IDB, ADB sign $4 billion co-financing accord

IINA – IDB, ADB sign $4 billion co-financing accord
The Islamic Development Bank (IDB) and Asian Development Bank (ADB) signed a landmark co-financing agreement which will allow them to work together on projects in common member countries (Afghanistan, Azerbaijan, Bangladesh, Indonesia, Kazakhstan, Kyrgyz Republic, Maldives, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan). The agreement calls on both organizations [...]

South Korea, Indonesia sign deal on fuel from seaweed

IINA – South Korea, Indonesia sign deal on fuel from seaweed
South Korea has signed an initial deal to lease 61,750 acres of Indonesian coastal waters to grow seaweed for bioethanol fuel, it was announced today. The letter of intent was signed between the Ministry for Food, Agriculture, Forestry and Fisheries and its Indonesian counterpart.
Yonhap news [...]

Property developers turn to Islamic alternatives

Zawya – Property developers turn to Islamic alternatives
In an increasing tough financial world hammered by the global credit crisis, more property developers are turning to Islamic financial instruments to get projects off the ground, say the organisers of the Islamic finance industry’s leading global event.
“Financing based on Islamic rules requires that gains are derived from [...]

Arab-based group takes management of Pakistani electricity company

Zawya - Arab-based group takes management of Pakistani electricity company
The Dubai-based AbraajAbraajLoading… group of companiees Tuesday took over management of the Karachi Electric Supply Company (KESC) from the Saudi Aljomaih group following finalization of a deal through which the Saudi company offloaded 50 per cent of its 73 per cent shares and management in the utility.
The [...]

Islamic debit card to be rolled out across Russia

MoscowNewsWeekly – Islamic debit card to be rolled out across Russia
The new Islamic debit card promises customers that any interest earned on their accounts will be donated to charitable causes, such as maternity wards for local hospitals. The terms of the card were decided by the bank in cooperation with the Spiritual Council of Muslims [...]

Iraq to host fair for oil giants

Zawya - Iraq to host fair for oil giants
Iraq is to host a giant conclave of the worlds biggest oil companies in London next month in a bid to open its vast reserves to long-term drilling contracts and counter impressions that it aims to shut out Western firms, it was reported here Monday.
Baghdad has invited 41 [...]

Emirates raises $265m in Islamic financing for planes

Zawya – Emirates raises $265m in Islamic financing for planes
Emirates Airline has raised $265 million (Dh973m) in Islamic financing to pay for the lease of two new Boeing 777-300ER aircraft delivered earlier this year.
The transaction involves long-term leases for a period of 12 years. The first aircraft was delivered in May and the second [...]

Malaysia To Host The 2nd Global Islamic Finance Conference

IQNA – Malaysia To Host The 2nd Global Islamic Finance Conference
Building on the success of 2006 inaugural conference, the 2nd Global Islamic Finance Conference (GIFC2008), to be held on 29-30 of October at the Prince Hotel & Residence, Kuala Lumpur, Malaysia will convene more than 200 senior executive delegates representing the financial institutions, private corporations, [...]

Indonesia approves law for first Islamic bond

Click here: IINA – Indonesia approves law for first Islamic bond
Indonesia’s parliament passed a new bill on Sharia-compliant debt, paving the way for country’s first Islamic bonds (sukuk) to be sold in international and domestic markets. The country’s House of Representatives had agreed to pass the new bill on Monday which will allow the government [...]

UK: Government seeks to issue Islamic bonds

Click here: Reuters – Government seeks to issue Islamic bonds
The government said on Wednesday it wanted to become the first Western government to launch Islamic bonds, or sukuk bonds, early next year. Treasury officials will be meeting experts from the City of London to discuss plans to issue government bonds which are compliant with an [...]

Dubai: 10TH Dubai Airshow breaks its on-site order book on day one

Click here Zawya.com – 10TH Dubai Airshow breaks its on-site order book on day one
The 10th edition of the Dubai Airshow – the largest of which opened at the Airport Expo Dubai, United Arab Emirates today – smashed all its previous declared on-site order books within the first five hours of the event.
The history-making news [...]

Kuwait: KAMCO Unveils New Shariah Compliant Money Market Fund

Click here: Zawya.com -  Kuwait: KAMCO Unveils New Shariah Compliant Money Market Fund
KIPCO Asset Management Company has announced the launch of a specialised Shariah compliant money market fund, Al Jazi Money Market Fund. This targeted investment solution offers mutual fund style benefits of high-liquidity, low risk and competitive yields investors looking for investment opportunities that [...]

Malaysia, Iran, Turkey plan Islamic Car

Click here: Bhatkallys.com – Malaysia, Iran, Turkey plan Islamic Car
Malaysia together with Iran and Turkey plan to produce ”Islamic” cars for the global market, according to Proton Holdings Bhd’s managing director Syed Zainal Abidin Syed Mohamed Tahir. From an idea mooted by Iran, the proposed cars are expected to have Islamic features such as compass, [...]

7 Countries Considering Abandoning the US Dollar (and what it means)

Click here: CurrencyTrading.net – 7 Countries Considering Abandoning the US Dollar (and what it means)
It’s no secret that the dollar is on a downward spiral. Its value is dropping, and the Fed isn’t doing a whole lot to change that. As a result, a number of countries are considering a shift away from the dollar [...]

Dubai: Amlak Finance Plans to Enter Gulf Markets

Click here: Zawya.com – Amlak Finance Plans to Enter Gulf Markets
- Amlak Finance, the largest publicly listed Islamic finance company and pioneer of home finance in the UAE, plans to enter GCC markets after its success in the UAE market. “We will be active in Riyadh very soon in collaboration with a highly reputed local [...]

Dubai: Istithmar Expands International Footprint with the Opening of a New Office in The People’s Republic of China

Click here: Zawya.com – Istithmar Expands International Footprint with the Opening of a New Office in The People’s Republic of China
…The formal set-up of Istithmar in China represents the firm’s first official international foray outside the UAE. In addition to targeting untapped opportunities in one of the world’s key emerging markets, this move also signifies [...]

Iraq: New oil contracts approved for global firms in Kurdistan

Click here: Iraq: New oil contracts approved for global firms in Kurdistan
…In a media statement released on an official website, the Kurdish government’s minister of natural resources, Ashti Hawrami, said: “Erbil had signed seven new oil contracts with several international companies, bringing to 20 the total number of accords to now.” “With these new contracts, [...]

UK: Ithmaar banking group sponsors International Takaful Summit in London

Click here: Zawya.com – Ithmaar banking group sponsors International Takaful Summit in London
The Ithmaar banking group, leaders in financial solutions, sponsored the three-day International Takaful Summit in London.
… Representing the Ithmaar banking groupIthmaar banking groupLoading… at the summit was Solidarity
Head of Corporate Communications and Marketing Bassel Hanbali, who spoke about marketing financial services and the [...]