SBP Islamic Banking Bulletin, July-Sep 2007

East asian countries of indonesia malaysia brunei sin

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east Asian countries of Indonesia, Malaysia, Brunei, Sin- gapore and the Philippines. Already, Infosys has UAE's Emirates Islamic Bank and Arab National Bank, in Saudi Arabia, as clients using its Islamic banking-dedicated Finacle platform, which was fully developed last year. The platform enables financial institutions to provide a wider range of products and more integrated solutions to clients through Web-based cash management systems. Islamic sukuk market to reach $140b by 2010 islamic-sukuk-market-to-reach-140b-by-2010/ The global Islamic banking industry has witnessed unprecedented growth of 10 to 15 per cent a year across the board. This growth in the Islamic Financial Institu- tions (IFIs) has led the Islamic sukuk market to reach to the new heights of development from the size of merely $8 billion in 2003 to $70 billion in 2007 with the projec- tions of doubling the size to $140 billion in three years. The Bahraini Minister of Finance Shaikh Ahmed bin Mo- hammed Al Khalifa, in his opening remarks at the ninth annual AAOIFI-World Bank Conference on Islamic Banking and Finance, said that the enormous growth also poses serious challenges to the industry players. Islamic banking deal a first for Japan Nov /26/Islamic_banking_deal_a_first_for_Japan.html The Boubyan Bank of Kuwait is the first Islamic bank to launch a Shariah-compliant real estate financing struc- ture in Japan, the Kuwait News Agency (Kuna) reports. Three Tokyo offices have been bought by Kuwait's sec- ond-largest Islamic lender for $39.4 million. Speaking to Kuna, Abdulla Al-Mulaifi, Boubyan Bank's executive manager for international real estate, said: "As the world's second-largest property market, we have consid- ered Japan a target investment for a long time with great potential." He said that the bank had spent nearly two years structuring the transaction. "Despite of the absence of Shariah compliant financing in Japan, through our commitment to innovation-driven products and determi- nation to penetrate the Japanese market, we have achieved this breakthrough," Mr Al-Mulaifi added. He said the bank expects to expand its Islamic services in Japan if this investment sees success. Shariah-compliant finance prohibits charging interest, favouring partner- ships in trade of services, investment and renting. Shariah scholar appointed by Deloitte news/2204377/deloitte-appoints-shariah Deloitte has become the first Big Four firm to appoint a Shariah scholar, in an attempt move in on the burgeon- ing Islamic finance market. Mufti Hassam Kaleem will be responsible for signing off Deloitte Islamic finance products and confirming that they comply with Shariah law, the FT reports. Islamic finance accounts for 2% of the global finance market and bankers are predicting double-digit growth in Islamic finance products. Page 17 International News Disclaimer The news section of Islamic Banking Bulletin is based on information obtained from local and international print and electronic media.
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