CIMB Islamizing products, Interview with CEO of Sharjah Islamic Bank, Japanese Islamic financial conference

Japanese hold conference on Islamic finance, plan issue of sukuk

The Japanese Minister of Finance, Hiroshi Watanabe, expects Islamic money and financial systems to become more influential. Mr. Watanabe expects the increase to come "amid high crude oil prices" and wants Japanese businesses to look to attract funds from the Islamic financial markets through the issue of sukuk.

The Japanese Bank for International Cooperation announced that it will issue sukuk, becoming the first G-8 country government-linked institution to do so.

GCC could see Islamic capital flight

Limited investment opportunities and low levels of liquidity within Islamic financial markets in the GCC could cause a flight of Islamic capital out of the GCC region, according to Rushdi Siddiqui, Global Director of the Dow Jones Islamic Market Index Group.

Interview with CEO of Sharjah Islamic Bank

AMEinfo has an audio interview with Mohammad Abdulla, CEO of Sharjah Islamic Bank on the future of the industry, particularly within the UAE.

CIMB announces plans to Islamize every product they offer

CIMB Islamic Bank, the Islamic arm of CIMB Bank in Malaysia has announced plans to Islamize all the conventional products it offers, working on 63 products over the next year. The latest product, Islamic All-Stars Global Restricted Mudharabah Structured Investment-i, which offers capital protection, a return based on the future returns of twenty global blue-chip companies. The "indicative gross profit rate" will be 8 percent for the first year and between 8.5 and 10 percent for years two through five.

Miscellany

The Qatar Islamic Bank has announced plans to seek a license in the U.K. as a part of its expansion into Europe by providing 51% of the £25 million ($49.6 million) capital for the Europe Finance House. No further details are available about the Europe Finance House.

Malaysian national mortgage firm Cagamas Bhd will offer bonds in Q2 of 2007, according to an unnamed source. Although it has not been announced yet, the bonds are expected to be Islamic bonds (sukuk).