UK - CAPITAL MARKETS - Moody's assigns BLME US dollar income fund Baa rating

ameinfo.com - Moody's Investors Service has assigned a Baa bond fund rating to the Bank of London and The Middle East Plc 'BLME' Sharia'a Umbrella Fund - USD Income Fund, a Luxembourg-domiciled fund (the 'Fund').

The Fund is structured as a Luxembourg domiciled SICAV-SIF and aims to provide a competitive level of income together with a high degree of security of capital. The fund seeks to achieve this by investing in a diversified portfolio of high quality Islamic money market instruments, Sukuk (an Islamic 'bond') and Ijara (the leasing of assets). (source)

FRANCE - Saudi Aramco, Total appoint three banks for sukuk

AMEINFO.COM - Saudi Aramco and France's Total have appointed Deutsche Securities Saudi Arabia, Samba Capital and Saudi Fransi Capital as lead managers and joint bookrunners for the sukuk which will finance the Jubail refinery project, Reuters has reported. The total size of the sukuk - open only to Saudi nationals or those registered in the country - was not disclosed but has been previously indicated at $1bn. The offering period starts on September 10 and will last for 16 days. (source)

SWITZERLAND - Dubai Financial Services Authority renews ties with Swiss counterpart

The Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with the Swiss Financial Market Supervisory Authority (FINMA). The MoU was signed on behalf of the DFSA by its Chief Executive, Mr Paul M Koster and Professor Anne Héritier Lachat, Chair of the Board of Directors of FINMA, in advance of a meeting of the DFSA Board in Zurich.(source)

UK - DIFC based Hawkamah partners with Islamic Finance Council UK to organize Shariah scholar training programme in Dubai

Dubai International Financial Centre-based Hawkamah, Institute for Corporate Governance, has partnered with the Islamic Finance Council UK (IFC) to trial a unique training programme which provides tailored conventional markets training for Shariah scholars. The programme is exclusively tailored for Shariah scholars and those involved with the Shariah assurance process and has been run successfully in London, Bahrain and Kuala Lumpur. 

The IFC Scholar Professional Development Programme, developed by the IFC, a UK based not-for-profit, and assisted by the Chartered Institute for Securities & Investment Institute (CISI), provides a Continuous Professional Development (CPD) approach comprising of relevant and structured learning activities on conventional markets. (source)

GERMANY - Dubai Exports and AHK lead Islamic finance trade mission to Germany

Dubai Exports, an agency of the Dubai Department of Economic Development (DED), Government of Dubai, led an Islamic financial services trade mission to Germany. The mission was organised in partnership with the German Emirati Joint Council for Industry and Commerce (AHK) and sought to assist firms from the UAE to enter the largest economy in Europe.

 Eng. Saed Al Awadi, CEO of Dubai Exports, said that, "two years ago we started promoting UAE's capabilities and expertise in Islamic or Shariah compliant financial services to major markets abroad. We were not surprised by the overwhelmingly positive response and the successful outcomes that have been achieved to date. This mission builds on from our previous successes and allows our firms in the sector to target new markets." (full story)

EUROPE - TAKAFUL - Islamic insurance: tackling global hurdles

According to Ernst and Young, the market for Islamic insurance, known as Takaful, will touch $12 billion this year. Whether in the East or the West, whether the company is young or established, ambitions in the industry have not flagged. AMEinfo.com talked to Ghassan Marrouche, General Manager at Takaful Emarat, Dubai, and Marcel Omar Papp, Director Client Markets at Swiss Re in Kuala Lumpur.

 "Takaful Emarat was established in 2008. Since May 2008 we are listed the Dubai Financial Market (DFM)", says Ghassan Marrouche, General Manager at Takaful Emarat (EM) in Dubai. According to the Ernst and Young World Takaful Report 2011, there were ten Takaful operators in the UAE in 2008. They generated contributions of $640m. Globally, contributions grew 31% to $7bn. In 2011, the global Takaful industry will reach $12bn, Ernst and Young predicts. (full story)