FRANCE - Paris seeks to become Islamic finance hub in Europe

www.zawya.com - A report prepared by KFH-Research stated that new global markets are seeking to join the main players in the Islamic financing industry and services, such as France. France is working relentlessly to make numerous legal and organizational reformations to facilitate the offering of Islamic financial services and products.
The report added that there is great potential for growth in the field of Islamic financial services in France, since France seeks to become a hub for Islamic banking in Europe. It noted that 1.5 million clients are willing to use Islamic banking tools and products, which equals USD 18.2 billion. In addition, French authorities have offered strong support to develop Islamic banking services, not to mention the high number of Muslims living there who seek Islamic banking services. However, the report mentioned that some legislations need to be amended. (source)

FRANCE - KFH receives French investment delegation

www.arabtimesonline.com - Kuwait Finance House (KFH) CEO Mohammed Al-Omar said that KFH is interested in working in the French market, in addition to other European markets, which is part of KFH’s overseas expansion plans; especially that France has promising investment opportunities. It is worth noting that KFH received a French investment delegation that included officials from the Foreign Investments Development Authority in Paris and other specialized companies, where they discussed the means of cooperation and investment opportunities in the French market. They also deliberated the possibility of taking advantage of KFH’s experience in the field of Islamic finance and investments in numerous sectors. (source)

RUSSIA - TATARISTAN - Tatarstan Islamic finance hub ambitions boosted

LONDON, Sept 14 (IFR) - Russian republic Tatarstan's ambition to develop a Sharia-compliant market received a boost this week when the Kazan-based AK Bars Bank became the first Tatar credit to secure a murabaha loan.

It was also the first international loan facility compliant with Sharia canons for a Russian bank .

Earlier this year Tatarstan announced an Islamic finance initiative to promote the sector, and the Ba1/NR/BBB- rated Muslim-majority republic backed this up with plans to tap the Sharia-compliant market with sukuk paper. (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)

UK - BLME Launches The Sharia'a High Yield Fund For Gulf Investors

London, 25 June 2011: Bank of London and The Middle East (BLME), London's leading wholesale Sharia'a compliant bank whose main shareholders include Boubyan Bank, the Kuwait Securities House and the Public Institution for Social Security in Kuwait, today announced the launch of the BLME High Yield Fund, a Sharia'a compliant fund which targets institutional and high net worth investors in Gulf countries seeking to generate higher returns than those targeted by BLME's US Dollar Income Fund. (source)

RUSSIA - Changes to Law Needed to Facilitate Sukuk Use

JAKARTA — Russian borrowers are pitching plans to sell the nation's first Islamic bonds even as regulators lag behind in customizing laws for the industry.

Executives from Gazprombank, the lending arm of gas export monopoly Gazprom, are in Southeast Asia to seek support for issuance by as many as five companies, Alexander Kazakov, director of structured and syndicated finance at the bank, said in Jakarta. Tatarstan, a Muslim-majority Russian republic, will announce a dollar-denominated sale soon, according to Kuala Lumpur-based adviser AmanahRaya Investment Bank, which is working on the proposal. (source)

UK - EVENTS - Islamic Finance - Is it here to stay? (Cambridge - May 31, 2011)

Islamic Finance - Is it here to stay? 

31/05/2011

When:	31/05/2011 5:45pm - 7:00pm followed by a drinks reception
Where:	LT1 - Cambridge Judge Business School Trumpington Street Cambridge, Cambridgeshire  CB2 1AG United Kingdom
Contact:	Sharifah Bakar-Ali (sbb31@hermes.cam.ac.uk)

Schedule: 5:30pm: Registration 5:45pm - 7:00pm: Panel Discussion 7:00pm - 8:00pm: Drinks and canapé reception Registration Information

Online registration is available until: 29/05/2011 Register for this event » View the 1 person who has already registered (full story)

FRANCE - Kuwait Finance House To Elect New Chairman (plans for France)

Kuwait Finance House (KFH), the second-largest Gulf Islamic lender, will elect a new chairman after the resignation of Bader al-Mukhaizeem from the role, a local newspaper said.

Arabic paper al-Qabas said KFH's board is expected to elect Samir al-Nafisi as the new chairman and Nabil  al-Manie as the vice chairman, after the shareholders elected a new board during its annual general meeting. Al-Mukhaizeem said during the AGM that the bank is planning to successfully exit businesses in Saudi Arabia. (full story)

UK - UK not ready for Islamic finance

Baljeet Kaur Grewal, managing director and vice chairman of Kuwait Finance House does not think the UK is ready for Islamic finance at the retail level. Grewal, speaking at a seminar in London, was explaining why KFH had not opened offices in the UK. She explained that although KFH had executed a number of real estate transactions for private clients on it books, it had not started wholesale or retail operations in the UK. She said: “We’re a commercial profit-making organization, and we’ll go where we can make the most profit, or where the best opportunities lie.” She confirmed that KFH were opening up an office in Moscow, were talking to the French regulator about the development of Shari’ah compliant finance in France and had representation in Australia. (full story)

SWEDEN - KFH considers investment in Scandinavian countries - Sweden key market: Al-Ghannam

Al Subeih seen with Swedish representatives and KFH employees.

KUWAIT CITY, Jan 26: AGM for Investment Sector at Kuwait Finance House (KFH) Abdul Nasser Al-Subeih said that the international partnerships that KFH establishes in the field of real estate investment is one of the main sources for revenues for KFH clients, and noted that the success achieved by Swedish real estate portfolio known as TRESAB three years ago, which is evident by its net profit KD 43 million. The deal was orchestrated by Leimdorfer Real Estate Company, under the supervision of KFH team that is specialized in international real estate.(source)