IslamicFinance.de

Islamic Microfinance Network (IMFN) has been set up to assemble the international Islamic Microfinance organisations on one platform.
The IMFN head office is in Lahore and its regional offices will be in Ghana, Mauritius and Middle East.
The board members of IMFN are Farida Tariq, Chairperson, Amjad Saqib, Vice Chairman, and Muhammad Zubair Mughal, Chief Executive Officer.

Before joining Dubai Islamic Bank, Al-Gebali served as the CFO at Boubyan Bank, Kuwait. During his 23 years of professional experience, Al-Gebali has held senior positions at Global Investment House, Gulf Investment House, Kuwait Financial Center and International Financial Advisors.

Oman Insurance Company (OIC), the largest insurer in the UAE, may float an Islamic insurance (takaful ) firm in the country. The company has appointed an advisory company which is carrying out the due diligence for it to foray in to takaful segment.

A Memorandum of Intents (MOI) on cooperation in designing funding, developing and operating industrial zones projects was recently signed by the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, the Ministry of Industry and Trade of Yemen, and the Union of Chambers of Commodity Exchanges of Turkey (TOBB).
The MOI aims to launch and facilitate cooperation and coordination among the three parties in the formulation, development, promotion and implementation of industrial zones in Yemen as a model of special economic zones based on partnership between the public and private sectors through the use of the Turkish experience in organized industrial zones as well as the international best practices and experiences.

As economic recoveries and high crude oil prices revive the market, global sales of Islamic bonds are expected to rise nearly 60 percent this year.
Issuance fell 26 percent to $14 billion in 2010 in the aftermath of Dubai’s debt restructuring and high-profile sukuk defaults. That estimate excludes issues which are callable in less than a year, those which are not rank eligible or underwritten and self-funded ineligible issues.

Allianz Takaful has entered into Bancassurance partnership to promote Islamic insurance products in the State of Qatar. The company is fully owned by subsidiary of Allianz Group and HSBC Amanah.
The products will be denominated in US Dollars and Qatari Riyal and available to both conventional and Islamic banking customers.

Since taking office in June 2009, Sanusi has carried out a series of reforms on the Nigerian financial sector. His merciless fight against corruption in the banking system has shocked the whole country. The seemingly powerful and untouchable bank chiefs have been put into jail, and some of them have been convicted for other crimes. Some people call it the "Sanusi Tsunami". But because of his courageous efforts, he saved Nigeria's banking system from collapse.
Sanusi says they would like to see our banks get into alliances with Chinese banks. I know the China Construction Bank has talked to few banks. And I do know that the biggest banks in this country have been at one time looking to Chinese banks to see if they would come in just the way they did with the Standard Bank of South Africa, even with some minority stake to strengthen their capital base.

Tunisia's central bank took over a bank controlled by a son-in-law of ousted president Zine El Abidine Ben Ali in the first such move against the huge assets controlled by the Ben Ali family.
Materi, a senator, holds a 51-percent stake in the bank and many other assets. He fled following Ben Ali's ouster.

The Economic Cooperation Organization (ECO) can play a significant role in the establishment of a joint Islamic bank by the Muslim countries, head of Iran's Chamber of Commerce, Industry and Mines.
Head of the Iranian Committee at the ECO Chamber Alinaqi Khamoushi underlined the key role of ECO in defusing the West-sponsored economic sanctions against Iran.

To assemble international Islamic Microfinance organizations under one platform, Islamic Microfinance Network (IMFN) has been established in Lahore – Pakistan. The initial member countries of Islamic Microfinance Network are Iraq, Jordan, Yemen, Ghana, Mauritius and Kazakhstan.
The objective of this network is to provide best methodologies of Islamic microfinance, Shariah guidelines, and lasting relations and manpower to the industry.

NEST has confirmed it will offer investors access to a global equity Sharia-compliant fund.
The mandate to run the brief - posted on the official European Union tender website today - said the successful bidder will have their products approved by a board of Sharia scholars. The fund will not include any asset classes forbidden under Sharia law - for example, conventional bonds.

Kazakhstan is aiming to become a Central Asian hub for Islamic finance, with plans to launch its first corporate sukuk this year and a new Sharia-compliant bank.
Kazakhstan is seeking foreign investment to help diversify its economy into areas including petrochemicals, renewable energy, tourism and agriculture. The UAE and Kazakhstan also have "good potential" for cooperation on food security.

Kuwait’s Aviation Lease and Finance Co posted a nearly 10-fold jump in first-quarter net profit after earning a one-time revenue of 20 million dinars ($71 million). "The sharp increase in profit … was due to amendments to some contracts that contributed additional one-time revenue of around KD 20 million,” the statement said.
Alafco said it plans to reach a fleet of 100 aircraft by 2015.

Qatar-based investment bank, QInvest has acquired stake in New Delhi-based coaching firm FIITJEE Ltd.
The deal will help FIITJEE to expand its business in Middle East.

Qatar sold $13.7bn of bonds to local banks as the country seeks to absorb excess cash with lenders.
The bonds, both Islamic and non-Shariah compliant, mature in three years. The conventional bond pays 5% interest.

Conventional banks and other financial institutions can offer or sell Sharia-compliant products and services through subsidiaries or branches. The Central Bank of Nigeria (CBN) said that such non interest subsidiary shall be established in line with the licencing requirements for the establishment of a fully fledged non-interest bank or financial institution.
The guideline covers banks or subsidiary, microfinance banks or subsidiary, development finance institutions, primary mortgage institutions and finance companies registered to offer such services.

A U.S. court decision to dismiss a case alleging that AIG’s (AIG.N) sharia-compliant businesses promoted religious doctrine looks likely to boost confidence in the industry and lift sales of Islamic products in the longer term.
Lawyers say the case is significant for the industry in the United States, which has struggled with a backlash against Islam, and is looking for support from the courts and government to promote Islamic finance as a legitimate business.

The U.K., Europe’s largest market for Shariah-compliant financial products and services, canceled what would have been the first sale of Islamic bonds by a Western federal government as issues fell 15 percent in 2010.
Growth in Europe’s Islamic financial hub has been hampered by slowing economic expansion and the government’s attempt to plug a budget deficit.

France plans to develop Islamic finance and attract investment from the Gulf to its economy.
The first Islamic bond from France may be sold in early 2011 after the government introduces guidelines for sukuk offerings.
The aim of France is to boost exports to the region by coordinating them with small- and medium-sized enterprises.

Although prices are still expected to drop further, confidence is returning to specific locations and developments in the Dubai real estate market with the re-emergence of key lenders.
Projects such as The Old Town, Dubai Marina, Palm Jumeirah, The Meadows and The Greens are proving to be more resilient in both the sales and leasing market.
The reports points out that buyers now have the financial option to upgrade to better quality units in more desirable locations. These improvements on efficiency and quality can only enhance the reputation of the real estate market in Dubai.