IslamicFinance.de

The issue, known as the Government of Pakistan Ijara Sukuk, is a three-year bond.
The central bank said in October it planned to raise 80 billion rupees by selling Islamic bonds, with the first auction on Nov. 8, with settlement on Nov. 15, in which it raised 51.84 billion rupees .

Saudi International Petrochemical Co (Sipchem) plans to raise at least 1.5 billion riyals ($400 million) by the first quarter of next year to finance expansion.
The funds will be used to finance the firm's capital expansion in its new projects.

Sudan is selling Islamic bonds to local banks after attempts to issue global notes this year failed on investor concern over the country’s conflict in Darfur and a possible breakup after more than two decades of civil war.

International Islamic Financial Market wishes to announce the appointment of Mr. Mahmoud AbuShamma as its first Chief Executive Officer (CEO) for a three-year tenure effective 1 February 2011.
Mr. Mahmoud will lead a team of Islamic finance experts and professionals to operationalise the IILM's Mr. Mahmoud has served as the Global Head of HSBC Amanah Coverage at HSBC Bank Middle East Limited, Dubai in charge of critical HSBC Amanah relationships globally, including Governments, high networth individuals and top corporate clients.

Jaseem Ahmed was appointed Secretary General by the Islamic Financial Services Board.
Ahmed, who currently serves as the Director of the Southeast Asia Department of the Asian Development Bank, succeeds Datuk Rifaat Ahmed Abdel Karim to become only the second secretary general of the standard setting organisation.

Abu Dhabi Bank (ADIB) announced that it is going to financially help UAE's Majid Al Futtaim (MAF) Group. because the bank is going to arrange for a syndicate that will look after the financing worth Dhs1.14 billion.

Great Eastern Takaful Sdn. Bhd. as commenced business in Malaysia.
Malaysia-based Great Eastern Takaful offers comprehensive takaful, or Islam-compliant insurance products and services, with the aim to achieve 180 million ringgit (US$57.2 million) in total weighted contributions for its first year.
In September, Bank Negara granted new licenses for family takaful to four joint venture entities led by foreign and local insurance and financial companies. The four new family takaful licences were granted to joint ventures led by Great Eastern, ING Groep NV, American International Assurance Bhd. and AMMB Holdings Bhd.

The implementation of Islamic finance and Islamic banking should be seen by Islamic countries as the opportunity for them to develop their respective countries.
Dr Mahathir said funds are available and with access, the businesses in Islamic countries and among Muslims should continue.

France’s model was approved by a top Islamic finance body to issue local sukuk, or Islamic bonds, which would ease their listing on the Paris financial market.
The aim was to marry France’s tax laws with the Islamic financial instrument.

Qatar-based Al khaliji bank in association with its subsidiary Al Khaliji France acted as mandated lead arranger on the recently signed 1.14bn UAE dirham ($310mn) amortising term facility for the UAE-based Majid Al Futtaim (MAF) Group.

The National Bank of Abu Dhabi (NBAD) has successfully issued its second ever Sukuk (Islamic bonds) in Malaysia. The bond issue was for 500 million ringgit and was issued under NBAD’s MYR Medium Term Notes (MTN) 3 billion programme. The transaction has a strong distribution across a wide investor base with a breakdown of fund managers 33%, insurance companies 27%, financial institutions 10%, and other corporations 30%.

The company stopped paying contractors when the emirate's property bubble burst last year and Nakheel's credit-driven expansion ground to a halt. It reached an agreement earlier this year with its banks to delay repayment of $24.9bn of debt for between five and eight years.
Nakheel's Islamic bond, or sukuk, was announced in April. The developer is to pay 60 per cent of large claims by contractors and other trade creditors with sukuk shares and the remainder in cash.

The Central Bank of Nigeria (CBN), has identified the dearth of knowledge, skills and technical capacity to regulate, supervise and operate Islamic bank as major hindrances to the successful take off of the model.
The non interest banking model is a banking regime that offers services, products and financial instruments based on compliance to Islamic laws.

Saudi Electricity Co (SEC) has finalised an Islamic financing worth 5 billion riyals ($1.33 billion) with four local banks to finance projects in the kingdom.
The 15-year murabaha financing was provided by Saudi Arabia's largest lender by assets, the National Commercial Bank, alongside Saudi British Bank 1060.SE (SABB), Samba Financial Group 1090.SE and Banque Saudi Fransi 1050.SE.

CIMB-Principal Islamic Asset Management Sdn Bhd (CPIAM) is targeting about US$100mil in sales for its Dublin domiciled collective investment in transferable securities (UCITS) III umbrella syariah funds by the end of next year.
These funds will act as a gateway for the company to launch more funds worldwide.
The three funds are Islamic Global Emerging Markets Fund, Islamic Asia Pacific ex-Japan Fund and Islamic Asean Equity Fund.

The major milestones are the establishment of the Russian Association of Experts in Islamic Finance; the first Halal Expo Exhibition; publication of an authorized translation of the Accounting and Auditing Organization for Islamic Financial Institutions’ Standards of Islamic Finance Transactions; and the first Islamic finance deals on the Russian market.

Al Meezan Investment Management Ltd, the largest Shariah compliant asset management company has achieved another milestone of having assets under management of over Rs 25 billion.
In addition to healthy and competitive returns on their investments, the clients of Al Meezan have the added comfort of investing in an AMC with strong sponsors, credible Shariah advisors, professional fund managers, and a carefully selected Shariah compliant portfolio of investments.

General Electric International Incorporation may tap the Islamic bond market again in "the near future," after the company last year became the first U.S. corporate to issue a sukuk.
GE Capital, the company's financial arm, sold $500 million in sukuk in November last year for general corporate funding.

The Islamic Financial Services Board (IFSB) is organising its 8th Summit which is themed: "Enhancing Global Financial Stability: Challenges and Opportunities for Islamic Finance" on 10-13 May 2011 in Luxembourg. The Summit will be hosted by Banque centrale du Luxembourg.
The key challenges and opportunities identified for the Islamic financial services industry (IFSI) to enhance global financial stability will be discussed in this year's Summit.

Universities are expanding Islamic finance courses as demand for professionals qualified in Shariah law outstrips supply in the $1 trillion industry.
After enrollment for its general program in finance complying with Muslim tenets tripled in the past year, the International Islamic University of Malaysia plans to start postgraduate courses specializing in Shariah-compliant capital markets, banking and insurance. La Trobe University in Melbourne, which started classes this year, is working with officials in Malaysia to offer industry-recognized qualifications.