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

Germany’s first Islamic Bank, a unit of Kuveyt Turk Bank of Turkey, is set to open by March of 2010, in the city of Mannheim. According to statistics from the Berlin government, there are approximately 4 million Muslims in Germany. Germany’s biggest bank, Deutsche Bank, operates an Islamic investment arm, DWS Noor Islamic Funds, in the Middle East and North Africa. One German state, Saxony Anhalt, has raised 100 million euros ($140 million dollars) internationally via Sukuk (Islamic bonds).

Full Story Here: http://www.earthtimes.org/articles/show/301380,germanys-first-islamic-bank-to-open-in-early-2010.html

Kuwait Finance House (KFH), the largest Islamic lender, has signed a $242 million deal for a luxury condominium project in Chicago, Ill., that will increase their investments in America. KFH is the 95 percent owner of the Ritz-Carlton Residences, which is a 40-story project already under construction, with development expected to be complete before 2012.

Full Story Here: http://www.globest.com/news/1567_1567/chicago/182857-1.html?st=rss

Unicorn Investment Bank (Unicorn), the Bahrain-based financial services group, has been named Best Investment House as part of the 2009 Islamic Business and Finance Awards organized by CPI Financial in Dubai. Unicorn has offices in a variety of locations, including Chicago.

Full Story Here: http://www.albawaba.com/en/countries/Bahrain/258496

Dubai-based Islamic Business & Finance Magazine has named Dow Jones Islamic Market Indexes as the “Best Index Provider Shari’ah Compliant Indexes.” According to Dow Jones’ promotional materials, the Dow Jones Islamic Market Indexes were introduced in 1999 as the first indexes intended to measure the global universe of investable equities that pass screens for Shari’ah compliance. An independent Shari’ah Supervisory Board counsels Dow Jones Indexes on matters related to the compliance of index-eligible companies.

Full Story Here: http://finchannel.com/Main_News/Business/54523_Dow_Jones_Indexes_Wins_18th_Award_for_Its_Islamic_Market_Index_Series_/

Global accounting heavyweight Deloitte Touche Tohmatsu has recruited Daud Viacary Abdullah, as global leader of Deloitte’s Islamic Finance Industry.  The Islamic Finance industry is rapidly expanding, which presents opportunities for companies in various businesses around the world,” said Abdullah. Deloitte member firms have formidable experience and delivery capabilities in all service lines around Islamic Finance,  he added.

Full Story Here: http://www.accountancyage.com/accountancyage/news/2254064/deloitte-expands-islamic

Indo-Asian News Service has reported that UAE-based hotel management company Landmark Hotel Management LLC intends to launch Shariah compliant hotels and apartments in the UAE and Saudi Arabia by the end of 2010. The move would cater to the increasing demand for Shariah compliant hotels in the Middle East. According to the World Tourism Organization, travelers from the Gulf region spend more than $12 billion annually on leisure travel.

Full Story Here: http://newshopper.sulekha.com/uae-firm-to-launch-shariah-compliant-hotels_news_926996.htm

GE Capital, the finance arm of General Electric (NYSE: GE), recently completed a $500 million Sukuk (Islamic bond) on NASDAQ Dubai, the Middle East’s international exchange. The Sukuk was the first to be issued by a major U.S. company and was sold to investors across the Middle East, Asia and Europe on November 27, 2009.

GE Capital’s five-year, fixed-rate dollar-denominated Sukuk is an Ijara based structure and was issued through GE Capital Sukuk Ltd, a subsidiary of GE Capital. The assets underlying the Sukuk are interests in a portfolio of aircraft and rental payments from the lease of such aircraft.

Full Story Here: http://www.eyeofdubai.com/v1/news/newsdetail-37235.htm