Issuance is booming but barriers will continue to hold back the market’s potential.

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The favourable tax haven is actively seeking to become the first Western centre to provide a Shariah-compliant platform by reviewing its existing legislation

Corporate finance roundtable

One area in which both Malaysia and CIMB have excelled in taking an early lead is Islamic finance. Malaysia has the most sophisticated industry, and enabling framework, for Islamic finance anywhere in the world; within it, CIMB is probably the name most closely associated with innovation.

Saudi base gives Islamic specialist a platform for regional expansion.

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The fortunes of Tunisia and Egypt are diverging rapidly since the Arab Spring. Tunisia offers encouraging signs but it is less influential.

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Turkey’s participation banks – the local term for Islamic banks – are not immune to the funding pressures facing bigger institutions in the country, although they are having considerably greater success than their conventional cousins. There are four such banks, three of which have strong Gulf parents, from which most funding has traditionally been raised. Turkiye Finans has 64% of its shares held by National Commercial Bank of Saudi Arabia. Al Baraka Bank is owned by the Bahraini group of the same name. And Kuveyt Turk is majority owned by the Kuwait Finance House. Only Bank Asya is locally owned.

Potential in other media; Pooled films reduce risk

Asset owners and managers are signing up to a series of principles on how they invest in agricultural land. Will this mollify critics of the land grab? Nick Lord reports.

Feeding the world is the most pressing issue facing society. Billions of dollars of new investment is needed to forestall future crises in both supply and price. Markets and financial institutions can play a crucial role in meeting the challenge. But how can they do so without being seen to exploit the most crucial resource of all? Sudip Roy reports.

Complex financing comprises three facilities; Biggest Islamic deal for private-sector borrower

Part one: Middle Eastern private banking debate: The region reconsiders its wealth needs post-crisis

On top of the market

Five years after Saudi banks saw their investment banking and asset management arms split from their commercial banks, the sector is still finding its feet. Three of the firms that got a head start tell Chris Wright how the battle for market share is likely to play out.

Fewer prestige buyouts by state funds; International investors wary of political risk

Samir Radwan was a surprise choice as Egypt’s new finance minister – even to himself. Appointed at the height of the chaos, the retired economist is working hard to sustain Egypt’s finances and economy through a period of extraordinary upheaval. Eric Ellis joins him in Cairo

Just as it comes to terms with the fallout of the global economic crisis, the Islamic sector must prepare for political instability. Dominic Dudley reports.

International firms evacuate staff; Further woe for local investment banks

Banks tap emerging markets growth The rapid expansion of trade within emerging markets is a big opportunity. But Basle III requirements represent a huge risk to trade finance.

Turkey has the biggest economy of any majority Muslim country and its banking sector is well developed. But Islamic banks account for only a small minority of banking assets.

No bank comes close to disturbing Malaysia’s CIMB Islamic’s hold of the best Islamic bank in Asia award, certainly no local one. CIMB Islamic is the world’s fastest-growing Islamic financial institution based on total assets. The firm’s asset growth rate over the past four years has been so rapid that the growth rate of its nearest rival, Noor Islamic, is half as much.

KPMG stands out for the way it is helping to grow Islamic finance globally. From training a leading UK bank in the processes, risks and controls involved in Islamic banking to helping India and Sri Lanka examine the potential of an Islamic finance industry, KPMG stands above its rivals to win the best advisory firm award.

Despite the troubles surrounding sovereign credit elsewhere Malaysia proved that both it and the sukuk asset class remain highly attractive investments when it successfully priced a $1.25 billion, five-year bond in May. It was the biggest ever dollar-denominated sovereign sukuk and Malaysia’s first in eight years.