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HSBC targets the young
HSBC Amanah’s latest offering, the Amanah Smart Account-i, is looking to attract 50,000 customers this year.
Public Bank profit up
Public Bank posted a record net profit of RM1.73 billion (US$494.26 million) as at the 31st December 2006, up by 18.37% from 2005.
New benchmark for Shariah investments
Bursa Malaysia collaborated with the FTSE Group to launch the FTSE Bursa Malaysia EMAS Shariah index. The index was to serve as a benchmark for Shariah compliant investments in the Malaysian market.
INCEIF qualification
The International Center for Education in Islamic Finance opened the doors to its CIFP qualification for young graduates.
Islamic banking at all CIMB branches
CIMB Group planned to offer full Islamic banking services at all of its 383 branches by August this year.
AEON’s RM400 million CP/MTN
AEON Credit Service issued a seven-year, bank-backed conventional and Islamic commercial paper/medium-term note (CP/MTN) valued at RM400 million (US$114.3 million).
Dollar bonds
It is highly likely that Khazanah Nasional will issue Islamic bonds in the US currency in 2007 to attract Middle Eastern investors. Such bonds will be exchangeable with shares in goverment-linked firms, but the size of the issuance has yet to be confirmed.
Gamuda’s Islamic issue
A total of RM900 million (US$256 million) will be offered by Gamuda’s Islamic bonds endeavor. The company plans to issue RM100 million (US$28.4 million) worth of Islamic Commercial Papers (ICPs), with the remaining RM800 million (US$227.5 million) being in Islamic Medium-Term Notes (IMTNs).
Public Mutual’s Islamic fund
Public Mutual was granted approval by the Securities Commission to increase the size of its Public Islamic Bond Fund (PI BOND) from the existing 800 million units to
1.8 billion.
International lenders for AirAsia
The Royal Bank of Scotland, Calyon, Kuwait Finance House and ABN Amro will lend a total of US$10.05 billion to AirAsia to fund its 150 A320 airplane purchase.
MiBs is Bank Persatuan’s choice
Bank Persatuan hired Microlink Banking Solutions (MiBs) for its total Islamic banking solutions needs.
Boustead’s REIT returns
Boustead real estate investment trust managers will distribute 98% of its Al-Hadharah Boustead REIT come 2008.
KFH on a roll
Bank Muamalat approached Kuwait Finance House to take up a stake in the bank. It speculated that this offer was linked to Muamalat’s largest shareholder Bukhary Capital.
Public Mutual Islamic funds
Public Mutual launched the PB Islamic Asia Equity Fund (PBIAEF) and PB Cash Management Fund (PBCMF).
Hong Leong’s expansion plan
Hong Leong Bank is looking to capitalize on the booming Asean economy, with Indonesia and Vietnam being of particular interest. The bank is especially keen on merger and acquisition opportunities in the region.
Inefficient use of technology
Malaysian Islamic banks showed a slower profit growth even though they are at an advantage in terms of technological investments compared to their counterparts in other countries. This was the key finding in recent research by locally based Monash Islamic Resource Center. Malaysian Islamic banks appeared to have not effectively maximized the utilization of the technologies they have invested in as reflected by the mismatch between the profitability of these banks and their Technological Intensity Index competency.
MIMB’s expansion drive
MIMB Investment Bank is looking to widen its stockbroking business and delve into asset management and unit trusts.
Double first for CIMB
CIMB Islamic simultaneously launched its first ringgit and its first non-ringgit Islamic equity-linked structured product in Malaysia and Singapore. The Islamic All-Stars Global restricted Mudarabah Structured Investment-I provides 100% capital protection if held to maturity.
Primus eyes RHB
Hong Kong-based Primus Pacific Partners may be yet another contender in the race for stakes in Malaysia’s RHB Bank. Primus’ shareholders include key players such as the Fubon Financial Group of Taiwan, Qatar Investment Authority and Kuwait Investment Authority.
First Asian Finance Bank
Asian Finance Bank (AFB), in KL a 70% subsidiary of the Qatar Islamic Bank, opened its doors in Kuala Lumpur on 19th January 2007. The bank is slated to tap the booming Islamic finance market by offering Shariah compliant products. It is geared to go up against banking and insurance majors such as Europe’s HSBC Holdings and Allianz AG.
Aseambankers investment bank
Aseambankers Malaysia, a subsidiary of Malayan Banking, achieved investment banking status upon its acquisition of Mayban Securities (Holdings). This acquisition included the procurement of all assets and liabilities of Mayban Securities and Mayban Discount in November and December 2006.
MIDF Amanah’s ambitious plan
MIDF Amanah Investment is ready to give local banking bigwigs a run for their money. The bank assembled a team of professionals and mobilized its infrastructure to propel it to a top three spot among Malaysian investment banks like CIMB, AmInvestment Bank and Aseambankers.
AmIslamic issues US$113.6 million bonds
AmIslamic Bank issued RM400 million (US$113.6 million) in subordinated Sukuk Musharakah bonds for Shariah compliant general working capital requirements, and the funding of AMMB’s Islamic financial services business.
AmInvestment’s 2008 projections
AmInvestment Bank Group expected its managed funds to increase by 25% to RM15.6 billion (US$4.43 billion) by March 2008.
IDB Sukuk in ringgit?
The Islamic Development Bank revealed plans to raise RM500 million (US$142.4 million) in Sukuk, although no definite date was set for the Sukuk launch. Malaysia currently has assets amounting to US$32 billion.
TAKAFUL
Takaful Ikhlas targets US$62.5 million
Takaful Ikhlas anticipate 50% growth in 2007, raking in a premium of RM220 million (US$62.5 million) for the first quarter of financial year 2007.
New Takaful Ikhlas products
Takaful Ikhlas was to launch three new investment-linked products within the next few months, pending approval from the central bank. Bancassurance products would be next, following the launch of the first such investment-linked product, Ikhlas Capital Investment-Linked Takaful, in December.
Prudential’s education plan
Prudential BSN Takaful aimed to fortify its presence in Malaysia through public education before going regional. The company would highlight the significance of Takaful to Muslims and non-Muslims alike as part of its expansion.
MAA Takaful
Bank Negara Malaysia awarded a license to MAA Takaful, a joint venture between MAA and Solidarity. MAA signed an agreement with Solidarity on the 21st February 2006.
BancaTakaful contributes to growth
Takaful Ikhlas credited its 90% growth in 2006 to bancaTakaful. BancaTakaful, an agreement between financial institutions and Takaful operators, serves as a distribution channel for both Takaful and financial products.
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