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Standard & Poor's assigned 'AAA' rating to Islamic Development Bank (IDB) $3.5 billion trust certificate issuance program. Standard & Poor's said the IDB's ratings are underpinned by strong shareholders' support, very high level of capital and liquidity and a good asset portfolio with historically very low losses and preferred-creditor treatment.

A company part-owned by the Saudi royal family, Jadwa Investment and a European property investor, CIT, have purchased the King's Reach Tower on London's south bank worth £60m and plans to further invest £500m in the UK real estate market. King's Reach Tower is the fourth joint Jadwa-CIT acquirement in which plans are well under way for redevelopment.

Fadi Tabbara, Jadwa Investment's chief investment officer, said "The pound exchange rate is low, which makes investment in the UK inviting, and the legal structure is simple and transparent."

Both companies are targeting a return of 20 per cent or more on their King's Reach investment. Jadwa has plans to also to invest a further £300m or more in mixed-use, residential and commercial property in the UK.

Al Mal Capital announced that it has received approval from the Capital Market Authority (CMA) in Saudi Arabia to expand its range of activities in the Kingdom to include Asset Management and Investment Banking, alongside its existing Brokerage business. And hence will change the company name from "Al Mal Securities Saudi" to "Al Mal Capital Saudi".

Al Mal Capital Saudi, the multi-line, newly integrated business will serve clients across the spectrum of investment offerings: from underwriting, advising, arranging placement and public offerings, to performing a custody function on behalf of clients, to managing innovative fund products which take advantage of the exciting opportunities available in the exciting Saudi Arabian equity and debt markets, both public and private.

Naser Nabulsi, Executive Chairman of Al Mal Capital PSC said, "This is a landmark moment for Al Mal Capital. An expanded presence in Saudi Arabia, the largest regional market, is a key tenet in our strategy to expand our core business offering across GCC and the broader Middle East."

The Islamic Institute for Research and Training, an affiliate of the Islamic Development Bank (IDB), has announced launching the data system of the Islamic banks and financial institutions "IBIS" as an Electronic-Gate Data for Islamic Banking Information.

Dr Ahmad Mohammed Ali, the IDB's President, has reiterated the adherence of the IDB to making available all information that may contribute to the development and spreading of the Islamic financial and banking sciences and services.

Saudi Arabia has chosen the perfect time for the enactment of the mortgage law because it has the benefit of hindsight to avoid mistakes made in other economies, said Capitas Group International, a Jeddah-based management firm specializing in the Shariah-compliant finance industry.

Nasser Al-Nubani, Capitas' executive vice president and general counsel, said the effectiveness of supporting regulation in managing and implementing this legislation will be the key measuring stick of the success of the Mortgage Law. Indications are that the Saudi Arabian Monetary Agency (SAMA) will be responsible for establishing the regulations that will support the mortgage law once it is enacted.

Currently mortgages only make up one percent of the country's GDP and only 2 percent of bank assets.

Therefore, developers have shied away from building homes that meet the needs of consumers who are unable to purchase on a cash basis.

Unlike banks, which offer multiple lending products, are mainly motivated by capturing a consumer's deposit relationship, and are restricted by overexposure to real estate, mortgage finance companies operate on a more targeted business strategy.

Kuwait's troubled Islamic investment firm Investment Dar said it posted a loss in 2008 as authorities allowed it to publish its result after a one-year delay.

The company which has debts worth an estimated three billion dollars, said on the Kuwaiti bourse website that it lost 279 million dollars in 2008 after a net profit of 458 million dollars the previous year.

Kuwait's central bank had prevented Dar from publishing its results after objecting to the company's asset valuations in 2008 amid reports that they were inflated. Permission to publish the 2008 figures only met after a number of demands. Results for 2009 has not yet been published.

Dar's assets declined from 4.37 billion dollars in 2007 to 4.16 billion dollars in 2008. The value of shareholder equity dropped to 700 million dollars from 1.35 billion dollars.

In December, Kuwait's top investment firm Global Investment House struck a deal with creditors to restructure loans worth more than 1.7 billion dollars.

Capitas Group International, a Jeddah, Saudi Arabia based management firm specializing in the Shari'ah compliant finance industry, released an opinion article today entitled "The Mortgage Law - What Comes Next?" which gives insight on mortgage regulation and offers recommendations on successful implementation of the Saudi Arabia Mortgage Law once it is enacted.

Written by Nasser Al-Nubani, Capitas' Executive Vice President and General Counsel, Saudi Arabia has chosen the perfect time for the enactment of the mortgage law because it has the benefit of hindsight to avoid mistakes made in other economies.

The effectiveness of supporting effective regulation in managing and implementing this legislation will be the key measuring stick of the success of the Mortgage Law. Indications are that the Saudi Arabian Monetary Agency (SAMA) will be responsible for establishing the regulations that will support the mortgage law once it is enacted.

Finance Minister Mohammad Abu Hammour on Sunday stressed the importance of Islamic sukuk describing them as strategic for the government. He said the government is interested in issuing sukuk as soon as possible indicating that at present, there is a legislative obstacle which precludes the issuance of such financial instruments. According to the minister, the government will examine means to overcome this barrier without having to introduce any legislative amendments.

The signing in Alkhobar of a strategic cooperation and alliance agreement between Saudi Arabia's Mohammed Hamad Al-Soaib Law Firm and the Luxembourg-based Lux Global Trust Services and Theisen Advocates recently is set to increase the use of the Duchy as a trust and tax domicile for Saudi investment products; investment vehicles such as special purpose vehicles (SPVs) used in the issuance of sukuk for instance; and the registration of investment funds, especially for UCITs (Undertakings for Collective Investment Trusts) of which Luxembourg is the world leader.

In line with its commitment to achieve higher Emiratization rates, Emirates Islamic BankEmirates Islamic BankLoading... (EIBEIBLoading...), one of the leading Islamic financial institutions in the UAE participated in the 10th annual Careers Show which was held from 28th to 30th March 2010 at the Dubai International Convention & Exhibition Center.