The development of Islamic bank asset is still rocketing in 2012, economic analyst, Euis Amalia, says. The increase is supported by the increasing public interest in Islamic banking products and the emerging of Islamic general bank (BUS). The Islamic banking asset in 2011 entirely records 49 percent growth compared to 2010. The asset reaches 149 [...]

Abu Dhabi government-owned Al Hilal Bank has confirmed the appointment of three banks to manage its debut $500 million Islamic bond issue, which will be issued later this year, its chief executive said on Monday. “We have started the preparatory work for issuing our first sukuk for which we are still at an early stage. [...]

Oman’s two Islamic banks will float 40 percent of their shares by June, the sultanate’s central bank Executive President Hamood Sangour al-Zadjali said on Monday. “Bank Nizwa will issue an initial public offering of 40 percent of its capital of 150 million rials ($389.61 million), while Al Izz International Bank will issue 40 percent of [...]

Dubai’s Majid al Futtaim will begin meeting investors on Sunday ahead of a potential Islamic bond, or sukuk issue, a statement from the lead managers said on Tuesday. The mall developer, which is the sole franchise for Carrefour in the Gulf, will meet investors in Abu Dhabi and Dubai on January 29, before a second [...]

Fitch Ratings says plans by sovereigns outside the Middle East and other largely Islamic regions to tap the sukuk market could meet pent-up demand from Islamic institutional investors and banks to diversify their bond holdings, making the sukuk market a useful source of additional funding over time. The opportunity to buy shariah-compliant debt from investment [...]

Brunei is unprecedented in paving the way for Islamic finance and banking in the country and is doing increasingly well achieving great heights in the sector. “The advantage you have in Brunei, it’s a Muslim majority country and it’s among the few countries in the world where there are royal decrees to facilitate the laws [...]

Dubai. An advisor to Goldman Sachs has defended the US bank’s $2 billion Islamic bond program against criticism it may contravene religious principles, in a controversy that could affect Western banks’ ability to enter the Islamic debt market.

The issuing of three mega Islamic banking licenses in Malaysia; starting the implementation of the new Financial Sector Blueprint (FSBP) 2011-2020 including Islamic financial inclusion and microcredit and the internationalization of Malaysia’s Islamic finance industry; and helping the International Islamic Liquidity Management Corporation (IILM) launch its first sukuk as part of an ambitious issuance program, [...]

There is currently a tremendous opportunity for Kuwait to profile itself as a hub for Islamic finance and Islamic banking, according to Belgian academic and economist Professor Laurent Marliere. “The winners of the upcoming Kuwaiti elections could take a challenger’s position in the region and benefit from the numerous advantages of the country to pioneer [...]

Brunei Darussalam possesses a conducive environment for a strong Islamic finance sector and has the potential to be an Islamic finance hub for the global market if it looks outwards, said an Islamic finance scholar. “The advantage you have in Brunei, it’s a Muslim majority country and it’s among the few countries in the world [...]