Islamic finance is increasingly being viewed as a credible alternative to conventional finance, but Hussain Al-Qemzi, group chief executive of Dubai-based Noor Investment Group and chief executive of Noor Islamic Bank, recognises that Islamic institutions must work together if they are to compete with conventional banks.

To maintain its phenomenal growth rates, Islamic finance is increasingly looking beyond sukuk and property investment to growth areas such as renewable energy and healthcare. 

The steady growth of sharia-compliant assets suggests banks believe in the future of the sector, but the dismantling of the largest cross-border Islamic window raises questions about whether global banking groups can make a success of the business.

Insch Capital Management's CEO, Christopher Cruden, explains the benefits of the asset management firm's relocation to Ticino in Switzerland.

European banks have given up waiting for clarity on the final form of capital regulations, and began issuing new Tier 2 hybrid bonds to strengthen their capital structures. Asian high-net-worth individuals proved a fertile source of investment, and UBS was able to combine its Asian presence and private banking expertise to exploit the opportunity.

Spanish telecoms giant Telefonica took a risk coming to market just before the European Central Bank announced the details of its bond-buying plans in September, but the risk paid off with investment pouring in.

Yankee bond issuance by European names has been setting all-time records in 2012, and in addition to well-known investment-grade names, the market has been showing a tremendous appetite for high-yield offerings.

The eurozone is now on the mend, according to BNP Paribas’ Frederic Janbon, but the new regulatory landscape will continue to change the debt business, bringing opportunities as well as challenges.