IslamicFinance.de

It appears that a small window of opportunity has arised for Malaysia to spread its Islamic finance wings internationally.
Global University of Islamic Finance (Inceif) president and chief executive Daud Vicary Abdullah second that, adding that Malaysia should grab the chance to promote its Islamic finance sector globally, before the Middle East took hold of the international Islamic finance.

It seems that the Islamic capital market will maintain its growth momentum over the next decade. Its next phase of growth will be differentiated primarily by greater internationalization, which will help address some of the challenges faced by the industry and will offer Malaysia the opportunity to strengthen its position as a hub for Islamic capital market activities. This is the foresight of the Securities Commission of Malaysia, the securities regulator.
Greater internationalization of Islamic capital market will present itself in a number of key areas including product and service development; the provision of legal, Shariah and other advisory and intermediation services; a movement toward Shariah-based products as opposed to Shariah-compliant products; the channeling of savings into investments that create real businesses and jobs; and greater product distribution channels across borders and jurisdictions.

Abu Dhabi Islamic Bank (ADIB) will hold investor meetings for a potential dollar-denominated Islamic bond, or Sukuk.
Meetings will begin in Kuala Lumpur on Nov. 17, and will cover Singapore and the United Arab Emirates (UAE), before ending in London on Nov. 21.

The World Islamic Banking Competitiveness Report 2011/12, expanded in collaboration with Ernst & Young, will be officially launched on November 22 at a top Islamic banking forum in Bahrain.
The 18th annual World Islamic Banking Conference (WIBC 2011) will take place from November 21 to 23 at the Gulf Convention Centre.
More than 1,200 industry leaders from over 50 countries are forseen to cone at WIBC 2011.

The 2012 budget with the theme "National Transformation Policy, Welfare for the Rakyat, Well Being of the Nation" was delivered in October 2011 by Malaysian Finance Minister Najib Abdul Razak to the Dewan Rakyat (National Assembly).
Judging by the previous election, the next one will be just as tense.
Prime Minister Najib being one of the most proactive supporters of the Islamic finance industry in the Islamic finance space, the provisions announced in the 2012 budget are part of a continuum of a strategy to improve the role of Kuala Lumpur as a major international hub for Islamic finance and especially an origination center for cross-border sukuk, as opposed to electoral opportunism.

It seems that Hong Kong’s government plans to go ahead with moves to transform the city into a “vibrant” centre for Islamic finance.
The government was currently working on legislation to make a level playing field for Sukuk and conventional bonds in Hong Kong, in terms of tax liabilities. Its purpose is to begin a second round of consultation with major market players on its proposals during the first quarter of next year.

UNESCO works in education, the sciences, culture and communication and information. Recently it lost a substantial portion of funding as the newspapers reported (see for details: http://www.bbc.co.uk/news/world-middle-east-15527534 ). It is worth considering how to support the UNESCO and their goals:

"UNESCO works to create the conditions for dialogue among civilizations, cultures and peoples, based upon respect for commonly shared values. It is through this dialogue that the world can achieve global visions of sustainable development encompassing observance of human rights, mutual respect and the alleviation of poverty, all of which are at the heart of UNESCO’S mission and activities.

The broad goals and concrete objectives of the international community – as set out in the internationally agreed development goals, including the Millennium Development Goals (MDGs) – underpin all UNESCO’s strategies and activities. Thus UNESCO’s unique competencies in education, the sciences, culture and communication and information contribute towards the realization of those goals.

DRB-HICOM Bhd will attempt an Islamic medium-term notes (sukuk) programme of up to RM1.8 billion.
Maybank Investment Bank Bhd was assigned principal adviser, lead arranger and lead manager for the programme.
The company stated that the proceeds from the programme would be used to finance working capital requirements; current and future projects; investments; capital expenditure; and, refinance borrowings.

The Investment Dar K.S.C.C. has fulfilled the first payment to its Investors. All individual creditors holding stipulated judgments with payment dated for 31 December 2011 were invited to collect their cheques and sign the necessary documentation.

The Takaful industry in the UAE has had a remarkable growth over the last five years, with seven Takaful companies currently operating in the UAE and five new Takaful providers set to launch shortly.
Experts from the local Takaful industry discussed whether the rise of Takaful companies are improving or salvaging the local insurance market, at the 8th Middle East Insurex 2011.
The Middle East Insurex 2011 took place under the patronage of Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and Industry, U.A.E.

State Bank of Pakistan (SBP) has issued Guidelines for Islamic Microfinance Business by Financial Institutions.

Sheikh Salman bin Isa Al Khalifa, executive director of banking operations at Bahrain's Central Bank, stated that Bahrain is still planning to sell sukuk.
It seems that Bahrain has hired Citigroup Inc., BNP Paribas SA and Standard Chartered Plc to counsel on the sale of US$1 billion in bonds in October.

Elaf Bank B.S.C. and Ohad Trust B.S.C. have formed a joint venture in Labuan, the result being the fact that Labuan Financial Services Authorities (LFSA) has granted a "trust" licence under Ohad Trust (Labuan) Bhd (Ohad Labuan).
the licence will give permission to Ohad Labuan to work on trust, foundations, fund administration, registrar and custody assignments in Malaysia.

Because of the recent global financial crises appetite for Islamic Private Equity has surfaced.
Joined by over 50 expert regional and global speakers, Ihab Asali, QFIB Head of Private Equity embraces the global rise of Islamic Private Equity at the recently concluded Islamic Investment and Finance Forum, in Istanbul, Turkey.
Ihab along with other panellists discussed and investigated the potential of Islamic Private Equity after the economic downturn, ways to increase Islamic funds and its impact on the Private Equity market and where quality Islamic Private Equity opportunities are likely to come out.

Hamood Sangour Al-Zadjali, the country's central bank head, stated that Oman may in future consider launching sukuk. He added that inflation in Oman was stable and would be around four percent this year.
Oman accepted Islamic banking in May this year, after previously deciding not to introduce it.

Global sales of Islamic bonds were almost double in October as progress toward a resolution to Europe’s debt crisis helps push yields to a one-month low.
Khazanah Nasional Bhd., a Malaysian state-owned investment company, Kuala Lumpur-based Property Holdings Bhd. and Turkish Islamic bank Kuveyt Turk Katilim Bankasi AS have sold global bonds that fulfill Islam’s ban on interest this month.

The Islamic Development Bank (IDB) latest $75 million line of financing to Turkiye Finans Participation Bank emphasizes the proactive involvement of the multilateral development bank of the Muslim world in Turkey over the last three decades.
The financing facility is part of the IDB Group's Member Country Partnership Strategy (MCPS) program for Turkey which was launched in 2010 and which includes the period 2010-2013 and beholds a total financing envelope of $2 billion from IDB Group to Turkey.

It appears that Tenaga Nasional Bhd. (TNB) sold 4.85 billion ringgit ($1.5 billion) of Islamic bonds maturing in five to 20 years at yields between 3.80 % and 4.90 %.
The sukuk was sold in 16 portions and was priced at the lower end of the initial yield guidance.

Indonesia's parliament authorized a long-delayed bill designing a new regulator to oversee a growing financial industry in Southeast Asia's largest economy but faced general skepticism on how effective the watchdog would be.
The new regulator, OJK or Otoritas Jasa Keuangan, will take over the supervision of banks, brokerages and insurance firms from the central bank and capital market watchdog Bapepam-LK begining with 2013.
The move to create the body came about to escape a repeat of the 1997/98 financial crisis, during which many Indonesians banks collapsed or were shut.

Hong Leong Islamic Bank (HLISB) appointed Raja Teh Maimunah Raja Abdul Aziz as its new chief executive officer.
Raja Teh Maimunah posesses over 18 years of experience in the financial industry, concentrating on Investment Banking and Islamic Finance. She is also the adviser on Islamic Banking and Finance to the World Islamic Economic Forum Foundation and has an LLB (Hons) degree from the University of East London.