The ( SC ) today charged three former directors of Axis Incorporation Berhad (Axis) for providing false information to Bursa Malaysia Securities Berhad between 2006 and 2008.

Turkey's Bank Asya has given 7.5% area initial profit guidance on its début Reg S, dollar denominated tier two sukuk. The deal is expected to price on Thursday. The participation bank — the term for Islamic banks in Turkey — is rated Ba2 by Moody's and has mandated Bank of America Merrill Lynch , Emirates NBD Capital, HSBC and National Bank of Abu Dhabi for the sale. Asya completed investor meetings on Wednesday. These began last Thursday in Singapore, before moving to Hong Kong, the UAE, London, Zurich and Geneva, before finishing back in London. Asya has been looking to tap the sukuk market for some time. In December last year it said it would make a second attempt at issuing a deal of up to $300m in the first quarter of 2013. It also floated plans of bringing up to TL150m ($57m) of lira denominated paper. Asya shelved its previous plans for a $300m five year sukuk in November 2011, blaming market conditions. Asya will be only the second participation bank in Turkey to issue sukuk. Kuveyt Turk brought $100m and $350m deals in 2010 an 2011, respectively. Asya said in October 2011 that it had mandated UBS and Citi for meetings with investors for a potential five year dollar sukuk. However, underlying markets in Europe worsened in the weeks that followed and core treasuries hit new record wides.

Egypt’s parliament on has passed the country’s first law allowing the issuance of sukuk, raising the prospects of a début sovereign deal in the near future.

Growth in Islamic banking assets in the GCC outstripped conventional assets during 2012, rising by 14% compared to 8.1%, according to financial services and accounting firm Ernst & Young .

International Islamic Liquidity Management Corp (IILM) is in the final stages of issuing a debut short term sukuk, Bank Negara Malaysia 's governor Zeti Akhtar Aziz said on Wednesday. The deal could have a maturity of up to one year.

Karachi, March 20, 2013: JCR-VIS Credit Rating Company Limited has upgraded the Insurer Financial Strength ( IFS ) Rating of Jubilee Life Insurance Company Ltd. (JLI) to 'AA' (Double A) from 'AA-' (Double A Minus). Outlook on the assigned rating is 'Stable'.