Linking hands

Rapids • Deals • News • Takaful • Asset Management • Ratings • Moves
29th October 2014 (Volume 11 Issue 43)
Linking hands As the Islamic economy continues to expand and each new foray brings wider international interest and opens up new horizons, it is becoming clear that while there is a lot to be said for first mover advantage, the only way to cement success is to build relationships and develop links across borders. In our cover story this week we showcase a country that is doing exactly that: as Luxembourg's Minister of Finance Pierre Gramegna explains their ambitions and achievements in detail to IFN during his visit this week to the UAE to build links and develop a united Islamic finance platform. Our IFN reports continue with a look at private equity investments in the US, Sukuk momentum for the year and the significance of Barwa Bank being selected as a primary dealer for IILM’s Sukuk, among other exciting topics. Our analyses cover Sri Lanka and infrastructure financing while our IFN Correspondent reports come from Morocco, Brunei, Oman, Saudi Arabia and on the real estate sector. We bring you special reports on Islamic trusts by Adriana Rocchi of Minerva Middle East DMCC and on credit default swap rates by Hussain Kureshi of OCBC Al Amin and Mohsin Hayat of Millennium Land. As the World Islamic Economic Forum this week in Dubai yet again draws attention to the industry on a global scale, we give thanks for the sustained and exceptional growth we continue to see in our vibrant and exciting sector – long may it continue. Cover Story Building links across borders: Luxembourg looks to make friends in the Middle East As the global elite converge on Dubai this week for the 10th World Islamic Economic Forum (WIEF), IFN managing editor LAUREN MCAUGHTRY caught up with Luxembourg minister of finance PIERRE GRAMEGNA for an in-depth discussion of the country’s recent activities and future plans. With a renewed focus on uniting its core strengths to build its Islamic offering, Luxembourg is one of the most exciting markets in the industry right now — this week we bring you exclusive insight into its ambitions, achievements and growing influence in the global Islamic sphere. IFN Reports • What does Indonesia’s New Insurance Law mean to Shariah compliant players? • Sukuk momentum swings upward, says S&P • Private equity investment in the US: Widening the net • Barwa Bank surges ahead with latest IILM engagement • A new identity for Islamic Bank of Britain • LCP launches sophomore Shariah compliant residential fund • Developmental agencies move to grow global Halal network • IFN Global Trendswatch • Extension of Enterprise Finance Scheme — a good signal for Islamic finance and SMEs in Bahrain • IFN Eurekahedge roundup: Stable returns from money market funds • IFN Weekly Poll: Will 2015 see Bahrain re-emerge as a key Islamic finance player? • From Jersey to the world: Minerva • Sovereign Sukuk: From Asia to Africa IFN Country Correspondents • Brunei: The Switzerland of Asia? • Morocco: Budget and Sukuk opportunities • Background and developments of Takaful industry in Saudi Arabia • A centralized approach IFN Sector Correspondent • UK Sukuk support IFN Country Analysis • Unrealized potential: Islamic finance in Sri Lanka IFN Sector Analysis • Infrastructure financing: Opportunities abound Shariah Pronouncement An Islamic insurance (Takaful) company has raised the following query seeking Shariah guidance Case Study Turkiye Finans’ Malaysian Sukuk debut Turkish participation bank Turkiye Finans (TFKB) successfully tapped the Malaysian Sukuk market on the 30th June 2014 with an RM800 million (US$244.7 million) Sukuk issuance, which marks the first Malaysian ringgit Sukuk program to be established by a Turkish issuer. Speaking to Sami Bozdag, vice-president and head of financial institutions at TFKB, NABILAH ANNUAR explores this historical deal. Special Reports Trust is key in successful estate planning Families in the know in the Gulf are increasingly looking at established centers such as Jersey to provide a better balance to the forced heirship provisions of Shariah Law within the context of a trust arrangement. Credit default swaps and credit protection: A new concept Without trying to identify or name the product, HUSSAIN KURESHI and MOHSIN HAYAT attempt to introduce a simple concept – a Takaful policy that covers a financier for losses incurred due to defaults on a credit portfolio  CONTACTS Editorial: Sasikala Thiagaraja Direct Line: +603 2163 7800 ext 34 Finance: Faizah Hassan Direct Line: +603 2162 7800 ext 26 Sales: Dubai: Geraldine Chan Direct Line: +971 4 427 3628 Kuala Lumpur: Steve Stubbs Direct Line: +603 2162 7800 ext 55 Subscriptions: Dubai: Mithun Gangolli Direct Line: +971 4 427 3638 Kuala Lumpur: Siti Amilia Amir Amzah Direct Line: +603 2162 7800 ext 27