• Hurt In Court

  An English court has ruled that Investment Dar did not have to stick to the terms of an Islamic loan because the contract did not comply with Sharia law. This could inflict more harm on the... The National - 21Mar10

• Shari'ah-Compliant Master Agreement Introduced for Hedging Islamic Finance Transactions

  On March 1, 2010 after many months of work, ISDA (the International Swaps and Derivatives Association) and IIFM (International Islamic Financial Market) jointly issued the first Shari'ah-compliant master agreement for over-the-counter (OTC)... Zawya Select - 18Mar10

• Financing Shipbuilding

  Shipbuilding is an ideal industry for Islamic banks to finance and has traditional roots dating back to the early establishment of several GCC states such as Bahrain and the... Zawya Select - 16Mar10

• South Koreans show growing interest in Islamic financing

  Asia to drive growth in sukuk sales in 2010Industry could see the first South Korean corporate sukuk as early as late 2010 SEOUL, - South Korean institutions are showing increasing interest in Islamic financing to diversify capital raising avenues.  This... Press Release - 15Mar10

• A Vote Of Confidence

  The year 2010 could be a landmark year for the Saudi housing sector, and the opportunities for Islamic housing finance - both development and mortgages - could be potentially... Arab News - 15Mar10

• Sukuk Dilemma

  Tariq Al-Rifa, director of Islamic Market Indexes for Dow Jones Indexes, says that bad news in the sukuk industry has been over shadowing the good... Zawya Dow Jones News - 14Mar10

• Jordan: Gov't mulling way around obstacles to issue sukuk

  The government may need to issue new pieces of legislation or find a new mechanism to speed up the issuance of Islamic sukuk, Minister of Finance Mohammad Abu Hammour said on Thursday.... Jordan Times - 12Mar10

• Bahrain Ithmaar Bk $200M Rights Offer To Start March 16

  Thursday, Mar 11, 2010BEIRUT (Zawya Dow Jones)--Ithmaar Bank, a Bahrain-based Islamic investment bank, Thursday said subscription to its planned rights issue, will run from March 16 to March 25.Ithmaar Bank aims to raise up to $200 million through the... Zawya Dow Jones News - 11Mar10

• A Must For The Middle East

  The Middle East will need a vibrant bond market as it continues to invest in... MONEYworks - 10Mar10

• Malaysia offers closer engagement as Islamic finance gains new ground

  Malaysia is inviting investors and institutions from the Middle East to use its comprehensive services platform to tap the growing interest in Islamic finance and target the burgeoning Asia-Pacific... Press Release - 10Mar10

• Close, but still far

  The new Saudi mortgage law may not be the 'saviour' the stagnant market has been waiting for, SARAH ABDULLAH... Gulf Business - 10Mar10

• Expiration of the USD $ 600 million Trust Certificates due 2010 issued by DAAR International Sukuk Company - ISIN: XS0284779294

  Following the company's announcement today confirming completion of the redemption process, NASDAQ Dubai hereby notifies the market that the Securities of the Company will be removed from the Official List effective at the close of business Thursday, 11... Press Release - 09Mar10

• Dar Al Arkan Sees 2010 Revenue 'In Line' With 2009

  Saudi Arabia's Dar Al Arkan Real Estate Development Co. sees revenue in 2010 to be "in line" with a year earlier, and may raise more debt to fund its expansion and pay off maturing Islamic bonds, top executives at the firm said... Zawya Dow Jones News - 09Mar10

• DAAR International Sukuk Company - Principal amounts repayment confirmation

  DAAR International Sukuk Company confirms that, the redemption process was completed on the 8th of March 2010, The Company transferred the total value of principal amounts to the principal paying agent (Deutsche Bank) on Thursday, 4th of March 2010.... Press Release - 09Mar10

• S&P Lowers Tabreed To 'CC'; Rtgs Withdrawn At Issuer Request

  Standard & Poor's Rating Services said today that it lowered its long-term corporate credit rating on United Arab Emirates-based district cooling company National Central Cooling Co. (Tabreed) to 'CC' from 'CCC+'. The outlook is... Zawya Dow Jones News - 09Mar10

• Dar Al-Arkan successfully redeems $600 Million inaugural Sukuk

  Dar Al-Arkan Real Estate Development Company (Dar Al-Arkan), a leading residential real estate developer in the Kingdom of Saudi Arabia, announces that it has successfully redeemed its inaugural Sukuk issued in March 2007.... Press Release - 09Mar10

• Indonesia Government Sells IDR999 Bln Sukuk; Targeted IDR1 Tln

  Tuesday, Mar 09, 2010JAKARTA (Dow Jones)--The Indonesian government Tuesday sold a total of IDR999 billion ($109 million) of Islamic bonds, slightly below its target of IDR1 trillion, the Finance Ministry said.The government sold IDR524 billion of the... Zawya Dow Jones News - 09Mar10

• Moody's assigns debt ratings to Emirates NBD's medium-term note programme

  Moody's Investors Service today assigned long-term senior and subordinated debt ratings to the US$7.5 billion medium-term note programme of Emirates NBD PJSC ('EmiratesNBD') and its special purpose issuing vehicle Emirates NBD Global Funding Limited... Press Release - 09Mar10

• Jordan turns to Islamic banks for borrowing

  The Jordanian government on Monday borrowed $100 million from the Jordan Islamic Bank in what Finance Minister Mohammad Abu Hamour described as a recognition of the successful performance of Islamic finance during the latest global financial... Arab News - 09Mar10

• Al-Shams CEO eyes promoting Islamic finance in Russia

  Adalet Djabiev is the "comeback kid" of Russian Islamic financial services. He is also part of the new generation of Russian bankers that have mushroomed in the post Soviet Union era and is passionate about giving the country's 20 million plus Muslims... Arab News - 07Mar10

• Saudi Arabia's Dar Al Arkan Says Paid Back SAR2.25B Sukuk

  Saudi developer Dar Al Arkan Real Estate Development Co. said Saturday it paid 2.25 billion Saudi riyals ($600 million) to investors holding Islamic bonds, or sukuk, which were due March 7.... Zawya Dow Jones News - 06Mar10

• Paris moves closer to hosting Islamic bond issue

  PARIS: France is now set to adjust its legal and fiscal framework to accommodate Islamic bonds this year, a leading Paris official told Reuters, as the French capital looks to attract business in this potentially fast-growing industry.>&ldquoWork is well... The Daily Star - 06Mar10

• GCC Investor Confidence Down; Dubai World Uncertainty

  Shuaa Capital says its GCC Investor Confidence Index fell in February as uncertainty surrounding Dubai World's debt restructuring plan weighs on investor... Zawya Dow Jones News - 03Mar10

• Indonesia Government Places IDR3.342 Tln Sukuk With Religion Ministry

  Indonesia's government sold IDR3.342 trillion ($360.5 million) two-year sukuk to the Department of Religious Affairs in a private placement Wednesday, its third such deal, the Finance Ministry said in a... Zawya Dow Jones News - 03Mar10

• DAAR International Sukuk Company - Final coupon distribution announcement.

  DAAR International Sukuk Company announces periodic coupon distribution amounting to USD 3,420,000.00 for the period commencing 8 December, 2009 till 7 March, 2010. The periodic coupon distribution is based on 3 Month Libor (0.280 calculated on 4... Press Release - 02Mar10

• Sukuk Structures

  It is incorrect to assume that Sukuk are always of one particular structure. As a matter of fact, Sukuk embrace a number of structures which distinguish them from conventional bonds and from other Sukuk structures in the family of approved... Zawya Select - 02Mar10

• Indonesia Aims To Raise IDR1 Tln From Sukuk Auction Next Tue

  The Indonesian government aims to raise IDR1 trillion ($108 million) from a sukuk auction next Tuesday, the finance ministry... Zawya Dow Jones News - 02Mar10

• CBB Sukuk Al-Salam Securities Oversubscribed

  The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been over subscribed.Subscriptions worth BD 56.8 million were received for the BD 12 million issue, which carries a maturity of 91... Press Release - 01Mar10

• Sberbank Going Shariah

  Maxim Osintsev, MD of Oil & Gas at Russia's Sberbank is on a mission to convince his management that as a business proposition Islamic banking makes... Arab News - 01Mar10

• Dubai Sukuk Center Limited (Sukuk Al-Mudarabah) profit distribution for the period from 14/12/2009 to 15/03/2010

  Profit for a period of 91 Days from 14/12/2009 to 15/03/2010 will be distributed to Sukuk Holders  on 15/03/2010. Distribution is for " Dubai Sukuk Center Limited, USD 1,250,000,000 Trust Certificates, Due 2012 (Sukuk Al-Mudarabah)" and based on related... Press Release - 28Feb10

• Kazakhstan emerging as most proactive market

  LONDON: Of the CIS countries, Kazakhstan is emerging as the most proactive and advanced Islamic finance market. According to foreign Islamic bankers recently visiting Astana, the Kazakh capital, there is very strong interest in Kazakhstan in developing... Arab News - 28Feb10

• Nakheel Asks For 2010 Bond Holder Details-Banker

  Nakheel, the Dubai World property arm that narrowly avoided a debt default in December, asked Friday through a clearing house for the details of its 2010 bond holders, according to a banker who received the... Zawya Dow Jones News - 26Feb10

• Middle East sukuk issuance may rise to $15bn this year

  Global sukuk (Islamic bond) issuances went up by more than double to $31billion (Dh113.8bn) in 2009, with the UAE accounting for more than one-fourth of the total, said a Bank of America Merrill Lynch's... Emirates Business 24/7 - 25Feb10

• Power, oil and gas firms top sukuk issuers

  Power, oil and gas and financial services became the three largest sectors that dominated the Islamic bond (sukuk) issuances last year, according to a Bank of America Merrill Lynch... Emirates Business 24/7 - 25Feb10

• Egypt: The National Bank for Development Launches Two new Products, 'Yosr' Murabha and Islamic' Sukuk'

  In fulfillment of its promise to launch new products to the Egyptian market, and in full compliance with Shari'a regulations, NBD is launching for the first time in Egyptian Islamic banking the "Yosr Murabha" personal finance" program and "Islamic Sukuk"... Press Release - 24Feb10

• RAK: Sound All Along

  The global financial crisis has prompted calls to return to basics and emphasise sound fundamentals. While most of the formerly fashionable financial innovations such as credit-default swaps, mortgage-backed bonds and single-tranche collateralised debt... Oxford Business Group - 24Feb10

• Chorus for strong bond market in UAE grows

  The UAE's banking sector is projected to see an improvement in 2010, with bigger budgets and higher profits at banks compared to 2009, said banking and financial analysts in Abu... Emirates Business 24/7 - 24Feb10

• IIFM releases Sukuk Report on its newly redeveloped website

  The International Islamic Financial Market (IIFM) today released its Sukuk Report (1st Edition) and the Sukuk Issuance Analysis 2001-2009 on its newly developed... Press Release - 24Feb10

• Waha Board approves issuing AED1bn mandatory convertible bonds or Sukuk

  Waha Capital P.J.S.C. board, the diversified Abu Dhabi-based ADX-listed holding company, decided to issue mandatory convertible bonds or Sukuk with a AED 1 billion value and distribute 12.5% as share dividends as bonus... Press Release - 23Feb10

• Waha Capital Board Recommends AED1B Sukuk Or Conv Bond Issue

  Abu Dhabi-based Waha Capital said its board of directors has recommended the issue of 1 billion U.A.E. dirhams ($272 million) in Islamic bonds or mandatory convertible... Zawya Dow Jones News - 23Feb10

• Dar Al Arkan Corp Credit And Issue Ratings Unchanged Following $450 Million Sukuk Note Issue

  Standard & Poor's Ratings Services said today that its long-term corporate credit rating on Saudi homebuilder Dar Al Arkan (DAAR; BB-/Stable/--) remained unchanged following the company's issue of its $450 million sukuk... Press Release - 22Feb10

• Indonesia Perusahaan Listrik: Mulling Rupiah, Dollar Sukuk

  Indonesian state-electricity company PT Perusahaan Listrik Negara is considering selling a local-currency or global sukuk this year in addition to a planned conventional debt sale, PLN's finance director... Zawya Dow Jones News - 22Feb10

• Dubai To Take A Hit On Debt Exposure

  The Dubai Government "will take its share of any exposure" in the financial restructuring of Dubai World, said a person familiar with the talks between the conglomerate and its bank... The National - 21Feb10

• Islamic finance more than a blip on West's radar

  As the world's financial systems found themselves struggling through another challenging year in 2009, Islamic finance reached a new landmark. By year end, the steadily growing sector saw a cumulative total sukuk issuance reaching $100 billion... Emirates Business 24/7 - 18Feb10

• Indonesia Cancels Sukuk As Investors Seek High Yields

  Indonesia opted not to sell any sukuk at an auction Tuesday, as the high yields investors sought would have made the debt expensive and threatened secondary-market bond prices, the country's top debt official... Zawya Dow Jones News - 16Feb10

• CBB Sukuk Al-Ijara Oversubscribed

  The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by... Press Release - 16Feb10

• Indonesia Govt To Raise IDR1T From Sukuk Auction

  Indonesian government likely to give around 8.71% yield for 5-year sukuk; 9.12% for 7-year sukuk, 9.97% for 11-year sukuk; 10.59% for 15-year sukuk in auction today, dealers... Zawya Dow Jones News - 16Feb10

• Mansouri Hails SCA Role

  ABU DHABI - The UAE Minister for Economy Sultan bin Saeed Al Mansouri has hailed the role of the Securities and Commodities Authority (SCA) in enhancing market depth by encouraging family-owned companies to convert into public joint stock... Khaleej Times - 16Feb10

• = INTERVIEW: Rating Agency: Malaysia To Keep Global Sukuk Lead

  Monday, Feb 15, 2010(This article first ran Friday.) By Ditas Lopez Of DOW JONES NEWSWIRES SINGAPORE (Dow Jones)--Malaysia's sales of Islamic bonds will likely more than triple this year as the global economy improves and debt markets strengthen,... Zawya Dow Jones News - 15Feb10

• Luxembourg tax measures -- a Shariah perspective

  Following the recent circular from the Luxembourg tax authorities describing the major principles and contracts of Islamic finance and their respective tax treatment, most financial market players have welcomed the... Arab News - 15Feb10