IslamicFinance.de

Faysal Asset Management Limited (FAML) has introduced Faysal Asset Allocation Funds for its customers.

A report on Global Financial Stability was launched at the Inaugural Financial Stability Forum organised by the Islamic Financial Services Board (IFSB) on Tuesday, 6th April in Khartoum. The report examines the intrinsic strength of the Islamic finance model, the state of the Islamic financial services industry and challenges and strategies for strengthening financial stability in the Islamic financial services industry.

The 4th executive summmary now focusses on over 220 Shariah scholars with exposure to the Gulf Cooperation
Council (GCC), including their international board memberships with 1050+ board positions in almost 300
institutions and 24 countries.

It is the single most detailed analysis on Sharia Boards and their scholars published.

Islamic banks are failing to cater for clients' wealth management and estate planning needs, pushing them to rely largely on traditional asset managers, said a report published by Bank Sarasin (BSAN.S) this week.

The launch of the UK Islamic Finance Secretariat (UKIFS) by the lord mayor of the City of London, Alderman Nick Anstee, at a reception at Mansion House on March 31, marks the establishment of the first Islamic finance trade body in Britain.

Malaysia’s competitive advantage in Islamic finance will strengthen as the country evolves into an international hub for Islamic finance.

Unicorn Investment Bank (Unicorn), the Bahrain-based financial services group, announces that its successful close of a US$450 million 5-year Sukuk on behalf of leading Saudi real estate developer Dar Al-Arkan Real Estate Development Company (Dar Al-Arkan) has been named Islamic Finance Deal of the Year for the Middle East by pre-eminent international business magazine The Banker.

Gross domestic product can expand by 1 percent to 2 percent more than the central bank’s March forecast of 4.5 percent to 5.5 percent, Najib told the Foreign Correspondents Association in Singapore yesterday. Measures including developing the Islamic finance industry will aid growth, he said, adding that the government will probably sell Shariah-compliant global bonds denominated in dollars.

Standard Chartered Bank sees opportunities in Islamic derivatives products but is steering clear of hedge funds, another grey area of sharia-compliant finance, the head of its Saadiq unit said.

The International Islamic Financial Market, the Bahrain-based organization seeking to set standards for Islamic securities, may issue new global guidelines to facilitate the sale of Shariah-compliant bonds, an official at the industry body said.

The signing in Alkhobar of a strategic cooperation and alliance agreement between Saudi Arabia's Mohammed Hamad Al-Soaib Law Firm and the Luxembourg-based Lux Global Trust Services and Theisen Advocates recently is set to increase the use of the Duchy as a trust and tax domicile for Saudi investment products; investment vehicles such as special purpose vehicles (SPVs) used in the issuance of sukuk for instance; and the registration of investment funds, especially for UCITs (Undertakings for Collective Investment Trusts) of which Luxembourg is the world leader.

The Edcomm Group Banker’s Academy’s President and cofounder, Dr. Linda Eagle, was recently featured in the January issue of Global Islamic Finance Magazine as an expert on Islamic finance. With 23+ years of experience in the global financial services industry, Dr. Linda Eagle was chosen to answer a series of questions addressing prevalent issues facing Islamic banking today.

The Malaysian unit of Kuwait Finance House, the Gulf state's top Islamic lender, will cut its bad loans to the industry average within 5 years as it finances stronger names, its chief said on Thursday.

For Immediate Release:

Oak Brook, Illinois – April 3, 2010
H.H. Sheikh Ahmed Bin Zayed Al Nahayan

The World Congress of Muslim Philanthropists expresses its most profound sympathy on the recent loss of one of the leading Muslim philanthropists, H.H. Sheikh Ahmed Bin Zayed Al Nahayan, the Chairman of the Zayed Bin Sultan Al Nahayan Charitable and Humanitarian Foundation.

Sheikh Ahmed was the head of Abu Dhabi Investment Authority (ADIA), rated among the world's top state-run investment establishment. He was a brilliant entrepreneur and a devoted humanitarian who will be remembered dearly by all of us.

Under Sheikh Ahmed’s visionary leadership, The Zayed Foundation has made an impact that was truly global. Several initiatives aimed at issues such as poverty, scarcity of clean water, preventable disease, and aggravation of war impacts was launched in some of the poorest economies.

The Congress joins people of the United Arab Emirates in mourning the demise of Sheikh Ahmed and prays to Almighty Allah for granting eternal peace to the departed soul and grant solace to the bereaved Al Nahyan family. Ameen.

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Islamic finance players should explore opportunities in equity-based financing in making the industry more attractive. Making this call, Bank Negara Malaysia's Deputy Governor Datuk Muhammad Ibrahim said through equity-based financing, industry players could move away from mimicking conventional products and operate truly on syariah compliance.

The Islamic finance industry has gained new momentum over the past decade. Despite the recent gloomy economic environment globally, the industry’s total assets scaled new heights in 2009, rising to US$950 billion. Moody’s estimates that the market’s potential is worth at least US$5 trillion and the industry is continuing to expand globally. In this context, Islamic financial institutions are continuing to deliver Shari’ah-compliant returns whilst, at the same time, focusing on efficiently mitigating the associated risks through a new risk management approach, including the use of derivatives.

Following is a list of events in Malaysia as well as news stories and press reports which may influence financial markets.

Indonesia is seeking to further develop its Islamic banking sector, looking to tap into the growing market for sharia-compliant financial instruments, though it still has some way to go before being able to match the major players in the segment.

Bank Negara Malaysia will host the Second Global Islamic Finance Forum (GIFF 2010) from Oct 25 to 28 with the theme "Islamic Finance: Opportunities for Tomorrow".

The demand for Islamic financial instruments certainly exists. But beyond holding basic accounts, observant Muslims in Canada find themselves disconnected from retail banking