IslamicFinance.de

The economic growth in many Gulf countries has signified that an ever increasing number of Muslims and non-Muslims are looking to invest their wealth in a Shariah compliant manner.
Noticing the need for more and more awareness about these principles, universities and institutions in Dubai have introduced various courses to cater to the increasing demand.
The Canadian University of Dubai (CUD) is issuing an MBA in Islamic Banking – the only UAE accredited university degree of its kind to exist in the Middle East — this year at NAJAH Education and Careers exhibition in Abu Dhabi that will take place from October 18 to 20.

Sarasin-Alpen LLC, Oman, is a subsidiary of the private bank, Bank Sarasin & Co Ltd, Switzerland. Capital Market Authority approved that the bank markets Islamic securities, products and services to its clientele, along with its existing advisory services in private banking.
Sarasin-Alpen also influences the existing Investment Banking business of its associate, Alpen Capital LLC (Oman). Sarasin Alpen Group also has offices in Bahrain, India, Qatar and UAE.

Mizuho Financial Group Inc. applied for an Islamic banking permit in Malaysia.
The bank is beginning the business with 61 bankers in Kuala Lumpur and wants to hire more as the operation expands. The statement came from Keizo Ohashi, chairman of the subsidiary.
Malaysia is giving out nine financial services licenses to overseas companies as it tries to boost banking industry competition amid record economic gains.

Indonesia calculates to sell dollar-denominated Islamic bonds by the end of December. This would be the second sale of the securities in two years. The country is looking to Persian Gulf investors to obtain the debt.
Rahmat Waluyanto, director general of the debt management office at the Ministry of Finance, stated that they are aming for Middle East investors to buy their global Islamic bonds.
Agus Martowardojo, Finance Minister, revealed that the government had planned to collect as much as $1 billion from global sukuk sales by the end of September.

Sakana Holistic Housing Solutions and Khaleeji Commercial Bank will work together in a Commodity Murabaha financing facility worth$10.6m (BD4m) over a four year period.The Commodity Murabaha will be operating for working capital by Sakana.

It seems that Nigeria has turn into a battleground for Islamic finance. Some lines from the recent newspapers are:
Islamic Banking: Muslims Ready to go to War
Islamic Banking: Insult to Nigeria — Cleric
Stop Islamic Banking in Nigeria
Christian groups oppose establishment of Islamic Banking
Islamic Banking: Christian groups may apply for own licence

Sakana Holistic Housing Solutions recently gained access into commodity murabaha financing facility with Khaleeji Commercial Bank for BHD 4 Mil (equivalent USD 10.6 Mil) over 4 years.
The attendents at the signing ceremony were: Mr. Reyadh Yousif Sater - Chairman, Sakana, Mr. R Lakshmanan - CEO, Sakana, Mr. EBRahim Hussain EBRahim - CEO and Board Member, KHCB, Mr. Jassim Awadh - AGM Corporate & Wholesale Banking, KHCB, Mr. Khalid Turki - Executive Senior Manager - Corporate & Wholesale Banking, KHCB and Mr. Khalid Bucheery - Manager Finance, Sakana.

The planned merger of two Bahraini banks, besides having the aim to create the largest Islamic lender in the Gulf Arab kingdom, has the possibility to break the ice for more consolidation in a regional industry frozen in its tracks by unrealistic valuations and ownership limits.
The proposed tie-up between Bahrain Islamic Bank and smaller rival Al Salam Bank to develop a $4.5-billion (U.S.) entity is a big test for the region after the last attempted merger, between two Qatari banks, was a failure.

Egypt has renewed interest in the growing sector of Islamic banking and finance in an effort to rebuild the economy of the country using internal methods of financing.
Part of the country's pursuit will be to launch a sovereign Sukuk, or bond, program within months. It would be Egypt's first sovereign Sukuk, ahead of country states including Saudi Arabia, Kuwait, the United Arab Emirates, Turkey and Jordan aditionally mature markets such as Great Britain and France.

Barwa Bank was advised by Eversheds to procure Al Yusr.
This is the first purchase of an Islamic finance window by an Islamic bank in Qatar, and also the first deal of its kind in the region.
The development is now that Barwa Bank is able to accelerate its growth and expansion plans in the local market to position itself as one of the leading Islamic banks in Qatar.

Bahrain Islamic Bank (BISB) and Al Salam Bank have appointed KPMG Fakhro for their planned mega merger.
The proposed merger between the two is considered a litmus test for the Gulf region after the last attempted merger, between two Qatari banks, failed.
If this will result in a success, it would be the first for two Gulf-based Islamic banks.

It appears that Axis Global Islamic REIT posponed its initial share sale aspiring at raising up to $650 million due to adverse market conditions.
The Shariah-compliant industrial real estate investment trust was targeting a mid-August listing, after it posponed an earlier-planned July debut on Malaysia's stock exchange.
One of the people familiar with the matter stated that the delay is because they want to see what happens in the U.S.

Amlak had a larger net loss as income from its core business fell and impairments more than doubled. The net loss of the second quarter was Dh52.2 million (US$14.2m), compared with Dh597,000 in the same period last year.
Jaap Meijer, a senior analyst at AlembicHC in Dubai, stated that Amlak would need significant impairments on its property investment portfolio.

Kuwait Finance House (KFH) stated in a report that sukuk (financl certificates) issuance last July worldwide amounted to aproximate USD five billion, down from the previous month by 37%, where the Saudi riyal formed about 15 percent of those sukuk.
Moreover, the report underlined the fact that sukuk market for companies in the GCC countries are continuosly expanding despite the fact that the issuance of two local versions from Saudi Arabia and an international sukuk from Qatar.

Capital Market Authority, Sultanate of Oman gave his authorization for Alpen Capital LLC, Oman to rovide advisory services in Islamic structures along with its existing investment banking advisory services.
Alpen Capital offers comprehensive services which include debt advisory, M & A advisory and equity advisory & Capital Markets. It has offices in Bahrain, India, Qatar and UAE.

Sarawak's Senari Synergy has launched an RM380m ($126m) 20-year Sukuk on August 2. Danajamin Nasional, a financial guarantee insurer owned by Malaysia's Ministry of Finance, Bank Negara Malaysia, and the country's commercial banks was the one that subscribed and underwrote it.

Tamweel PJSC aims to tap the debt market this year for the first time since 2008 as demand for Islamic bonds keeps borrowing costs near six-year lows.
Tamweel will launch either a benchmark-sized sukuk or a mortgage-backed security in the fourth quarter to achieve a, "long-term financing pipeline to repay liabilities and grow the business,". The statement came from Varun Sood, chief executive officer.

It seems that Limitless received a fifth extension on a $1.2bn loan as the real-estate developer administrated by state-owned Dubai World works on a restructuring plan.
This extension will allow Limitless to complete a debt restructuring deal with creditor banks.
Limitless is looking to extend the tenor of the loan by four to five years and plans to pay no interest over that period. The statement was given by a banker.

The deputy governor of Bank Negara , Datuk Mohd Razif Abd Kadir, passed away at the age of 58 with his family members and friends by his bedside.
Razif joined Bank Negara in 1976 and had several senior positions in the central bank throughout his career.
Razif was also the first chairman of the technical committee of the Islamic Financial Services Board and on the board of the International Centre for Education in Islamic Finance and the board of Bank Negara.

Bahrain Islamic Bank and Al Salam Bank are thinking about teaming up to create the Gulf Arab state’s largest Islamic lender. The both are known to be in merger talks to create the third largest bank in Bahrain, with assets of BHD 1.7 billion ($4.5 billion).
The statement added that the two boards of directors stated that consolidation is the way forward for local banks in general and Islamic banks in particular in the aftermath of financial crisis and economic downturn and greater competitive banking environment in the region.