IslamicFinance.de

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will arrange its Annual Shari'a Conference on 7 and 8 May 2012 in Manama, Kingdom of Bahrain. The conference will be held under the patronage of the Central Bank of Bahrain.
The conference represents a part of AAOIFI's consultation with the industry to help its standard-setting efforts.
Some of the topics that will be discussed at the conference include Shari'a compliance and supervision processes, continuing development of Islamic financial and capital markets, legal issues in Islamic finance, potential areas for further growth of Islamic finance, and development of human capital resources in Islamic finance.

Qatar Islamic Bank's first-quarter profits jumped 21% on higher fee and commission revenue, beating analysts estimations.
Qatar’s banks improved lending as the country raised spending on infrastructure including a new airport, seaport, roads and rail systems. Central bank data reveals that the nation’s total credit facilities, including loans, rose an annual 31% in February while deposits were up 5.5%.

Qatar is searching to deepen its debt market. Regarding this aspect, it may list local-currency government bonds and sukuk on the country's bourse this year.
Qatar began to sell treasury bills in May to achieve excess funds in the banking sector and set benchmark rates for companies to issue local-currency debt.
Moreover, the country could spend close to $100 billion (Dh367 billion) in "the medium-term" on projects, involving the completion of a port and airport, a metro system and roads.

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has suggested more specific accounting standards for real estate while increasing disclosure for Islamic banks’ investment accounts.
The move made by the Bahrain-based AAOIFI submits it is responding to the same kind of pressure to tighten standards that has been noticed in the conventional finance industry since the global financial crisis discharged in 2008.
Both suggestions were discussed at a public hearing for industry participants in Manama and there will be another hearing in Doha on April 12.

Dubai Islamic Bank (DIB) has repaid in full a $750 million (Dh2.75 billion) five-year sukuk which matured on March 22 from its own sources, prooving the bank’s financial strength and comfortable liquidity position.
The sukuk was launched in 2007, through a special purpose vehicle, DIB Sukuk Company Limited, located in the Cayman Islands, being the first sukuk to be listed on both the Dubai International Financial Exchange (DIFX) and the London Stock Exchange.

The Ordinary and Extra-ordinary General Meetings of Al Baraka Banking Group took place on Wednesday 21st March 2012 in Manama, the capital of Bahrain. Discussions included: the report submitted by the Board of Directors on the Group's activities during the financial year ended 31 December, 2011, auditors report on the financial statements for the year ended 31 December 2011 and the report of the Unified Sharia Supervisory Board on financial year ended 31 December 2011.
Sheikh Saleh Abdullah Kamel, Chairman of the banking group stated reffering to the results that the outstanding financial results reached byt the bank in 2011 were the result of the implementation of cautiously studied ambitious strategies that made a balance between the adoption of prudent and conservative measures required.

The International Islamic Financial Market (IIFM) and the International Swaps and Derivatives Association, Inc. (ISDA) are pleased to announce the launch of the ISDA/IIFM Mubadalatul Arbaah (Profit Rate Swap) product standard to be used for Islamic hedging purposes.

The Mubadalatul Arbaah (MA) standard follows on from the “ISDA/IIFM Tahawwut (Hedging) Master Agreement” and provides the industry with a framework for Islamic risk mitigation. The launch of the Tahawwut Master Agreement as the template for Shari’ah-compliant risk management was officially announced at a press conference hosted by Central Bank of Bahrain in March 2010.

Dubai Investments is in talks with investors and financial institutions to fund a second phase of the Mussafah manufacturing unit of Emirates Float Glass.
Sultan Bin Saeed Al Mansouri, Minister of Economy, officially inaugurated the upgraded Emirates Float Glass (EFG) factory, wholly-owned by Dubai Investments, at the Abu Dhabi Industrial City in Mussafah.

Potential for marketing Islamic funds cross-border in the Asia-Pacific and Asean is starting to be seen through the UCITS (undertakings for collective investment in transferable securities) platform. Despite the fact that it has already been used in Europe, it's the first time that it's being used in this region.
On January 16 2012 Kuala Lumpur-based CIMB declared the launch of three Islamic UCITS funds designed for cross-border distribution in Asia.
These funds will be registered and allocated in seven jurisdictions including the UK, Switzerland, Germany, Saudi Arabia, Bahrain, the United Arab Emirates and Singapore.

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, has disclosed that the government cut off Dubai-based mortgage provider Amlak Finance’s debt by Dh4 billion.
The debt was reduced through delaying debt as well as through the sale of company's land and the restoration and recovery of other land owned by the company, as well as coming up with financial solutions with a number of third-party creditors.

Bahrain-based Capivest successfully closed $30m plus deal with Cemena Holding Company B.S.C. and now owns 9% of Naseej—a fully-integrated real estate and infrastructure Development Company to focus on mega projects in the Middle East and North Africa (MENA) region.
The deal that was closed last month and awarded Capivest cash in addition to the Naseej shares to settle the balance of the remaining dues from the sale of Falcon Cement Company to Cemena Holding Company in June 2008.

Middle East bond sales are departing to a record start this year after political unrest that swept through some nations in 2011 decreased and as concern wanished that Europe’s debt crisis would disturb the request for regional debt.
Regional governments and companies raised $10.1bn in bonds in until now in 2012. A $4bn sukuk sale in Saudi Arabia, the biggest Arab economy, conducted a 55% rise in sales from the year-ago period.
Mohieddine Kronfol, Dubai-based chief investment officer for global sukuk and Middle East and North Africa fixed income at Franklin Templeton Investments, noted that they anticipate issuance to increase in the next 12 to 24 months, particularly with banks having to work harder to secure funding and extend credit to the private sector.

Dear Reader,

IslamicFinance.de is privately funded for many years. Now, for the first time, you have the possibility to make a contribution, from one Dollar upwards!

The technical details, and the money transfer via paypal is organised by Kapipal a new online fundraising tool:

http://www.kapipal.com/islamicfinance

On the blog I gave some more thoughts about Islamic finance media for those interested: http://www.islamicfinance.de/?q=node/3454

Please also note: The fundraising action has a deadline, so act today, not tomorrow and tell your friends about it!

All donors who will leave a message will be listed in the article, which follows after closure of the fundraising period.

I am happy to meet you in person either on 19th March in Milano (http://www.islamicfinance.de/?q=node/3396) or on 10th May in Frankfurt (http://www.islamicfinance.de/?q=BAFINII) at the respective Islamic finance conference.

Wa at Taufiq min Allah, all the best,

Michael Saleh Gassner

Dear Readers,

Islamic finance media are a tricky service. This is true for various reasons: The Internet eats up the revenues, because everything ought to be free. Islamic banks are still a niche phenomena, and international banks like UBS or Deutsche are almost as large as the entire global Islamic finance industry. Consequently the marketing budgets are much lower, too.

Last not least, who should advertise? The banks among themselves or to the clients? Advertising from bank to bank, does usually not make much sense, but real client oriented formats are hard to find, too. May be this is a niche. Others, who could finance Islamic finance media are basically the service providers to the banks, but due to the limited number of Islamic financial insitutions, direct marketing, e.g. face to face meetings will be preferred.

This in short is the background why Islamic finance media are not so well established in terms of journalism and research, but mostly reflecting the press release as criticised by the makers of the Islamic Globe. See: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

Aiming a better standard of living, Cambodia's Muslims are hoping of introducing the Islamic finance to the Buddhist country to lure investments from the Muslims-majority states in the Middle East and Asia.
Cambodian Muslims hope that by inserting Islamic finance, already booming in Malaysia and Middle Eastern countries, they could rule trade with those countries and attract investment from Islamic banks in the region.
This trade would improve the living standards for Combodian Muslims, who generally have a lower standard of living than their Khmer countrymen.

Mr. John Robertson Wright was appointed Non-Executive Director of EIIB by the Board of EIIB.
Mr. Wright is a career Banker with important experience in UK and international markets including assignments in India, Sri Lanka, West Africa, Canada, Hong Kong and the United States. Before this appointment he was Chief Executive of Oman International Bank for 7 years, Chief Executive of the Northern and National Irish Banks in Ireland for 5 years, Chief Executive of the Gulf Bank in Kuwait and finally Chief Executive of Clydesdale & Yorkshire Banks prior to retirement.

Bank Sohar signed an agreement with Dar al Sharia Legal & Financial Consultancy of Dubai, to help it with all the main aspects of launching its Islamic banking window.
Since then, the bank has been working on introducing authentic, Sharia-based banking solutions to its customers. It seems that it has recognized three areas of utmost importance for ensuring that its Islamic window is a solution that respects the basic tenets of Islam, the sensibilities of Omanis and is within the guidelines of the Central Bank of Oman.

In order to comply with the needs of the real economy, Islamic finance offers a complete and competitive solution in meeting funding and investment requirements of businesses.
Tan Sri Dr Zeti Akhtar Aziz, the Governor of Bank Negara Malaysia, noted that considering its international outreach and dimension, and ability to supply a total financial solution, Islamic finance is now at the point where it offers new opportunities to support the economy and overall financial stability.
The governor added that the now well-developed existing Islamic financial markets, involving the sukuk and Islamic money markets, have been especially instrumental in intermediating funds in the Islamic financial system.

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Bahraini Islamic bank Al Baraka Banking Group set its purpose for 15% growth in net profit this year and wants to buy a 75pc stake in an unlisted Indonesian bank as part of its global expansion plan.
Adnan Ahmed Yousif, Al Baraka's chief executive, revealed that they are discussing with Chinese shareholders of an Indonesian bank.

Al Baraka had a 2011 full-year profit of $212m, up 10pc on the profit registered in 2010. The bank plans to open 50 more branches this year throughout the world, out of which 20 will be in Turkey and five in Algeria, respectively Egypt.