Islamic Finance

  By Riffat Mughal Pakistan’s Islamic mutual funds performed better during the second quarter of financial year (Q2FY12) as net assets of all Islamic funds increased by 17.57 percent to Rs 47.812 billion as against Rs 40.67 billion during Q1FY12. Net assets of Islamic Open end funds went up by 18.36 percent and reached Rs 45.405 billion during Q2FY12 as compared with Rs 38.361 billion during last quarter. Islamic pension funds also surged up by 13.43 percent to Rs 1.079 billion; however, Islamic closed end funds declined by 1.97 percent to Rs 1.327 billion. During the period under review, the equity markets remained dull with thin volumes and concentrated activity was seen in selected scripts due to absence of positive triggers. Money market funds also remained in tight situation due to ease in monetary stance by the State Bank of Pakistan. Uncertain political conditions of the country also impacted both the money market and equity markets. Islamic Asset Alloc

  By Riffat Mughal KARACHI: Pakistan’s Islamic banking windows of conventional banks continued to grow during the first nine months of the calendar year 2011 (9MCY11) with improved asset base. Net assets of the Islamic banking windows grew by 31.77 percent and stood at Rs 17.647 billion as on Sep 30, 2011 as against Rs 13.393 billion reported on Dec 31, 2010. Islamic banking business of 11 selected banks was included in this report. The banks taken for analysis include Standard Chartered Saadiq , Bank AL Habib , Askari Bank Limited , Habib Bank Limited , Faysal Bank Limited , National Bank of Pakistan , Bank Alfalah Limited , Bank of Khyber , Habib Metropolitan Bank , Muslim Commercial Bank and

85% of Omani consumers want Islamic finance products - Insurance Insight There is strong appetite among Omani consumers for Islamic finance with many keen to take it up as soon as it becomes available on the market, according to a study published by the Islamic Finance Advisory & Assurance Services.

Meezan Bank holds 18th Shariah Supervisory Board meeting | HALALTAMWEEL.COM KARACHI: The 18th Shariah Supervisory Board meeting of Meezan Bank Limited was held at the Darul Uloom Korangi here on Thursday.

IDB, ADB lend Bangladesh $500mln for energy | HALALTAMWEEL.COM DHAKA: The Islamic Development Bank and Manila based Asian Development Bank (ADB) will lend Bangladesh $500 million for energy sector to address critical power shortages which are undermining the economy and slowing poverty reduction efforts, a statement of the bank said on Wednesday.

Fitch assigns EIB Sukuk Company Ltd's certificates A+ rating | HALALTAMWEEL.COM DUBAI: Fitch Ratings has assigned EIB Sukuk Company Limited's USD fixed rate senior unsecured trust certificates (Certificates) an expected rating of 'A+ (exp)'.

Bahrain awards $551m contract to build affordable housing, following uprising | HALALTAMWEEL.COM Dubai: Bahrain Government has awarded Nassej, a local leading real estate and construction company, a $551 million (Dh1.83 billion) contract to build 4,000 affordable housing, after months of social unrest - part of the Arab Spring.

GIB named best sukuk arranger | HALALTAMWEEL.COM MANAMA: Bahrain-based Gulf International Bank (GIB) was recently named the “Best Sukuk Arranger” for the year 2011 by Dubai’s Islamic Business & Finance magazine.

Goldman advisor defends $2bln Islamic bond scheme | HALALTAMWEEL.COM DUBAI: An advisor to Goldman Sachs has defended the U.S. bank's $2 billion Islamic bond programme against criticism it may contravene religious principles, in a controversy that could affect Western banks' ability to enter the Islamic debt market.

ADCB Islamic Banking was named the "Most Improved Islamic Bank in the UAE" by the Global Islamic Finance Awards (GIFA) committee at a recent ceremony in Muscat. http://www.halaltamweel.com/2011/12/31/News/New-award-for-ADCB-Islamic-Banking/2979/Story.aspx