Ibrahim Warde suggests that Islamic finance could be beneficial for the United States by creating new financial institutions and demonstrating that the U.S. is interested in "promoting a new era of equal economic prosperity and opportunity for Muslims here and abroad".
- The sixth monthly issue of the Opalesque Islamic Finance Intelligence is now available. It is a good read, as always.
- Amlak is "hopeful" that the UAE federal government will approve its merger with Tamweel.
- The Saudi firm Dar Al Arkan will raise $750 million in sukuk, although as other news stories (linked to on Monday's post) note, the uptake has been weak.
- Korea Investment & Securities Co says that South Korea needs Islamic finance to curb its trade deficit. The firm recently hired Shari'ah scholar Mohammed Daud Bakar to "help it structure Islamic financial products".
- Kuwaiti Islamic bank, Boubyan Bank had only received subscriptions for 85% of its rights issue and said its board would recommend reopening the issue.
- Dubai Islamic Bank postponed its board meeting to discuss a wakala arrangement using funds from the UAE ministry of finance.
- Indonesian takaful growth will slow to 30%.