheduled on February 21.

The Kerala High Court on Thursday dismissed a writ petition filed by Janata Party president Subramanian Swamy and others against the government participation in a company based on Islamic principles. Kerala government was hoping to float an NBFC in the name of Al Barakah Financial Services Company through the state-owned Kerala State Industrial Development Corporation (KSIDC) in association with some Kerala based entrepreneurs who are averse to an interest-based system.
So, the efforts of the Kerala government to start a Sharia compliant Islamic investment company seem to become soon reality.

Mauritius's first Islamic bank will be operational by the end of the first quarter of 2011.
Mauritius is seeking to tap into the $1 trillion Islamic finance industry, and the central bank also plans to offer sharia-compliant short-term liquidity tools.

Viva Bahrain has signed a $280 million Shariah compliant financing facility with two of the region’s key financial institutions, HSBC and Saudi-based Samba.
The facility is seen as a highly sought after opportunity to establish long term business partnership with Saudi Telecom Company's wholly-owned subsidiary brand named Viva in Bahrain.

First Community Bank (FCB) has introduced an Islamic-compliant unit trust underlining the growing list of Islamic products targeting the Muslim market.
The firm has received approval from the Capital Markets Authority (CMA) to rollout the fund, which will make selective investments in equities, government bonds and real estate options that are Sharia-compliant.

Amana Bank confirmed that the bank has been conferred a commercial banking license by the Minister of Finance, President Mahinda Rajapaksa. Amana Bank will appropriately acquire the assets and liabilities of Amana Investments Limited through an asset purchase agreement.

Investors may hesitate before committing new money to the Middle East, including oil-rich Gulf Arab states, as a result of the political turmoil spreading across the region but the largest effect is likely to be felt by regional companies with exposure to the Egyptian market.

Islamic banks—financial institutions based on Islamic law—in the Middle East and North Africa (MENA) have made impressive gains against the region’s conventional banks in recent years. However,
the need for consolidation in this industry is increasing as the economic crisis continues to hamper growth and the market becomes more crowded

SAIB Sukuk Fund will be accepting subscriptions from investors starting February 1 2011. The Fund is an openended public Fund under the supervision of the Capital Market Authority of Saudi Arabia. The minimum amosaunt to subscribe into the fund is SAR 100,000 and will provide twice-monthly liquidity.
SAIB BNP Paribas Asset Management Co. Ltd. is one of the premier Asset Management firm operating as a Joint venture between the Saudi Investment Bank and BNP Paribas Investment Partners, a preeminent global financial institution.