BANKING - Islamic bank Kuveyt Turk plans launch in Germany

www.kippreport.com -Hopes to apply for full banking licence in October; Will be headquartered in Frankfurt; To target non-Muslims as well as Muslims

September 11, 2012 9:59 by Reuters

Turkish bank Kuveyt Turk plans to launch Germany’s first full-fledged Islamic bank, aiming to tap into demand for ethical finance in the wider population as well as within Europe’s second-largest Muslim community.
The bank, which has had a presence in Mannheim since 2010, hopes to apply for a full banking licence in October and will be headquartered in Frankfurt. (source)

CAPITAL MARKETS - REPORTS - IFIR 2010 - Islamic fund assets remained flat in 2009

see also : http://islamicfinanceindonesia.blogspot.com/2010/09/islamic-funds-ifir-2010-from-ernst.html


“The Islamic fund industry needs to evaluate new strategies to restimulate growth. Islamic fund assets remained flat in 2009 at $52 billion, whereas the potential wealth pool grew by 20 percent, now estimated at $480 billion,” concludes the Islamic Funds & Investments Report (IFIR) 2010 which was published by international auditing and advisory firm Ernst & Young in September 2010.

CAPITAL MARKETS - BLME plans Shariah-compliant fund (Turkey clients)

Bank of London and the Middle East (BLME), the totally-Shariah based bank, is currently working on the development of a Shariah-compliant Absolute Return Fund. "We have been watching the whole scenario of active and passive fund management and have been working with a lot of interest on the development of an absolute return fund," said Nigel Denison, director and head of asset management, BLME, who was in Jeddah for a seminar on Islamic finance recently.

ISLAMIC FUNDS - IFIR 2010 from EY ErnstYoung

On Sept 2, 2010 EY published the 4th "Islamic Funds and Investments Report" (IFIR 2010) emphasizing the importance of fund managers to pay sufficient attention to the investors preferences, focusing on enhancing the quality of their offering and moving away from transaction-only approach to comprehensive Wealth management solutions.