SWITZERLAND - Troubled Faisal Bank up for sale

www.reuters.com - (Reuters) - Faisal Private Bank, struggling since the collapse of property schemes in the Gulf and beyond, is up for sale after failing to raise enough money to meet the Swiss regulator's minimum capital requirements, its chief executive said on Thursday.
Chief Executive Mark Koch told Reuters the Geneva-based bank, which called itself the first Islamic private bank, is talking to three potential suitors. Faisal's parent, Bahrain-based Ithmaar Bank ITHMR.BH, will be selling part or all of its stake, he said.
"We have had to seek a new shareholder to take a majority position, and have identified several interested parties over the last five months," Koch told Reuters. (source)

SWITZERLAND - Islamic Asset Management / Wealth Management - Interview John Sandwick

EUROPE - ARTICLE - Islamic Banking and Finance on the European Market

(by ISFIN) Islamic Finance, developed during the 70's in the Muslim countries, is experiencing an increasing popularity far outside the Muslim World's frontiers. In a world where the dominance of the capitalist economy is obvious, the development of a system where the main principle is the exclusion the interest rate comes close to being an exploit. At first, Islamic finance has been implemented in the Western World mainly to benefit from the advantages offered by European financial centers such as the Luxembourg and Switzerland. From this first tendency, only the corporate and private banking clients have taken advantage of. It is only recently that retail services started to be offered on the Western territory, conscious of the increasing economic power of the different European Muslim communities. (full article and source)

SWITZERLAND - BANKING - In Zurich opens the Islamic Bank of Switzerland

www.ticinolive.ch - The business newspaper Bilan in Zurich announces the opening of the Islamic Bank of receipient (IBS).
The institution will apply the rules of Islamic finance, mainly taken no interest on loans and investments are justified on social awareness. (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)

SWITZERLAND - EVENTS - Islamic Finance and Business Day 2011 (May 19th, 2011)

The School of Management and Law

and its Center for International Business

welcome you to the annual

ISLAMIC FINANCE AND BUSINESS DAY 2011

When   : May 19th, 2011

Where  : Zurich University of Applied Sciences ZHAW - Building SM - Room: SM O1.01 - Theaterstrasse 15c - 8400 Winterthur

Source : http://project.zhaw.ch/de/management/isfabi/home.html

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)

GERMANY - SWITZERLAND - PUBLICATIONS - Islamic banking in Germany and Switzerland

I did stumble upon this somewhat older "Diplomarbeit"(2009)

Islamic banking in Germany and Switzerland

 Aichbichler, Eloana (2009) 
Islamic banking in Germany and Switzerland.
Diplomarbeit, Universität Wien. Fakultät für Wirtschaftswissenschaften
Betreuerin: Jumah, Adusei

Vorschau

PDF (PDF-Viewer: z.B. GSview, Xpdf, Foxit, kpdf (Linux) oder Adobe Acrobat Reader) 712Kb - 108 Pages

Abstract in English

In the here present paper the German and the Swiss market for Islamic banking is investigated and afterwards compared. Therefore, in a first step and for a better understanding of the subject the development of Islamic banking and the integration in a global context is highlighted. Furthermore, the basics and principles that every market participant has to follow are discussed, since without knowlegde of these principles one could not understand Islamic banking. Moreover, this description is necessary in order to differentiate Islamic banking from conventional banking and show the differences between these two concepts. In the subsequent chapter individual financial instruments and possible applications in a real economic environment are explained. In the main part the German and Swiss market are described more into detail. Market participants are identified that are present on the two national markets and that offer Islamic products there. In order to be able to compare the market potential of the two countries, the muslim population is examined by taking into account the demographic and social situation. Thereafter, several financial instruments are tested regarding their applicability. In the last chapter a comparison is drawn between the German and Swiss market related to the offer of financial instruments, market development, market potential and growth potential for new providers.

SWITZERLAND - Zurich Financial eyes bolt-on buys in emerging markets

Takaful industry seen growing 15 pct annually for 5 yrs - Says takaful key to Zurich's growth in Mideast
 DUBAI, Oct 27 (Reuters) - Swiss insurer Zurich Financial Services AG (ZURN.VX) will continue to eye bolt-on acquisitions in emerging markets and sees Islamic insurance, or takaful, as key to growing its Middle Eastern business, a senior executive said.