IslamicFinance.de

Indonesia is the fourth most populous country in the world. Its capital city is Jakarta, which is located on the island of Java. Since the majority of the population of Indonesia are Muslims, Indonesia can be considered the largest Islamic state in the world in terms of population. The Indonesian economy is classified as a developing economy, and is known as a "Tiger Cub Economy".
This is a reference to the more economically advanced "Asian Tiger Economies" that include Hong Kong, Singapore, South Korea, and Taiwan.

The lowest relative yields on Islamic bonds in more than two years may encourage issuers to tap the market after a 15 percent drop in new sales in 2010, helping revive interest among investors.
Albaraka Banking Group BSC plans to sell Islamic bonds in the first quarter, while Albaraka Turk Katilim Bankasi AS, a Turkish Islamic bank, may make an offering this year.

Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Noor Investment GroupNoor Investment GroupLoading..., today inaugurated the new headquarters of Noor, located adjacent to the Noor Islamic Bank station on the Dubai Metro Red Line, on Sheikh Zayed Road, in the presence of a number of high-ranking officials and senior banking and finance industry representatives were also present.

The Istanbul Stock Exchange has launched a new index that includes 30-listed companies. The Participation Index will include discount retailer BIM, Turk Telekom, and the main landline operator and builder, Enka Insaat.

Meezan Bank Ltd (MBL) has emerged as the tenth largest bank in terms of branches. She is the first full-service Islamic bank of Pakistan. Its subsidiary, Al Meezan Investment has also attained the status of the largest private sector asset management company with Rs25 billion assets under management.
Globally and locally Islamic banking in one of the fastest growing segments of the banking sector and without being prejudiced towards conventional banks, it is evident that during difficult times globally Islamic banks have performed better as compared to conventional banks mainly because each transaction in Islamic banking is backed by assets and is designed to cater a real economic transaction. On top of this more prudent risk evaluation and willingness to help the client avoiding a default in difficult times keeps the delinquency rate low.

Noor Islamic Bank expects to breakeven in 2012. The bank sets targets for 2012 while expecting to achieve 25% balance sheet growth this year.
The banking group has also put on hold all its physical overseas expansion plans temporarily.

After what will have been the longest period of sustained economic contraction since the great depression, Islamic banks, which have not suffered in the same manner as their conventional counterparts, should be seen as a safer and more socially responsible alternative.
The widely adopted Shari'ah prohibition of conventional derivative financial instruments, however, should at least provide a stark and direct reminder to Islamic banking circles of the importance of proceeding cautiously when structuring to replicate.

On a regional and sub-regional plane several countries are struggling to become the hub of Islamic Finance in African continent or in the West African Sub-region or at least to become pioneers in the field.
On the national scale, market operators including banks, insurance companies and asset management entities are busy exploring this alternative financial model and its potentialities.

The cost of insuring five-year Dubai debt against default fell to around 400 basis points (bp) as the emirate’s corporates, supported by its government, steadily chip away the debt.
Spreads on Dubai’s five-year CDS soared to nearly 1,000bp in February 2009, as investors grew increasingly concerned about the government’s willingness to meet the repayment schedule in 2009-10, particularly in quasi-sovereign debt.

CDP says despite the island’s small size and isolation a sophisticated legal system, a regulatory framework supervised by the Bermuda Monetary Authority (BMA) and a world-class pool of insurance and reinsurance talent has allowed the island to keep pace with global developments in the market — making it a prime jurisdiction for the development and expansion of the takaful industry.

The relaunch follows a £20million capital injection from founding shareholder Qatar International Islamic Bank allowing the bank to realise product developments, including its flagship HPP product. The intermediary website was redeveloped as part of its overall sales strategy. Intermediaries have been identified as playing a key role.

Capital Management House announced that it has entered into a joint venture with Skaugen Marine Company SE ("SMC"), a wholly owned subsidiary of I.M. Skaugen SE ("IMS"), a leading Norwegian petrochemical and logistics transportation marine company, and nogaholding Company, the business and investment arm of Bahrain's National Oil & Gas Authority (NOGA), in Skaugen Gulf Petrochem Carriers BSC(c) ("SGPC").

Luxembourg for Finance, the agency for the development of the Luxembourg financial center, has enhanced its website by the addition of a section dedicated to shariah compliant products and services.
www.islamicfinanceluxembourg.lu is the website that can be accessed in English or French. Clients can use the site to do upstream research on their projects, identifying the best vehicles for particular shariah compliant structures.

Yemen is planning to issue Islamic sukuk, or Islamic bonds, to diversify government financing and help lower a budget deficit currently running at around 8% of gross domestic product.
Experts and Islamic banks in Yemen recommended the issuing of Islamic bonds. In this regard, the participants of the second conference of Yemeni Islamic banks, held in May, recommended the need to carry out standards for the issuance of Islamic bonds because of their benefit to the community development.

Kuwait International Bank (KIB) is keen on opportunities for mutual ventures and cooperation with Islamic finance and banking institutions, both in and beyond Kuwait.
Assistant Chief Executive Officer (CEO) Diyaa Al-Asfoor was speaking to the press upon a visit by a delegation from the Central bank of Malaysia and noted this visit was important for exchange of expertise in the field.

MALAYSIA Debt Ventures Bhd (MDV) will focus more of its activities on Islamic financing this year
The company was determined to support the government's effort to promote Islamic finance and use the funds raised from sukuk issues to finance development projects.

Indonesia’s central bank is speeding up the approval process for new Islamic banking products by forming a 10-member joint committee with the nation’s board of Shariah scholars.
The new group will start work in January and will have representatives from Bank Indonesia, Majelis Ulama Indonesia, which is the Shariah board, and the Indonesian Association of Accountants.

Tenders for sale of 3-year Government of Pakistan Ijara Sukuk (GIS) have been invited by the Director, Domestic Markets & Monetary Management Department (DMMD), State Bank of Pakistan, from the designated primary dealers in accordance with the provisions FSCD circular No 15 dated 29th October 2010.

The following companies may rise or fall in Gulf Arab markets:
- The DFM General Index fell 0.3 percent
- Arabtec Holding Co. remained unchainged
- Kuwait Finance House jumped 3.5 percent
- Kuwait Projects Co. remained unchanged
- Qatar Industrial Manufacturing surged 5.8 percent
- Sahara Petrochemical Co. increased by 1.1 percent

Malaysian trustee firm Amanah Raya Bhd expects to obtain licences to set up Kazakhstan’s second Islamic bank in the second quarter of 2011 and begin operating the lender within a year.
Amanah Raya would have a 55 per cent stake in the joint venture company to be set up, state-run Development Bank of Kazakhstan will own 40 per cent and brokerage Fattah Finance the balance.