Breaking new ground

Rapids • Deals • News • Takaful • Asset Management • Ratings • Moves
12th November 2014 (Volume 11 Issue 45)
Breaking new ground One of the most exciting trends of this year has been the emergence of new markets and debut players in the Islamic sector, and as we move onwards into the fourth quarter this increasingly international outlook is only exacerbating. This week we take a focused look at the exciting opportunities for asset management in Turkey, as a raft of new regulations are implemented to encourage investor participation. Our IFN reports run the gamut from east to west, with a look at the IFN forum in Turkey, fund flows in the GCC and banking activity in Brunei. Our correspondents look at Oman, the UK, the UAE, Malta and the leasing sector while our equity capital markets feature come to you from Latham & Watkins. Our case study is on Barkaat Foods’ US$2 million Sukuk and in-house analyses on Japan and cross-border financing. We also bring you special reports from Chowdhury Shahed Akbar of Southeast Bank in Bangladesh, Jean Ph Besse of Parisian Real Estate Advisor and Dr Shariq Nisar of TASIS. We wish all our followers a rewarding read, and offer our thanks and appreciation of your continued support. Cover Story Turning the key: Unlocking the Ottoman potential for Islamic asset management A unique market with characteristics unlike almost any other Islamic investor base, Turkey has long been heralded as a growth story waiting to happen in terms of asset management — yet so far the sector has been slow to take off. With new regulations introduced this year and an economy that despite financial and geopolitical challenges has shown remarkable resilience, this could be about to change. IFN Reports • IFN Turkey Forum unites practitioners in outlining roadmap for the future • IFN Dialogue Series 2014 concludes with Turkish success • New players for Brunei: Good news or bad? • UAE — an increasingly preferred destination for private capital • Investor appetite for Islamic funds to rise despite obvious inadequacies • Turkey chosen by IDB as home to new Sukuk program worth US$10 billion • Sovereign Sukuk: Pakistan sets a new deadline • Malaysia gearing up for more robust Islamic finance presence next year • Ghana Muslim Mission introduces regional Zakat fund • Shariah debt gains rapid momentum among Asian businesses, confirms landmark research • Company Focus: Center for Islamic Business and Finance Research • IFN Eurekahedge round up: Global returns • IFN Weekly Poll: Four non-Muslim sovereigns from three different continents came to market in 2014. With Mexico, amongst others, now considering sovereign Sukuk, which continent will see the most issuances in 2015? IFN Country Correspondents • Omani government’s first Sukuk issuance • Regulatory enhancements push UAE industry forward • Will Malta become the center of Islamic finance in the Mediterranean? • Local authorities in the UK tapping into Islamic finance IFN Sector Correspondent • New mortgage law and regulations introduce Shariah compliant structures IFN Country Analysis • A new outlook for the land of the rising sun? IFN Sector Analysis • Cross-border financing: Breaking down barriers Shariah Pronouncement Two foreign currency exchange transactions were executed between two Islamic banks located in two different countries Case Study Halal meat financing in Chicago: Barkaat Foods Chicago-based Halal protein processor Barkaat Foods has successfully secured a US$2 million credit facility from two American financial institutions, FirstMerit Corporation (FirstMerit) and Prairie Street Capital, with the help of Sikich Investment Banking. Speaking to Ahmed Irfan Khan, CEO of Barkaat Foods, NABILAH ANNUAR takes a closer look at the transaction. Special Reports Shariah governance framework for Islamic banks: An assessment While providing banking services requires compliance with various rules and regulations stipulated by the regulatory authorities in the country, providing Islamic banking services requires additional and more complex compliance requirements in order to meet Shariah risk as well. CHOWDHURY SHAHED AKBAR discusses further. Liechtenstein to compete with European rivals for Islamic finance pie Interest in Islamic finance is growing in Europe with leaders such as the UK and Luxembourg paving the way for new entrants to join the developing trend. DR SHARIQ NISAR introduces the newest contender to the game. Paris or London? A tough choice for Islamic investors Paris or London, that’s often the question. These two real estate markets clearly lead the European investment flows Feature A vintage year for Gulf IPOs This year has seen a resurgence of activity in the Middle East equity capital markets, with players such as National Commercial Bank and Qatar Petroleum in the spotlight and growing interest from both regional and international investors in GCC stock exchanges. ANDREW TARBUCK, HARJ RAI and OLIVER SIMPSON provide an overview of recent events.  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