MALAYSIA - BANKING - Islamic banking needs to develop cross-border deals

SOUTHEAST Asia and the Gulf Cooperation Council (GCC) nations are the two largest Islamic finance hubs but there are not many cross-border transactions between them, said Dubai-based Noor Investment Group chief executive officer, Hussain Al Qemzi.

Hussain said if both could not trade among themselves, then they were not doing it right.

"If we are to challenge the conventional banks' entrenched position in international financial deals, we must develop the capacity to structure multi-currency and cross-border transactions and to build scale.  (source)

GCC - CAPITAL MARKETS - Guidelines issued for bond sellers in the Gulf

thenational.ae - Banks have drafted a list of pointers for organisations seeking to raise new capital on credit markets.

The move is intended to improve transparency and provide a stamp of approval for bonds and sukuk issued in the Gulf.

The guidelines were drafted by the Gulf Bond and Sukuk Association (GBSA), an industry body composed of 27 banks and other financial services firms. (source)

WORLD - REPORTS - AM BEST Special Sector Report : Takaful Poised for Growth, But Greater Focus is Required (July 2011)

Takaful operators in the Gulf Cooperation Council (GCC) and Malaysia are growing at a rapid pace and are enjoying strong capitalisation on a consolidated funds basis.

A.M. Best Co.’s research compares the performance of takaful operators to those of conventional insurers in the same markets.

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LEGAL - TAHAWWUT MASTER AGREEMENT - ISDA - Islamic derivatives slow to catch on in Gulf states

DUBAI: Islamic derivatives are still struggling to gain traction in the Gulf, six months after the launch of a much-touted over-the-counter contract aimed at creating a standard legal framework for hedging products.

Experts said the contract, known as the Tahawwut Master Agreement, in theory provides Islamic institutions with a simpler template for risk management that has been approved by syariah scholars.