To some, the divide between the Muslim and Western worlds has
never been wider. But for the European Islamic Investment Bank's John
Weguelin, the two sides have never been closer.

That Weguelin is not a Muslim is a non-issue according to sharia law,
which restricts investment options but not necessarily investment
advisers. The U.S. Census does not track the number of American
Muslims, but a recent Pew Research survey estimates that there are 2.4
million Muslims in the country.

It is hard to believe how Islamic finance, based on ideals of fairness, would be involved in a deal for ultra-luxury cards.

However, given that the financiers are oil-rich Gulf states, there is no wonder that development of poor countries and raising the standard of living are not priorities ...

Kuwait's The Investment Dar (TID) has received international recognition for its lead in the landmark GBP479m acquisition of the Aston Martin Car Company in the UK.

More Western banks are getting into Islamic financial instruments.

Topaz Energy and Marine Ltd., one of Dubai's leading oil and gas services companies, today announced that it had concluded a US$ 50 million syndicated Islamic lease finance facility with Standard Chartered Bank, Bank of Scotland and First Gulf Bank. Under the terms of the agreement, the facility will be used towards the construction of eight special purpose ice class work barges which will operate in the north Caspian region of Kazakhstan.

Bahrain-based Gulf Finance House (GFH) has reported strong interest from Western institutional investors, days after the bank became the first Islamic finance house from the Gulf to list on the London Stock Exchange (LSE).Conditional trading of its global depository receipts (GDR) started on the LSE on Friday and unconditional trading under the symbol "GFH" will start on Wednesday.

IFC, the private sector arm of the World Bank Group, yesterday said it intends to invest in mezzanine notes backed by assets issued by Tamweel, a Dubai-based provider of Islamic home finance.

IFC's investment of up to $20 million will support the first multitranche mortgage-backed securities, based on Sharia-compliant financing, to be issued from the UAE.

The transaction will serve as a guide for other originators of mortgage assets in the region and spur improvement of the legal and regulatory framework for domestic asset-backed securitisations.

Singapore-based Emirates Tarian Capital will introduce a Sharia-compliant investment fund worth over $400 million targeting Asian properties across all sectors, its managing director said on Wednesday. "It will look at properties across the region. It will look mostly at commercial and residential and not so much at hospitality because of Sharia-compliance [requirements]," Kunalan Sivapuniam said in an interview at the Reuters Real Estate Summit in Singapore.

Islamic home finance provider Alburaq has announced the launch of a set of improved criteria for their home finance products.
The changes include increasing finance up to a maximum of 95% of the value of their chosen property, raising the term of finance up to retirement age and allowing student lets on buy-to let finance packages.