Reuters India

North Africa to witness gradual growth in Islamic banking

According to a new report published by Standard & Poor's, supportive socio-political factors and economic incentives should accelerate the growth of Islamic banking activities in North Africa from current low levels.

Islamic banking started its emergence in North Africa in the 1970s. However, the sector is still branded as a niche market in the region, with an overall market share well below 5% of total banking assets. As the report says, the change in political landscape following the Arab Spring should rekindle the development of Islamic banking in the region.

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Turkey's Bank Asya to issue sukuk worth up to 150 mln lira

On Thursday Turkish Islamic lender Bank Asya said it had mandated investment bank Is Yatirim for a sukuk issue worth up to 150 million lira with a one-year maturity.

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Qatar Islamic Bank plans $1.5 bln sukuk programme

A company statement on Wednesday said Qatar Islamic Bank is planning a sukuk issuance programme of up to $1.5 billion. The bank will seek the approval of shareholders of the plan in a meeting on September 16.

Malaysia-Market factors to watch April 6

Following is a list of events in Malaysia as well as news stories and press reports which may influence financial markets.

Islamic finance industry launches derivatives standard

A template for an over-the-counter Islamic derivative contract was launched on Monday, offering a channel for the emerging industry to better hedge itself against risks.

Nakheel sukuk unlikely to be paid, all options open-source

Dubai World which is in talks to restructure some $22 billion debt, is unlikely to pay off developer Nakheel's $980 million Islamic bond, a source familiar with the matter said on Monday, and all options are open.

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