BANKING - Noor Islamic Bank looks East

www.emirates247.com - Dubai-based Noor Islamic Bank is turning to the East, as it seeks to expand its international footprint beyond the Middle East and Turkey.
The bank, a leading Islamic finance provider in the UAE, believes the emerging economies of South East Asia, in particular, will provide significant opportunities for it to further grow its multi-billion dollar, cross border business.
“We see tremendous opportunities stemming from greater cooperation between financial institutions in South East Asia and the GCC,” said Hussain AlQ emzi, Group CEO of Noor Investment Group and CEO of Noor Islamic Bank. (source)

MALAYSIA - EVENTS - Islamic bankers to meet next week Discuss slowdown and craft crisis measures - turn to Turkey, Oman and Kazakhstan

emirates247.com - Islamic finance officials will gather in Kuala Lumpur next week to debate the industry's future path and craft crisis measures, as banks' limited capital base and liquidity management ability render them vulnerable to a global slowdown. (source)

CAPITAL MARKETS - Sukuk market needs 3 yrs to turn Noor Islamic chief says market now is shrinking - mandate from Bank Asya

Noor Islamic Bank does not expect the Islamic bond market to turn around for another three years, given the financial and political uncertainty in the region, its chief executive said on Wednesday.

"What you see in the sukuk market right now is not growing but I think it is shrinking a little bit in comparison to years before," Hussain Al Qemzi said in an interview. "I see three years before we see an upward trend in sukuk. We will see a stronger comeback afterwards." (source)

TRADE FINANCE - Islamic trade finance sector to see expansion

Islamic trade finance has benefitted from shifting preferences towards Shariah-compliant banking and could serve as one of the key growth drivers to help the nearly $1 trillion Islamic finance industry double in size. 

The global Islamic finance industry, which has been growing between 15 to 20 per cent a year, is widely expected to reach $2 trillion in the next three to five years.

While Islamic banking and Islamic bonds, or sukuk, are expected to lead growth, bankers say Islamic trade finance could serve as the dark horse emerging to propel the industry further.

Trade finance, the lifeblood of global commerce, underpins 60-80 per cent of the $12-13 trillion trade in global merchandise and practitioners say it is safer than other forms of lending. (source)