IslamicFinance.de

HSBC and Allianz Takaful announced a Bancassurance partnership to promote Islamic insurance products in Qatar.
The bank will promote and sell ‘family Takaful products’ comprising plans for protection, savings, investment and children’s education. The products are denominated in dollars and riyals and are available to both conventional and Islamic banking customers.

The move by the Central Bank of Nigeria (CBN) to introduce Sharia banking is generating divergent views.
Former Executive Director of Bank PHB, Richard Obire, thinks that the platform creates multiple consumers of financial services as it will make banking available to more target markets.
A financial commentator based in Abuja, Martins Obi, said the concept of Sharia banking is a welcome development as long as it remains an option to bank customers.

Standard & Poor's Ratings Services is requesting comments on its proposal to revise its criteria for rating banks and, among them, Islamic banks.
The proposed criteria aims to provide additional insight into the way it rates banks, including Islamic banks, as well as enhance ratings comparability across sectors and geography.

Gumhouria Bank has selected ITS to help drive the transformation of seven branches to Islamic windows.
After conducting a rigorous selection process in which a number of leading suppliers were considered. Gumhouria bank selected ETHIX core banking, ETHIX financial solution and ETHIX branch automation to support and automate its Islamic business transformation.

Record car sales in Indonesia helped fuel 50 percent growth in Shariah-compliant banking assets last year and Islamic lenders are setting up booths at automobile shows to further develop the market.

Nakheel repaid its $750 million Islamic bond, or sukuk, that matured on Jan. 16, after securing sufficient funds from the Dubai Financial Support Fund in December.
The Dubai Financial Support Fund was set up last year to distribute funds to struggling government-related entities via a $20 billion sovereign bond program.
Nakheel is seen to be at the center of the financial problems that have plagued its parent Dubai World.

The books for Emaar Properties' planned Islamic bond, or sukuk, sale are now open and the price whisper is in the 8.625% area.
The Dubai-based real-estate developer last week said it appointed HSBC, RBS and Standard Chartered to arrange investor meetings targeting fixed-income investors starting Jan. 21. The meetings were arranged in Asia, Europe and the six-member Gulf Cooperation Council states.

Amana Bank Limited have been granted the go-ahead of the Minister of Finance to operate as a commercial bank in the country. The bank obtained the provisional approval license from the Central Bank to become a bank only last year. The new bank will start operations in the near future as Sri Lanka's first commercial Islamic Bank following the Shari code of ethics.

Antara Steel Mills Sdn Bhd has proposed a RM300 million Islamic Securities Programme by way of sukuk. Antara Steel Mills Sdn Bhd is a wholly-owned subsidiary of Lion Industries Corporation Bhd's Amsteel Mills Sdn Bhd.

Malaysian trustee company Amanah Raya Berhad is joining forces with Fattah Finance and the state-owned Development Bank of Kazakhstan to conduct a feasibility study to establish the second Islamic bank in the CIS country. Their purpose is to submit an application for an Islamic-banking license later this year under new legislation introduced by Kazakhstan in 2009 to facilitate the establishment of Islamic banks and the introduction of Islamic financial products in the country.

Yemen is the latest country that announces the possible raise of the much-needed financing from the financial markets through a debut sovereign sukuk issuance sometime in the first half of 2011.
The International Monetary Fund (IMF) and the World Bank are assisting Yemen on the technical aspects of issuing commercial paper under a technical agreement which the World Bank Group has with the Jeddah-based Islamic Development Bank (IDB) Group to assist its member countries to help formulate policies to raise financing for infrastructure, development and budgetary support.

Bank Indonesia (BI) has received an approval from the House of Representatives to contribute US$5 million in equity to the newly established International Islamic Liquidity Management (IILM) to support the country’s growing Islamic banking sector.
The IILM would also widen investors’ basis for global debt papers, including global sukuk issuances, and increase Indonesia’s participation in growing the Sharia industry both globally and regionally.

Norton Rose (Middle East) LLP confirms that Dubai-based partner and Global Head of Islamic Finance, Neil D Miller will be retiring from the practice on 2 April 2011.
Neil will be joining one of the big four professional services firms in Dubai, where he will lead the establishment of a global Islamic financial advisory business.
Norton Rose Group’s award winning global Islamic practice will be led by three partners who will act as regional heads. Mohammed Paracha, based in Bahrain, will be responsible for the Middle East and Africa, Farmida Bi in London for Europe and Davide Barzilai in Hong Kong for Asia Pacific.

The Philippines’ sole Islamic bank has opened a branch in the Muslim province of Sulu in the region of Mindanao.
The recently opening of Al-Amanah Islamic Investment Bank of the Philippines is expected to lure locals to open an account and save money instead of keeping them in their houses.

Meethaq Takaful Insurance Company has offered zakat money of Dh 3 million to the UAE Red Crescent Authority (RCA).
The Managing Director of Methaq Takaful, Mr. Abdullah Al-Maamari, presented the cheque to HE Ahmed Humaid Al Mazrouie, Chairman of the RCA’s Board of Directors, in presence of HE Mohammed Khalifa Al Qemzi, RCA Secretary General, and Mr Khalil Ghneim, Methaq’s General Manager.

Takaful Insurance of Africa has been licensed and launched in Nairobi.
The company was registered by the Kenyan industry regulator, Insurance Regulator Authority, this month. It is backed by the Cooperative Insurance Company of Kenya.
The launch of Takaful Insurance of Africa follows on from the granting of two Islamic banking licenses to Kenyan authorities in 2007 to Gulf African Bank and First Community Bank.

Muthanna Investment Company has purchased two office buildings 100% leased to the U.S. Government. The properties were acquired through a recently formed joint venture with Elman Investors, Inc. of New York.
Arch Street Capital Advisors, L.L.C. a Greenwich, CT – based real estate advisory firm structured and arranged the transaction on behalf of Muthanna Investment Company.

Al Jazeera Sudanese Jordanian Bank has extended the subscription period for its $25 million initial public offering by two months because the possible breakup of Sudan has discouraged investors.
The extension was prompted by “very weak liquidity,” coupled with price rises and “fears of the negative effects of the separation”.

The Central Bank of Nigeria (CBN) has directed that all Non-Interest Financial Institutions (NIFIs) desiring to operate in the country to carry out an internal Shariah audit on a periodic basis, to examine and evaluate the extent of compliance with Shariah rules.
The guideline stipulates that a non-interest bank with regional banking authorization shall be entitled to carry on its banking business operations within a minimum of six (6) and a maximum of twelve (12) contiguous states of the federation, lying within not more than two (2) geo-political zones, as well as within the Federal Capital Territory (FCT).

Takaful Insurance of Africa will be launched in Nairobi on Tuesday, joining a market currently served by more than 45 conventional insurance companies.
The company, the first such operator in East Africa, was founded in 2008 and registered by the industry regulator, Insurance Regulator Authority, this month.