CHINA - BANKING - Alkhair International Islamic Bank eyes opportunities in Shanghai and Great Eastern Takaful looking Indonesia, Brunei, Singapore and China

www.cpifinancial.net - The bank’s Chairman, Datuk Kamaruddin Taib, revealed to Islamic Business & Finance that he will be flying to Shanghai tomorrow (1 June) to take a closer look at a prospect in China’s most populous city. (source)

BRUNEI - HALAL - Brunei Halal eyes European made goods for Asia

www.bt.com.bn - BRUNEI Halal brand is hoping to introduce European-made products in Asia under the brand name in future, as opposed to only having Asian manufactured products distributed in Europe, said the brand's owners, Brunei Wafirah Holdings Sdn Bhd.

Feby Latip, general manager of Brunei Wafirah Holdings, said that the products made under the brand are manufactured in Asia and are only sold in the region, but the company is targeting a wider European scope where its subsidiary office in the United Kingdom will act as a sales and distribution platform.

Feby, in the Oxford Business Group's (OBG) "The Report 2011" for Brunei, said that Europe is a "very self-serving and profit-orientated industry". (source)

BRUNEI - EVENTS - 3-day Islamic finance forum from May 15

www.bt.com.bn -AN INTERNATIONAL conference on Islamic finance that aims to further the country's knowledge on the sector is set to be held this month.

In a press conference yesterday at the Sultan Sharif Ali Islamic University, Dr Fadzliwati Mohiddin, the dean of the Faculty of Business and Management Science said that the International Conference on Islamic Finance 2012 (ICiF 2012) and 6th Regional Shari'ah Scholars Dialogue (MCSN 6) aim to contribute to the devleopment of Islamic banking and finance as well as increase public awareness of its importance.

He also said that other objectives of the conference, to be held from May 15 to 17, were to form partnerships and combine knowledge in the field, to develop the syariah perimetres for application and investment issue in takaful, and to refine aspects of syariah in Islamic banking. (go to website)  (source)

BRUNEI - HALAL - 'Philippine considers Brunei as standard bearer for halal'

www.bt.com.bn - THE Philippines is looking towards Brunei as the standard for its halal industry, a representative from the Center for International Trade Expositions and Missions (CITEM) said after a briefing to local business figures on the International Food Exhibition (IFEX) 2013 at the Philippines Embassy.

"We look at Brunei as the standard (for this) because the world knows that when we look to a Halal standard, it's Brunei that is number one," said Romleah Juliet P Ocampo, officer-in-charge at the Agrimarine Division at CITEM.  (source)

BRUNEI - BANKING - Syariah-compliant banking market may go up to 60% in 5 yrs

www.bt.com.bn - SYARIAH-compliant banking is forecasted to reach between 55 to 60 per cent from the current 40 per cent market share in the next five years, said the managing director of a local bank.

The forecast, coupled with a more central role that Islamic finance is now playing in the Bruneian economy, emphasises the need for standardised regulations for Islamic finance, said Javed Ahmad, the Managing Director of Bank Islam Brunei Darussalam (BIBD).

Javed, speaking during the opening of UBD's seminar on Islamic finance, '20 Years of Islamic Finance in Brunei Darussalam: Challenges and Opportunities', said "Brunei has a big potential to be an Islamic financial hub due to its strong economic and political stability, good infrastructure and support of the government.  (source)

BRUNEI - OPINION - 'Brunei must find niche in Islamic capital markets'

www.bt.com.bh - BRUNEI'S Islamic finance sector must find a niche in Islamic capital markets and reposition itself to find new opportunities in order to catch up with other industry players in the region, an expert said.

Sri Anne Masri, managing director of Pro Ethica Training and Research, said more building blocks are needed in the country to pave a way for the creation of more Islamic products and services such as equity funds, wealth management, and murabahah. (source)

BRUNEI - TAKAFUL - Brunei Insurance and Takaful Association BITA : 'New insurance body to be set up this year'

www.bt.com.bn- A NEW insurance association, expected to be established this year will group Islamic insurers and work to level the playing field with their conventional counterparts in Brunei, as well as set up a watchdog body and more ground rules to increase the industry's credibility, publisher Oxford Business Group (OBG) said in its latest, annual economic overview on the Sultanate.

Helen Yeo, chairperson of the General Insurance Association Brunei Darussalam (GIAB), said the anticipated Brunei Insurance and Takaful Association (BITA) will address concerns in the industry, which said in the past, was criticised for "disparity" between the two types of insurance providers.

"Previously, the two streams have operated on their own, independent of each other and dialogue has been limited," she told OBG in The Report: Brunei Darussalam 2011.  (source)

BRUNEI - HALAL - Belgium eyes tie-up in halal certification

www.bt.com.bn - A BUSINESS delegation from Belgium that is keen to partner with Brunei on potential bilateral collaboration would need to meet a stringent requirement in terms of halal certification, says the Director of Administration at the State Mufti's Office.

Speaking to The Brunei Times, Dato Paduka Ahmad Bukhari Pehin Siraja Khatib Hj Abu Hanifah said yesterday there were interesting and brilliant ideas brought forward by the Belgium delegation. The group was led by Wallonia Foreign Trade and Investment Agency (AWEX). (source)

MALAYSIA - PUBLICATIONS - Islamic Finance News : THE GUIDE 2012

Country Reports

Australia: The wait continues
Brunei Darussalam: Islamic banking and finance
China: The dragon stirs
Hong Kong: The gatekeeper
Indonesia: Playing catch-up
Japan: Reviewing priorities
Korea: Government intervention crucial
Malaysia: Cautiously optimistic
Singapore: High expectations
Thailand: Focusing on capital markets

The Full Guide 2012

BRUNEI - EDUCATION - Centre for Islamic Banking, Finance & Management launched

new.brunei.fm - Her Royal Highness Princess Hajah Hafizah Sururul Bolkiah yesterday attended the official launching of the Centre for Islamic Banking, Finance and Management (CIBFM) and its first flagship, the Fiqh Mu’amalat Professional programme.

Held at the Indera Kayangan Ballroom of The Empire Hotel and Country Club, the launch opened with recitations of surah al-Fatihah and doa led by Pehin Orang Kaya Paduka Seri Raja Dato Paduka Seri Setia Ustaz Hj Awg Suhaili Hj Mohiddin. (source)

BRUNEI - TAKAFUL - Two Takaful products launched

www.bt.com.bn - TWO Takaful (Islamic insurance) products were launched yesterday by Takaful Brunei Keluarga Sdn Bhd as part of its ongoing commitment to encourage savings culture among Bruneians.

At its headquarters Takaful Brunei Darussalam Sdn Bhd in the capital yesterday, the subsidiary introduced the two new products; the Takaful Nur Savings and the Takaful Employee Package. (source)

BRUNEI - BANKING - 'Commercial banks have edge over Islamic counterparts on returns'

www.bt.com.bn - ISLAMIC banks or financial institutions may not be able to compete with their conventional counterparts with respect to investment accounts since the returns cannot be guaranteed under Syariah or Islamic rules, a Universiti Brunei Darussalam (UBD) academic said.

"One of the normal criteria which the investors always look (for in) investment products is whether their capital will be intact, protected or whether there will be side effect or risk on their capital," said Hairul Azrin Hj Besar (pic), a senior lecturer of the national varsity's Faculty of Business, Economics and Policy Studies (FBEPS). (source)

BRUNEI - CAPITAL MARKETS - Sukuk can help fund Sultanate's infrastructure projects scholar

www.bt.com.bn - BRUNEI is on the right track with its recent take in sukuk structuring and issuance over the recent years to aid the Sultanate's infrastructural development, said an Islamic Finance scholar.

"Though the market is relatively small in Brunei for now, I believe there's a lot that sukuk can contribute in terms of infrastructure project financing for Brunei's megaprojects," said Sheikh Faizal Manjoo. (source)

BRUNEI - BANKING - 'Brunei can be hub for Islamic finance'

www.bt.com.bn - BRUNEI needs to invest in its people if it wants to be an Islamic banking and finance powerhouse in the ASEAN region, a position that is currently held by Malaysia.

Sheikh Faizal Manjoo, an Islamic finance scholar, said that for Brunei to become a hub for Islamic finance in the region within the next few years, the country needs to be more aggressive in its marketing and, more importantly, produce stronger human resources in the sector.

"More Ulamas (Muslim scholars) need to be produced, who understands Fiqh Muamalat (Islamic commercial law). You can't expect a single Alim to understand the whole spectrum of derivatives," he said.  (source)

WORLD - BANKING - IFSB : Islamic banks urged to develop more instruments to manage risks

ISLAMIC financial institutions (IFIs) should develop more products for them to better manage risks, in light of the recent financial crisis that has affected public image and trust in the global banking sector, experts said here yesterday.

The secretary-general of Islamic Financial Services Board (IFSB) said that Islamic banks were more conservative than their mainstream counterparts and generally had the capital required under the new Basel III framework, which began implementation last year. (source)

BRUNEI - EVENTS - Bandar Sri Begawan, BRUNEI DARUSSALAM Seminar on Emerging Shari`ah Issues in Regulatory Capital and Risk Management in Islamic Banking (Jan 17, 2012)

Category	:	Awareness Programme
Name	:	[EVE00169] Seminar on Emerging Shari`ah Issues in Regulatory Capital and Risk Management in Islamic Banking
Description	:	This IFSB Seminar is hosted by the Autoriti Monetari Brunei Darussalam and supported by the Centre for Islamic Banking, Finance and Management, Brunei Darussalam. This one and a half-day seminar aims to discuss Shari`ah issues emerging from the regulatory capital requirement for institutions offering Islamic financial services in light of international regulatory developments such as Basel III. In this respect, the Seminar will examine current issues relating to the utilisation of funding, sources of funds and market practices on the management of risks, and their impacts to the capital regulatory requirement. For more information on the Seminar, please email to Ms. Puteri at puteri@ifsb.org
Start Date	:	17/01/2012	End Date	:	18/01/2012
Venue Name	:	Songket Hall 2, Level 4, Rizqun International Hotel, Gadong
City	:	Bandar Sri Begawan
Country	:	BRUNEI DARUSSALAM
Event Website	:	-
Registration	:	View in PDF

BRUNEI - CAPITAL MARKETS - Brunei sukuk issuances total $3.651 billion

THE Autoriti Brunei Darussalam (AMBD) has announced the successful pricing of $100 million worth of sukuk or Islamic bonds.

The latest issuance brings to over $3.651 billion the total sukuk issued by the Brunei Government since the Sukuk Al-Ijazah programme began in April 2006. AMBD is the managing and administering agent for Sukuk Al-Ijarah issuances. (source)

BRUNEI - HALAL - Restaurants face challenges in getting halal certification

RESTAURANTS are rushing to submit applications for halal accreditation, and many are finding it a lengthy process.

Recently, His Majesty's government has made it mandatory for eateries that serve halal food to obtain a halal certification by December 31, 2013.

Failure to do so will have their miscellaneous (business) licenses terminated or revoked.  (source)

BRUNEI - HALAL - Halal certification process too 'complicated', say restaurateurs

Halal Food Control Division says the extensive procedure is a necessary burden to ensure a restaurant is truly halal-certified

SEVERAL restaurateurs have criticised the "complicated" process to obtain halal certification, with the majority arguing that the requirement of listing and tracing back the halal origins of every ingredient used in their menu a deterrent to getting the mandatory certificate. (source)

INDONESIA - TAKAFUL - Great Eastern Takaful eyes top 3 spot in Indonesia

thesundaily.com.my - KUALA LUMPUR (Nov 28, 2011): Great Eastern Takaful Sdn Bhd (GE Takaful) has unveiled a plan to become one of Indonesia's top three takaful players in three to five years, by introducing affordable takaful plans and leveraging on its bancatakaful distribution partnership with Bank OCBC NISP there.

Its CEO Mohamad Salihuddin Ahmad said the company will venture into the republic next year, initially in Java and Sumatera. It will then enter other areas such as Kalimantan and Sulawesi.  (source)