ALBANIA - FINANCE - PM Berisha welcomes participants in International Conference on Foreign Investments in Albania

www.emg.rs -The Conference is organized by the Albanian Investment Development Agency (AIDA) in cooperation with Islamic Development Bank- IDB.

Prime Minister Sali Berisha hosted a welcome reception today evening at the venues of the Palace of Brigades for the participants in the International Conference on Foreign Investments in Albania that holds its proceedings in Tirana.
The Conference is organized by the Albanian Investment Development Agency (AIDA) in cooperation with Islamic Development Bank- IDB.  (source)

UK - IDB exploring microfinance options in UK

www.saudigazette.com.sa - LONDON — The Islamic Development Bank (IDB) is exploring social and financial inclusion opportunities in the UK including the provision of community-based microfinance, SMEs (small-and-medium-sized enterprises) financing and technical assistance programs.
 
An IDB delegation, led by its President Dr. Ahmed Mohammed Ali, participated in a roundtable here Monday with financial institutions, law firms, corporates and community organizations and leaders.

Dr. Ali said that in addition to the direct assistance to microfinance institutions, initial discussions have taken place with the UK’s Department for International Development (DFID), World Bank and CGAP to start some pilot projects in various common member countries and eventually develop a global Islamic microfinance facility.  (source)

UK - UK Islamic Finance Secretariat welcomes Islamic Development Bank President to London

www.thecityuk.com -Following an invitation from the Lord Mayor of the City of London, President of the Islamic Development Bank (IDB), Dr Ahmad Mohamed Ali today visited London. 
In collaboration with Gatehouse Bank, TheCityUK’s UK Islamic Finance Secretariat (UKIFS) held a meeting at The Mansion House to enable representatives from across the UK Muslim community to meet Dr Ali and his accompanying delegation. At this meeting they discussed areas of potential market development, including microfinance within Islamic communities, job creation initiatives for women entrepreneurs and innovative methods for developing young Muslim talent.


Keith Phillips, Executive Director of UKIFS, commented: “I am delighted to welcome His Excellency Dr Ahmad Mohammed Ali and his delegation to London. His visit provides an ideal opportunity to demonstrate the UK’s undoubted strength as the leading western centre for Islamic finance. UKIFS aims to develop closer working ties with the IDB in its international work and important role in supporting innovation within the UK Muslim community.” (source)

UK - Islamic Development Bank signs MoU with British Int''l Development

www.kuna.net - JEDDAH, March 11 (KUNA) -- The Islamic Development Bank (IDB) and United Kingdom International Development Department signed on Sunday a memorandum of understanding (MoU) which aims at enhancing coordination and cooperation between the two sides in the fields of combating poverty and reducing unemployment.
According to a press statement marking the occasion, the MoU was signed by Ahmad Mohamed Ali, the President of Islamic Development Bank (IDB), and British Minister of State for International Development Alan Duncan who represented the UK International Development Department. (source)

RUSSIA - The Akbars Bank debut Islamic Syndication

by Alberto Brugnoni - ASSAIF - On 17 December 2010, at 4.30 in the morning, I was standing outside my hotel in Kazan in the middle of a snowstorm waiting for Anatoly, my driver, to take me to the airport. I had to board the early flight heading back to Moscow's Sheremetyevo airport to catch my connection that would take me back to my much coveted wandering life as an Islamic finance consultant in the Middle East.  (source)

GERMANY - Why German blushes could have been saved by a vibrant sukuk market

Sovereign Germany might be disappointed that its recent Eurobond offering was not fully subscribed. Perhaps in hindsight, had it instead opted to issue a debut Eurosukuk for the same amount, the story might well have been different.

Sukuk issuers, whether conventional entities such as HSBC Middle East or Goldman Sachs (both of which tapped the sukuk market in 2011, or Islamic banks, agree that market conditions in the sukuk space is more favorable than in the conventional space. And this confidence and appetite for Sukuk is backed by rising demand from big institutional investors in the Middle East and Asia. (source)

SPAIN - EUROPE - Saudi-Spanish Collaboration Seeks to boost Islamic finance values in Europe and beyond

Islamic finance in the European Union may be taking a back seat as the continent is gripped with a dire euro zone sovereign debt crisis which has even impacted on sovereign Germany's attractiveness as a bond investment asset class.

Similarly, London's role as a hub for Islamic finance, investment and trade - the declared ambition of the previous Labor government and the current Conservative-Liberal Democrat Coalition - is stalling because of the disappointment of the UK Treasury deciding not to raise funds in the wholesale sterling market through a debut sovereign Sukuk. Luxembourg and France have also introduced tax neutrality measures to facilitate sukuk and other Islamic financial products, but have yet to commit to issuing a debut sukuk, claiming as the UK does it is not the right timing nor at the right price. (source)

ALBANIA - FINANCE - ICD poised to boost activity with SR1 billion SME fund - Ijara / Leasing company for Albania in the pipeline

In the wake of the impact of the continuing global financial crisis, the euro zone debt crisis and the so-called Arab Spring - and their economic impact on global and regional markets including member countries of the Islamic Development Bank (IDB), the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the IDB Group, is embarking on a new strategy to take its financing directly to its constituencies and to make its financing impact more on the real economy through the generation of employment and promoting growth. This includes opening regional offices; setting up two new departments at the ICD; launching more Ijara (leasing companies) in diverse markets such as Albania, Saudi Arabia and Algeria; establishing SME investment funds including a SR1 billion fund for Saudi Arabia; and establishing a mortgage finance company in Saudi Arabia in anticipation of the long-awaited mortgage law. (source)

HUNGARY - Hungary hungry for IF

Hungary's first Islamic bank is on its way, says Istvan Kaknics-Ujhelyi, director of Hungary's Al-Gharnati Foundation and advisor to the mayor of the northern city of Eger. Hosszu Ferenc Ali Hasszan, a Hungarian currently undergoing Islamic banking training in Malaysia, told The Islamic Globe that Hungary is working towards opening its first fully functional Shari'ah compliant bank, called Magyar Iszlam Bank in the coming years.(source)

ALBANIA - Saudi Arabia and Albania signs 25 Million USD loan agreement

Tirana, 25 June 2011 (albanianeconomy.com) Saudi Arabia fund for development had accepted to lend 25 million USD to the Government of Albania for the construction of a highway, the Ministry of Finance announced on Friday.

“The loan approval has been announced officially by Saudi ambassador in Albania Abdullah Abdulaziz AL-ABDULKARIM. The new loan will have 2 per cent interest rate and 25 years maturity where the first five years will be grace period,” the Ministry said in a press release. (source)

FRANCE - MOU Between Ijara Management Compagny (IMC) and Real Economy Partners (REP)

Ijara Management Company (IMC) a wholly owned subsidiary of The Islamic Corporation for the Development of the Private Sector (ICD) a multilateral organization, affiliated with the Islamic Development Bank (IDB) Group and REAL ECONOMY PARTNERS (REP) announced an exclusive partnership to develop Alternative Leasing (Crédit-Bail Alternatif) solutions for the French Market. (source)

UK - LUXEMBOURG - London and Luxembourg battle over sukuk listing domicile

London and Luxembourg are engaged in a friendly “battle of the listings domicile” especially for sukuk and Islamic investment funds, and its seems that the London Stock Exchange (LSE) currently has the upper hand on its counterpart in the Duchy, Luxembourg Stock Exchange.

In a short and simple announcement on June 1, the London Stock Exchange welcomed "the listing of another two sukuk bringing the total number of sukuk which have listed on the exchange to 33 and the total money raised to $19.4 billion." The two latest listings coup include the IDB Trust Services Ltd.’s $750 million Trust Certificates, and the SIB Sukuk Company II Ltd.'s $400 million Trust Certificates which are due on May 25, 2016. (source - arabnews)

UK - EUROPE - Islamic Development Bank dual lists $750 million Sukuk in London, Kuala Lumpur

The Islamic Development Bank’s (IDB) Trust Certificates are being listed on the London Stock Exchange and Bursa Malaysia. Despite the volatile economic environment around the world, IDB achieved both a larger deal size and tighter pricing, with the deal pricing 3bps inside secondary market levels

"This transaction is important because it sets a benchmark yield for IDB risk," said Rizwan H. Kanji, a debt capital markets partner with the Middle East and Islamic finance practice of King & Spalding in Dubai, United Arab Emirates. "It also is expected to help re-energize the Sukuk market after a period of relatively low issuance of Sukuk."

King & Spalding advised the IDB on the $750 million benchmark Sukuk which has been dual-listed on the London Stock Exchange and Bursa Malaysia. The joint lead managers on the transaction were BNP Paribas, Deutsche Bank A.G. (London branch), HSBC and Standard Chartered Bank. (full story - source)

UK - Islamic Foundation wins IDB prize

JEDDAH: The Islamic Development Bank (IDB) announced Wednesday that the Islamic Foundation, UK, is declared the winner of the IDB Prize in Islamic Economics for the year 2011 in recognition of its substantial contribution to the promotion of Islamic economics. The Prize will be awarded to the winner during the 36th IDB BOG Annual Meeting in Jeddah, to be held on June 29-30. (full story)

BOSNIA - Saudi investors pledge to invest in Bosnia (IDB)

SARAJEVO: Saudi investors pledged on Wednesday to invest in Bosnia with $50 million starting capital and Turkey said that one of its banks will extend credit lines for infrastructure projects.

Officials from the Middle East and Turkey said they wanted to help development of Bosnia, a Balkan country.

The Islamic Development Bank (IDB), AlBaraka banking group and other Saudi investors have formed a joint investment company for Bosnia, said Saudi Arabia’s Saleh Kamel, the chairman of the Islamic Chamber of Commerce and Industry. (full story)

ALBANIA - Albania gets $223 million loan from Islamic bank

MSN News - The Islamic Development Bank has granted a $222.7 million (156 million euros) loan to Albania for building a road linking the capital with the southern town of Elbasan, the finance ministry said Thursday. (full story)

RUSSIA - ICD offers Islamic finance study tours to Russian, CIS officials

The intellectual argument for and the demystification of Islamic finance has gained much ground in Russia and the CIS countries over the last two years, but the political decision makers and bureaucracy, especially the banking regulatory authorities, still need to be convinced about the role an alternative Islamic system of financial management can play, especially in the aftermath of the global financial crisis. As such, Islamic finance in the region is at best a work in progress but the task ahead remains huge. (full story)

ALBANIA - TURKEY - IDB Gives $511 Mln in Loans, Grants for Member States’ Projects

Islamic Development Bank said that its board of executive directors approved today about $511 million in loans and grants for several projects in member countries.

The Jeddah-based multilateral lender, known as IDB, said the approved projects include $222 million to build a road in Albania, $108 million to schools development program in Turkey, and $95 million for the construction of grain steel silos in Pakistan.   (full story)

RUSSIA - EVENTS - Roundtable «Islamic Finance in Russia & CIS — market and regulation» Istanbul, January 25, 2011

«Islamic Finance in Russia & CIS
— market and regulation»

Istanbul, January 25, 2011

The Round table will bring together top level representatives from financial and economic ministries, central banks and other regulating bodies of Russia, CIS countries, the Gulf, Southeast Asia and Europe. The event will focus on cooperation and mutual consultations at the application of a wide range of available financial instruments to strengthen the financial system. In particular, Round table will be dedicated to Islamic finance – international experience of application, regulation and use in daily economic practice.

FRANCE - EVENTS - IDB/France: IDB Group President Encourages French Economists to Participate in Developing Islamic Financial Services

JEDDAH, Dhul Qadah 22/Oct.30 (IINA)-President of the Islamic Development Bank Group H.E. Dr. Ahmad Mohamed Ali, addressed the 4th French Forum on Islamic Finance congratulating the French officials on the progress they have made in the field of Islamic financial services industry appreciating the great attention paid to Sharia-compliant finance for the resistance it displayed in the face of the recent financial crises.

The one day Forum under the title “Islamic Finance, the Engine for the French Economy, Investment and Financial Institutions in 2011”, was organized by the Franco-Arab Chamber of Commerce in collaboration with the French Research Center for Islamic Finance and the Islamic Development Bank Group.