IslamicFinance.de

The facility is to finance expansion plans by the Qatari retailer, which is increasing the number of stores it operates and is moving into direct imports.
Qatari companies, including Qatar Islamic Bank, Qatar Telecom QSC and Qatar National Bank SAQ, have turned to debt markets this year.

The Islamic Corporation for the Development of the Private Sector launched the Ijarah Management Services Company (IMC), which will be based in Bahrain.
The chief executive officer of ICD, Khaled Al-Aboodi, hopes the IMC will work with various governments and its agencies in developing leasing industries and leasing laws in countries, where leasing is still not developed.

The Court of Appeal on Wednesday turned down a request by a defence lawyer in a Tamweel graft case not to include any expert from the Financial Control Department of the Ruler's Court on the audit expert committee.
Defence lawyer Dr Habibi Al Mulla urged the judge that the committee, which was assigned with looking into the facts of the case and drawing up a report, be independent of the Financial Control Department.
The case involves two former top executives of Tamweel (Emiratis), who are accused of collecting bribes worth more than Dh41 million while purchasing plots in Sama Al Jaddaf project at their cost price and then reselling them at a higher price.

SWIFT said the certification would pave the way towards the automated processing of Murabaha treasury transactions, which reportedly represented 60 per cent of all Islamic financing.

Over 240 Islamic banks representing 84 per cent of global syariah-compliant assets are members of SWIFT.

Technical details:
http://www.swift.com/solutions/by_business_area/islamic_finance/index.page
Contact:
Asim Butt, asim.butt@swift.com

Hong Leong Tokio Marine Takaful (HLTMT) targets RM1 million contribution in the first six months for its newly launched takaful product, HLTMT i-Ihsan.
This product was the first that offers customers the flexibility in choosing the amount of sum covered or protection and savings based on their financial needs.

Insurance Board of Sri Lanka (IBSL) seeks persons with financial or legal background with insurance experience to be appointed as an administrator to Ceylinco Takaful Ltd.
Ceylinco Takaful Ltd. was formerly suspended the registration by IBSL for general insurance for three weeks, in 5 August 2009 prohibiting it from issuing new insurance policies in respect of General Insurance Business and back in 26th August 2009.
IBSL annual report for 2009 further underlined that Ceylinco Takaful Limited, whose registration is under suspension.

The bank cut off because it seeks to consolidate the business.

The bank is working on two Islamic bond or sukuk sales for the first quarter and may underwrite four to five Islamic bond sales in 2011.

A proposal to merge Emirates Islamic Bank controlled by Emirates NBD PJSC, with Dubai Bank and Noor Islamic Bank is supposed to be considered reported Emirates 24/7 on Oct 13. Noor disputed the report, stating it “categorically denies the market rumors about any potential acquisition of, or merger with, any financial institution.”

A new global Islamic liquidity management corporation backed by central banks will start issuing Islamic bonds next year to help Islamic banks manage their liquidity.
The Islamic Financial Services Board (IFSB) said in October it would set up the International Islamic Liquidity Management Corporation to issue sharia-compliant instruments.
The liquidity management company will be backed by 11 central banks, including Malaysia, Iran and Turkey and some Gulf states and is expected to have up to $1 billion in authorised capital.

PT Bank Syariah Mandiri is adding branches in Java and Sumatra to offer so-called microfinance loans because more than 90 percent of Indonesia’s 50 million small businessmen have no access to regular bank financing.
PT Bank Muamalat Indonesia increased cooperatives set up to offer such loans by 500 to 2,500 last year. PT Bank Syariah BRI aims to triple its business next year.

Dubai Islamic Bank has partnered with French property firm Eiffel Management to launch the emirate's first Shari'ah-compliant real estate investment.
The REIT will initially look to draw capital from the local market but plans to expand to attract funds throughout the region and then globally.

The president of the Islamic Development Bank wants to continue contributing to the economic development and social progress of Muslim communities.
Organized by the bank's department for communities in non-member countries, the three-day workshop, an annual feature, is meant to hone the leadership skills of delegates to make them better citizens as well as turning their efforts into something more productive and meaningful.

There were more business transactions in the past six months than they where achieved in the previous three years.
Business is booming not only in the UK and Europe but in new markets in Africa and in republics of the former Soviet Union in Eastern Europe.

Abdulhakeem Yaqoob Alkhayyat, the Managing Director and Chief Executive Officer of Kuwait Finance House
- Bahrain gives Robin Amlôt the low down on Islamic high finance.
The bank mainly invests URIA funds in its general financing portfolio. It also offers investment savings, current and electronic accounts.
A notable innovation is the Baytik Ijara card which is the world's first Islamic financing card that allows cardholders to acquire durable goods on a lease-to-own basis. Its corporate finance products are wide-ranging and include Ijara and Ijara Wa Iqtina, Istisna'a, Murabaha, Salam, Musharaka, Mudharaba and Riba Al-Fadl.

The funds collected at participation banks were up 13 percent and reached 30.4 billion TL (21.1 billion USD).
The number of participation bank branches was up 6 percent to 595 and the banks employed 12,404 people in the mentioned period.
The Participation Banks Association of Turkey has currently four members, including Albaraka Turk, Bank Asya, Kuveyt Turk, and Turkiye Finans.

The asset-backed sukuk is set to be reality soon largely due to the efforts of the International Islamic Financial Market (IIFM) to develop a master agreement on this new form of Islamic bonds.
All concerned parties have been consulted to prepare a master agreement paving the way for a shift from the asset-based to asset-backed sukuk, or Islamic bond structure.
Besides the founding members, IIFM is supported by its permanent members, namely State Bank of Pakistan and Dubai International Financial Center Authority.

Gulf Finance House is restructuring after the global financial crisis froze debt markets, hurting companies and investors in the region.
Shareholders have approved a 1-for-4 reverse stock split, a reduction in paid up capital and the issuance of an equity- linked convertible murabaha of as much as $500m.

The Central Bank of the UAE has announced the successful inaugural auction of Shariah-Compliant Certificates of Deposit (ICDs).
The inaugural auction was held on Wednesday, 10th November 2010. The ICDs, which are based on Murabahah concept, are the first Islamic liquidity management tools issued by the Central Bank of the UAE.
The ICDs are the first Islamic liquidity management tools issued by the Central Bank of the UAE.

Restricting the number of boards religious scholars are involved in would curb growth in the $1 trillion Islamic finance market.
The Accounting & Auditing Organization for Islamic Financial Institutions said in August it’s considering guidelines on scholars owning shares in the institutions they serve and the number of advisory boards they can join, to reduce the risk of conflicts of interest. The top 20 scholars serve on 621 boards globally.

In three years from now there will be a new four-star hotel in Jeddah.
Under the Memorandum of Understanding (MoU) signed Monday by SHUAA Capital Saudi Arabia and Youssef Ismail Youssef, representing the landowner, the 12-story 254-room business hotel, with a built-up area of approximately 13,000 sqm, would have a total cost of around SR160 million.
The hotel will be situated on Madina Road going to downtown and in proximity to the Ruwais area.

Shafqaat Ahmed has been appointed first president and chief executive officer (CEO) of Al Baraka Bank (Pakistan) Limited.
The newly constituted board held its first meeting on Monday.
he new bank is estimated to be worth about $582 million and has about 89 branches across the country.