MALAYSIA - TAX - Tax incentives for Sukuk in Malaysia

cpifinancial.net  - Malaysia’s 2012 Budget is to offer incentives boost Islamic finance, extending tax breaks on Sukuk issuance for a further three-year period

Prime Minister Datuk Seri Najib Tun Razak said a tax deduction on expenses incurred for Sukuk Wakala will be given for a three-year period from 2012 to encourage more Sukuk issuances. Najib said, "The income tax exemption given for non-ringgit Sukuk issuance and transaction is extended for another three years until the year of assessment 2014." (source)

AUSTRALIA - FINANCE - Crescent Wealth launches Australia's first Islamic investment option

CPIfinancial.net - Crescent Wealth is planning to launch a further three funds – international equities, property, and income funds – which together will form Australia’s first Islamic superannuation option.

Crescent Wealth, Australia’s first Islamic wealth manager, have announced the launch of the nation’s first Islamic Australian equity fund creating a new opportunity in the superannuation industry, and tapping the potential for Australians to access the $1.4 trillion global Islamic financial services market.

The Crescent Australian Equity Fund (CAEF), which launches today with an initial $5.5 million in funds under management and advice, offers all Australians an investment that is managed in accordance with Islamic principles, and is aimed at investors who are seeking a socially responsible alternative option.

Crescent Wealth, currently the only local manager with specialist expertise in Islamic investing, is targeting the significant potential for Islamic funds in Australia, which it estimates will grow to as much as $13 billion in funds under management by 2019 from a potential investable universe of as much as $8 billion today. (source)

SINGAPORE - Islamic finance to play a pivotal role in trade and investment flows (WIBC)

HE Lim Hng Kiang, Minister for Trade and Industry Republic of Singapore & Deputy Chairman Monetary Authority of Singapore delivering the keynote address at WIBC Asia 2011

HE Lim Hng Kiang, Minister for Trade and Industry Republic of Singapore & Deputy Chairman Monetary Authority of Singapore

The 2nd Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2011) opened today at the Pan Pacific Hotel, Singapore. Though Islamic banking assets have grown significantly over the past few years, they still only represent less than one per cent of total global banking assets – with more than 50 per cent concentration in the Middle East region.

The two-day WIBC Asia event, held under the official support of the Monetary Authority of Singapore, kicked off today with an inaugural address by HE Lim Hng Kiang, Minister for Trade and Industry Republic of Singapore & Deputy Chairman Monetary Authority of Singapore. This was followed by an opening keynote session which featured HE Mohd Rosli Sabtu, Managing Director of Autoriti Monetari Brunei Darussalam (AMBD); HE Halim Alamsyah, Deputy Governor of Bank Indonesia; and Tan Sri Zarinah Anwar, Chairman of Securities Commission Malaysia. (source)