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The latest quarterly report issued by the real estate consultancy arm of Abu Dhabi Islamic Bank (ADIB) - MPM Properties - highlights value growth across all sectors of Abu Dhabi's real estate market during 2014. Government initiatives to stimulate job growth and enhance market sentiment, fuelled in part by a knock on effect from the Expo 2020 win, provided healthy demand across all asset classes. Residential apartment values within the designated Investment Areas demonstrated strong capital appreciation during 2014. MPM Properties research shows capital value growth ranging from 11% to 35% with an overall average increase of 21.6%.

Nasdaq Dubai said on Wednesday flydubai listed its $500 million (Dh1.8 billion) sukuk on its exchange. This is the 18th Sukuk to have listed on Nasdaq Dubai since the beginning of 2014. The emirate is one of the three largest venues in the world for Sukuk listings, with current nominal value on its two exchanges totalling $24.05 billion. The sukuk saw a geographic distribution of 64 per cent to Middle East accounts, 25 per cent to European accounts, 7 per cent to Asia, and 4 per cent to US offshore.

Tamkeen and Family Bank signed an agreement to add BD2 million to the microfinance support scheme, bringing the programme’s total portfolio value to BD 5 Million. The agreement is part of Tamkeen’s and the Family Bank’s efforts to provide customised Sharia-compliant financing solutions to help micro enterprises, including productive families, to grow, in addition to enabling low-income Bahrainis to establish small businesses. Under the programme, Tamkeen supports 50% of the loan profit. Finance amounts range between BD500 and BD5,000. Tamkeen also provides advisory services to customers.

The Dubai Chamber of Commerce and Industry honoured 18 companies for their corporate social responsibility and sustainability efforts during a recognition ceremony held at its premises on Tuesday. The CSR Label is open to all organisations, private or public, regardless of their size, sector or operations and can make a major difference to a company’s reputation, efficiency and productivity and its success depends on how the CSR objectives are set and communicated to all of their stakeholders. Some of the honourees inlcuded BETA Information Technology, Zulekha Hospital and Qurum Business Group.

Bank AlJazira reported Q4 net profit of SAR 199 million, up 32.67 per cent compared to one year ago and up 323.4 per cent on the previous quarter. However, the bank’s full year net profit was down 12.14 per cent at SAR 572 million. Total assets rose 10.97 per cent to SAR 66,554 million but investments were down 10.02 per cent at SAR 11,335 million. Loans and advances were up 17.86 per cent at SAR 41,245 million and customer deposits rose 13.49 per cent at SAR 54,569 million. Moreover, Bank Aljazira’s Extraordinary General Assembly approved the increase of the bank's capital from SAR 3,000 million to SAR 4,000 million, an increase of 33.33%.

Islamic International Rating Agency (IIRA) has reaffirmed ratings of Bahrain Islamic Bank (BIsB) at BBB/A2 on the national scale and BBB-/A3 on the international scale. Outlook on the ratings is 'Stable'. IIRA has also reassessed BIsB's fiduciary score at '65-70'. There has been gradual improvement in the bank's funding access, as well as an improved earning capacity. Meanwhile, the bank has maintained strong control on operating expenses, which is beginning to reflect in overall profitability. However, prior year losses have depleted equity levels and recapitalization is required not only to financially reinforce the bank, but also to benefit from a growing market and expand business operations.

Inaugural issue reporting about the work and new strategic plan of CIBAFI, the General Council for Islamic banks and financial institutions.

SEDCO Holding Group presented its ‘Towards Sustainability’ CSR umbrella during the annual business and law faculty week held at Dar Al-Hekma University. The presentation underlined the Group’s major achievements since its launch in 1976 in the fields of commerce and investment, and focused on its sustainability and CSR platform. SEDCO Holding Group CSR platform stands on 3 main pillars – “Our Environment, Our People, Our Community”. The presentation demonstrated a set of initiatives under each pillar, developed by SEDCO Holding Group.

The launch of the first online bank in Saudi Arabia will be announced on Friday evening. Manama-based Gulf International Bank will be launching the new bank, which will reportedly be an “online-only” service, with customers making deposits and transfers online and checks to be deposited via self-service machines at branches to be opened across the Kingdom. Customers will meet with an employee from the bank only once, when they register for a new account. The service will be open to individuals only. Despite having relatively low penetration rates for Internet banking, the Gulf region has great potential to assimilate new online banking services due to the high Internet penetration rates.

Islamic investment bank GFH has reported that Bahrain’s High Civil Court has dismissed the Labor Case (amounting to $13.8 million) filed by Esam Janahi against GFH. The case had been filed by Janahi against GFH in June 2014, following several claims raised by the bank against him. All other cases filed by GFH against Janahi are still in progress. GFH also reported that the Bahrain Chamber for Dispute Resolution has awarded judgement in favour of GFH in a legal case amounting to $11.47 million (BHD 4.3 million) plus profits. The case was filed by GFH against Abu Dhabi Investment House and Qatar Entertainment City Company (QEC) pertaining to GFH’s investment in QEC.

Dubai Islamic Bank said on Tuesday it picked eight banks to arrange fixed income investor meetings from Thursday for a potential benchmark size dollar-denominated capital-boosting sukuk issue. These banks, as well as Al Hilal Bank, Emirates NBD, National Bank of Abu Dhabi, Noor Bank, Sharjah Islamic Bank will arrange the roadshows. The meetings will be held in Asia, the Middle East, and Europe and a sukuk transaction which enhances its Tier 1, or core, capital may follow subject to market conditions.

The Weekly Number's analysis of a new Pew Research Center report - a study based on methodology developed by Brian J. Grim - finds that the 12 countries identified in the study as having very high religious diversity each outpaced the world's economic growth between 2008 and 2012.

Full Report: http://www.pewforum.org/2014/04/04/global-religious-diversity/

Islamic Economic Journal of King Abdulaziz Journal online: http://iei.kau.edu.sa/Pages-CVOL28.aspx

JKAU: Islamic Econ., Vol. 28 No. 1, 230 Pages (2015 A.D./1436 A.H.)
DOI: 10.4197/Islec. 28-1

Contents
Glossary

Articles
- Islam?c Wealth Management in History and at Present
Murat Çizakça ............................................................................................. 3
- Loan Loss Provisioning in OIC Countries: Evidence from Conventional vs. Islamic Banks
Ali Ashraf, M. Kabir Hassan, and Syed Abul Basher .......................... ..... 23
Discussion Paper
Factors Influencing the Behavioral Intentions of Muslim Employees to Contribute to
Cash-Waqf Through Salary Deductions
Anwar Allah Pitchay, Ahamed Kameel Mydin Meera and
Muhammad Yusuf Saleem …………………… ……….................. 63
Discussion Forum
- Severe Financial Crises and Fundamental Reforms: The Benefits of Risk-Sharing
Hossein Askari ....................................................................................... 101
- Why Economists (and Economies) Should Love Islamic Finance

Commercial Bank of Kuwait has cut its stake in Boubyan Bank down by 2,2 %.
The data showed that the stake dropped to 17.7 %.
Trade in Boubyan shares has lately been extremely heavy, with more than 94 million shares, changing hands and the stock price was up 1.25 % at 0.405 dinar. The identity of the buyer of CBK's holding in Boubyan was not clear.

The deal for Kuwait Turkish Participation Bank (KTPB) was arranged and syndicated in record time and twice oversubscribed. 12 regional and global banks participated. This affirmed the KFH Group the Turkish Economy a strong global position.

Abu Dhabi Islamic Bank (ADIB) has signed a partnership agreement with the UAE’s Ministry of Social Affairs and will thereby support the "Tejuri" initiative. H.E. Naji Al Hai Mubarak strongly believes in the importance of strengthening the cooperation between the governmental and the private sector, in order to provide the best services. The banks will also offer cash prizes to encourage children to open long-term savings accounts. He believes that providing children with financial literacy will play a key role in their future financial decisions and will build a sense of responsibility which will contribute to a strong national economy.

Under sharia compliance principals penalizing is different to that in conventional finance. Also the Islamic financial market is quite young and many cases have no precedent. Malasian sukuks have though developed a framework for banks to handle default in a similar manner as conventional bonds.

Bahrains Housing Ministry launched the second Social Housing Finance Programme exhibition. The event is one of the ministry's efforts to inform about the programme launched in October 2013.

Dubai World can repay its 2015 maturity in full, while 2016 looks to be more challenging with approximately $6bn in restructured debt coming due, according to Jean-Michel Saliba, Mena Economist at Bank of America-Merrill Lynch. In the near-term, Dubai should be able to tackle refinancing challenges, but the possible increase in government external borrowing needs is set to take place against a more challenging backdrop, Saliba said. Direct impact of low oil prices will be more muted in UAE than in other GCC countries - thanks to Dubai's diversified economy, he added.

The General Council for Islamic Banks and Financial Institutions (CIBAFI) held an In-focus session on Basel III and Islamic banks during the 21st World Islamic Banking Conference (WIBC) in Bahrain. The three prominent Islamic banks, Islamic International Arab Bank, Al Baraka Banking Group, and Bank of Khartoum, showed that they currently have sufficient levels of capital, far beyond what is required under Basel III. Al Baraka Banking Group's recent issuance of Tier-1 Basel III-compliant Sukuk in Pakistan reflects the Group's desire to adapt positively to the dynamic nature of regulatory regimes in the years ahead rather than any shortage of capital.