Trade finance group CCH International, which specialises in Islamic finance, said 2006 was a year of "great success" as profits surged.

The group, which was the fourth best performing stock on AIM in 2006, saw pre-tax profit for the year to December surge to "3.8m from "690,000 last year. Turnover rose 293% to "19.1m from "4.8m for the 14-month period to December 2005.

It continues to offer innovative Sharia-compliant trade finance products, the demand of which remains unabated, said the group.

The demand of sukuk or Islamic bonds stands at $500 billion with total issuance expected to reach $150 billion by 2017, Agil Natt President and CEO, International Centre for Education Centre for Education in Islamic Finance (INCEIF), told the audience at the 2nd International Islamic Financial Market Conference yesterday.

Fitch Ratings has today affirmed Dubai Islamic Bank's ('DIB') Support rating at '1'.

This reflects the extremely high probability that it would be supported by the UAE authorities, should the need arise, given the government of Dubai's 30% ownership of DIB, the UAE authorities' strong history of providing support to local banks, and the importance of Islamic banking in the UAE.

General Electric Co expects rapid growth in the Middle East in the coming years, thanks to soaring sales of aircraft engines and power generation equipment and a possible entry into the Islamic finance business, a senior executive said on Wednesday.

GE International's chief executive, Ferdinando Beccalli-Falco, said he expected sales to have grown 250 percent by 2010 to $10 billion in the Arab Middle East.

A number of barriers remain in the expansion of the Islamic finance industry, including a lack of qualified Islamic bankers, weaknesses in financial reporting and transparency, and the issue of regulatory capital according to a KPMG survey conducted by the Economic Intelligence Unit (‘EIU’).

Saleh Kamel, president of Dallah Albaraka Group and chairman of the General Council of Islamic Banks and Financial Institutions (GCIBFI), has called for a streamlining of the Shariah Council system to help deal with the different interpretations of Shariah compliance across the Islamic world.

The asset management unit of property developer Cheung Kong (Holdings) (SEHK: 0001) is planning further investments in the lucrative Islamic real estate fund market, tapping the growing number of oil-rich investors in the Middle East.

Executive director Justin Chiu Kwok-hung said the successful launch two years ago of the Al Islami Far Eastern Real Estate Fund by Cheung Kong's asset management arm ARA Asset Management and Dubai Islamic Bank meant the company wanted to expand in that area.

Meezan Bank Limited, Pakistan's first and largest Islamic Bank, will introduce a new product based on `Musharakah' as an alternative to conventional running finance facility.

This was announced in a statement of the Meezan Bank issued here on Monday.

It said that the product will be offered soon to the local corporate sector client by Meezan Bank.

The product will help corporate sector clients to manage their business dealing in a Shariah Compliant manner and will increase the product menu offered by Islamic banks in the country.