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The Philippine Stock Exchange (PSE) plans to finish a list of Shariah-compliant stocks by next year. This way, it hopes to attract local and foreign Muslim investors. The ideas for next year include an index as well. Working together with National Commission for Muslim Filipinos (NCMF), they hope to contribute to the project and have already gathered experts from Shariah-compliant boards to discuss the processes.

Read more on: http://www.abs-cbnnews.com/business/10/26/12/pse-finish-shariah-complian...

The last couple of years of financial crisis proved to be unfavourable for the international banking sector. Nevertheless, one sub-sector was growing rapidly and reached significant success - Islamic finance. The majority of people still have not enough understanding and appreciation for Islamic finance. However, the facts show it is a US$1.3 trillion global industry with annual growth of 15% to 20%. During the past few years alone this sector has expanded to even not particularly expected markets adding to the portfolios of conventional international banks. The latter have already made the development of sharia-compliant services a priority.

Read more on: http://www.scmp.com/comment/insight-opinion/article/1071883/islamic-fina...

THE NINTH INTERNATIONAL CONFERENCE ON
ISLAMIC ECONOMICS AND FINANCE (ICIEF)
Growth, Equity and Stability: An Islamic Perspective
10-12 September 2013, Istanbul, TURKEY

The Ninth ICIEF at a Glance

Recovery from the global financial crisis and subsequent economic downturn remains fragile. Persistent risks to financial and economic development include sluggish growth in developed countries – which is now spilling over into developing economies as well; increasing income and wealth inequalities; and still-unrestored financial, economic and political stability in many regions. High poverty and unemployment rates, large macroeconomic imbalances, deteriorations in sovereign credibility, increasing food price volatility and food shortages, and lack of access to basic infrastructure further intensify and magnify these risks – particularly for the underprivileged segments of the world population. As a result, for many countries it has become even more challenging to achieve the Millennium Development Goals (MDGs) set by the United Nations.

Bangko Sentral ng Pilipinas gave its approval to the Development Bank of the Philippines (DBP) for selling the latter's stake in the Al-Amanah Islamic Investment Bank of the Philippines (Al-Amanah). The approval was issued on 20th of September. The next step is to obtain the approval of the Governance Commission for GOCCs (GCG). After that it will be possible to proceed with the bidding process for its 99.88% stake in the country’s only Islamic bank.

Read more on: http://www.bworldonline.com/content.php?section=Finance&title=BSP-approv...

Palestinian insurance company Al-Takaful registered net profit before taxes as high as $586,503 for the first nine months of the year. This is a 237% increase compared to the same period last year, when the net profit before taxes reached only $174,024. Al-Takaful's total assets reached $19,186,332 by the end of September this year - 8.8% more than for the whole of 2011. The total liabilities show an increase of 13.2% from $9,176,092 last year to $10,389,322 this year.

Read more on: http://www.cpifinancial.net/news/post/16473/al-takaful-palestinian-insur...

The second Global Policy Forum of Alliance for Financial Inclusion (AFI) took place in Bali last week. Beth Rhyne, the managing director of the Center for Financial Inclusion was a guest speaker at the forum and shared and explained what regulators were talking about. Some of the questions she answered concerned AFI's philosophy and concerns regarding consumer protection.

Read more on: http://cfi-blog.org/2010/10/06/%E2%80%98what-afi-is-doing-is-unprecedent...

The first Islamic arbitration rules in the world were introduced last month by the Kuala Lumpur Regional Centre for Arbitration (KLRCA). They are expected to enable further expansion of Islamic finance with total global assets. The value of the assets is now estimated to lie between US$1.2 trillion (RM3.72 trillion) to US$1.3 trillion (RM4.03 trillion). The new rules concern conventional as well as syariah-compliant commercial transactions and contracts. With the new rules, a complete syariah-compliant process for relevant parties to a dispute is possible.

The RM240 million Sukuk Musyarakah medium-term notes programme of Alloy Properties Sdn Bhd received affirmation on its rating of 'AAIS' with a stable outlook by Malaysia Rating Corp Bhd (MARC). The rating is a reflection of the adequacy of cash flows for the sukuk coming from the three identified payment sources. These include rental income from the company's two buildings.

Read more on: http://www.bernama.com.my/bernama/v6/newsbusiness.php?id=703913

A joint venture between Takaful Ikhlas Sdn Bhd and Islamic Aid Malaysia (IAM) provided the Darul Falah Ummi Aishah Orphanage in Kampung Behor Masjid with a library of 1,000 books in Bahasa Melayu and English. The donation worth RM33,000 by Takaful Ikhlas Sdn Bhd was part of its Orphanage Library programme and was aiming to finance the library and to purchase books and computers and book racks. Thus, the company is fulfilling its corporate social responsibility (CSR).

Read more on: http://www.bernama.com/bernama/v6/newsindex.php?id=703229

The new Chief Executive of International Islamic Liquidity Management Corp (IILM) wasrecently made known by the company. Professor Datuk Rifaat Ahmed Abdel Karim comes to replace Mahmoud Abu Shamma. Before that, Professor Datuk Rifaat served as inaugural Secretary General for both the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). Moreover, he was involved in the establishment of the IILM in October 2010.

Read more on: http://www.cpifinancial.net/news/post/16361/international-islamic-liquid...

Turkish oil refiner Tupras signed a one-year loan of $200 million with nine GCC banks. The deal was arranges by Qatar's QInvest. Further information on the purpose and pricing of the facility was not given. The loan was joined by Barwa Bank, Commercial Bank of Qatar, First Gulf Bank, Qatar Islamic Bank , Ahli United Bank, Al Hilal Bank, Doha Bank and Dubai Islamic Bank. Citigroup Inc and Deutsche Bank were mandated by Tupras to arrange a series of investor meetings concerning a potential bond issue.

Read more on: http://uk.reuters.com/article/2012/10/21/turkey-tupras-loan-idUKL5E8LL05...

Turkish refining company Türkiye Petrol Rafinerileri (Tüpra?) has signed a $200 million, one-year facility with a group of nine banks from the GCC region. The sole bookrunner and structuring advisor was Qatari investment bank QInvest. The list of GCC banks includes Qatar Islamic Bank, Barwa Bank, The Commercial Bank of Qatar and First Gulf Bank. The lead arrangers of the deal are Ahli United Bank, Al Hilal Bank, Doha Bank and Dubai Islamic Bank.

Read more on: http://www.tradearabia.com/news/OGN_224297.html

The Islamic banking division of OSK Investment Bank Bhd (OSKIB) is taking action to unlock value in the Islamic finance realm as well as to address the challenges currently faced in the segment. The Islamic banking segment in Malaysia makes up 18% of of the overall banking sector’s RM1.78 trillion total assets as at the end of last year. The measures of OSKIB include shifting of focus on business development into more Islamic capital market activities.

Read more on: http://www.theborneopost.com/2012/10/22/oskib-aims-to-unlock-value-in-is...

The ratings of IBANK are a reflection of Fitch's view that support from the Thai government is very probable. The main reasons for that are the country's high effective ownership of 93.7% and close control, the bank's legal status as a specialised financial institution (SFI), strong linkages between the bank and the state, and historical financial support from the government. Also, the bank's role in terms of public policy is not to underestimate. The bank's rating is lower than the one of the other three Fitch-rated SFIs since its direct government ownership is lower and the government commitment for support stated in its establishment act is less explicit.

Read more on: http://www.reuters.com/article/2012/10/18/idUSWLA491720121018

In the search for ways to deal with rising operational costs, Malaysia's Islamic banks are ready for consolidation. While in the past Islamic banks would rather not merge mainly because of resistance from powerful shareholders, now the development of megabanks would enable the issuance ground-breaking products just as conventional banks. This is made possible thanks to the rapid growth of Islamic finance - 23.7% of Malaysia's total banking assets belongs to the Islamic financial sector.

Read more on: http://www.thesundaily.my/news/519665

Turkish Airlines discusses the possibility of issuing a sukuk aiming to provide financial means for the purchase of aircraft, necessary because of the company's expansion. So far, they are examining markets in order to make a decision. For the purpose considered multibillion will be needed. Last year sovereign issuance drove the sukuk market last year to a height US$85bn more than the year before, which constitutes a growth of over 90%.

Read more on: http://www.arabianbusiness.com/turkish-airlines-considering-multibillion...

During the first eight months of this year, total sukuk issuance in Malaysia reached RM219.4bil compared with RM120.7bil during the same period in 2011. In 2012, the Islamic capital market showed encouraging performance. Moreover, the sukuk area was able to register a record in total issuance value. The Islamic equity segment was bolstered thanks to Felda Global Ventures Holdings Bhd and IHH Healthcare Bhd. The growth tendency of the Islamic capital market is true not only for Malaysia but worldwide as well.

Read more on: http://biz.thestar.com.my/news/story.asp?file=/2012/10/18/business/12187...

It is expected that Islamic finance will thrive at a faster rate in emerging economies. The main reasons therefore, pointed out by KFH Research Ltd., are their resilient economic dynamics and potential, and their awareness of the industry. The liquidity in the emerging markets for Islamic finance is growing continuously and fast. This results in an increase in the demand for Islamic finance products. The outlook for the industry is growth as high as 20% a year.

Turkish Al Baraka Turk Participation Bank has signed an Islamic finance deal of $450 million. Several major international banks took part in the deal. The facility includes 32 banks from 16 countries around the world, among which Standard Chartered Bank, Noor Islamic Bank, ABC Islamic Bank and Emirates NBD. The mandated lead arrangers were Bank Islam Brunei Berhad Darussalam and Al Hilal Bank.

Solar Guys, an Australian solar company, is installing a 50MW solar facility in Indonesia, the money for which is gained through sukuk. The project is part of a larger solar energy plan - a 250MW plan titled "one solar watt per person". Solar energy is an example of an area where Islamic finance can give additional value to both Muslims and non-Muslims since it is promoting greater sustainability.

Read more on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...