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Stating the obvious?
According to Dewan Negara Malaysia, the country was well ahead of Hong Kong and Singapore in terms of Islamic finance, despite the two being huge finance powerhouses.
New Islamic securities
The Securities Commission of Malaysia approved 17 new Shariah compliant securities, which were listed on Bursa Malaysia on 25th May 2007.
Citi denies plans
Citibank would not be setting up an Islamic banking subsidiary this year. Citibank Malaysia currently has Islamic assets totaling US$294.41 million.
Ambitious BIMB
Bank Islam Malaysia was targeting 60,000 cardholders for its first debit card within one year of its launching. Dubbed the Bank Islam Tourist Friend MasterCard Unembossed prepaid card, the card aimed to tap Chinese and Middle Eastern markets.
Halal linkages
Al Islami Foods signed a memorandum of understanding with the Halal Industry Development Corporation (HDC).
Hospital collateral
KPJ Healthcare agreed to sell five of its hospitals to the Al-Aqar Real Estate Investment Trust (REIT) for US$50.2 million to reduce its debt.
Not following through
Malaysia’s second finance minister, Nor Mohamed Yakcop, confirmed that the government would not be renewing its US$600 million Sukuk maturing in July.
Sawadikap!
CIMB Group launched its flagship office in Thailand, CIMB-GK Securities (Thailand).
First international Commodity Murabahah
Bank Negara signed a commodity Murabahah agreement with the Saudi Hollandi Bank.
Bonds priced
Fresh from the launch, Cagamas priced its Islamic residential mortgage backed securities (RMBS) at US$621.26 million, having been oversubscribed by four times.
Cross-border wealth
US-based Calyx Financial signed a memorandum of understanding with Muamalat Invest to develop and distribute Islamic investment funds.
Getting down to business
Baljeet Kaur Grewal of Kuwait Finance House Malaysia was confident on continued economic strength and sound macro-management would boost the Malaysian Islamic finance landscape.
FTSE–Bursa Shariah endeavor
FTSE Group launched the FTSE Bursa Malaysia Hijrah Shariah Index, a tradable Shariah compliant index for the Malaysian equity market.
All about positioning
According to Bank Negara Malaysia’s deputy governor, Mohd Razif Abdul Kadir, Malaysia is strategically positioned to support investment flows between Asia and the Middle East.
KFH research launched in Dubai
Kuwait Finance House Group (KFH) officially launched its research arm on an international scale. The research arm was initially officiated in 2006, with the induction of Baljeet Kaur Grewal as KFH Malaysia’s head of research and chief economist.
Islamic banking contributes
HSBC Bank Malaysia saw a 48.2% hike in pre-tax profits to US$90.66 million. Income from Islamic banking operations grew by 75.8%, mainly through consumer credit and improved profit margins.
More Fun(ds)!
Public Bank launched the PB Islamic Cash Management Fund (PBICMF) and PB Asean Dividend Fund (PBADF). Both funds were to be managed by Public Mutual.
Talent, you say?
Standard Chartered will expand its staff by 25%–30% by 2011. With a current 1,900 permanent employees and six expatriates, the bank intended to increase its human capital to cater to its plans to open an additional 20 branches within the next eight years.
ING Baraka
ING Funds launched the Shariah compliant ING Baraka Capital Protected Fund. The group expects to obtain 10%–12% in yearly average returns.
No more third parties
Malaysia was set to establish a branch of the International Islamic Trade Finance Corporation (ITFC). The ITFC is a trade financing agency under the Islamic Development Bank (IDB).
Second bond issue
Cagamas issued its second Sukuk Musharakah worth US$676.13 million.
Massive bond issuance
Rating Agency Malaysia (RAM) projected a minimum issuance of US$14.69 million in new bonds domestically in 2007.
Cutting debt Islamically
Haisan Resources proposed issuing a US$58.79 million asset backed Sukuk Ijarah.
LOFSA Islamic boost
The Labuan Offshore Financial Services Authority (LOFSA) may introduce further tax incentives for businesses operating in Labuan.
Professionals overseas
The International Center for Education in Islamic Finance (INCEIF) was exploring the possibility of setting up branch offices in London and Dubai by the end of 2007.
Finding the missing link
CIMB Islamic was targeting US$293.32 million in financing to qualified business banking clientele for 2007.
Tiger on the island
Maybank’s US$300 million Islamic subordinated Sukuk was listed on the Labuan International Financial Exchange (LFX).
Takaful Ikhlas VP departs
Saiful Yazan Ahmad left Takaful Ikhlas to serve as president director of PT Syarikat Takaful, Indonesia. He left after five years as vice president of corporate marketing.
TAKAFUL
Commerce Takaful eyeing higher premiums
Commerce Takaful (CTB) targeted US$294.68 million in gross premiums before 2010, in line with its aim to increase strategic alliances and product offerings.
Unprecedented closing
HSBC Amanah Takaful closed structured investment-linked product earlier than expected.
The product received close to US$29.48 million in subscriptions, covering most segments and communities in Malaysia.
Statistically shorthanded
Malaysia needed more actuaries to implement the country’s risk-based capital framework and other insurance regulatory policies.
MNRB re-Takaful
MNRB Retakaful was slated to commence operations in June, in response to the steady growth (of 25% a year) in the Takaful sector since 2001.
Platform for Takaful
CIMB Wealth Advisors set a US$1.47 million target (three billion units) for its Wealth Protector Series. Its products including conventional and Takaful were to be distributed in collaboration with CIMB Group’s insurance arm, as well as licensed agents. |
