The international financial services information company Thomson Reuters launched on Tuesday, January 19, an Islamic banking-tailored risk management system.

“Kondor+ Suite for Islamic Banking is a modern software solution that can be customised to a client’s needs to meet the practices and regulations that vary by region,” Andrew White, Global Head of Risk Management, Thomson Reuters, said in a statement.

The system provides full front-to-back and cross-asset coverage of Islamic banks as well as Islamic windows in conventional banks.

It includes Murabaha, sale on profit, and Wakala, fiduciary agreement between two parties.

“This launch demonstrates Thomson Reuters commitment to providing financial institutions with the specialist tools which they require to return benefits for their clients.”

Last month, Thomson Reuters announced plans to launch a news portal covering information about the Islamic financial industry in early 2010.

The foundation, which has been active in the Middle East, Africa and South East Asia since 1865, has strong Islamic finance assets covering leading content, news, analytics and trading capabilities.

Reuters believes this would help bring about a sharp rise in the Islamic finance market, already one of the fastest growing sectors in the global financial industry.

NCB Capital, the invesment banking arm of National Commercial Bank, Saudi Arabia’s largest bank, believes that the Middle East is now set to become a new global growth engine reflecting an ongoing structural shift in the global balance of economic and financial power. In the January edition of the Gulf Cooperation Council monthly economic bulletin, NCB Capital chief economist Jarmo Kotilaine points to a number of facts that back that assertion:

• Attractive macroeconomic fundamentals will likely ensure robust economic growth rates in the years ahead.
• Emerging markets have generally experienced a much milder cyclical correction in this downturn. Moreover, ample surpluses accumulated thanks to cautious government policies during the boom years have been effectively mobilized to smoothe over the cycle without creating major new borrowing needs.
• Driven by oil, demographics and diversification, the GCC is set to become a $2 trillion economy in the next decade, with surpluses largely being utilized toward the development of the non-oil sector. Also, with a young population base, the GCC is well positioned to reap the demographic dividend.

Full Story Here: https://www.arabfinance.com/News/newsdetails.aspx?Id=159487

HSBC Amanah has launched a premier service aimed at internationally mobile and affluent customers. Amanah’s new Premier service is apparently an expansion of HSBC’s cross-border banking and wealth management services, bringing Shariah compliant services to their customer base.

Full story here: http://www.istockanalyst.com/article/viewiStockNews/articleid/3724630

FINalternatives has reported the recent launch of a Sharia compliant hedge fund by Los Angeles-based Palisades Park Capital. The firm unveiled its Mizaan LP fund this past November. Omar Haroon, who manages the funds along with Justin Doff, explained that with the Mizaan fund, he aims to help make hedge funds available to foundations, endowments and other investors that may have laws forbidding some types of investments. 

“There aren’t many options for Muslim Americans to invest their money in ways that are halal – which means permitted under Islamic Law,” Haroon told FINalternatives.

“Both funds utilize the same underlying strategy,” said Haroon to FINalternatives, adding that the only difference between the two offerings is that “the Mizaan fund doesn’t invest in industries deemed to be counter to Islamic law,” such as alcohol, gaming, and hospitality companies.

The funds employ a computer-based long-short strategy, and while the portfolio managers are only investing in domestic equities for now, Haroon said the strategy is capable of handling forex and commodities, and they may utilize these strategies in the future.

The Mizaan fund does not currently employ an Islamic scholar, as is done by many Sharia-compliant funds. But as part of his due diligence, Haroon, who is active in Muslim organizations and in the community says, “We do consult with scholars and keep an eye on the holdings of other Sharia-compliant funds.”

Haroon and Doff previously worked as financial advisors at UBS.

Full Story Here: http://www.finalternatives.com/node/10261

UAE’s Sukuk.me reports that Islamic bonds are looking more and more attractive to shipping companies finding it tough to get bank financing due to strained liquidity and tight credit conditions. Last month, a partnership was announced between Kuwait Finance House and SFS Group to set up Global Shariah Shipping Fund, private equity fund that aims to raise $150 million. Late last year, QInvest and Fortis Bank Nederland formed the world’s first Shariah Compliant ship financing fund through a $100 million joint venture agreement.

Full Story Here: http://www.sukuk.me/util/pages.php?pageid=2