| Financial Islam - Islamic Finance |
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 Saudi Arabia has left the International Islamic Liquidity Management Corp (IILM), which is preparing to launch its first long-delayed sukuk or Islamic bonds since its inception in 2010, the IILM said late on Wednesday. IILM did not give a reason for Saudi Arabia's exit. The central banks of Qatar and Malaysia bought out Saudi Arabia's share. Add Comment  International Islamic Liquidity Management Corp., backed by a group of central banks located mainly in Asia and the Middle East, will launch its first sukuk of $300 million to $500 million "in a matter of months", its chief executive said. Kuala Lumpur-headquartered IILM, established last year, aims to issue short term sukuk, or Islamic bonds, to help sharia-compliant banks manage liquidity and create a liquid cross-border market for Islamic instruments.  JP Morgan Asset Management is closing its first fund investing in line with the tenets of Catholicism, after it failed to obtain the blessing of enough investors. The fund manager is liquidating the Global Catholic Ethical Balanced Fund it launched just over a year ago, according to a notice in the Financial Times this week.  Islamic finance has existed in Europe for more than forty years, with the United Kingdom one of the world's leading countries in the field, and others, such as Malta and Luxembourg, also at the forefront. In Italy, where the sector is more or less non-existent, results of the first experiments are now beginning to be seen. In 2009, for instance, Deloitte set up a sector dedicated to Islamic finance. ''At the moment, we are developing products compatible with Italian regulations,'' says Alberto Liotta, a director at the consultancy firm, a guest at a conference organised by Islamic Relief Italia. ''Attention is mainly focussed on conventional financing instruments, such as leasing, the concept of which can be brought closer to those of Islamic finance''.
 The UK Treasury may have reiterated that a sovereign debut benchmark Sukuk is not currently prudent because it would not give "value-for-money" to UK taxpayers, but one UK entity of global repute that is enhancing its Islamic finance business is the London Stock Exchange (LSE).
In January 2012, the LSE in fact attracted the listing of another two sukuk bringing the total number of sukuk which have listed on the exchange to 42 and the total money raised to over $23.75 billion.  Fitch Ratings says plans by sovereigns outside the Middle East and other largely Islamic regions to tap the sukuk market could meet pent-up demand from Islamic institutional investorsand banks to diversify their bond holdings, making the sukuk market a useful source of additional funding over time.
The opportunity to buy shariah-compliant debt from investmentgrade sovereigns that have not yet tapped the market would be likely to generate strong investor appetite.  Takaful that is an Islamic mode of insurance is emerging worldwide as a very viable model and being used successfully as engine of growth in a number of Muslim countries.
Pak-Qatar Takaful Chief Executive Officer, Pervaiz Ahmad stated this while speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Saturday. He said that Islamic mode of Banking and all its tools are making place in Pakistan, when compared to conventional mode of banking, though it is a highly untapped market as yet.  Islamic finance in the European Union may be taking a back seat as the continent is gripped with a dire euro zone sovereign debt crisis which has even impacted on sovereign Germany's attractiveness as a bond investment asset class.
Similarly, London's role as a hub for Islamic finance, investment and trade - the declared ambition of the previous Labor government and the current Conservative-Liberal Democrat Coalition - is stalling because of the disappointment of the UK Treasury deciding not to raise funds in the wholesale sterling market through a debut sovereign Sukuk.  The governors of central banks and monetary authorities of the Organization of Islamic Cooperation (OIC) member countries are convening Tuesday for a meeting hosted by Bank Negara Malaysia, the central bank, at its plush new conference centre in Sasana Kijang in Kuala Lumpur.
Officially the theme of the meeting is “Central Banking and Financial Sector Development”. But in the wake of the global financial crisis, the euro zone sovereign debt crisis and the fallout of the so-called “Arab Spring”, it is inevitable that discussions will concentrate on how these events are impacting on OIC member countries, and on some alternative solutions to coping or mitigating some of the impact of these developments.  The entire Halal industry is estimated to be worth $2.3 trillion and includes food and beverage, pharmaceuticals, cosmetics and personal care, excluding banking. The Halal food industry alone was expected to reach $662 billion in 2010.
Ultimately, the development of Halal logistics is quite similar to the one we know in the Islamic Banking, both have to respect the principles of the Shari'ah. | 
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