Weekly Islamic Finance Industry Updates

London residential funds that are sharia compliant are likely to become more prolific, according to a local asset manager whose firm has just released the second of its property funds under this structure.
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What Does Islamic Finance Say About the Environment?

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Islamic banking growing at fast pace read more

Japanese bank group to fully launch Islamic finance in Malaysia – See more

Kerala government gets Reserve Bank of India nod for Islamic banking : Economic Times

T Ramavarman source : economictimes.indiatimes.com

imagesKOCHI: The Kerala government has got a go-ahead from the Reserve Bank of India to launch a financial institution following the principles of Islamic finance.

Cheraman Financial Services Limited (CFSL) will be floated by Kerala State Industrial Development Corporation to function as a non-banking finance company (NBFC). A formal announcement on CFSL, the latest incarnation of Al Baraka Financial Services, was made on Saturday.

Industries minister PK Kunhalikutty and CFSL chairman P Mohamad Ali told reporters here that the firm would function as a non-banking finance company with an authorised capital of Rs 1,000 crore.

Please read more at :

http://economictimes.indiatimes.com/news/economy/finance/kerala-government-gets-reserve-bank-of-india-nod-for-islamic-banking/articleshow/21890211.cms

Islamic banking assets to top $1.8 trillion

By CCTV correspondent Sumitra Nydoo

Islamic banking has gained some serious traction in the global banking sector in recent years. With the 2008 credit crunch that saw the demise of some of the world’s oldest financial institutions, Islamic Banking organizations have been lauded internationally for weathering the storm. This is mainly because they are not exposed to volatile markets as other conventional banks.

According to Ernst & Young’s World Islamic Banking Competitiveness Report 2013, Islamic banking assets held by commercial banks worldwide are expected to exceed $1.8-trillion this year, a 38% increase compared with $1.3-trillion in 2011. But how is Islamic banking different from conventional banking?

see more at : http://english.cntv.cn/program/newsupdate/20130504/103509.shtml

Islamic funds growth slows while the amount of investable assets increases,

The third report of Ernst & Young devoted to investment funds and Islamic investments have been made ​​public on the occasion of the International Conference on Islamic funds and capital markets, which was held in Bahrain, May 25.

This report indicates that the active region from the Persian Gulf and Asia, invested in accordance with the Sharia reached 736 billion U.S. dollars.

These assets include investments made ​​by many market participants using different instruments, such as Awqaf (donations to charities often recognized public utility), contributions to foundations, Takaful (insurance companies mutuals and co-operatives) and sovereign wealth funds. This translates into a potential source of income of 3.86 billion U.S. dollars for the industry Islamic asset management. Investment funds, however, remain small in size, since more than half of them have less than U.S. $ 20 million in assets under management.
The number of new funds launched has dropped from 271 in 2006-2007 to only 89 for the period of 2008 to the first quarter of 2009. This movement reflects the significant market correction initiated in the last year.

Google translated

read more at : http://www.ey.com/LU/en/Newsroom/News-releases/release_croissance-fonds-islamiques-june2009